Hartman Short Term Income Properties Hires Raymond James to Consider Strategic Alternatives

Posted on November 9th, 2022 at 2:55 PM
Hartman Short Term Income Properties Hires Raymond James to Consider Strategic Alternatives

From the Desk of Jim Eccleston at Eccleston Law.

A publicly registered non-traded real estate investment trust, Hartman Short Term Income Properties, has announced that its board of directors has hired Raymond James to help the business pursue strategic alternatives.

Hartman is considering strategic alternatives that include evaluating and approving orderly assets sales at “acceptable prices with the objective of maximizing shareholder value”. Hartman promoted Mark Torok to be chief executive officer and succeed Allen Hartman earlier in October 2022.

Furthermore, the company recently announced that it faces challenges due to rising interest rates, which have led to substantial additional costs to service its floating rate debt. Hartman owned 44 commercial properties in Texas as of June 2022, which constituted 6.8 million square feet. Hartman further suspended its share redemption plan in July 2022 to “support the long-term fiscal health” of the REIT.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

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