# EDGAR Filing Document

**Accession Number:** 0001446687
**File Stem:** 0001446687-25-000062
**Filing Date:** 2025-6
**Character Count:** 90321
**Document Hash:** 291c5e6b30f039504c861388509d05fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001446687-25-000062.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001446687-25-000062

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 37

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SILVER STAR PROPERTIES REIT, INC
- **CENTRAL INDEX KEY:** 0001446687
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 263455189
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEFA14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41786
- **FILM NUMBER:** 251047563

**BUSINESS ADDRESS:**
- **STREET 1:** 601 SAWYER ST. STE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77007
- **BUSINESS PHONE:** 713-467-2222

**MAIL ADDRESS:**
- **STREET 1:** 601 SAWYER ST. STE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SILVER STAR PROPERTIES REIT, INC.
- **DATE OF NAME CHANGE:** 20221221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hartman Short Term Income Properties XX, Inc.
- **DATE OF NAME CHANGE:** 20080930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 14A**

**Proxy Statement pursuant to Section 14(a) of the**

**Securities Exchange Act of 1934**

Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐

Check the appropriate box:

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| | | |
|:---|:---|:---|
| ☐ | Preliminary Proxy Statement | Preliminary Proxy Statement |
| ☐ | **Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))** | **Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))** |
| ☐ | Definitive Proxy Statement | Definitive Proxy Statement |
| ☒ | Definitive Additional Materials | Definitive Additional Materials |
| ☐ | Soliciting Material under Rule 14a-12 | Soliciting Material under Rule 14a-12 |
| **Silver Star Properties REIT, Inc.** | **Silver Star Properties REIT, Inc.** | **Silver Star Properties REIT, Inc.** |
| **(Name of Registrant as Specified in Its Charter)** | **(Name of Registrant as Specified in Its Charter)** | **(Name of Registrant as Specified in Its Charter)** |
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|  | (3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): |
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On June 13, 2025, Silver Star Properties REIT, Inc. ("Silver Star" or the "Company") is sharing a podcast interview, and respective transcript, with our Chief Executive Officer and Executive Chairman, Gerald W. Haddock, and Chief Financial Officer, Lou Fox, with strategic insights discussing the Company's shift to self-storage. Included in the podcast are PowerPoint presentations of our Self-Storage Case Study and Liquidation Presentation. The News Release, respective transcript, and PowerPoint presentations: Self-Storage Case Study and Liquidation Presentation; are included as Exhibits to this filing, as noted below.

**Exhibit Index**

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| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Exhibit Description</u>** |
| <u>[99.1](exhibit991-newsreleaseandp.htm)</u> | <u>[News Release - Silver Star Properties REIT, Inc. dated June 13, 2025](exhibit991-newsreleaseandp.htm)</u> |
| <u>[99.2](exhibit992-selfstoragepi.htm)</u> | <u>[PowerPoint Presentation - Self](exhibit992-selfstoragepi.htm)[-](exhibit992-selfstoragepi.htm)[Storage Case Study](exhibit992-selfstoragepi.htm)</u> |
| <u>[99.3](exhibit993-liquidationpr.htm)</u> | <u>[PowerPoint Presentation - Liquidation Presentation](exhibit993-liquidationpr.htm)</u> |

---

## Exhibit 99.1

![image_1a.jpg](image_1a.jpg)

**Strategic Insights: Silver Star Properties' CFO Lou Fox and CEO Gerald Haddock Discuss the Pivot to Self-Storage**

June 13, 2025

We are excited to present an insightful conversation featuring Gerald Haddock, CEO & Executive Chairman, and Lou Fox, Chief Financial Officer of Silver Star Properties REIT, Inc. In this engaging interview, Lou Fox shares his extensive background, from his early career at Arthur Andersen to his pivotal role at Silver Star, providing valuable insights into financial forecasting, risk management, and strategic real estate transformations.

Fox highlights the critical factors behind effective financial projections, emphasizing realistic assumptions, market intelligence, and disciplined execution. The discussion particularly explores Silver Star's strategic shift toward self-storage assets, presenting a detailed analysis of why this pivot significantly surpasses liquidation in terms of maximizing shareholder value and minimizing risks.

Gerald Haddock reinforces the strategic direction and growth potential that self-storage assets offer, outlining how Silver Star is uniquely positioned to capitalize on resilient market conditions and demographic shifts, enhancing value for shareholders.

Watch this compelling video to understand the rationale behind Silver Star's pivot strategy, the detailed comparison to liquidation scenarios, and the leadership's thoughtful vision designed to navigate current market challenges effectively.

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***Follow the link below to view the recorded podcast.***

![image.jpg](image.jpg)

**Focus on Facts, Reject the Noise**

Shareholders have overwhelmingly supported Silver Star's independent leadership. In 2024, a majority selected the current directors and explicitly excluded Hartman. This decisive choice underscores shareholders' trust and confidence in our strategic direction. Hartman's disruptive tactics and frivolous lawsuits divert critical resources away from achieving our collective goals and maximizing shareholder value.

Silver Star's future under Gerald Haddock's leadership remains bright, strategic, and resolutely committed to enhancing shareholder value. Reject misinformation, rely on facts, and support leaders who consistently exhibit integrity, dedication, and a clear vision.

Your vote is crucial: Vote **FOR** the self-storage pivot and support Company Directors Haddock, Still, and Tompkins. A vote for liquidation would lead to a forced fire sale, significantly diminishing the value of your investment given current building conditions and lender pressures. Protect your investment—vote **FOR** strategic growth through self-storage.

------

Voting instructions have been sent via email and mail. For easy access, visit the proxy website at <u>https://web.viewproxy.com/silverstarreit/2025</u> and vote "FOR" the self-storage initiative.

**Investor Relations**

<u>investorrelations@silverstarreit.com</u>

877-734-8876

**For a full transcript of the podcast, please follow the link below.**

<u>https://silverstarreit.com/wp-content/uploads/2025/06/GWH-Lou-Fox-Transcript.pdf</u>

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**Silver Star Properties REIT, Inc**

**Gerald W. Haddock, CEO & Executive Chairman**

**Lou Fox, Chief Financial Officer**

**June 13, 2025**

**Gerald Haddock** 

We're delighted to have Lou Fox with us here today. Lou Fox is chief financial officer of Silver Star properties. How long have you been working at Silver Star?

**Lou Fox** 

Well, I started back in March of 2007 when it was a property management company, Hartman Managements. We've come a long way.

**Gerald Haddock** 

Boy, you really have. You've seen the ups, the downs, and you're the one person that's here for the duration. And I appreciate what you're doing, and I see a bright future. Tell us about your background.

**Lou Fox** 

Out of college, I went to work for Arthur Anderson and Company back in 1985. I was in the San Antonio office ⁓ in the tax division. We did a lot of high-net-worth individual tax work. We did a lot of entrepreneurs who were in real estate, oil and gas, the real estate entrepreneurs as you may recall from the early and mid-80s, tax shelters were a thing of the day before the Tax Reform Act of '86 and the rates changed. Tax shelters, which were really tax deferral mechanisms, were the deals of the day we put together for our clients, assisted them in their projections in the real estate business, developing underlying assumptions. We did a lot of oil and gas projections. I had no previous experience in the oil and gas business and really don't since other than it learned a glossary of terms ⁓ and learned that creative entrepreneurs can find hundreds, literally hundreds of ways to slice, dice, share, allocate, divide the economics of a piece of dirt with oil underneath it.

**Gerald Haddock** 

Well, let's talk a little about forward-looking statements, projections, the tax shelters in real estate. And ultimately, we'll talk about some projections related to Silver Star. What are some of

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the requirements that you always look to in terms of a base and then the forward-looking aspect of those statements?

**Lou Fox** 

Well, a projection of forecast is not a dream. It's a goal with a structure around it that has to be built on solid, understandable economic assumptions that are accurate and true based on your personal experience and knowledge. They are reasonable based on the experience, knowledge and available to you from experts or others who have successfully operated such a business. What assumptions did they make? What actual results did they achieve? When we work on SEC filings ⁓ and in our different filings, the SEC is big on risk factors. And risk factors are relevant. We have a proxy statement out that's about 80 pages long, and there's about 26 pages of risk factors. Now, some of those things are just prudent to tell you, you know, good things don't always happen, but good things do happen if you make good assumptions and then of course, execution. The notion of the forward-looking statement is, you know, is to be clear, a projection isn't just a dream, but is it a dream as a wish your heart makes? I was like, no, a financial projection is what we expect to do with our money, your money, other people's money, investors who have trusted the stewardship of their money to be invested into something in the future where they expect their money back and they expect a return for the effort.

