Hartman Short Term Income Properties XX, a publicly registered non-traded real estate investment trust, announced that the independent members of its board of directors have engaged Raymond James & Associates to assist it in pursuing strategic alternatives for the company.
The strategic alternatives process being pursued by the Hartman REIT includes the evaluation and approval of orderly assets sales at “acceptable prices with the objective of maximizing shareholder value.”
Earlier this month, the company appointed Mark Torok as chief executive officer to succeed Allen R. Hartman, which was reported by The DI Wire. The company also disclosed earlier this year that it is facing significant headwinds as a result of rising interest rates resulting in significant additional costs to service its significant floating rate debt.
The company said it does not intend to comment on or disclose developments regarding the process unless it deems further disclosure appropriate or required.
As of June 30, 2022, the company owned 44 commercial properties comprising approximately 6.8 million square feet plus four pad sites and two land developments, all located in Texas. On July 8, 2022, the company suspended its share redemption plan to “support the long-term fiscal health” of the REIT.