Summary of Risk Factors

CONSIDER THESE RISK FACTORS BEFORE INVESTING:

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. An offering is made only by prospectus filed with the securities and exchange commission (“sec”). This sales and advertising literature must be preceded or accompanied by a current hartman vreit xxi, inc. (“vreit xxi”) prospectus. As such, a copy of the current prospectus must be made available to you in connection with this offering and should be read in order to more fully understand the implications and risks of the offering of securities to which it relates. Non-traded reit investments are not suitable for all investors. Information about investing in a specific non-traded reit must be accompanied by a prospectus, which should be read prior to investing.

Neither the SEC nor any other state or federal regulator has passed on or endorsed the merits of this offering or these securities or confirmed the adequacy or accuracy of the prospectus. Any representation to the contrary is unlawful.

All information contained in this material is qualified in its entirety by the terms of the current prospectus. Investors should consider a program’s investment objectives, risks, charges and expenses before investing. The achievement of any goals is not guaranteed. For more complete information about investing in vREIT XXI, including risks, charges and expenses, refer to our prospectus. Securities offered through D.H. Hill Securities, LLLP, Member FINRA/SIPC, 1543 Green Oak Place, Suite 100, Kingwood, TX 77339, 800.880.2212.

Please read the prospectus in its entirety, before investing, for complete information and to learn more about the risks associated with this offering such as:

• Shares of our common stock are illiquid. No public market currently exists for our shares, and our charter does not require us to liquidate our assets or list our shares on an exchange by any specified date, nor does it ever require that we provide a liquidity event for our shareholders. If you purchase shares in this offering, it will be difficult for you to sell your shares, and if you are able to sell your shares, you will likely sell them at a substantial discount.
• We set the initial offering price of our shares arbitrarily. It is unrelated to the book or net value of our assets or to our expected operating income.
• We have no operating history, and because we have not identified any investments to acquire with offering proceeds, we are considered to be a “blind pool.” You will not have the opportunity to evaluate our investments before they are acquired.
• We are dependent on our Advisor and its affiliates to select investments and conduct our operations and this offering. Adverse changes in the financial condition of our Advisor or our relationship with our Advisor could adversely affect us.
• There are substantial conflicts of interest regarding compensation, investment opportunities and management resources among our Advisor, our Sponsor, our affiliates and us. Our agreements with our affiliates were not determined on an arm’s-length basis and may require us to pay more than we would if we exclusively dealt with third parties.
• This is a “best efforts” offering. If we are unable to raise substantial funds then we may lack diversification in our investments.
• We expect to incur debt, which could adversely impact your investment if the value of the property securing the debt falls or if we are forced to refinance the debt during adverse economic conditions.
• Our charter permits us to pay distributions from any source, including from offering proceeds, borrowings, sales of assets or waivers and deferrals of fees otherwise owed to our Advisor. As a result, the amount of distributions paid at any time may not reflect the performance of our properties or our cash flow from operations. Any distributions paid from sources other than cash flow from operations may reduce the amount of capital we can invest in our targeted assets and, accordingly, may negatively impact your investment.
• There is no guarantee that we will pay distributions at any particular level, or at all. If distributions are declared and paid, the amount of the distributions paid may decrease or distributions may be eliminated at any time. Due to the risks involved in the ownership of real estate, there is no guarantee of any return on your investment, and you may lose all or a portion of your investment.
• If we fail to qualify as a REIT, the amount of income available for distributions to be paid to you will be reduced.
• We pay substantial fees and expense reimbursements to our advisor and its affiliates. These fees and reimbursements were not negotiated at arm’s length and therefore may be higher than fees payable to unaffiliated parties.

Forward-Looking Statement Disclosure

Certain information contained in this website constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction” or the negative versions of these words or other comparable words thereof. These may include the Fund’s financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Hartman believes these factors also include but are not limited to those described under the section entitled “Risk Factors” in its prospectus for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or the Fund’s prospectus and other filings). Except as otherwise required by federal securities laws, the Fund undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Neither the Securities and Exchange Commission, nor the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

This website must be read in conjunction with Hartman’s prospectus in order to fully understand all the implications and risks of an investment in Hartman. Please refer to the prospectus for more information regarding state suitability standards and consult a financial professional for share class availability and appropriateness. This website is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus, which must be made available to you in connection with this offering and is available at www..hartmanreits.com/prospectus, and a prospectus filed with the Securities and Exchange Commission (SEC). Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which contain the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition.