Hartman Shareholder Alliance Urges Election of New Silver Star Properties REIT (SSPN) Board to Execute Transparent Liquidation and Capital Return

Summary

RIGOROUS CORPORATE GOVERNANCE AND RETURN OF CAPITAL

June 20, 2025

Dear Shareholders,

The new slate of Silver Star Board of Directors, Thomas – Longnecker – Hartman, have the singular mission and fiduciary responsibility to restore and preserve shareholder value by executing a full-scale, responsible liquidation of all remaining assets and delivering a structured, transparent return of capital to investors.

There is a wall of deceit and shameful business practices behind which Haddock and Company have hidden for far too long with:

● Outsized compensation, unearned stock awards and profits interests
● Profligate waste in unnecessary legal warfare
● Concealment of Books and Records
● Fighting in court against a shareholder vote
● Inflammatory rhetoric based on a fantasy narrative of their own making.

Enough! Instead of transparency, Silver Star issues press releases. Instead of a recovery roadmap, shareholders have been handed diluted equity, bloated executive compensation, and ballooning legal fees.

MEET THE NEW BOARD:

Benjamin Thomas – Grounded, Humble, and Results-Driven

A serial entrepreneur and seasoned commercial real estate operator, Mr. Thomas has in his career acquired over 40 businesses and developed nearly 80,000 square feet of commercial real estate, with 4 years in high end luxury hotel property management. By education as a mechanical engineer, with a master’s in management from Stanford University, Benjamin has a keen eye for industry trends to maximize shareholder value as a director. Full Bio on page 14-15

Brent Longnecker – Principled, Ethical, and Courageously Independent

Brent Longnecker is a distinguished expert in corporate governance, executive compensation, and risk management consulting, with over 40 years of experience advising public, private, and non-profit organizations. He has consulted over three dozen real estate companies. He knows how to lead with ethics and structure compensation in a way that serves, not exploit, shareholders. His counsel is sought by Fortune 500 companies and family-owned businesses alike because he never compromises on integrity. Full Bio on page 14-15

WHAT THE THOMAS-LONGNECKER-HARTMAN TEAM WILL DO FOR YOU

Evaluate

● Report full financial disclosures within the first 30 days.
● Schedule a shareholder meeting within the first 30 days to discuss the financial status of the company.

Prioritize Financial Stewardship

● Immediately suspend all non-essential legal expenditures. The legal costs incurred we believe has been $15 million dollars.
● End all unjustified executive compensation, bonuses, and performance unit accruals.
● Cut payroll by 50%.

Strategize Liquidation

● Sell the Walgreens and Mini Storage Assets, comprising half the value of the portfolio, which totals $135 million, and return the capital immediately to the shareholders as the assets sell.
● Lease up and stabilize the remaining legacy assets and sell over the next two years, returning capital to the shareholders as they sell.

Governance and Oversight

● Develop a clear distribution schedule to ensure regular, proportional payouts as assets are sold.
● Commit to monthly financial reporting on distribution progress, with quarterly investor Q&A sessions.

YOU INVESTED IN A REIT NOT LEGAL WARFARE OR FAILED START-UP ASPIRATIONS

Benjamin Thomas and Brent Longnecker are here to fulfill a fiduciary role to protect your investment in an orderly, intelligent, and principled liquidation.

Vote for Benjamin Thomas and Brent Longnecker. Vote for decisive action, value, recovery and an honest exit you can finally count on.

Vote the BLUE card to elect Thomas, Longnecker, and Hartman directors who will focus on disciplined liquidation and return of capital.

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.

Thank you for your trust and support.

Sincerely,

Al Hartman
The Hartman Shareholder Alliance Team

Source:

https://www.sec.gov/Archives/edgar/data/831616/000110465925061787/tm2518680d2_dfan14a.htm