Silver Star Properties REIT, Inc.

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We are pleased to share a video update from our CEO and Chairman of the Board, Gerald Haddock. In this video, Mr. Haddock addresses our shareholders with important insights. You can access the video below. If you would like to review the video transcript or the slides detailing our Pivot Plan Update, please click on the links provided. Transcript - https://lnkd.in/gqKnqa9k Pivot Plan Update - https://lnkd.in/gqAdfdwj

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Silver Star Properties REIT Announces Significant Progress in New Direction Plan

The Company announced today that Mr. Alex Board has been unanimously appointed and approved by the Executive Committee of Silver Star (the “EC”) to be the Principal Accounting Officer and Deputy Chief Financial Officer of Silver Star. Mr. Board’s direct report will be to Gerald Haddock as Chief Executive Officer and Executive Chairman of the Board of Directors of the Company. In addition, he will continue to have direct responsibility to the Company’s audit committee. “I am excited to step into the new role and continue executing the Company’s strategic initiatives,” said Mr. Board. “I look forward to working closely with the EC and building on the Company’s progress towards its long-term objectives.” Mr. Board has served as a Controller of the Company since 2021. He will continue as Controller and will also be responsible for the preparation of the financials relating to a 100% subsidiary of the Company, Southern Star Self Storage Investment Company (“Southern Star”). In conjunction with the Company’s deeper examination of the current operations of Southern Star, Mr. Board has been assigned oversight of the financials of Southern Star. Furthermore, in connection with streamlining the Company’s reporting, Lou Fox has been directed to focus all of his time to the matters at hand with Silver Star. Previously, Southern Star has been operated autonomously and that will generally be continued, but supplemented with oversight by Silver Star, together with Mr. Board’s new oversight and direct responsibility for the financial reporting as previously stated. With new management now in place, the initial focus for Southern Star turnaround efforts includes a focused reduction in tenant delinquencies to enhance revenue and create more leasable spaces.?Management will implement a programmatic approach to engagement with community influencers and organizations, including homebuilders, civic clubs, chambers of commerce, political contacts, and others to increase customer acquisition opportunities and enhance market penetration, with an emphasis on a strong ongoing community touch at each location.?Facilities will be cleaned and maintained at a high level and security measures will be enhanced where necessary.?All locations will promote this change with a banner announcing, “Under New Management.” Mr. David Wheeler has implemented a strong messaging program to all operators and has replaced two employees at the top. According to Mr. Wheeler, “I am confident that we can bring additional focus that will substantially enhance operational execution at Southern Star, thereby ensuring that we have compliance and a successful turnaround as directed by the EC”.??