**Gerald Haddock** 

So, when you were putting these statements together, ⁓ were they tax-driven statements? Were you also required to calculate the immediate tax deferral items like accelerated depreciation, investment tax credit, and show the amount of tax benefits that an investor could derive and then show the potential other side, which is a realization of income from a successful operation so that it wasn't all lost but could become an income producing vehicle as well. Was that part of your normal practice?

**Lou Fox** 

It was, you know, the projections, the forecasts and the memorandums which our clients, you know, encompass those projections, forecasts in, there's a great attention to detail of the whole life cycle of the deal. You know, a tax deferral, tax savings, how much cash you get upfront is immediate of focus to every investor, including sophisticated investors.

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**Gerald Haddock** 

And did investors buy on that total presentation, the tax deferral aspect of it, the write-offs of tax deductions, as well as the future projected realization of gain, loss, allocations, et cetera, related to the particular property?

**Lou Fox** 

Well, all those things are included in a projection. A proper projection takes you from beginning to end.

**Gerald Haddock** 

And how detailed are the assumptions?

**Lou Fox** 

Very detailed. Number one, you have to, if it's a real estate projection, it's a real estate projection of what? A shopping center, an apartment complex, self-storage. You have to understand what the business is. They're all very similar to some degrees and very different than others. They're similar in that we've got revenue and operating expenses. There's some capital component nature to the business. Some are more capital intensive than others. ⁓ Everything requires maintenance and replacement over time. Class A central business district office building, you spend a lot of money every year on planned maintenance. Self-storage facility, it's going to require maintenance. It's not as intensive. Its potential reward is not quite as high, but your downside is also not as great. It's a less risky problem.

**Gerald Haddock** 

So, if you move from a commercial office or you move from a shopping center into self-storage, based on your experience, would it be customary for you to talk to some of the, as you go into self-storage and start preparing projections relating to self-storage, a particular property or a group of properties, would you talk to an expert or others that are in the business, real estate brokers, people that have marketed, sold properties, does being involved in the industry help? Well, I asked you half a dozen questions. I'll let you pick.

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**Lou Fox** 

And I'd say, think the answer to all those is yes. Let's take a storage facility, for example. mean, my experience and knowledge of that is fairly recent, meaning that in the past five years, I've undertaken to be involved in that business and. Not knowing anything, 20 years ago I had a storage space. I had storage space for six months. It was temporary. I checked in, I checked out and I was done. 20 years later, I'm actually in the self-storage business and I come to learn that I'm an anomaly. That isn't really how it mostly works. People rent self-storage facilities for a particular short-term purpose. But, you know, years and years of data show that once you check in, it's probably about 120 months till you check out on average. Well, that's a pretty good arrangement. Well, we don't have a fixed contract for you to rent this place for 10 years. I have to rely upon you to do that month over month over month. you ask about assumptions, is that a good assumption? It's like, well, it's a time proven assumption. You can ask, you know, experienced operators, previous owners, current owners, or just experts in the self-storage businesses. How long does this last? Well, the data shows that people don't check out.

**Gerald Haddock** 

Well, when you talk, you're talking about data. Well, what do you do to keep abreast of current industry data?

**Lou Fox** 

Well, I follow the analyst reports for a number of the investment banks that follow, ⁓ particularly the large cap REITs. Know, the self-storage business in the United States kind of broken up in three segments. I think one of them was four or five large gap REITs, public storage, extra space, and names that people recognize from driving down the highway. It's either, owned and operated by them or it's managed by them because of their, you know, public brand. They're probably about 30 % of the market. There's another section of the market which is not the large cap reads. Make perhaps public companies, large private companies is probably another 30%. Then the final 40 % is what in the industry is referred to as mom and pop.

**Gerald Haddock** 

Is that the same as tertiary, secondary markets?

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**Lou Fox** 

It usually is, meaning that mom and pop is, take, you know, our subsidiary Southern Star Storage, one of our first properties acquired is a self-storage facility in Montrose, Colorado.

**Gerald Haddock** 

Lou, after I think clearly establishing you as an expert in many arenas, particularly with respect to evaluating, underwriting, running acquisitions, overseeing self storage and a great projector, being able to, you know, not read the crystal ball, but lay a reasonable foundation for the interested people to be aided in their reading of the crystal ball. Well, we're here today, the second part of our discussion to talk about a more in-depth comparison between the liquidation and the self-storage. Or the self-storage, more importantly, how it dominates the liquidation. And we have two slide decks. one the shareholders should go look at in detail with an advisor and with a desire for an overview of the entire situation.

The second is a somewhat constructed case study. And my favorite slide is the Kentucky Derby slide, which shows Silver Star winning the Kentucky Derby. Mr. Hartman's horse stumbling out of the gate. He's trying to liquidate and we're trying to win a horse race. And the Kentucky Derby shows us winning by a long shot. I like those odds. That's what gets you at the table. And that's what keeps all of us here for the long haul. And when we finish, we're going to ask these stockholders to be with us for the long haul and enjoy the fruits that we think we can get to as shown in my favorite slide, which is that in about three years, could be earlier, could be two years, we could have an opportunity, I think reasonably, we should have an opportunity for a listing of some sort on a pretty good national exchange where... everyone will have an opportunity for liquidity. I think we've got an exciting future in front of us.

**Lou Fox** 

Thank Mr. Haddock, I absolutely agree with you. We have an exciting future. ⁓ The piece that we're looking at, is a summary presentation that we've included. It's a part of its exhibit B to the definitive proxy statement that we filed at the end of the And our point here is to share the point of view, and certainly my point of view, point of managements and the board of directors with their leadership and support that number one, liquidation isn't an inevitability. In fact, it's not the best outcome. because there's a choice. It's not something's failed and you just liquidated and be done with it. This pivot strategy that we're laying out is how we get from a real estate asset class, which is still a viable real estate asset class, to a better real estate class that we believe can restore and increase the value of interest in for shareholders. And as you've pointed out, you know, for the past 20 years, the key to the future is liquidity and its liquidity means getting listed

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on an exchange or a mechanism where shareholders can, at their option, trade into our securities, trade out of those securities as that fits their needs, but that they have liquidity. Liquidity is not liquidation. Liquidation is an end. And as we, you know, titled this slide right here, you liquidation is a disaster. A determination to liquidate this company as a shareholder and a corporation, you can't lose more than all your money. And number one, we never want that to happen. And number two, it's avoidable. It's avoidable, and there's a better answer.

Our belief and position is that liquidation is a disaster. Liquidating the company at this juncture will not result in a return of anything more than nominal, minimal value to the shareholders. The strategy to pivot into self-storage, which has actually begun, in which we're asking shareholders to approve and agree that we shall continue, is an opportunity to increase value and avoid an unneeded disaster.

**Gerald Haddock** 

Okay, legacy properties and others are not suitable for liquidation, which highlights that we've got unusual circumstances here that even if we were to have a liquidation in a normal situation, it just doesn't work with the portfolio held by Silver Star.

**Lou Fox** 

The real estate portfolio that Silver Star had at the end of 2022, where we had over 40 assets in the portfolio, were secured by over $300 million worth of debt, $260 million of which had a final maturity date coming up within a year. And efforts to refinance that debt were unsuccessful.

The unsuccessful effort included an understanding that we would necessarily need to liquidate some of those assets in order to reduce the debt that was to be refinanced. In connection with the ultimate refinancing that was accomplished, ⁓ the assets that were sold were among the better and more valuable assets that the company owned. But the legacy properties that we have still as of today are really not suitable for liquidation. The value of those properties lower, lower in some instances than what they were purchased for because of years of deferred maintenance, which in any operating year was not the end of the world. But at some point in time, deferred maintenance hits a wall. Failure to maintain and spend money over time has ultimately very expensive consequences and those assets are really not ideally suited for liquidation. They ultimately can be liquidated and we believe that converting those proceeds into self-storage assets will provide for an increase in value and earnings, potentially cash available for distribution at a point in future company is in litigation with Mr. Hartman. Mr. Hartman was our

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chief executive officer up until mid-2022 when the attempt to refinance the senior indebtedness, as I mentioned, approximately million, did not get accomplished. Did not get accomplished, notwithstanding know, management support and effort in the direction of the board that it get done. Board, as of course, you know, Mr. Haddock had to take the extraordinary measure of removing Mr. Arman as the CEO. And subsequent to that, there has been a lot of litigation and encumbrances. Liz Pendant's actions, again, as I mentioned, the company understood from prior to 2022 that in order to refinance

Some assets were going to have to be liquidated to reduce the amount and the leverage of the debt. Mr. Hartman set about to file his pendants actions, which clouded the title, which just hamstrung, ⁓ handcuffed the company's ability to act in the manner that had to be done, which was to get assets sold, get debt reduced, get debt refinanced. We were in the middle of in 2022, a credit crunch, ⁓ which credit crunch is going to just happen from time to time. And as a result, here we are today.

