Silver Star REIT Rebuts Hartman Letter in Proxy Filing

TL;DR

SSP fires back at Hartman in new proxy filing, shareholders get the full story.

AI Summary

Silver Star Properties REIT, Inc. (SSP) filed a DEFA14A on October 22, 2025, providing additional materials related to its proxy statement. This filing appears to be a rebuttal to a letter from Hartman, addressing concerns and providing information to shareholders.

Why It Matters

This filing provides shareholders with Silver Star Properties REIT's perspective and counterarguments to information potentially presented by Hartman, influencing shareholder voting decisions.

Risk Assessment

Risk Level: medium — The filing indicates a dispute or disagreement with another party (Hartman), suggesting potential ongoing conflict that could impact the company's operations or shareholder value.

Key Players & Entities

• Silver Star Properties REIT, Inc. (company) — Registrant
• Hartman (company) — Party involved in dispute

FAQ

Key Financial Figures

• $44 million — d raised its first money (approximately $44 million) by April 2013 and raised approximately
• $137 million — by April 2013 and raised approximately $137 million by the middle of 2016. Distributions we
• $12 — ct, eliminated further distributions. $12-13 million invested annually in capital
• $1 million — 12-13 million annually to approximately $1 million. Silver Star's Response Due to Hartma
• $4 — ent has plummeted from $12 per share to $4 or less under current management. Sil
• $732 million — based on Hartman's real estate value of $732 million and an NAV of $412 million. If those nu
• $412 million — ate value of $732 million and an NAV of $412 million. If those numbers had been correct, the
• $550 million — estate at the end of 2022 was valued at $550 million (without an inspection). Any lender or
• $182 million — ugh examination of the properties. That $182 million difference by itself is equal to more t
• $5 — ference by itself is equal to more than $5 per share. Taking into consideration, (
• $6 — y the Court, Hartman's promise of $5 or $6 per share is outrageous. The Walgreen
• $20 million — "So in 2018 Silver Star had more than $20 million left after refinancing a $259 million p
• $259 million — an $20 million left after refinancing a $259 million portfolio loan that $20 million was sup
• $15 million — ilver Star. Meanwhile, vREIT XXI loaned $15 million to Silver Star with the Board's knowled
• $11 m — ayou and the Colony, in total amount of $11 million, and without telling the Board, M

Filing Documents

• defa14a-october212025xsilv.htm (DEFA14A) — 85KB
• exhibit991-october212025xs.htm (EX-99.1) — 67KB
• image1.jpg (GRAPHIC) — 39KB
• image_0.jpg (GRAPHIC) — 50KB
• imagea.jpg (GRAPHIC) — 15KB
• 0001446687-25-000181.txt ( ) — 297KB

From the Filing

- OCTOBER 21, 2025 - SILVER STAR REBUTTAL TO HARTMAN LETTER Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under Rule 14a-12 Silver Star Properties REIT, Inc. (Name of Registrant as Specified in Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box) No fee required Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11 (1) Title of each class of securities to which transaction applies (2) Aggregate number of securities to which transaction applies (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined) (4) Proposed maximum aggregate value of transaction (5) Total fee paid Fee paid previously with preliminary materials. Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid (2) Form, Schedule or Registration Statement No. (3) Filing Party (4) Date Filed 1 On October 21, 2025, Silver Star Properties REIT, Inc. ("Silver Star" or the "Company") issued a letter to shareholders providing a rebuttal to Allen Hartman's October 14, 2025 - Letter to Shareholders. In Silver Star's rebuttal Chairman and CEO Gerald Haddock points out numerous believed errors and misinformation cited in Allen Hartman's letter. The Company believes responding to such letters is critical to ensuring shareholders are provided with accurate, truthful and transparent information which points out the errors and misinformation being promoted by Allen Hartman. The Company believes information in Allen Hartman's letter misleads shareholders and could improperly and negatively impact shareholder voting decisions without an informative, balanced and truthful response. Please refer to the full rebuttal letter response presented below and attached hereto as Exhibit 99.1 for further details. Exhibit Index Exhibit Number Exhibit Description 99.1 October 21, 2025 - Silver Star Rebuttal to Hartman Letter 2 October 21, 2025 From the Desk of Gerald Haddock Executive Chairman CEO, Silver Star Properties REIT Dear Silver Star Shareholders, To keep you fully informed, I am providing you with the direct responses to debunk Hartman's statements in his letter of October 14, 2025 – see our responses below in red . Hartman's letter and his statements display a continuation of why we are tied up in state court of Maryland. Thank you for the opportunity to provide clarity and ensure that shareholders are fully informed. If you haven't yet voted, please do so today. Your vote is your voice, and your voice is what keeps Silver Star strong. You can vote at httpsweb.viewproxy.comsilverstarreit2025 . I remain personally committed to ensuring transparency, accountability, and fairness in every step of this process. I've made myself available to any shareholder who wishes to speak with me directly — because this company belongs to you, and you deserve clear, direct answers. If you would like a personal phone call, please reach out to investorrelationssilverstarreit.com or call 877-734-8876 . I will take your call. Thank you again for your continued trust and partnership as we move forward. I have spent my career believing in accountability, ethics, and the responsibility we hold to those who invest their hard-earned money. That commitment is unwavering. Together, we are building a stronger, more transparent, and more valuable company for all shareholders. With appreciation, Gerald W. Haddock Chairman CEO, Silver Star Properties REIT 3 HARTMAN'S LETTER WITH SILVER STAR'S RESPONSES IN RED October 14, 2025 Dear Shareholder, With the shareholder meeting rapidly approaching, this is your final opportunity to vote for the return of your capital. Silver Star's recent meeting on October 6th and communications are filled with false and misleading statements designed to confuse and delay. The October 6th presentation to shareholders included the Executive Committee of the Board, key Executives and Outside Counsel. The material presented and discussed was thorough and detailed including almost two hours of discussion that included quotes from a judge and information filed with the courts and the SEC. In this prolonged di

View Full Filing

View this DEFA14A filing on SEC EDGAR