Silver Star Properties REIT announces engagement of CBIZ CPAs as Independent Certifying Accountant

HOUSTON, Dec. 23, 2024 /PRNewswire/ -- Silver Star Properties REIT, Inc. ("Silver Star" or the "Company"), a self-managed real estate investment trust currently repositioning into the self-storage asset class, announced that it has formalized its engagement of CBIZ CPAs P.C. ("CBIZ CPAs") as its independent certifying accountant.

Independent Registered Public Accounting Firm

CBIZ CPAs recently acquired Marcum LLP. On December 23, 2024, the Company finalized its engagement of CBIZ CPAs in connection with the audits of the Company's consolidated financial statements as of and for the years ending December 31, 2023 and 2024. Jack Tompkins, chairman of the audit committee stated, "We are very pleased to have successfully concluded the engagement process. We are now well positioned to complete our required filing obligations and such other filings as the Company may undertake which require the review or filing consent of our independent registered public accounting firm."

Dispositions Update

On December 20, 2024, the Company completed the sale of the Northchase office property located in Houston, Texas. The contract sale price is $2.15 million. On December 23, 2024, the Company closed on the sale of the Atrium I and Atrium II office properties, also located in Houston, Texas. The contract sale price is $5.375 million.

As previously announced, on January 10, 2025, the Company expects to close the sale of the Ashford Crossing office property located in Houston, Texas. The contract sale price is $4.65 million. As also previously announced, on January 15, 2025, the Company expects to close the sale of the Commerce Plaza Hillcrest office property located in Dallas, Texas.

Gerald Haddock, Executive Chairman and Chief Executive Officer stated, "Our disciplined approach to legacy asset dispositions and strategy for execution of our New Direction Plan including acquisition of self-storage assets is working. As I have said before, we firmly believe that we have and will continue to enhance our overall portfolio quality and deliver improved value to shareholders."

NAV Announcement

On December 20, 2024, the Company reported the determination by its Executive Committee of the net asset value ("NAV") per common share and operating partnership unit of $2.01. The determination and announcement have been provided to the Company's transfer agent and is being communicated to financial advisors and custodians of shareholder accounts. For further information, please see the Company's Current Report on Form 8-K filed with Securities and Exchange Commission. A copy of the filing is available on the Company's website at www.silverstarreit.com 

Forward-Looking Statements

 This press release 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. Forward-looking statements can often be identified by words such as "anticipate," "estimate," "expect," "intend," "may," "should" and similar expressions, and variations or negatives of these words. They are not guarantees of future results and forward-looking statements are subject to risks, uncertainties and assumptions 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 this Press Release and except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.

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SOURCE Silver Star Properties REIT