**Gerald Haddock** 

Do the company, the management team, and the company's lawyers have an estimate as to the amount that could be recovered there?

**Lou Fox** 

My understanding of the current estimate is anywhere between $35 and $50 million in terms of judgment collectability. We shall see, but we get reports of great confidence that the damage claim, $35 to $50 million is very realistic.

**Gerald Haddock** 

Right now we have the same lawyer handling those claims as we had prosecuting the case before the judge in Maryland and taking Mr. Hartman's deposition. And the court there declared that Hartman was not credible in his court on at least four occasions and had committed dishonest activities stronghold management in terms of attempting to get favored assets from the company to the detriment of other stockholders and went on and on and on. Same lawyer, same defendant. Do think Mr. Hartman's looking forward to that event again and another round of testimony in front of our attorney?

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**Lou Fox** 

I do not necessity for selling assets and refinancing the debt of the company ⁓ was a milestone in that, you know, looking forward, the board and senior management had to look at what are the future prospects here. We have Class B office buildings with deferred maintenance issues. And while over time, office assets are a good real estate asset class, but they are capital intensive 500, 700 million dollar units need to be replaced. It's just capital intensive.

As we were in a position or a required position to liquidate assets, we also looked at, what's next? What is the better alternative here? Sell everything and, you know, propose to the shareholders of liquidation or let's move to a different asset class where we have a better prospect for grading value. Self-storage has always been an interesting asset class. ⁓ It's in many respects, it's like multi-family, it's like an apartment building with no people. It is an asset class that may be very fancy, Class A, multi-story climate control feature to, you know, single story, ⁓ secondary tertiary market properties. But it's a very interesting asset class in that stronger in some markets, but self-storage is found in all 50 States.

The self-storage market, the past 12 months, there has been some reduction in rate growth. What I think is an interesting point of that comment is that when you're talking about something that is growing, it's like, how fast is it growing? Well, in the pandemic and post pandemic, self-storage just grew at an unprecedented rate a lot of factors responsible for that rate growth and construction of new facilities was on fire. Rates were increasing at 25 % per year and while that was very good for those invested in that, that's not sustainable. They've fallen back to sustainable things but the point that I'd make would be that it's a solid growth.

**Gerald Haddock** 

Neighborly community connect. And right next to it is a group of people in one of our communities. Oscar Flores, director of operations, is right there in the middle of it and he has developed that concept and we've separated ourselves from many institutional advised and managed self-storage units, operations because of this very feature. We're in the community, we're in the neighborhood. And that's important in terms of developing community relations. We don't get the same performance from others. I think we're going to be better than some of these institutional managers that are in the market. That's what we did at Crescent. Crescent was an internal managed company and the market was concerned about it in the front end. We sold through it, highest IPO ever in the REIT and produced it in spades on the other side with the outsized growth as a result of our approach. And I want to do that again right here at Self Storage in Silver Star.

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**Lou Fox** 

One of the, I think, very exciting and significant opportunities that we're looking at is city centers like Houston or Dallas, Addison, Texas, Plano, Texas, McKinney, Texas. These are very sizable communities, but as those communities continue to grow. We are exploring through connections, members of our board with opportunities to look to develop and joint venture with home builders and other multifamily builders. So, we're looking to, to partner with home builders to develop and locate self-storage facilities that enhance the communities that they serve and provide you know, valued service to those to the home builders and the new residents.

The pivot strategy, the focus and selection of self-storage as a preferred asset class to focus on, ⁓ lot of things changing. The country, our US population continues to grow as home building and multifamily development continues. There is a correlation between those developments and the need for additional cell storage. ⁓ There's opportunities to acquire, as I mentioned, you know, potentially joint venturing with a home builder to develop ⁓ is an exciting opportunity. In addition to the class A markets, where again, you're looking at class A facilities, multi-story climate controlled what we refer to as secondary and tertiary markets.

Self-storage is not just a place where you will find many customers, tenants will come and they just store stuff and they never come back. We have a lot of self-storage tenants who make regular use. They're small businessmen. They're hobbyists, sportsmen, that they are continually accessing ⁓ the storage facility because it is an extension of their home. And to the extent that it is an extension of their home, the ability to interact with people who are providing safeguarding for their goods, easy access to their goods is a great opportunity.

The note here on the right hand side says invest. Going out of business, liquidation, the challenge for this company, the challenge for Silver Star since its inception was a point in time we must deliver liquidity to investors. And while that notion has been paid great lip service and has involved a lot of effort, it has not come to fruition. Liquidity is not the same as liquidation. Liquidation means going out of business. We don't believe that the best interests of the shareholders, the value proposition is to simply go out of business. your investment can't be worth less than zero. A fire sale makes zero more likely. This estimate of the liquidation value, we further revised this in an exhibit to the actual proxy statement. This was an estimate that we did as of the end of March of this year, where we projected that the net realizable value per share was about 31 cents.

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If you adjust for the share splits, you're comparing to your original purchase price, 62 cents to $10. In the proxy statement, we have presented a more detailed estimate of about a month later from this projection. our estimate there is reduced to 24 cents a share prospect of the required liquidation. It can't be less than zero, but the notion that it's going to be a lot more than that, unfortunately, is hard to project adjustment. The company's remaining legacy office assets. The office market is tough. The six remaining assets of office class assets that the company has are in part, you know, have been some excellent performers over the years. The properties, however, are the victim or in a position of deferred maintenance that requires substantial investment in terms of capital investment to bring them up to where they can function optimally and increase occupancy in those facilities.

It's a challenge to re-tenant space ⁓ when the property that you're trying to re-tenant challenges. Elevators, I've got one down or chillers are operating at 80%. We're in the Texas markets and in the summertime, air conditioning works hard here, and old systems don't keep up.

**Gerald Haddock** 

And there's been a collapse of office properties, particularly suburban class C and class B across the entire United States.

**Lou Fox** 

Well, that's true. And I'd like to add also that 20 years ago where you had an office market like this, now, some of the assets is the office assets that this company has acquired. Dave Wheeler, our chief operating officer now has been with us for over 20 years. And many of the assets that this company has acquired were acquired from distressed buyers. And, you know, in some respects, it would be great to go shopping for office buildings today.

**Gerald Haddock** 

Well, until you operate it, you can't bring it out of mothballs. In the offshore drilling industry, we call it cold stacked, as distinguished from warm stacked. And the principal reason for that is that if it's cold stacked, the operations are deteriorated. Some of these properties not only way back was acquired, but they were acquired and utilized in Hartman 19. And Hartman 19 and 20, a large part of the legacy assets that got folded into Silver Star. Now the condition of deferred maintenance and a strategy with respect to that existed as part of, as I understand it from you, Mr. Hartman's playbook. Could you describe that playbook to us right here and now?

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**Lou Fox** 

When I joined the company in 2007, Hartman had four investment programs, I believe it was '16 or '17, retail and office properties the years, 2008, four programs combined to form Hartman Income REIT. The same time a new fund offering, Hartman Short-Term Income Properties '19, was formed, which raised about $50 million and acquired additional real estate and office assets. liquidity, the public offering, the liquidity and shares was an expressed intent with the creation of each of those programs, which subsequently merged with or consolidated into another entity. Office prices, you know, were good. There were good buys over the years and we took advantage of those.

The values over the past several years have widened. Just briefly, cap rates get higher, that does not mean greater value. In 2021, the Dallas market cap rates were at 7.2%. Now they're up 8.6%. Widening cap rate means that investors are paying less for the earnings potentially the same earnings of an office property. The values have declined and as the chart here shows you show a prospect of continuing decline. In connection with the pivot strategy, we have undertaken corporate steps to make the company healthier and to make it ready for a fully approved shift into the self-storage pivot. We've reduced operating costs, our workforce, which with 44 properties once numbered, 190 people, is now down to about 18 full-time people managing about a third of assets in addition to the corporate general administrative side of the company. We've undertaken to focus on fortifying the balance sheet, meaning that we focused on disposing of assets. Currently, the focus is to dispose of them at the best price available with a view toward redeploying funds or paying down debt, which reduces our leverage. I know Mr. Haddock, this is your favorite slide. Self-storage dominates the Kentucky Derby. The illustration here ⁓ is an illustration of an estimate of the value of shares on a go-forward basis where the company is approved to pivot, is approved to pivot and undertakes in its first three years, which would be perhaps '25 through 2028 in this presentation, to raise about $50 million in capital, which we have letters of intent with one and we're working on a second capital source to raise that, is to acquire additional self-storage assets and based on what I believe are some conservative assumptions,

We can grow the share value and then add a number which is notionally around perhaps three or four dollars per share ⁓ based on our current share count. But it's in a position where we can seriously re-engage discussions with our investment banker group to look at NASDAQ or another national exchange. Again, principal focus, principal focus for the past 20 years and perhaps longer is to provide liquidity and liquidity is generally in best case is listed on a public exchange. Another point is that that shows a growth trend and liquidation. Liquidation is simple. Liquidation is it's one and done. Maybe it's 31 cents, maybe it's 24 cents. The only certainty here is it's not below zero. Mr. Hartman in his proxy reporting materials has criticized the company,

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its board, its senior management, which senior management were hired by Mr. Hartman some time ago, his focus is that the company needs to be liquidated. Well, it didn't need to be liquidated when he was in charge.

