Hartman Shareholder Alliance Blames Silver Star Properties REIT (SSPN) Collapse on Leadership Failures, Urges Return of Proven Team to Restore Value

Summary

Subject: Silver Star’s Collapse Isn’t a Mystery — It’s a Leadership Problem

June 19, 2025

Dear Fellow Shareholder,

Silver Star Properties has suffered a total collapse in execution after the forced exit of Al Hartman. Occupancy has plunged. Assets have been sold for pennies on the dollar. The net income from their new acquisitions does not cover their expensive debt. Let’s stop pretending this is complicated. Let’s stop scapegoating Al Hartman, lying to the shareholders, and face the facts.

It’s not a real estate problem. It’s a leadership problem.

In 2022, Hartman Property Management earned a Net Promoter Score (NPS) of 71.2—a score that qualifies as “world-class” by global standards, comparable to Ritz Carlton. NPS is a tenant voted satisfaction rating proving our management team and culture knew how to operate at scale, motivate performance, had no deferred maintenance problem, and delivered results for investors.

What happened next?

Silver Star stripped out that operational infrastructure. Senior managers left. Staff turnover spiked. And with it, property performance collapsed:

· Gulf Plaza: Occupancy dropped to 22%.
· Northchase: Sold at 26% of estimated value.
· Silver Star reports negative cash flow on new assets. Zero value creation.
· Hundreds of millions in equity lost through distressed sales.

This isn’t growth. It’s collapse.

Meanwhile, Hartman Assets Delivered

While Silver Star was floundering, Hartman’s portfolio was operating as promised:

· 85% occupancy portfolio wide.
· Sold Richardson Tech July 2024 for double the purchase price.
· Assets held, leased, and positioned for profit—not fire sales

These are not projections. These are real outcomes, from the same team that built up Silver Star, and are now being blamed for Silver Star’s current failure.

Silver Star continues to deflect and distract through lies and manipulation of facts. Shareholders deserve straight answers and responsible leadership—not excuses.

The Choice Is Clear

Hartman’s plan is simple:
Stabilize. Monetize. Return capital.

Vote the BLUE card to bring back the team that delivered real results—and stop the destruction of shareholder value.

See the attached proxy letter for more details. Click here to read the full letter.

Call us directly at (619) 664-4780 to vote for the return of your capital or vote the blue proxy from our online e-mail.

Sincerely,

Al Hartman
The Hartman Shareholder Alliance Team

Source:

https://www.sec.gov/Archives/edgar/data/831616/000110465925061118/tm2518555d1_dfan14a.htm