Le Lézard
Classified in: Business
Subject: TNM

Hartman Merger Positions the Company for Future Success


HOUSTON, Aug. 10, 2020 /PRNewswire-PRWeb/ -- On May 14, 2020, the shareholders for Hartman Income REIT (HI-REIT), Hartman Short Term Income Properties XIX, Inc. (Hartman XIX) and Hartman Short Term Income Properties XX, Inc. (Hartman XX) voted to approve the mergers of HI-REIT and Hartman XIX into Hartman XX. The merged entity, Hartman XX, has a combined asset value of approximately $655 million. It is anticipated the mergers will close and the mergers officially completed in early third quarter of 2020.

"After consideration of various strategic alternatives, the Boards of Directors of the respective companies, in consultation with the Special Committees and legal and financial advisors, believe that the mergers are in the best long-term interests of the shareholders of each of the companies. And we are pleased the shareholders overwhelmingly agreed. The merger provides the shareholders with ownership of stock in an entity that has greater scale, size and diversification, while also providing potentially broader liquidity event options in the future," commented Al Hartman.

Expansion of the Board of Directors for Hartman XX

At the Board meeting, directly following the shareholder votes, the Board of Directors of the combined company voted to increase the size of the Board to accommodate the addition of the directors of HI-REIT and XIX pursuant to its S-4 proxy and registration statement. Mr. Rusky, Mr. Ostroot and Mr. Cardwell submitted their resignations as board members and the Board voted to appoint Horst Schulze, Gerald W. Haddock, and James S. Still as independent directors of the Board.

For more detailed information about the shareholder meeting, please refer to Items 5.02 and 5.07 in the Form 8-K filed on May 21, 2020 with the SEC.

About Hartman
Hartman has extensive experience acquiring, owning, managing, and leasing commercial office, retail, light industrial and warehouse properties located in Texas. Since 1983, Hartman and its affiliated entities (including founder, Allen R. Hartman) have sponsored 23 programs and acquired interests in more than 100 real assets totaling approximately $800 million as of December 31, 2019.

Forward-Looking Statement: This press release contains certain forward-looking statements. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements and you should not place undue reliance on any such statements. Several important factors could cause actual results to differ materially from the forward-looking statements contained in this material. Such factors include those described in the Risk Factors sections of the annual report on Form 10-K for Hartman XX and other reports filed with the Securities and Exchange Commission. Forward-looking statements in this press release speak only as of the date on which such statements were made, and the company undertakes no obligation to update any such statements that may become untrue because of subsequent events. Such forward-looking statements are subject to the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES DESCRIBED HEREIN OR DESCRIBED ELSEWHERE. AN OFFERING IS MADE ONLY BY PROSPECTUS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC") OR PURSUANT TO A VALID EXEMPTION. A COPY OF THE CURRENT PROSPECTUS OR OFFERING DOCUMENT MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH ANY OFFERING AND SHOULD BE READ IN ORDER TO MORE FULLY UNDERSTAND THE IMPLICATIONS AND RISKS OF THE OFFERING TO WHICH IT RELATES. NON-TRADED REIT INVESTMENTS ARE NOT SUITABLE FOR ALL INVESTORS. INFORMATION ABOUT INVESTING IN A SPECIFIC NON-TRADED REIT MUST BE ACCOMPANIED BY A PROSPECTUS, WHICH SHOULD BE READ PRIOR TO INVESTING.

Neither the SEC nor any other U. S. state or federal regulator has passed on or endorsed the merits of any offering or securities described herein or confirmed the adequacy or accuracy of the prospectus. Any representation to the contrary is unlawful. All information contained in this material is qualified in its entirety by the terms of a current prospectus. Investors should consider a program's investment objectives, risks, charges, and expenses before investing. The achievement of any goals is not guaranteed. For more complete information about investing in any program, including risks, charges, and expenses, refer to the program's prospectus. Securities offered through D.H. Hill Securities, LLLP, Member FINRA/SIPC, 1543 Green Oak Place, Suite 100, Kingwood, TX 77339. 800.880.2212.

Hartman refers to Allen R Hartman and subsidiaries and affiliates.

 

SOURCE Hartman


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