Hartman Shareholder Alliance Accuses Silver Star Properties REIT (SSPN) of Transparency Failures and Legal Violations, Calls for Board Overhaul

Summary

TO THE SHAREHOLDERS OF SILVER STAR PROPERTIES REIT, INC.
FROM: THE HARTMAN SHAREHOLDER ALLIANCE
RE: LACK OF TRANSPARENCY & LEGAL VIOLATIONS – WHAT IS SILVER STAR HIDING?

Dear Shareholders,

In a public real estate investment trust, transparency is not optional—it is a legal and moral obligation. It’s what allows investors to evaluate performance, hold leadership accountable, and protect their capital. Yet at Silver Star Properties REIT, Inc., transparency has been treated as a threat to power, rather than a cornerstone of trust.

Since the removal of Hartman leadership in August 2022, shareholders have experienced an alarming deterioration in disclosure practices and legal compliance.

NO FINANCIAL CLARITY, NO METRICS, NO ACCOUNTABILITY

Despite repeated requests, SSP’s leadership has failed to provide:

· Full and timely financial disclosures
· Leasing and occupancy reports
· Historical comparisons of asset performance
· Detailed breakdowns of capital expenditures
· Full board and executive compensation transparency

Instead of clear reporting, shareholders are left to sift through vague press releases and carefully curated summaries that raise more questions than they answer.

A NARRATIVE BUILT ON POST-HOC EXCUSES

After aggressively marketing a “New Direction Plan,” SSP’s leadership began blaming its dismal performance on so-called “deferred maintenance”—a phrase never once mentioned in official disclosures or financial statements prior to shareholder pressure and recent court proceedings.

Let’s be clear: this excuse is a fabrication. It was only introduced after the facts—falling occupancy, plummeting valuations, and reckless sales—could no longer be hidden.

A DISREGARD FOR THE LAW

Even more troubling is SSP’s continued refusal to honor basic shareholder rights under Maryland corporate law:

· SSP has ignored multiple formal requests for access to books and records.
· This violates Maryland’s well-established “Books and Records” law, which guarantees shareholders the right to inspect company documents.
· The refusal to comply not only flouts the law—it reflects a fundamental contempt for the principles of shareholder ownership.

This is not how a REIT is supposed to operate. This is how insiders protect themselves at the expense of those they serve.

THE CONSEQUENCES OF SECRECY

The lack of transparency has enabled:

· Undisclosed compensation awards to insiders
· Fire-sale property dispositions without valuation justifications
· A steady stream of misleading narratives unmoored from financial reality

Without information, shareholders cannot protect their investment. And that’s exactly the point.

The current leadership has treated Silver Star like a private club—not a publicly held trust. That must end.

RESTORING TRANSPARENCY AND RULE OF LAW

The Hartman Shareholder Alliance is committed to reinstating rigorous transparency, legal compliance, and shareholder trust. Our nominees will:

· Release all books and records in compliance with Maryland law
· Publish full historical financials, including occupancy and capex data
· Disclose complete executive compensation and board decision-making records
· Enact real-time reporting protocols for future board activities

We believe in governance that serves the shareholders—not hides from them.

It’s time to return Silver Star Properties to lawful, honest, and accountable leadership.

Vote for transparency. Vote for lawful governance. Vote for the Hartman Shareholder Alliance.

Sincerely,
The Hartman Shareholder Alliance

Source:

https://www.sec.gov/Archives/edgar/data/831616/000110465925063037/tm2519251d3_dfan14a.htm