# EDGAR Filing Document

**Accession Number:** 0001446687
**File Stem:** 0001104659-25-079797
**Filing Date:** 2025-8
**Character Count:** 15315
**Document Hash:** a9b25976746cda4a11df91915d842578
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-079797.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0001104659-25-079797

**CONFORMED SUBMISSION TYPE**: DFAN14A

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20250818

**DATE AS OF CHANGE**: 20250818

**SUBJECT COMPANY**: 

**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:** DFAN14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41786
- **FILM NUMBER:** 251228085

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARTMAN ALLEN R
- **CENTRAL INDEX KEY:** 0000831616

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** DFAN14A

**MAIL ADDRESS:**
- **STREET 1:** C/O HARTMAN MANAGEMENT INC
- **STREET 2:** 1450 W SAM HOUSTON PARKWAY STE.100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77057

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 14A**

**(Rule 14a-101)**

**SCHEDULE 14A INFORMATION**

**Proxy Statement Pursuant to Section 14(a) of**

**the Securities Exchange Act of 1934 (Amendment No.)**

Filed by the Registrant ◻

Filed by a Party other than the Registrant ⌧

Check the appropriate box:

¨ Preliminary Consent Statement

◻ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

◻ Definitive Consent Statement

⌧ Definitive Additional Materials

◻ Soliciting Material Under Rule 14a-12

---

| |
|:---|
| **Silver Star Properties REIT, Inc.** |
| (Name of Registrant as Specified in Its Charter) |
| **Allen R. Hartman**<br> **Hartman XX Holdings, Inc.**<br> **Hartman vREIT XXI, Inc.**<br> **Hartman Family Protection Trust**<br> **LISA HARTMAN**<br> **Charlotte Hartman**<br> **VICTORIA HARTMAN MASSEY**<br> **MARGARET HARTMAN** |
| (Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant) |

---

Payment of Filing Fee (Check the appropriate box):

x No fee required.

◻ Fee paid previously with preliminary materials. <br>¨ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

The persons identified on the cover page hereto (collectively, the "Hartman Group") on June 3, 2025 filed a definitive proxy statement and an accompanying BLUE universal proxy card with the Securities and Exchange Commission (the "SEC") to be used to solicit votes for, among other matters, (i) the election of directors that the Hartman Group has nominated for election at the next annual meeting of stockholders of Silver Star Properties REIT, Inc. (the "Company") and (ii) the rejection of the Company's alternate strategy proposal, and in favor of liquidating the Company's assets in an orderly manner in accordance with the terms of its articles of incorporation and returning capital to stockholders.

Item 1: On August 14, 2025, the Hartman Group distributed the following letter to shareholders:

Urgent Letter to SSP Board Members - **Jack Tompkins and Jim Still**

August 14, 2025

**Dear Gentlemen,**

Apparently, you are not fully informed regarding what is happening to our company's assets, the poor decisions Haddock is making and how he is leading the company into a legal quagmire.

You may not have seen the <u>[letter we sent Tuesday](https://www.sec.gov/Archives/edgar/data/1446687/000110465925076846/tm2523290d1_dfan14a.htm)</u>, where we discuss the ongoing mismanagement of leasing at the properties, the sharp decline in occupancy across key assets, and the urgent need for board accountability. I strongly encourage you to read it. In addition to what is sited in the letter, the leasing broker at One Technology says that management's inability to make timely decisions has made it nearly impossible to get leases done. The broker listing was then dropped due to lack of funding from ownership. This indecision and mismanagement is costing shareholders real value. Now, three of the six legacy properties are on the market and appear to be selling at fire-sale prices.

Haddock's behavior has become increasingly erratic and destructive. Instead of providing oversight, the board appears to be standing by and letting him wage legal warfare that benefits no one but himself. Spending $15 million in legal fees and awarding himself 3 million shares of stock are not benefitting the shareholders. Are you afraid to confront him? This stonewalling and refusal to release basic information is not a sound legal strategy — it is illegal according to Maryland law, and it increases the liability for you. By acquiescing to this behavior, you are not only enabling it, but you are also aligning yourselves with actions that have already drawn a derivative lawsuit against the company and is creating more liability for you and the company.

The handling of the recent 3-for-1 stock split is another example of this failure. A shareholder's advisor questioned why their client had not received the additional shares, and Haddock's office responded with the claim that the shareholder was acting "in concert" with the Hartman Group and had triggered provisions of the rights agreement, voiding their rights. This accusation was made without evidence and appears to be nothing more than sloppy bookkeeping used as an excuse to withhold shares from rightful owners. Are you aware that shareholders are being denied stock on the basis of unsubstantiated claims? As a result of this, Haddock and others get more stock.