Now that he's no longer in charge, apparently the tide has turned. has been and singly is still the largest shareholder. We believe that it's his Hartman Group's best interest to vote for the pivot strategy. When we talk about shareholders globally, we're talking about Mr. Hartman as well.

In this presentation, it's titled Self-Storage Pivot, Case in Point. information is being provided here and being made available to our investors when transcript is released. Actual results may vary. We begin with, you know, what Mr. Haddock refers to as the Kentucky Derby slide. Again, increase in, the potential increase in value of shares over period of time based on very reasonable capital raising and self-storage acquisition strategy has the potential for us to increase over the next three to four years the value of shares from where they were. That asset value in the middle of 2024 at $2 to you know, nearly double that in a four year period. In this next slide, which is somewhat similar, comparing here, the EBITDA, which is a non-GAAP measure, but EBITDA is earnings before interest, taxes depreciation. In the real estate business, we call it net operating income. And as we look at the projection for cash earnings based on the fundamentally same assumptions as our Kentucky Derby slide, but not in terms of value of the shares, like how much can the company earn? We can go, we believe in year one, 2025 estimate is about 11 cents EBITDA per common share based on the current shares outstanding and grow that over a five year period from 11 cents to 43 cents. Notionally, a 4X increase over a period of five years. Now, what that involves is our ability to raise, you know, $50 million in the first three years and $15 million a year of equity, which together with debt notionally, permits us to buy assets of about $30 million a year that growth assumption will allow us to increase the earnings per share by about four-fold up to maybe 40 cents a share.

How does that correlate into value? Well, value at the end of the day is what you'll pay for it. Shares are valued in a number of ways, but multiples of earnings, multiples of earnings are a very common way that either value is evaluated or what you're willing to pay is kind of imputed. So, for example, self-storage companies, the EBITDA multiple, is what is the multiplier from cents per share to value of a share. ⁓ Today EBITDA multiples are running 10 to 14. If we assume here a 14 multiple the imputed value of EBITDA is 21 cents per share. So if you were to impute and say, well, if we apply this multiple 14 times 21 cents, $2.94. That's about where we think this company will be in about three years after an approved pivot strategy. That compares and contrasts to the multiple on liquidation, which will produce zero and will produce a share worth zero. Subject two, of course, there being any residual that liquidation value.

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In our case study, in our case study, we present here some of the assumptions that we made. Actual, deals ⁓ when evaluated are based on either development costs to build something or, you know, a price that the seller, ⁓ the seller has in mind to receive. When we analyze a deal, for example, someone's offering a storage facility for $30 million, you ⁓ know, we look at you know, how much does that cost per square foot? What are their earnings on that? And build a rather elaborate, know, 10-year discounted cash flow model to analyze those, whether or not this makes sense, whether the return prospect of this investment ⁓ can yield what we need to yield and what we need to yield is based on an investment criteria which is established and approved by

In our case study example, excuse me, we've assumed that we can buy cell storage assets for $200 per square foot. Replacement cost of cell storage depends on where you build it. It could be anywhere from, you know, $50 to $300 depending upon whether you're building a single-story tertiary market facility or a Class A multi-story climate controlled property in a large metropolitan area. Rents are dependent upon the market that you're talking about. The growth in rents also dependent upon the particular market. In our assumptions, we assume that rent can grow at the rate of 7.75 % per year. As I mentioned previously, in the pandemic, post pandemic, rents were increasing at 28%, 30 % per year, which was due to a particular event, not sustainable, but they will change over time. But we think that that's a realistic assumption.

And expense ratio is just a percentage of earnings, what's in essence, what's our profit margin. Occupancy, when we forecast things in a case study, 90%, 90 % is generally a component of our investment criteria. It could be more; it could be less. This kind of summarizes what I'm explaining. Building a case study, building a case study, you have to make assumptions. You make assumptions based on knowledge, experience, expertise, and knowledge of current data available in the market historically. And with peer experts, are we projecting to see into the future? Actually, and these are.

These kind of summarize what we put in our recent case study. A case study assumes that you have money to invest. It's actually a very essential initial component. if you'll notice years one, two, and three, some of those years is $50 million. We currently have a letter of intent commitment from firm to raise on a best efforts basis, $50 million over, well $50 million in total, which we've just made an assumption that it could take three years to raise that. And then thereafter, that money can be raised at the rate of $15 million a year. And private placement or small equity raises, I think this is just a very reasonable, very reasonable assumption in our ability to do that. Once the uncertainty of whether the company is going to be forced to liquidate is removed. Again, the pivot strategy is exciting to management, it's exciting to the board, and it's

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exciting to outsiders, for example, the firm that's willing to commit on a best-efforts basis to raise capital, that as we get successfully past the contingency, the shadow of being required to liquidate, that the confidence to be expressed by our shareholders is matched by the confidence of ⁓ the equity market and the lender market, that we can do business, that we can raise capital to grow and build value for the shareholders.

In this slide, we're presenting what's graphed earlier in this presentation. The projected earnings starting with a 2025 estimate of revenue expense and property and company level EBITDA. Again, EBITDA is earnings before interest taxes and depreciation or in real estate very commonly or to its net operating income. Again, that's a non-GAAP, non-generally accepted accounting principal metric. And as we state below here, that understanding non-GAAP financial metrics is important, and there's an important caution included at the end of this presentation. And then the other disclosure of presentations that we make ⁓ to remind you that non-GAAP disclosures are misleading if you don't understand what they are and generally are required to have disclosure and perhaps reconciliation. So do direct attention to the caution that's included at the end of this presentation and others that include non-GAAP financial.

These next two slides are summarizing up to the previous, is to show the contribution of our legacy storage and Walgreens net lease portfolio to the company total in addition to the earnings which would be projected to be received as a result of approval of the pivot strategy and the successful ability to raise additional capital and deploy those in furtherance of the self-storage strategy. The assumptions that we've included in this presentation as it applies to growth in the legacy properties significantly. They're summarized here, but I would point out that with respect to revenue growth, we have assumed that that is going to increase at a conservative rate of 3 % per year that expenses will increase at 2 % which is per annum the fed's target rate for inflation and that we will be able to keep our GNA cost stabilized which the components of it may change in terms of people and the services that are included in that.

The, as I've mentioned, this information presented here does include non-GAAP financial information. This disclosure is important and I encourage everyone to read and be aware that non-GAAP disclosures EBITDA, Net Operating Income, other terms which are used in our case in commercial real estate or may be used in other industries that they are ⁓ not the same terms that you will see in financial statements or financial information provided under generally accepted accounting principles. It is permissible for us to do so, however, we must caution you and let you know that we are using non-GAAP metrics and to make sure that you're aware of that and understand that those numbers can be different.

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**Gerald Haddock** 

I think a real expert in this industry, both from a deep dive accounting experience, ⁓ experience in developing a self-storage company, buying, underwriting, selling, and tremendous experience in projecting forward-looking statements and you're doing a great job as CFO and I appreciate all your work.

**Lou Fox** 

Thank you, Mr. Haddock

**Gerald Haddock** 

All right, thank you very much, Lou.

**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. 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 <u>www.sec.gov</u>. Copies of the documents filed by the Company are also available free of charge by accessing the Company website at <u>www.silverstarreit.com</u>.

**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 May 29, 2025, the Silver Star Executive Committee, current directors, other than Allen Hartman, and executive officers beneficially owned approximately 1,172,436 shares, or 1.74%, of Silver Star common stock. Allen Hartman beneficially owned approximately 5,006,412 shares, or 7.43%, 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 <u>www.sec.gov</u>.

