Business

Silver Star Properties REIT Welcomes Alex Board as Principal Accounting Officer and Deputy CFO

HOUSTON, May 16, 2024 (PRNewswire) – In an impressive move to bolster its executive ranks, Silver Star Properties REIT, Inc. ("Silver Star"), a self-managed real estate investment trust, has announced a strategic alignment of its leadership, signaling a period of growth and refined focus for the company. As Silver Star gracefully pivots its assets towards the thriving self-storage sector, they have appointed Mr. Alex Board as Principal Accounting Officer and Deputy Chief Financial Officer.

The decision, made with unanimous consent by the Executive Committee of Silver Star, comes at a pivotal time as the company repositions itself in the marketplace. Mr. Board brings an exceptional track record to the table, having served diligently as the Controller of the company since 2021. In this role, he has consistently demonstrated an expert handling of the company's financial directives and now stands ready to embark on an expanded path within Silver Star's executive leadership.

Vision for the Future

Under the leadership of Mr. Gerald Haddock, Chief Executive Officer and Executive Chairman of the Board of Directors, Mr. Board will assume his new responsibilities with zest and a visionary approach. "I am excited to step into the new role and continue executing the Company's strategic initiatives," said Mr. Board. He shared his enthusiasm for collaborating closely with the Executive Committee to chart the course towards long-term objectives. Demonstrating Silver Star’s confidence in Mr. Board's capabilities, he will also be entrusted with direct responsibility for the Company's audit committee operations.

Advancing Southern Star Self Storage

A critical element of Mr. Board's purview will also include overseeing financials for Southern Star Self Storage Investment Company ("Southern Star"), a wholly-owned subsidiary of Silver Star. In his role, he will spearhead the meticulous financial preparations necessary for the subsidiary’s sustained growth and stability. With a keen focus, Mr. Board has been appointed to guide Southern Star through a comprehensive review of its current operations, ensuring that the financial strategies align seamlessly with parent company objectives.

Refining Operational Oversight

To consolidate efforts and optimize outcomes, Mr. Lou Fox has been instructed to devote his full attention to the imminent needs of Silver Star. Previously, Southern Star enjoyed a fair degree of autonomous operation, a model that will largely continue. However, Silver Star will now supplement this with oversight, recognizing the importance of synergy between the two entities. As such, the additional watchful eye of Mr. Board is set to reinforce a deeper level of financial scrutiny and accountability.

The Path to Revitalization

With fresh leadership now at the helm, Southern Star is concentrating on reducing tenant delinquencies to amplify revenue streams and generate more rentable spaces. This initiative will be pursued through a targeted engagement strategy, reaching out to local influencers, homebuilders, civic clubs, chambers of commerce, and political figures. The aim is to nurture customer acquisition and solidify the company's presence within the community. By enlisting the help of these partners, Southern Star looks to build a robust brand presence domestically.

Emphasizing Community and Security

The management team is putting a premium on maintaining facilities at the zenith of cleanliness and security. By ensuring that each location operates with heightened standards, Southern Star aims to convey confidence and trustworthiness to its current and potential clients. An integral part of this strategy is the community-focused commitment to keep in continuous touch with each locality’s pulse, ensuring relevancy and responsiveness to the people they serve.

Signal of Change

To publicly announce its change in direction and management, Southern Star will display banners prominently at all locations, signaling "Under New Management." This marketing effort, introduced by Mr. Wheeler, serves as a clear message to stakeholder groups that the company is on the cusp of a transformative era. To reinforce this new trajectory, Mr. Wheeler has conducted a thorough revision of the operational staff, replacing key employees to better align with the refreshed business philosophy.

Commitment to Excellence

"I am confident that we can bring additional focus that will substantially enhance operational execution at Southern Star, thereby ensuring that we have compliance and a successful turnaround as directed by the EC," declared Mr. Wheeler. His statement echoes the unwavering commitment of Silver Star’s management to enact changes that will pivot operations towards success, driven by rigorous adherence to corporate directives and a sharp focus on results.

Contact Information

For those interested in learning more or inquiring about investor and media relations, Silver Star Properties REIT, Inc. encourages communication through the dedicated contact channel. By reaching out via email at [email protected], stakeholders can expect prompt and direct feedback. Additionally, the company provides a phone line at 1-877-734-8876 to address inquiries and facilitate relations.

The Forward-Thinking Approach

Silver Star's growth does not only hinge on its strategic realignments within; it extends to the forward-thinking statements released to the public. These statements showcase the company's transparent approach to forecasting its future endeavors. Nonetheless, Silver Star prudently advises stakeholders to recognize the nature of these projections, as they involve inherent uncertainties and variables that may influence actual outcomes.

A Note of Caution

The press release relating to the executive appointments carries with it certain "forward-looking statements" - a term that carries weight, as it pertains to the anticipation of future events or the company's future performance. These expressions of potential are based on current expectations, and while they are made in good faith, they are subject to the prevailing conditions of the market, the economic environment, and other influencing factors.

Adherence to Legal Frameworks

Prospective investors and the general public are reminded by Silver Star that these forward-looking statements are necessarily subject to risks and contingencies, which may cause the actual results to diverge materially from what has been indicated or predicted. The nuanced nature of investment domains necessitates a careful interpretation of such statements, and undue reliance on them is cautioned against.

Company's Commitment to Transparency

The company also wants to affirm its commitment to being transparent about the nature of such forward-looking statements. It embraces the safe harbor protection for such statements as provided by the Private Securities Litigation Reform Act of 1995. This commitment underscores the company's dedication to transparency and its conscientious efforts to inform all stakeholders of the potential risks and benefits associated with its future plans.

Continuous Update Policy

Silver Star Properties REIT further clarifies that while these forward-looking statements accurately represent the company's position as of the date they were made, the dynamic nature of business necessitates periodic updates. The company therefore acknowledges that it has no obligation to update any of these statements in light of new information or future events that may render previous statements obsolete or inaccurate.

Stewardship for the Future

The latest developments at Silver Star Properties REIT, including the appointment of Alex Board and the directional shift toward the self-storage asset class, forecast a period of focused stewardship and commitment to excellence. Embracing both its immediate goals and long-term strategies, Silver Star stands poised to navigate the changing landscapes of the real estate market with a pragmatism and foresight that only a finely tuned executive team can provide.

For more information about Silver Star Properties REIT, Inc. and their commitment to strategic growth, please visit the following link: Email Protected.

Conclusion

In today's evolving world of real estate investment, companies like Silver Star Properties stand out by dynamically adapting to new opportunities, investing in their leadership, and engaging with their communities. With Mr. Alex Board at the financial helm and a new strategic vision for its subsidiary Southern Star, Silver Star is ready to write its next chapter. While the future is never certain, the company navigates its path with a calculated optimism, ensuring preparedness for both the challenges and opportunities that may lie ahead.

Silver Star Properties REIT, Inc.: A name to watch in the real estate investment trust industry, as it holds steadfast to executing a well-defined strategy under new leadership, fostering strong ties with community leaders, and enhancing value for its stakeholders.