The shareholder vote on the 29th is a clear and direct request from the shareholders of this company. You have hired an inspector of elections, and it is your obligation to allow this process to proceed without delay. Any attempt to cheat or interfere with this vote, including filing additional lawsuits or extending the date again, would be a blatant disregard for shareholder's desires. Once the votes are counted and a new board is elected, you must step aside immediately without delay, ensuring shareholders are not forced to bear additional legal costs or suffer further destruction of value. Many shareholders I have spoken with are already prepared to pursue a class action lawsuit against you personally if this continues.

Shareholders deserve leadership that acts in their best interest. Right now, the board's silence and inaction signal the opposite. Haddock's shenanigans are damaging this company's value, and your unwillingness to intervene is allowing that damage to increase. The question every shareholder is asking is: where is your leadership?

Please join the <u>shareholder call today at 3:00 PM CST</u> to address Silver Star shareholders directly and provide the answers they deserve. This is your opportunity to address concerns and show that the board is willing to face its shareholders.

Proverbs 4:18-19 (NASB-NIV)

Sincerely,

Al Hartman

The Hartman Shareholder Alliance

Item 2: Also on August 14, 2025, the Hartman Group distributed a presentation to shareholders, a copy of which is attached hereto as [Exhibit 99.1](tm2523756d1_ex99-1.htm) and incorporated herein by reference.

\*\*\*

**Additional Information**

The Hartman Group has filed a definitive proxy statement and accompanying BLUE universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit proxies with respect to the election of the Hartman Group's slate of highly qualified director candidates and the other proposals to be presented at the 2025 annual meeting of stockholders (the "Annual Meeting") of Silver Star Properties REIT, Inc. (the "Company"). Stockholders are advised to read the proxy statement and any other documents related to the solicitation of stockholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in the Hartman Group's proxy solicitation. These materials and other materials filed by the Hartman Group with the SEC in connection with the solicitation of proxies are available at no charge on the SEC's website (<u>http://www.sec.gov</u>). The definitive proxy statement, the accompanying BLUE universal proxy card and other relevant documents filed by the Hartman Group with the SEC are also available, without charge, by contacting the Hartman Group's proxy solicitor, InvestorCom LLC, at its toll-free number (877) 972-0090 or via email at <u>Proxy@investor-com.com</u>.

## Exhibit 99.1

**Exhibit 99.1**

![](tm2523756d1_ex99-1img001.jpg)

Silver Star Proxy Discussion August 14, 2025 Al Hartman For shareholder information only. Not legal, financial, or investment advice. Statements may include opinions or forward - looking information subject to change.

![](tm2523756d1_ex99-1img002.jpg)

Today's Objectives: ● Review mismanagement that resulted in destruction of 70% of company value and how value can be salvaged ● Discuss 3 specific areas in flagrant breaking of the law ● Explain Haddock's stock award of 3 millions shares ● Introduce the new independent board members ● Provide an open forum to address your questions directly For shareholder information only. Not legal, financial, or investment advice. Statements may include opinions or forward - looking information subject to change.

![](tm2523756d1_ex99-1img003.jpg)

Proposed Independent Board Nominees Brent Longnecker – Governance & Compliance Expert ● National authority on board strategy, risk & accountability ● Advised 2,500+ public & private boards ● Brings independence, transparency & shareholder - first focus Benjamin Thomas – Entrepreneur & Real Estate Operator ● 40+ acquisitions & $350M+ in successful exits ● Hands - on operator with strong asset repositioning expertise ● Focused on cash flow, disciplined investment & value restoration Allen R. Hartman – Founder & Former CEO of Hartman Properties/Silver Star ● Built & led Hartman Properties/Silver Star for 30+ years, raising $500M+ in equity ● Major shareholder, deeply aligned with investors ● Committed to maximizing asset value and returning shareholder capital 3

![](tm2523756d1_ex99-1img004.jpg)

Sharp Decline in Shareholder Value ● NAV dropped ~70% since 2022 under current leadership. ● Strategic missteps and failure to uphold fiduciary duties accelerated losses. ● Market confidence eroded due to lack of transparency and governance failures. 4 Dates shown in parentheses reflect the month and year the NAV was reported or filed with the SEC, not the actual valuation date. Hartman left 10/22 NAV per Share Year $12.08 2020 $12.08 2021 $6.25 2022 $2.70 2023 $2.01 2024