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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 "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 search for a new auditor and its hope that a new auditor can be engaged in the near future and that its annual report on Form 10-K can be completed and publicly filed; the continuation of the examination of the current operations of Southern Star; the Company's intent to consider various alternatives, including the possible sale of Southern Star, the sale of specific assets within individual DSTs and dissolution of the respective trusts, and/or the outsourcing of various aspects of Southern Star's operations; the Company's plan to update investors with respect to the status of Southern Star as appropriate; 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 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 this press release speak only as of the date on which such statements were made, and the Company undertakes no obligation to update any such statements* 

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*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.*

## Exhibit 99.2

![](exhibit992-selfstoragepi001.jpg)

Self-Storage Pivot Case & Point June 9, 2025

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![](exhibit992-selfstoragepi002.jpg)

SELF-STORAGE DOMINATES THE KENTUCY DERBY SELF-STORAGE DOMINATES THE KENTUCKY DERBY The problem with Liquidation vs Self-Storage Pivot Strategy is once a liquidation is declared and the mandate has changed to liquidate the company, the highest possible sales proceeds will not be achieved. Additionally, taxable gains on property sales, even at depressed prices, will also hurt cash returned to shareholders without the use of tax advantaged 1031 exchanges to preserve value. With the large amount of recent immigration, there is an increased demand for new housing and storage supply has not kept up with demand. This will result in increased demand for additional self-storage for people to put their "stuff". The pivot perfectly positions us to profit with this demographic shift. Dallas, TX Delray Beach, FL Houston, TX Houston, TX $2.01 $2.42 $2.84 $3.39 $3.89 $4.46 $5.11 $5.86 $6.73 $7.72 $8.85 $2.01 $0.31 $0.32 $0.34 $0.35 $0.37 $0.38 $0.40 $0.42 $0.43 $0.45 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 SELF-STORAGE PIVOT HARTMAN LIQUIDATION 1

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![](exhibit992-selfstoragepi003.jpg)

SELF STORAGE PIVOT DOMINATES LIQUIDATION Per share data is based on 67,425,433 common share outstanding, including Rights Plan redemption share issued February 2, 2024 SEE CAUTION REGARDING NON-GAAP FINANCIAL MEASURES AND FORWARD-LOOKING STATEMENTS $0.14 $0.22 $0.32 $0.37 $0.43 $- $- $- $- $- 2025E 2026E 2027E 2028E 2029E EB IT DA P ER S H AR E Year SELF STORAGE PIVOT DOMINATES LIQUIDATION PIVOT Liquidate 2

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![](exhibit992-selfstoragepi004.jpg)

• Multiple of earnings • Self-Storage company EBITDA multiples: 10 – 14 • Imputed value of EBITDA = $0.21 per share • 14 \* $0.21 = $2.94 • 14 \* $0.00 = $0.00 What is the value of a share? 3

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![](exhibit992-selfstoragepi005.jpg)

SILVER STAR PROPERTIES REIT SELF-STORAGE ACQUISITION/DEVELOPMENT CASE STUDY Y1 Y2 Y3 Y4 Y5 ACQUISITION/DEVELOPMENT COST PSF $200.00 $200.00 $200.00 $200.00 $200.00 ANNUAL RENT PSF (with annual growth) 7.75% $24.00 $25.86 $27.86 $30.02 $32.35 EXPENSE RATIO (Expense/GPR) 35% 35% 35% 35% 35% OCCUPANCY 90% 90% 90% 90% 90% (Based on NEW funds available assumption below) NET CAPITAL ACQUIRED SF $166,250 $166,250 $190,000 $166,250 $166,250 NEW STORAGE SF BALANCE FORWARD $166,250 $332,500 $522,500 $688,750 NEW STORAGE SF END OF YEAR $166,250 $332,500 $522,500 $688,750 $855,000 PROFORMA OPERATING Y1 Y2 Y3 Y4 Y5 GROSS POTENTIAL REVENUE (GPR) $3,990,000 $8,598,450 $14,559,018 $20,678,769 $27,659,637 ECONOMIC REVENUE $3,591,000 $7,738,605 $13,103,117 $18,610,892 $24,893,673 OPERATING EXPENSES $(1,396,500) $(3,009,458) $(5,095,656) $(7,237,569) $(9,680,873) NET OPERATING INCOME (EBTIDA) $2,194,500 $4,729,148 $8,007,460 $11,373,323 $15,212,800 PIVOT (ADDED) EBITDA per share $0.03 $0.07 $0.12 $0.17 $0.23 Case Study SEE CAUTION REGARDING NON-GAAP FINANCIAL MEASURES AND FORWARD-LOOKING STATEMENTS 4

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![](exhibit992-selfstoragepi006.jpg)

Case study assumptions SELF-STORAGE CASE STUDY ASSUMPTIONS: 1. Acquisition or development costs per square foot are transaction-specific. The assumption of $200 PSF in this case study example is based on management's target cost of acquired or developed assets, consistent with current investment criteria, which may include secondary and tertiary market investments in addition to Class A self-storage. The acquisition cost of the currently owned self-storage assets is $276 per square foot. Annual revenue is $24.50 PSF. Actual cost and revenue per square foot (PSF) will depend on the specific market or submarket. 2. Revenue per square foot (PSF) is dependent on specific market/submarket, promotional rates in the area, and market storage availability. The annual growth rate for self-storage of 7.75% is based on management's experience and expectation based on investment criteria. In May 2025, the year-over-year street rate reported for large-cap self-storage REITs is 15.7%, up from approximately 8% in January 2025. 3. Expense ratio is the ratio of operating costs, including taxes and insurance, as a function of gross potential rent. Gross potential rent is the product of market rent multiplied by 100% of the rental square footage. In place, rents and revenues will be determinative due diligence considerations. Operating expenses are forecasted to increase by an estimated 2% annually. 4. 90% occupancy is a due diligence and investment criteria target. A key element of due diligence is to evaluate if at least 90% occupancy is achievable and, if so, sustainable. 5. This case study assumes approximately $34M of annual self-storage acquisition/development. Equity capital for self-storage investment is targeted at $50M in Y1 through Y3 based on existing capital raise commitments. The equity capital raise is targeted at $15M per year in Y4 and Y5, based on management's expectations. Debt leverage is targeted at 60% of the acquisition/development cost. 6. Silver Star currently owns and operates 4 self-storage properties acquired since December 2023. In May 2023, Silver Star acquired Southern Star Self-Storage Investment Company, which operates and serves as a master tenant of 9 self-storage properties acquired between December 2021 and March 2023 for Delaware Statutory Trust offerings sponsored by Southern Star. SEE CAUTION REGARDING NON-GAAP FINANCIAL MEASURES AND FORWARD-LOOKING STATEMENTS 5

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![](exhibit992-selfstoragepi007.jpg)

New Capital assumptions CASE STUDY SILVER STAR PROPERTIES REIT SELF-STORAGE ACQUISITION/DEVELOPMENT CASE STUDY Y1 Y2 Y3 Y4 Y5 CAPITAL RAISE EQUITY $15,000,000 $15,000,000 $20,000,000 $15,000,000 $15,000,000 DEBT $20,000,000 $20,000,000 $20,000,000 $20,000,000 $20,000,000 Cost of capital raise 5.0% $(1,750,000) $(1,750,000) $(2,000,000) $(1,750,000) $(1,750,000) NET CAPITAL RAISE $33,250,000 $33,250,000 $38,000,000 $33,250,000 $33,250,000 CUMMULATIVE NEW CAPITAL $35,000,000 $70,000,000 $110,000,000 $145,000,000 $180,000,000 EQUITY $15,000,000 $30,000,000 $50,000,000 $65,000,000 $80,000,000 DEBT $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 COST OF CAPITAL: EQUITY 8.0% $1,200,000 $2,400,000 $4,000,000 $5,200,000 $6,400,000 DEBT 5.0% $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 TOTAL COST OF CAPITAL $2,200,000 $4,400,000 $7,000,000 $9,200,000 $11,400,000 CAPITAL ASSUMPTIONS: 1. Initial capital raise (years 1-3) is based on the LOI commitment by Emerson Equity. Actual equity capital raised may originate from other sources. 2. Debt capital source may be a bank, other financial institutions, or a non-bank debt capital lender. 3. Capital (equity and debt) is assumed to have an origination cost of 5%. The actual cost will be transaction-specific. 4. Annual cost of equity and debt capital is assumed to be 8% and 5%, respectively. Actual rates will be transaction-specific. SEE CAUTION REGARDING NON-GAAP FINANCIAL MEASURES AND FORWARD-LOOKING STATEMENTS 6

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![](exhibit992-selfstoragepi008.jpg)

