Dear Fellow Shareholders,
Silver Star Properties REIT (“Silver Star” or the “Company”) announces that the previously scheduled Annual Meeting of Shareholders has been postponed.
This decision was made after extensive consideration and consultation with the Company’s legal and financial advisors. The Board of Directors determined that it is not possible to conduct a fair and orderly meeting under current conditions, due entirely to the ongoing disruptions, false statements, and deliberate interference by Allen Hartman and his associates. Numerous examples of Hartman’s misstatements can be found in the Company’s federal court filing, available here: https://silverstarreit.com/vote/. For instance, Hartman recently claimed in an undocumented and unfiled Zoom call to shareholders that our CEO, Gerald Haddock, “lost Crescent REIT” – a company Haddock co-founded and built into one of the most successful real estate companies in the country – alleging it dropped $200MM “like what happened here.” This is just one example of the many false and misleading statements forming part of the Company’s federal litigation. In addition, the Company has alleged that Hartman’s associates improperly voted shares under the Company’s 401(k) Plan in favor of Hartman, despite lacking authority to do so – further undermining the integrity of the shareholder vote and highlighting the Board’s commitment to ensuring a fair, lawful process.
Accordingly, the Board determined that proceeding with the Annual Shareholder Meeting at this time would not be appropriate or lawful, pending further determinations by the Maryland state and federal courts.
The Company, further, in an attempt to move forward responsibly, on October 16, 2025, requested Hartman’s assurance in open court that he would not later attempt to invalidate the vote if the meeting proceeded prior to completion of the audit of the unaudited financial statements (Hartman has previously taken the position that unaudited financials were not required despite SEC rules otherwise). Despite his previous position, Hartman (through his lawyers) refused to provide that assurance, making clear his intent to continue obstructing the process. As a result, and to comply fully with federal securities regulations, the Company is without the lawful ability to hold a traditional Annual Shareholder Meeting without audited financials in place. However, to fully inform shareholders, significant information related to the financial status of the Company and other matters was presented in the Annual Materials Meeting Webinar on October 6, 2025. That information can be found at https://silverstarreit.com/.
The Board will continue to pursue every legal and regulatory avenue to hold Hartman accountable for his actions and remains committed to transparency, regulatory compliance, and protecting shareholder value. As the federal judge in Baltimore noted in its comments yesterday, Silver Star retains the right to return and seek remedies for Hartman’s ongoing violations — and it fully intends to do so. While the judge may have refused to grant temporary relief on October 16, 2025, he stated that “these [Hartman] statements and their voracity and their impact may be more fully fleshed out…[and] this may not be the last chapter on this…[these statements] are very serious allegations and this case may not be done…the case will obviously move forward.” The Company also intends to put the matter of the shareholder meeting and Hartman’s proxy violations before the Circuit Court for Baltimore City Maryland October 20, 2025.
We understand the frustration caused by this situation and share your desire to see Silver Star move forward. As you can see when you read the pleadings, our 14a submissions, the news articles on our website, these constantly moving targets created by Hartman and the ongoing litigation to protect the vote, a new date cannot be determined, right now. The Board and management team remain unified in their focus on following the law, rebuilding value, restoring trust, and operating with integrity. You deserve nothing less.
There is Still Time to Vote
Vote now: https://web.viewproxy.com/silverstarreit/2025
For voting instructions, meeting details, and the latest shareholder updates, please visit www.silverstarreit.com.
If you’ve already voted the BLUE card, you can still change your vote. Simply vote the enclosed WHITE card today—it is the last vote that counts.
If you would prefer to vote your proxy by phone:
Call 1-844-202-6616 to speak with a live representative (available Monday through Friday, 9:00 a.m. to 10:00 p.m. Eastern; please note you may need to wait in the queue).
OR call 1-866-804-9616 to use the automated 24/7 system without waiting.
Have your 11-digit control number ready.
Voting questions? Contact Alliance Advisors at 1-844-202-6616 or email [email protected].
Sincerely,
The Board of Directors
Silver Star Properties REIT
Media Contact:
Investor Relations Contact:
📧 [email protected]
📞 877-734-8876
ADDITIONAL INFORMATION AND WHERE TO FIND IT
The Company has filed with the SEC a definitive proxy statement on Schedule 14A on May 29, 2025, containing relevant documents with respect to its solicitation of proxies for the Company’s 2025 Annual Meeting. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. In accordance with Section 14(a) of the Securities Exchange Act of 1934, as amended, and Rule 14a-6 promulgated thereunder, to the extent that any information contained in this Proxy Statement Supplement modifies, supersedes, or supplements the disclosures set forth in the Company’s definitive Proxy Statement filed with the Securities and Exchange Commission on May 29, 2025, such information shall be deemed to so modify, supersede, or supplement—and shall be incorporated by reference into—that Proxy Statement as of the date hereof. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by the Company free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by the Company are also available free of charge by accessing the Company website at www.silverstarreit.com.
Participants in the Solicitation
Silver Star and its directors and executive officers may be deemed to be participants in the solicitation of proxies with respect to the 2025 Annual Meeting. Information regarding Silver Star’s directors and executive officers is contained in the definitive proxy statement. As of June 20, 2025, the Silver Star Executive Committee and current directors, and executive officers beneficially owned approximately 3,517,313 shares, or 1.89%, of Silver Star common stock. Additional information regarding the interests of such participants is included in the definitive proxy statement and is available free of charge at the SEC’s website at www.sec.gov.
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Forward-Looking Statements: This message contains a number of forward-looking statements. Because such statements include a number of risks, uncertainties, and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements, and investors should not place undue reliance on any such statements. Forward-looking statements can often be identified by words such as “draft”. “pro forma”, “continues,” “can,” expect,” “intend,” “will,” “anticipate,” “estimate,” “may,” “plan,” “believe” and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the Company’s expectations its annual report on Form 10-K can be completed and publicly filed; the Company’s expectations and beliefs regarding the Hartman litigation; the timing and ultimate resolution of the various litigation, fight for corporate control and other matters involving Hartman; the continued execution of the Company’s strategy of pivoting into the self-storage space; the Company’s view of the future of self-storage; the Company’s view of the future performance of any specific asset or all assets of the Company; the Company’s view of the potential future share price of the common stock; the Company’s continual evaluation of its legacy assets in order to maximize shareholder value; the Company’s policy to not dispose of any asset for less than its maximum determinable value and to maximize earnings and value; the implications to the Company of the assignment of an OTC trading symbol for its common stock; whether the Company may be subject to certain FINRA rules; any actions the Company may need to take to comply with any FINRA rules; the Company’s continual evaluation of various options to provide greater shareholder liquidity, including its intention to seek listing of its common stock on a securities exchange or admission to over-the-counter trading, a public offering, a listing of the common stock on an exchange or admission to OTC trading without a public offering, and merger and/or acquisition opportunities; the Company’s belief that further legal action could ensue to unwind the issuance of common shares under the Rights Plan if Hartman prevails in his efforts to set aside or invalidate the Rights Plan or to cause the dilutive issuance of additional common shares to Hartman, as well as any further action Hartman may take to prevent other Company shareholders from receiving benefits under the Rights Plan. None of the foregoing are guarantees or assurances of future outcomes or results and all are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this material. Forward-looking statements in presentations and press and news releases speak only as of the date on which such statements were made, and the Company undertakes no obligation to update any such statements that may become untrue because of subsequent events. Such forward-looking statements are subject to the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.