Dear Shareholder, This is time for a decision — and a chance to chart a better path forward.
Under current leadership, over $395 million in high-performing legacy assets have been sold. Your capital has been reinvested into speculative properties that generate less income than the interest on their debt. In other words, they have a negative cash flow.
Meanwhile, insiders awarded themselves 1,000,000 shares of stock and millions more in profits interest — all while occupancy levels fell and maintenance staff was slashed. Now they’re proposing a $50 million preferred equity raise that would dilute common shareholders and prioritize dividends for new investors over your return of capital.
You deserve better — and that’s exactly what we’re offering.
Our plan is clear and actionable:
- Immediately put the Walgreens and storage assets on the market to be sold. As the properties are sold, we will return capital to shareholders
- Lease and manage the legacy assets to increase occupancy and increase value.
- Operate with full transparency, responsible stewardship, and no self-dealing.
This vote is about putting your investment first. Our nominees, Longnecker, Thomas, and Hartman, bring decades of real estate experience and a commitment to returning capital at the highest possible value. The opposition has done nothing but destroy value. See the attached 11 page letter for more details.
You’ve told us what you want: liquidity, performance, and results. We’re here to deliver.
Vote for a return of capital. Vote for directors who will act in your best interest from day one.
Call us directly at (619) 664-4780 to vote for the return of your capital or vote the blue proxy from our online e-mail.
Sincerely,
Al Hartman
CEO & President
On behalf of the Hartman Shareholder Alliance