SEE CAUTION REGARDING NON-GAAP FINANCIAL MEASURES AND FORWARD-LOOKING STATEMENTS PIVOT AND LEGACY COMBINED SILVER STAR PROPERTIES REIT LEGACY PROPERTY OPERATING 2025E 2026E 2027E 2028E 2029E SILVER STAR COMBINED Legacy asset revenue 10,979,640 11,309,029 11,648,300 11,997,749 12,357,682 Storage asset revenue 5,220,000 5,481,000 5,590,620 5,702,432 5,816,481 Walgreens net lease revenue 3,716,352 3,716,352 3,716,352 3,716,352 3,716,352 19,915,992 20,506,381 20,955,272 21,416,533 21,890,515 Property operating expense 7,099,884 7,241,426 7,385,798 7,533,058 7,683,263 Taxes and insurance 3,957,852 4,037,009 4,117,749 4,200,104 4,284,106 11,057,736 11,278,435 11,503,547 11,733,162 11,967,370 Combined Legacy EBITDA 8,858,256 9,227,946 9,451,725 9,683,371 9,923,145 PIVOT (added) EBITDA 2,194,500 4,729,148 8,007,460 11,373,323 15,212,800 TOTAL REAL ESTATE EBITDA 11,052,756 13,957,094 17,459,185 21,056,694 25,135,945 G&A 3,716,352 3,716,352 3,716,352 3,716,352 3,716,352 Consolidated EBITDA 7,336,404 10,240,742 13,742,833 17,340,342 21,419,593 EBTIDA per share (67,425,433) $0.11 $0.15 $0.20 $0.26 $0.32 7

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![](exhibit992-selfstoragepi009.jpg)

2025E 2026E 2027E 2028E 2029E LEGACY OFFICE Preserve $3,099,324 $3,192,304 $3,288,073 $3,386,715 $3,488,316 Westheimer $- $- $- $- $- Cornerstone $- $- $- $- $- Sawyer $1,709,556 $1,760,843 $1,813,668 $1,868,078 $1,924,120 One Technology Center $1,597,656 $1,645,586 $1,694,953 $1,745,802 $1,798,176 Three Forest Plaza $4,573,104 $4,710,297 $4,851,606 $4,997,154 $5,147,069 TOTAL LEGACY OFFICE REVENUE $10,979,640 $11,309,029 $11,648,300 $11,997,749 $12,357,682 Property operating expense $6,282,684 $6,408,338 $6,536,504 $6,667,235 $6,800,579 Taxes and insurance $2,808,252 $2,864,417 $2,921,705 $2,980,139 $3,039,742 TOTAL LEGACY OFFICE OPERATING EXPENSE $9,090,936 $9,272,755 $9,458,210 $9,647,374 $9,840,321 LEGACY ASSET EBITDA $1,888,704 $2,036,274 $2,190,090 $2,350,375 $2,517,360 SEE CAUTION REGARDING NON-GAAP FINANCIAL MEASURES AND FORWARD-LOOKING STATEMENTS LEGACY OFFICE 8

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![](exhibit992-selfstoragepi010.jpg)

2025E 2026E 2027E 2028E 2029E SELF-STORAGE (owned as of June 2025) Kirby $1,260,000 $1,323,000 $1,349,460 $1,376,449 $1,403,978 Weslayan $1,320,000 $1,386,000 $1,413,720 $1,441,994 $1,470,834 Virginia Parkway $600,000 $630,000 $642,600 $655,452 $668,561 Delray $2,040,000 $2,142,000 $2,184,840 $2,228,537 $2,273,108 TOTAL OWNED SELF-STORAGE REVENUE $5,220,000 $5,481,000 $5,590,620 $5,702,432 $5,816,481 Property operating expense $794,400 $810,288 $826,494 $843,024 $859,884 Taxes and insurance $1,149,600 $1,172,592 $1,196,044 $1,219,965 $1,244,364 TOTAL SELF-STORAGE OPERATING EXPENSE $1,944,000 $1,982,880 $2,022,538 $2,062,988 $2,104,248 SELF-STORAGE EBITDA $3,276,000 $3,498,120 $3,568,082 $3,639,444 $3,712,233 WALGREENS NET LEASE REVENUE $3,716,352 $3,716,352 $3,716,352 $3,716,352 $3,716,352 Property operating expense $22,800 $22,800 $22,800 $22,800 $22,800 Taxes and insurance $- $- $- $- $- $22,800 $22,800 $22,800 $22,800 $22,800 WALGREENS NET LEASE EBITDA $3,693,552 $3,693,552 $3,693,552 $3,693,552 $3,693,552 SEE CAUTION REGARDING NON-GAAP FINANCIAL MEASURES AND FORWARD-LOOKING STATEMENTS EXISTING SELF-STORAGE AND NET LEASE 9

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![](exhibit992-selfstoragepi011.jpg)

SILVER STAR PROPERTIES REIT LEGACY PROPERTY OPERATING ASSUMPTIONS 1. Owned self-storage assets as of June 1, 2025 consist of the following properties: STORAGE ASSETS Cost SF Cost/SF Occupancy Rev/OSF Kirby, Houston, TX $13,950,000 52,340 $266.53 87.0% $27.67 Weslayan, Houston, TX $17,050,000 63,586 $268.14 85.0% $24.42 Virginia Parkway, McKinney, TX $9,750,000 46,075 $211.61 80.0% $16.28 Delray, Delray Beach, FL $26,500,000 81,370 $325.67 92.0% $27.25 $67,250,000 243,371 $276.33 $24.50 SEE CAUTION REGARDING NON-GAAP FINANCIAL MEASURES AND FORWARD-LOOKING STATEMENTS SIGNIFICANT ASSUMPTIONS 2. Legacy office assets - Westheimer and Cornerstone are currently under contract for sale in August and June 2025, respectively. 3. Management estimates a 3% annual increase in legacy office revenue. 4. Management estimates a 5% annual increase in owned self-storage revenue. In May 2025, the year-over-year street rate reported for large-cap self-storage REITs is 15.7%, up from approximately 8% in January 2025. 5. All property operating expenses are estimated to increase by 2% annually. 6. Walgreens' net lease revenue is fixed by the underlying lease agreements. 7. G&A is assumed flat for the period presented 10

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![](exhibit992-selfstoragepi012.jpg)

Use of Non-GAAP Financial Information This news release includes "net operating income" and "EBITDA" (earnings before interest, taxes, depreciation, and amortization), which are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, this measure excludes items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations to, or further discussion of, the most comparable GAAP financial measure can be found at the end of the news release materials. This news release also includes forward-looking non-GAAP financial measure estimates, such as, but not limited to, "legacy office revenue," which, as used in certain places herein, is a forward-looking non-GAAP financial measure. This forward-looking target depends on future levels of revenues and/or expenses, including amounts that could be attributable to non-controlling interests or related joint ventures, which are not reasonably estimable at this time. Accordingly, a reconciliation of this forward-looking non-GAAP financial measure to the nearest GAAP financial measure cannot be provided without unreasonable effort. Below is a definition of this non-GAAP measure and identification of the most directly comparable GAAP measure. Legacy office revenue is the sum of legacy office rent revenue on an as-billed basis, plus operating expense recovery of (property) taxes, insurance, electricity, and other expenses recoverable under tenant leases. The per common share amounts are based on total issued and outstanding common shares as of May 21, 2025. This new release also includes EBITDA per common share and EBITDA per common share on a cumulative basis, which is a performance metric used in evaluating investment returns and estimated profitability. Reconciliations to the most directly comparable GAAP measure are not provided as it is not practicable or meaningful due to the forward-looking nature of certain projections or lack of historical comparability. 11

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![](exhibit992-selfstoragepi013.jpg)

Forward-looking statements 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 "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 search for a new auditor and its hope that a new auditor can be engaged in the near future and that its annual report on Form 10-K can be completed and publicly filed; the continuation of the examination of the current operations of Southern Star; the Company's intent to consider various alternatives, including the possible sale of Southern Star, the sale of specific assets within individual DSTs and dissolution of the respective trusts, and/or the outsourcing of various aspects of Southern Star's operations; the Company's plan to update investors with respect to the status of Southern Star as appropriate; 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 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 is a guarantee or assurance 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 this press release 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. 12

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![](exhibit992-selfstoragepi014.jpg)

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## Exhibit 99.3

![](exhibit993-liquidationpr001.jpg)

Silver Star Properties REIT LIQUIDATION EQUALS MINIMAL DISTRIBUTIONS TO SHAREHOLDERS Spring 2025

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![](exhibit993-liquidationpr002.jpg)

