Silver Star Properties Shares Update on NAV and Future Plans
Update from Silver Star Properties REIT
Silver Star Properties REIT, Inc. (NASDAQ: SSP) is actively engaging with its shareholders to provide an important update pertaining to its net asset value (NAV) and management undertakings. As a self-managed real estate investment trust, the Company is currently navigating transitions into the self-storage asset class, ensuring a robust strategy for future growth and sustainability.
Communications and Custodianship Changes
In a significant move, the Company has been notified that Charles Schwab will cease to act as a custodian for shareholders with 401(k) and IRA accounts holding shares of Silver Star Properties. This transition is set to take effect shortly, as Charles Schwab indicated a failure to meet specific reporting benchmarks involved in this custodial relationship. The decision arises from past complications, particularly surrounding Lis Pendens actions filed by former leadership, which unfortunately led to Chapter 11 bankruptcy proceedings.
Ongoing Support for Shareholders
The management of Silver Star is committed to facilitating a smooth process for its shareholders during this change. Although Charles Schwab has placed a temporary valuation on shares at zero until all regulatory reporting obligations are satisfied, the Company's dedicated team is working diligently to resolve these issues promptly. They emphasize that no action is required from shareholders at this moment, allowing them peace of mind as management navigates these challenges.
Understanding Net Asset Value (NAV)
Previously, the Board of Directors approved an NAV of $6.25 per share as of the end of the previous fiscal year. However, the recent Flip-In event has recalibrated expectations concerning the NAV. As per internal assessments, the management now anticipates a pro forma NAV of approximately $3.36 due to the issuance of new shares, impacting future valuation strategies.
Reassessing Asset Valuation
Furthermore, management has engaged an external real estate valuation expert to ascertain the current value of its assets. This comprehensive review will influence the updated NAV calculation that will be presented to the Board of Directors for approval. Until a new NAV is officially recognized, stakeholders are advised to approach the existing NAV of $3.41 with caution as preliminary estimates may fluctuate.
Future Directions and Management Insights
For those keen on understanding the strategic pathways moving forward, the avenues of communication remain open. The State of the Company podcast hosted by the CEO provides critical insights into the operational strategies and future aspirations of Silver Star Properties. It serves as an invitation for shareholders to become actively engaged with the Company's vision and its commitment to sound management practices.
Conclusion: A Commitment to Stakeholders
Silver Star Properties REIT is navigating its current challenges with the dedication needed to ensure the utmost fiduciary responsibility towards its shareholders. By fostering transparent communications and recalibrating asset valuations, the Company aims to restore confidence while positioning itself for sustainable growth in the self-storage sector.
Frequently Asked Questions
What changes are happening with Charles Schwab's custodianship?
Charles Schwab will no longer act as the custodian for shareholder accounts holding Silver Star Properties shares as of a forthcoming date.
What is the current net asset value (NAV) reported by Silver Star?
The NAV is currently recalibrated to approximately $3.41 per share, pending further assessments and Board approval.
Has there been any recent bankruptcy news related to the Company?
Silver Star Properties exited from voluntary bankruptcy proceedings earlier this year and resolved related SEC investigations.
How can shareholders find out more from management?
Shareholders can listen to the CEO's insights via the State of the Company podcast, available on the Company's website.
What should shareholders do during this transition?
No immediate action is required from shareholders as management is actively handling all regulatory requirements and communications.
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