![](tm2523756d1_ex99-1img005.jpg)

Silver Star Value 5 Total Company Equity Asset Debt Asset Value $80 Million $0 $80 Million Legacy Assets $55 Million $35 Million $90 Million Storage Assets $0 $67 Million $67 Million Walgreens $135 Million $102 Million $237 Million

![](tm2523756d1_ex99-1img006.jpg)

Legacy Assets Occupancy 6 Current Occupancy Prior Occupancy 57% 80% Three Forest 55.7% 80% Westheimer 58.8% 85% 601 Sawyer 68.9% 90% The Preserve 50% 90% One Technology 50% 70% Cornerstone 56.7% 83%

![](tm2523756d1_ex99-1img007.jpg)

Legacy Assets Dumped at Fire - Sale Prices ● Sales prices per sq. ft. collapsed over 18 months : ○ 2023: $118/sq ft ○ 1H 2024: $106/sq ft ○ 2H 2024: $36/sq ft ○ 1H 2025: $38/sq ft ● Shows declining occupancy & asset neglect after leadership change ● Demonstrates lack of value preservation and strategic foresight 7 \*2023 sales figures exclude Quitman location data - $83/sq ft when included.

![](tm2523756d1_ex99-1img008.jpg)

Mini Storage Assets: Immediate Sale Required ● Losing Money : Assets debt cost $8.69M annually but only generate $5.88M - creating $2.81M in losses each year ● Poor Returns : Only 4.61% return on $127.5M investment while paying up to 19.33% interest on debt ● Wasted Shareholder Money : $32.87M of investor funds in failing assets instead of being returned to shareholders ● Solution : Sell immediately to pay down expensive debt and return cash to investors 8

![](tm2523756d1_ex99-1img009.jpg)

Legal Violations Three Flagrant Ways SSP Broke the Law ● Soliciting Proxy Votes with no Financial Audit ○ Violation of SEC Regulations ● Lying about Consent Solicitation to SEC ○ It did not include the Revocations ○ 51% votes - 30% revocations = 21% net votes received ● Books and Records Requests ○ They broke the law by not providing: i. Shareholder Lists ii. Financial Statements iii. Property Occupancy iv. Property Sale Prices 9

![](tm2523756d1_ex99-1img010.jpg)

How Haddock's Stock Increased by 2M Shares ● Executed a 3:1 "flip - in" maneuver that tripled his shareholding ● Turned 1M shares into 3M ● High salaries taken as per SEC Filing dated on May 29, 2025 ● Timing aligned with sharp declines in shareholder value ● Breaking fiduciary responsibilities and creating conflict for themselves 10

![](tm2523756d1_ex99-1img011.jpg)

Shareholder Exclusion from 3:1 Flip - In Event Shareholder reported direct communication with Haddock: ● Haddock stated that shareholders were excluded from receiving additional shares because "part of the Hartman group. " ● When shareholder questioned this exclusion, Haddock responded: "Have your attorney call my attorney." ● Selective allocation allowed Haddock's personal stock holdings to increase , while reducing ownership share of 20%. ● Raises serious concerns regarding fairness, transparency, and potential legal violations. Note: Source is a verified shareholder who wishes to remain anonymous. 11

![](tm2523756d1_ex99-1img012.jpg)

Proposed Independent Board Nominees Brent Longnecker – Governance & Compliance Expert ● National authority on board strategy, risk & accountability ● Advised 2,500+ public & private boards ● Brings independence, transparency & shareholder - first focus Benjamin Thomas – Entrepreneur & Real Estate Operator ● 40+ acquisitions & $350M+ in successful exits ● Hands - on operator with strong asset repositioning expertise ● Focused on cash flow, disciplined investment & value restoration Allen R. Hartman – Founder & Former CEO of Hartman Properties/Silver Star ● Built & led Hartman Properties/Silver Star for 30+ years, raising $500M+ in equity ● Major shareholder, deeply aligned with investors ● Committed to maximizing asset value and returning shareholder capital 12

![](tm2523756d1_ex99-1img013.jpg)

Your Questions & Feedback All questions are welcome Our commitment: clear, direct answers Together, we can restore accountability and value For shareholder information only. Not legal, financial, or investment advice. Statements may include opinions or forward - looking information subject to change.