LIQUIDATION IS A DISASTER • Silver Star's Legacy Properties are Comprised of Class C and B Suburban Office Buildings: - Demand for this asset type is at its lowest and in an unforgiving market. - These properties are experiencing price declines due to deferred maintenance, maturing debt, and tenant defaults. - The tenant profiles do not align with a credit standards of a healthy real estate portfolio. • A Lower Interest Rate Environment may be Advantageous for Our Pivot: - Liquidation would likely worsen the decline in property values. - Lower interest rates could lead to higher sales prices. - Increasing values with respect to entire portfolio held today. • Delayed Maintenance will only Exacerbate Valuations in the Future: - Many of the remaining legacy properties are situated in highly competitive markets, where they contend with more appealing properties. - Situations complicate the ability to restore legacy assets to potential value without significant additional investment. [Crown Jewel Slide] • 1031 Transactions Could not be Executed: - Liquidation could trigger lender foreclosure and more emergency fire sales. • Actual Costs Associated with Liquidation would be Extremely High. [Debt Equity Swap Slide] These problems create opportunity for maximization of wealth for shareholders that results from Pivot in self-storage. It is not just better than liquidation but is one of the best real estate strategies right now for both growth and income, as well as for a protection on downturns. LIQUIDATING… PIVOTING… Page 2Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr003.jpg)

LEGACY PROPERTIES AND OTHERS ARE NOT SUITABLE FOR LIQUIDATION • Additional Capital Needed - Legacy Properties require additional capital to reach their anticipated or potential value. • Long-Term Credit Properties were Intended to be a Longer-Term Hold in Order to Benefit from Decreasing Interest Rates - Properties with long-term leases have opportunities to navigate unsettling economic conditions. - Credit properties were purchased to enable 1031 exchanges and need time for economic conditions to settle, which the liquidation would disrupt. • Self-Storage Expertise - Silver Star has acquired control of 9 self-storage properties through its acquisition of Southern Star properties, and a self-managed turnaround by Silver Star will continue to add value. • Creating Critical Mass that Can Lead to Shareholder Value - Silver Star's exceptional turnaround management approach can position these self storage properties for increasing growth. - Could pave the way for $50 million development pipeline for Silver Star, which could be realized from further current discussions. • Institutional-Quality Assets in Desirable Locations - The institutional-quality self-storage properties owned by Silver Star in Delray Beach, FL, Dallas, TX, and the South Loop area of Houston represent valuable acquisitions that should be retained. - Silver Star is currently shifting to internal management for better control and increased flexibility and future cost savings. • No Recovery of Crown Jewel Value - No potential crown jewel recovery - Silver Star's reported NAV includes an estimated $35 million value for potential recovery in litigation against the Hartman group in Harris County. - Liquidating would likely forfeit that recovery. Dallas, TX Delray Beach, FL Houston, TX Houston, TX Page 3 Pivot in self-storage is not just better than liquidation but encompasses one of the best real estate strategies right now for both growth and income, as well as for a protection on downturns. Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr004.jpg)

CROWN JEWEL - HARRIS COUNTY LITIGATION • Hartman Misled Shareholders - Needed maintenance was delayed by Hartman so that unreasonable distributions could be paid to the Hartman group. Hartman stated that he did not take a salary while he was making distributions and deferring capex recently discovered to have been needed which gave him a substantial annual income. • Lis Pendens Impact - Lis pendens were filed improperly by Hartman in 2023 precisely at a time the declining slope in real estate values was accelerating. - The bankruptcy that followed the lis pendens resulted in substantial costs and losses for Silver Star from falling real estate prices, interest, refinancing costs and bankruptcy fees. - Market damage from the lis pendens and market reputation damage from Hartman continued into 2024. • $300 Million Credit Crunch - Upon the Board removing Hartman as CEO in 2022, Silver Star was left with a short- term financing crunch of over $300 million. • Potential Recovery - Conservatively valued at $35 million. - This potential recovery is a contingent asset under applicable accounting rules: its existence will be confirmed only by the occurrence or non-occurrence of uncertain future events (e.g., a court judgement or a settlement) that are not wholly within the control of Silver Star. Page 4Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr005.jpg)

SELF-STORAGE IS BEST PERFORMING REAL ESTATE PROPERTY CLASS OVER LAST 25 YEARS Source: REIS, Compiled by Newmark Self-Storage Snapshot $23.6 Billion Annual Revenue 92% Facility Avg. Occup 14 Months Avg. Rental Duration 80.84% Total Return 2021 Self-Storage has Shown Resiliency in Economic Downturns 1. Low operational costs (minimal headcount and limited recurring repairs/maintenance) 2. Needed in all economic environments 3. 30-day leases spread among thousands of tenants 4. Ability to adjust leases in period of high inflation Institutional Self-Storage has been the Best-Performing Property Class for 25 Years 1. Leads all other REIT sectors in both price return and total return a) 4,000%+ total return since 2000 is nearly 2x higher than the next closest real estate property class, over 4x greater than the RMZ 2. One of the fastest-growing segments of commercial real estate over the last 40 years Page 5Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr006.jpg)

Page 6 SELF-STORAGE MARKET OUTLOOK SOUTH REGION Source: REIS, Compiled by Newmark $0.00 $50.00 $100.00 $150.00 $200.00 2025 2026 2027 2028 2029 SOUTHWEST DIVISION ASKING RENTS 10x10 NON-CLIMATE CONTROL ASKING RENTS 10x10 CLIMATE CONTROL $0.00 $50.00 $100.00 $150.00 2025 2026 2027 2028 2029 SOUTHEAST DIVISION ASKING RENTS 10x10 NON-CLIMATE CONTROL ASKING RENTS 10x10 CLIMATE CONTROL Oscar Flores, Director of Operations Neighborly Community Connect in Action Addison, TX Frisco, NC George West, TX Havelock, NC Jensen Beach, FL Montrose, CO Montrose, CO Plano, TX Rockport, TX NATIONAL Source: REIS, Compiled by Newmark Silver Star Opportunity: With Silver Star's effective community, NEIGHBORLY COMMUNITY CONNECT, the Company will be able to seek substantial occupancy, and rental rate increases on the upside of this market. Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr007.jpg)

SILVER STAR IS CONSIDERING JOINT VENTURING STRATEGIES WITH HOME BUILDERS & MULTI-FAMILY (SILVER STAR STRATEGY) COVID-19 Produced New Demand Drivers Commercial Storage WFH Movement 6 in 190 US workers who can work from home choose to so all or most of the time, increasing the % of remote worker from 23% to 59% since COVID-19 • Home builders, particularly, are at a state of expanding strategic initiatives. • Historical demand drivers for self-storage include traditional life events that always exist, such as relocation/temporary dislocation (college students, natural disasters), in-town movers, renovation, and death/divorce/downsizing. • The presence of these life realities makes self-storage a necessity rather than a luxury. • Results can be improved with smaller footprints for first time home buyers and multi-family. • In Summary: Community environments produce longer lengths of stay and higher rental rates. Page 7Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr008.jpg)

PIVOT STRATEGY FOR SILVER STAR • External Growth Will Drive Internal Growth Prospects - Invest in properties close to being stabilized with growth from under market rates. • Demographics - Take advantage of record mobility trends, particularly the significant migrations and mobility of future work force in developing areas mostly in Texas, Florida and other parts of the SW and SE and Arizona. • Investment Opportunities and Markets - Invest in recently built, multi-story, climate-controlled, Class-A self-storage facilities known as Gen V consumer class storage facilities located in dense and other growing markets throughout the US. - We will focus on select tertiary and secondary markets, which are markets having lower going-in prices with stronger cash flow growth and distribution amounts, but with a slightly higher degree of risk. - We will target top five home-builders, first-time home buyers while monitoring growth trends in multi-family asset class. In summary, a balanced strategy driving resilience on downside & maximizing growth on upside. Page 8Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr009.jpg)

LIQUIDATION MEANS A GOING OUT OF BUSINESS SALE • Participants in the Dallas and Houston real estate markets are currently experiencing a notable disparity between the property valuation expectations of buyers and sellers. • Sellers have reported feelings of disappointment and surprise regarding the offers made by potential buyers, resulting in a decline in transaction activity. • It is crucial to consider the deferred maintenance of the properties when selling. • Reflecting on current trends, the sales volume in Dallas has shown a steady decrease from 2021 to 2024. This downturn is linked to lower occupancy rates and property values, which is due to the reduced occupancy and values that may have the owners under water with respect to their loans. Page 9Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr010.jpg)

March 2025 $206,875,000 Gross Assets $102,966,640 Secured Debt $7,969,700 Accounts Payable $24,114,000 Corporate Liabilities $768,000 1Q Budgeted Deferred Maintenance $33,890,000 Additional AH Deferred Maintenance $169,708,340 Total Liabilities $16,550,000 Cost of Liquidating $20,616,660 Net Value to Shareholders 66,733,034Total Shares $0.31 Net Per Share LIQUIDATION VALUE SILVER STAR PROPERTIES REIT, INC LIQUIDATION MODEL Page 10Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr011.jpg)

