January 27-29, 2016, Devonshire hosted it’s annual 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

January 27th – 29th, Devonshire hosted its annual Fiduciary Commercial Real Estate Symposium.

Held at the LaPlaya 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.

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


& Subject Matter

Dick Vitale

Basketball Hall of Fame, 2008

Analyst ESPN, ABC Sports

The Game of Life

Brian S. Mick, Esq


Mick & Associates, PC, LLO

Real Estate Due Diligence & Underwriting

Eric Davis

President & CIO

Integrity Bank & Trust

Diversification 3.0-Crucial Client Conversations

Glenn R. Mueller, Ph.D.

Prof, School of Real Estate & Const Mgmt

University of Denver

Economic Fundamentals and Real Estate Cycles

Brad Case, PhD, CFA, CAIA

Senior Vice President, Research


Portfolio Diversification Benefits of Combining Holdings in Listed and Unlisted Equity Real Estate

Tim Moore

Owner/Keynote Speaker

Dancing Elephants Achievement Group

Leveraging Generational Differences

R. Todd Ervin, JD


Bass, Berry & Sims PLC

Tax Deferral and Avoidance with UPREITs

Michael J. Dixon

Director of Organizational Development

Pohl Consulting and Training

Round Table Panel Moderator

LaPlaya Golf & Beach Resort, Naples, Florida
Dinner on the Veranda at LaPlaya Golf & Beach Resort
Devonshire employees contributed $30,000 to the “V” Foundation in Dick Vitale’s name
Mr. Dick Vitale gave us a rousing and moving speech on Wednesday night at dinner after sitting for pictures and autographing basketballs for hours
Jim Bullock, Integrity Bank & Trust and Hal Peterson, Bank of Idaho
Steve Brown, Accutech Systems; Matt Windhaus and David Rea, Field and Main Bank
Ellen Scott and Don Kingsbury, American Bank – Corpus Christi; Chris Campbell, Devonshire REIT
Jim Terwilliger, Canandaigua National Bank; Chris Campbell, Devonshire REIT
Matt Wiley; Plains Capital Bank; Chris “Tucker” Denman, Devonshire; Rich Wyatt, Plains Capital Bank
Jeff Schultz, American National Bank – Wichita Falls; Walt Lotspeich, Devonshire REIT
Steve Soper, Rabobank, NA; Rick Suder, Devonshire REIT; Bruce Lee, Community Trust – Zanesville, OH
Roundtable Panel (left to right): Mike McAlpine, Peoples Bank; Thom Kieffer, Winona National Bank; Don Kingsbury, American Bank; Steve Soper, Rabobank, NA

Sponsors and Exhibitors