Filed Pursuant to Rule 253(g)(2)
File No. 024-11873
Fundrise Development eREIT, LLC
SUPPLEMENT NO. 1 DATED May 31, 2022
TO THE OFFERING CIRCULAR DATED May 17, 2022
This document supplements, and should be read in conjunction with, the offering circular of Fundrise Development eREIT, LLC (“we”, “our” or “us”), dated May 17, 2022 and filed by us with the Securities and Exchange Commission (the “Commission”) on May 18, 2022 (the “Offering Circular”). Unless otherwise defined in this supplement, capitalized terms used in this supplement shall have the same meanings as set forth in the Offering Circular.
The purpose of this supplement is to disclose:
Declaration of Dividend
On May 27, 2022, the Manager of the Company declared a daily distribution of $0.0002739726 per share (the “June 2022 Daily Distribution Amount”) (which equates to approximately 0.93% on an annualized basis calculated at the current rate, assuming a $10.77 per share purchase price) for shareholders of record as of the close of business on each day of the period commencing on June 1, 2022 and ending on June 30, 2022 (the “June 2022 Distribution Period”). The distributions will be payable to shareholders of record as of the close of business on each day of the June 2022 Distribution Period and the distributions are scheduled to be paid prior to July 21, 2022. While the Company's Manager is under no obligation to do so, the annualized basis return assumes that the Manager will declare distributions in the future similar to the distributions disclosed herein.