OFFICE PROPERTIES VALUES ANTICIPATED TO KEEP FALLING • Refinancing issues with loan maturities that are projected into the billions of dollars through 2025. This move will decrease values for C and B properties through 2025. • CMBS loan delinquencies have increased in 2024 and are projected to persist into 2025, remaining above the national average in both Dallas and Houston. • Sub-C and B properties are facing particularly severe value declines. These properties are experiencing rising vacancy rates, and those with functionally obsolete office spaces find themselves in a negative equity position. • Refinancing may necessitate additional capital, potentially leading to immediate forced sales or foreclosures. Page 11Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr012.jpg)

CAP RATE CHANGES FOR OFFICE PROPERTIES DALLAS AND HOUSTON \| SUPPORT PIVOT STRATEGY DALLAS-FORT WORTH OFFICE Market Pricing Trends CAP RATEPRICE INDEXPRICE/SFYEAR 8.6%156$186.802025 8.7%153$183.752024 8.6%155$185.972023 7.9%167$199.822022 7.3%172$206.552021 HOUSTON OFFICE Market Pricing Trends CAP RATEPRICE INDEXPRICE/SFYEAR 9.8%133$159.632025 9.8%132$158.312024 9.5%136$163.062023 8.6%152$182.422022 8.1%152$182.432021 • Changes in cap rates for office buildings in Dallas and Houston support pivoting to self-storage investments. • Concrete evidence supports that Hartman's damage is significant because of sharp rise in cap rate (decline in value) in 2023 the same year that Hartman filed the lis pendens. This trend continued through 2024. • Values are particularly difficult for properties with significant deferred maintenance which could push a property into a lower classification with even higher cap rates. Page 12Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr013.jpg)

RESTRUCTURING \| DEBT EQUITY SWAP SILVER STAR CURRENT LIABILITIES Excluding Secured Debt Format for debt swap, may include limited cash, three-year notes and Silver Star Equity CURRENT LIABILITIES $7,969,700 Accounts Payable $24,114,000 Corporate Liabilities $768,000 1Q Budgeted Deferred Maintenance $33,890,000 Additional AH Deferred Maintenance $66,741,700 TOTAL SILVER STAR LIABILITIES Excluding Secured Debt • $15M Cost Savings - Operations restructurings are underway with anticipation of significant savings that exceed $15 million. • Workforce Reduction - Employees have been reduced at Silver Star from 190 to about 18 full-time staff members today. - This should align overhead costs with a more streamlined real estate portfolio. • Maintain Essential Capabilities - Silver Star is confident that these challenging adjustments were thoughtfully executed to maintain essential capabilities while enhancing efficiency. • Fortifying the Balance Sheet - The Executive Committee is actively engaged in a debt equity exchange concerning some of the existing obligations, aiming to further fortify the balance sheet. Page 13Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr014.jpg)

The problem with Liquidation vs Self-Storage Pivot Strategy is once a liquidation is declared and the mandate has changed to liquidate the company, the highest possible sales proceeds will not be achieved. Additionally, taxable gains on property sales, even at depressed prices, will also hurt cash returned to shareholders without the use of tax advantaged 1031 exchanges to preserve value. With the large amount of recent immigration, there is an increased demand for new housing and storage supply has not kept up with demand. This will result in increased demand for additional self-storage for people to put their "stuff". The pivot perfectly positions us to profit with this demographic shift. SELF-STORAGE DOMINATES THE KENTUCKY DERBY Dallas, TX Delray Beach, FL Houston, TX Houston, TX Page 14 $2.01 $2.42 $2.84 $3.39 $3.89 $4.46 $5.11 $5.86 $6.73 $7.72 $8.85 $2.01 $0.31 $0.32 $0.34 $0.35 $0.37 $0.38 $0.40 $0.42 $0.43 $0.45 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 SELF-STORAGE PIVOT HARTMAN LIQUIDATION Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr015.jpg)

MEMORANDUM OPINION: HIGHLIGHTED POINTS Don't believe what Hartman says about liquidation. ALLEN HARTMAN (PLAINTIFF) VS SILVER STAR PROPERTIES REIT (DEFENDANT) Silver Star Interpretation: Rational theory for high value for Crown Jewel Harris County Litigation. DON'T BELIEVE HARTMAN Anthony F. Vittoria, Associate Judge, Circuit Court for Baltimore City, Signed his Opinion on January 21, 2025, noting the following regarding Al Hartman, the Plaintiff's credibility and the lis pendens impact on Defendant. In each instance, Plaintiff refers to Al Hartman • Regarding the lis pendens and Hartman XXI – "The Court found Plaintiff to have general credibility issues stemming from instances in which Plaintiff has been shown to be dishonest, including (1) his inclusion of Hartman XXI as party in this case and another case without the approval of Hartman XXI's board of directors, (2) his filings of the lis pendens in a related case without legal cause, and (3) intentional misrepresentations that he made in an email sent in August of 2023." (emphasis added) Accordingly, the court found Hartman to have been shown to be dishonest on a number of occasions. • Regarding the impact of the lis pendens on Silver Star Properties REIT the Court stated – "Starting on July 2, 2023 and continuing through early August, Plaintiff caused several lis pendens to be recorded on several of the properties held by Hartman SPE, Silver Star's subsidiary. The lis pendens interfered with Silver Star's ability to market its office building assets and put it in technical default on some of its debts, thereby jeopardizing the refinancing effort and potentially thwarting the Pivot Plan. Ultimately, Hartman SPE had to be put into bankruptcy. It took several months for the bankruptcy proceeding to result in the release of the lis pendens. Silver Star incurred substantial costs as a result." • Regarding Hartman's version of a settlement meeting, in addition to the credibility issues above, the Court stated "Plaintiff's version shifted during his two depositions and his testimony at trial." Page 15Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr016.jpg)

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions, and beliefs. Such statements often contain words such as "expect," "may," "believe," "predict," "plan," "potential," "projected," "projections," "precursor," "forecast," "outlook," "expectations," "estimate," "intend," "anticipate," "ambition," "goal," "target," "scheduled," "think," "should," "could," "would," "will," "see," "likely," "wish," and similar expressions, and variations or negatives of these words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about our financial and Net Asset Value targets; performance targets or expectations regarding, or dependent on, our business outlook; ongoing litigation proceedings; our business strategies; expectations regarding property sales; future liquidity; our capital allocation and refinancing initiatives, including shareholder distribution plans; results of future operations; actions that may be taken by custodians of our shares; search and engagement of independent auditor; timing of the issuance of required periodic reports; preferred equity offerings; actions taken by regulatory agencies. They are not guarantees of future results and forward-looking statements are subject to risks, uncertainties and assumptions, including the management assumptions underlying the projections shown on APPENDIX A and in forward-looking graphs, that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in our filings with the Securities and Exchange Commission ("the SEC"), particularly those described in our most recent Annual Report on Form 10-K, which was filed with the SEC on May 26, 2023 and Quarterly Reports on Form 10-Q. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company's other filings with the SEC for a more complete discussion of risks and other factors that could affect any forward- looking statement. The statements made herein speak only as of the date of the release of this presentation and except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements. Page 16 FORWARD-LOOKING STATEMENTS Silver Star Liquidation Equals Minimal Distributions to Shareholders

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![](exhibit993-liquidationpr017.jpg)

2024 - 2027 share growth under the self-storage strategy is based on assumed acquisition/development value added by $50MM of preferred equity funds to be raised, Silver Star capital investment and acquisition financing. Preferred equity growth capital has an assumed cost of 8% annually. Debt capital to be employed assumes 55% leverage (debt/total cost) with an assumed cost of 5% annually. Total cost of acquisition/development assets further assumes 10% equity investment of Silver Star capital. The incremental per share value add of acquisition/development strategy described above is 18.2x NTM FFO estimated to be realized by the strategic self-storage assets to be added. Preferred equity fund raising is estimated to occur in 3 tranches - $15M in second half of 2025; $15M mid-year 2026; and $20M mid-year 2027. Acquisition/development asset cost including preferred equity, Silver Star capital and acquisition indebtedness is estimated to be $35.6M, $35.6M and $47.5M in 2025, 2026 and 2027, respectively. 2028 - 2034 assumes 14.7% compound annual growth (CAGR) for the self-storage strategy. Annual increase in funds from operation and general and administrative cost are each 5%, respectively. The annual growth for liquidated proceeds, if any, is assumed 4.28% which is consistent with the average return for 10-year U.S. Treasury. Page 17 APPENDIX A SIGNIFICANT ASSUMPTIONS BY MANAGEMENT UNDERLYING PROJECTIONS AND FORWARD-LOOKING GRAPHS Silver Star Liquidation Equals Minimal Distributions to Shareholders

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