Latest Insights on Silver Star Properties REIT's NAV Update
Silver Star Properties REIT Update for Shareholders
Silver Star Properties REIT, Inc. is in a pivotal transition as it repositioned into the self-storage asset class, and it is keen on keeping its shareholders informed about the latest developments regarding net asset value (NAV) and the situation with custodianship involving Charles Schwab.
Charles Schwab Custodianship Changes
Recently, Charles Schwab has informed shareholders holding Silver Star Properties REIT shares in their 401k and IRA accounts regarding their decision to cease custodianship. This action is set to take effect shortly and stems from challenges faced by the company in meeting specific reporting benchmarks. These challenges were linked to improper Lis Pendens actions taken against the company's properties by its former CEO, leading to significant implications such as a Chapter 11 bankruptcy filing. Although the company has exited bankruptcy proceedings, it now operates under stringent regulatory protocols.
Addressing Regulatory Challenges
Silver Star Properties REIT is actively working to fulfill its reporting requirements. Due to delays in this process, Charles Schwab has opted to default the share value to zero until the reports are finalized. The company assures its shareholders that there is no action required on their part at this time, emphasizing its commitment to resolving these matters promptly.
Understanding Net Asset Value
The Board of Directors has put forth a previously reported NAV of $6.25 per common share and operating partnership unit as of the close of 2022. Following a recent assessment, they determined that a "Flip In" event had occurred. This event led to the issuance of approximately 31 million shares of common stock under the company’s Rights Agreement.
New Estimates for NAV
As of the last assessment, the company estimated its NAV per shared was significantly adjusted to a pro forma $3.36. This valuation reflects the dynamic shifts occurring within the company's structure. More recent communications also indicate that management has estimated the NAV of the company as of June 30, 2024, and intends to use insights from a real estate valuation expert to refine these numbers further.
Future Directions and Communication
Management's intent is to disclose an updated NAV as soon as it is approved by the Board of Directors. It is important for shareholders to note that until this new NAV is sanctioned, the existing portal NAV of $3.41 should not be deemed final.
Engaging with Shareholders
Listeners are encouraged not to miss the opportunity to hear directly from the company's CEO regarding plans and future outlooks. The State of the Company podcast is available on the company’s website, providing insights and updates on their progress and strategy moving forward.
Frequently Asked Questions
What is the current status of Charles Schwab custodianship?
Charles Schwab will cease its custodianship for shareholders of Silver Star Properties REIT, affecting accounts in 401k and IRA plans.
What is Silver Star's currently reported net asset value?
The company has reported a NAV of $6.25 per common share but indicated potential adjustments based on ongoing evaluations.
What led to the defaulting of share value to zero?
Due to incomplete reports and regulatory obligations, Charles Schwab defaulted the share value for Silver Star Properties to zero until a resolution is reached.
How will shareholders be informed about the NAV going forward?
Shareholders will be updated through board communications regarding the estimated NAV as it is refined and approved.
Where can I find more information about the company?
For further insights and updates, shareholders can access information through the company's official communication channels and the State of the Company podcast available on their website.
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