February 4th- 6th, 2015, Devonshire hosted it’s Inaugural Fiduciary Symposium

For over 60 years Pensions, Endowments and Foundations have used Commercial Real Estate as an integral part of their portfolio allocations for three reasons: 1) Income, 2) Diversification and 3) an Inflationary Hedge. The average allocation to CRE is 10% with almost 75% of that being in the form of private commercial real estate.

This is in contrast to the average bank or private trust who typically hold at most a small position in public REITs as their “real estate” allocation.

Academic studies and real performance have proven that holding both private and public real estate in portfolio allocations yield the highest returns for the lowest corresponding amount of risk (as measured by volatility).

So, in an effort to help spread awareness, and provide education on commercial real estate, its structures and options, its strengths and weaknesses, and its proper role in a fiduciary’s practice, on

February 4th – 6th, Devonshire hosted its Inaugural Fiduciary Commercial Real Estate Symposium.

Held at the Ritz-Carlton Golf Resort in Naples, Florida, attendees heard speakers representing the full spectrum of commercial real estate topics: public and private, due diligence, economics, portfolio allocation and estate planning (721/1031 exchanges). Attendees also earned six continuing education credits towards their CFAs, CFPs and CSOPs.

It wasn’t all work though as several attendees got in a round of golf Wednesday morning, and on Thurs- day night all enjoyed a private cruise and dinner on the Naples Princess dinner cruise ship with a ride along the coast taking in the beautiful scenery of Naples Bay and Port Royal.

Planning is under way for next year’s Symposium with hopes to have additional details available in the near future.


& Subject Matter


Prof, School of Real Estate & Construction Management

University of Denver

Real Estate Cycles

John Chang

First Vice President Research Services

Marcus & Millichap Real Estate

National Economic & Real Estate Outlook

R. Todd Ervin, JD


Bass, Berry & Sims PLC

Tax Deferral and Avoidance with UPREITs

Meredith A. Despins

VP, Investment Affairs & Investor Education


REITs, An Industry Preview

Bryan S. Mick


Mick & Associates, PC LLO

Due Diligence & Rethinking Liquidity 


SSGT, US Army 82nd Airborne, Retired

Travis Mills Foundation

Never Give Up, Never Quit

Michael A. Carroll

Chief Executive Officer

Brixmore Property Group

Shopping Center Landscape

Gary Zdolshek


Investors Diversified Reality

PERE, Public REITs & Rising Interest Rates

Ritz-Carlton Golf Resort, Naples FL
Naples Princess Dinner Cruise
Devonshire Employees contributed $25,000 To the Travis Mills Foundation. An extra $7,000 was donated after the check was printed, bringing the total to $32k!
Tom & Kathy Elbert – Baypoint Bank / Tony Sublett – Bank of Missouri / Mike Bogdan – Devonshire / David Rea – Field & Main Bank / Julie & Hal Peterson – Bank of Idaho
Carl Kraiss – Trust Imaging Systems / Ken Entenmann – NBT Bank / Walt Lotspeich – Devonshire / John Smith – Moody Bank
Mark Schmiel – Bremer Trust Company
Jodie & Anthony Albuquerque – Glenmede Trust
Walt Lotspeich – Devonshire / Michael Emory – Trust Company of Kansas
Jeff Seiple – Devonshire / Thom Kieffer – Winona National Bank
Don Kingsbury – American Bank, Corpus Christi / John Bingham – Trust Management Network
Chris Denman – Devonshire / Todd Wetsel – Happy State Bank
Steve Soper – Fidelity Deposit and Discount Bank / Steve Brown – Accutech Systems

Sponsors and Exhibitors