Skip to content

Silver Star Properties REIT Seeks “Complete Separation” from Hartman

Concept of legal equality. Property division. Divorce and legal services. Saving and investing.

Silver Star Properties REIT, a publicly registered non-traded real estate investment trust formerly known as Hartman Short Term Income Properties XX Inc., announced the company is “currently in discussions” with Allen Hartman and Hartman vREIT XXI, Inc. regarding the complete separation of the company from Hartman vREIT XXI Inc.

Hartman vREIT XXI warned that there is “substantial doubt about the company’s ability to continue as a going concern” in November 2022, as reported by The DI Wire.

Silver Star also disclosed that the company is also in negotiations with chief executive Mark Torok and other senior executives on extended employment agreements.

As The DI Wire previously reported in December 2022, the company changed its name to Silver Star Properties REIT Inc. to “reflect a new direction aimed at maximizing shareholder value.”

The company also launched a plan developed by Torok to reposition the company’s assets into the self-storage asset class. However, the company announced that the repositioning process is ongoing but has been temporarily suspended “for strategic reasons, pending the completion of other matters” referenced above.

As of Sept. 30, 2022, Silver Star Properties REIT 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.

Click here to visit The DI Wire directory page.