What Happened to the Hartman REITs: Whitestone, Silver Star and Hartman vREIT XXI (Oct 2026)
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Quick Answer
As of October 17, 2026 the Hartman family has three living outcomes, and only one of them still files with the SEC. Whitestone REIT (CIK 1175535), called Hartman Commercial Properties REIT until April 2007, was bought by Ares for $19.00 a share in cash; the merger closed July 14, 2026 and the successor filed a Form 15 on July 24, 2026 reporting one holder of record, so it no longer reports. Silver Star Properties REIT (CIK 1446687), the former Hartman Short Term Income Properties XX, which absorbed Hartman XIX and Hartman Income REIT in 2020, filed Chapter 11 on May 28, 2026 (N.D. Texas, Case No. 26-42316-mxm11) and the SEC revoked the registration of its securities effective October 15, 2026 (Release No. 106667). Hartman vREIT XXI (CIK 1654948) kept its name, still files, and set an estimated NAV of $8.12 a share at December 31, 2025, down from $9.83; but its last annual report on EDGAR is for 2022 (filed August 22, 2025) and distributions and redemptions have been suspended since late 2022. Two premises we checked are wrong: Hartman XX never became “Hartman Income REIT” (that company merged into it), and XXI did not become another company. Compiled by CrowdfundedWealth from SEC filings on October 17, 2026.
Key Takeaways
- Whitestone REIT is the oldest Hartman vehicle: formed in 1998 as Hartman Commercial Properties REIT, renamed Whitestone in April 2007 after its board terminated its management agreement with Hartman Management, L.P. for cause on October 2, 2006. Ares paid $19.00 per share in cash on July 14, 2026; the Form 15 of July 24, 2026 shows 1 holder of record.
- Hartman XX is now Silver Star Properties REIT (name change effective December 20, 2022). It raised $181,336,480 in public offerings that ended in 2016. In 2020 Hartman XIX and Hartman Income REIT (HIREIT) merged into it: a XIX share became 9,171.98 XX shares and a HIREIT share became 0.752222 XX shares.
- Silver Star's NAV path: $11.18 (December 31, 2020), $12.08 (2021), $6.25 (2022), then $2.01 as of June 30, 2024 (reported by Hartman vREIT XXI as the value it still uses). Chapter 11 was filed May 28, 2026; the SEC found it had filed no periodic report since the period ended September 30, 2023 and revoked registration effective October 15, 2026.
- Hartman vREIT XXI raised $91,699,487 in public offerings (follow-on ended January 14, 2023). Its estimated NAV was $7.97 (2022), $9.78 (2023), $9.83 (2024) and $8.12 (2025): 17.4% below the 2024 value (our arithmetic). Shares outstanding: 9,245,987.
- XXI is also a creditor and shareholder of Silver Star: 1,258,406 Silver Star shares and OP units at $2.01 ($2.529 million, about $0.27 of each $8.12 share) and notes receivable of $15.3 million at December 31, 2023 that management says it expects to collect in full.
- XXI's problems are its own: its FY2022 10-K (filed August 22, 2025) says there is substantial doubt about its ability to continue as a going concern because of covenants on an East West Bank facility, now $41.9 million of principal and extended to July 15, 2027. Its auditor declined to stand for reappointment for 2023. No 10-K for 2023, 2024 or 2025 is on EDGAR.
- A planned merger of XX into XXI (boards voted November 6, 2020) never happened: Silver Star's board delayed it on July 8, 2022 and the two companies are now in litigation, per XXI's own 10-K.
CSV · 59 rows
The Hartman REIT family: Whitestone, Hartman XIX, Hartman Income REIT, Silver Star and Hartman vREIT XXI, 1998 to October 2026
59 rows from SEC filings: family tree and mergers, the Whitestone sale and Form 15, Silver Star's offering, NAVs, Chapter 11 and SEC order, and Hartman vREIT XXI's NAV path, Silver Star exposure, credit facility, auditor change and missing annual reports.
What people mean by “Hartman REIT”
Searching the bare word “hartman” mostly returns the surname, a TV host and a baby-name page. Searching “hartman reit” on October 17, 2026 returns old SEC prospectuses, a commercial real estate data profile filed under the Silver Star name and trade-press stories about the 2017 merger agreements and the XXI launch. We did not find a page that lists every Hartman entity with its current status and an SEC filing for each, which is the gap this page fills.
The name covers at least five public or semi-public vehicles sponsored since 1998 by the same Houston sponsor group. They are not one company. Three of them are gone as separate companies, one is in bankruptcy without SEC registration, and one is a small non-traded REIT that still files.
The family tree, entity by entity
| Entity | What it was | What it is now | Still files with the SEC? | Key filing |
|---|---|---|---|---|
| Hartman Commercial Properties REIT (HCP REIT) | Formed 1998 from earlier Hartman programs; Maryland successor survived a July 28, 2004 merger with the Texas REIT | Whitestone REIT, renamed April 2007; acquired by Ares July 14, 2026 for $19.00 cash a share | No. Form 15 filed July 24, 2026, 1 holder of record | 8-K 0001193125-26-303327; Form 15 0001193125-26-315141 |
| Hartman Income REIT, Inc. (HIREIT) | Formed April 2008 by merging 4 of the 5 Hartman programs; its property manager later served the other Hartman REITs | Merged into Hartman XX; each HIREIT share became 0.752222 XX shares (confirmed October 28, 2020) | No. It was never a regular SEC reporting company in our search of EDGAR | 8-K 0001446687-20-000054 |
| Hartman Short Term Income Properties XIX, Inc. | Hartman program that raised money privately; only Form D filings on EDGAR | Merged into Hartman XX; each XIX share became 9,171.98 XX shares | No. Last EDGAR filing is a 2010 Form D amendment | 8-K 0001446687-20-000054 |
| Hartman Short Term Income Properties XX, Inc. | Public non-traded REIT, offering 2010 to 2016, $181.3 million raised | Silver Star Properties REIT since December 20, 2022; Chapter 11 since May 28, 2026; registration revoked effective October 15, 2026 | No. Last periodic report is for September 30, 2023; EDGAR form REVOKED on October 15, 2026 | Order 9999999997-26-001632; 8-K 0001437749-26-019764 |
| Hartman vREIT XXI, Inc. | Public non-traded REIT formed September 3, 2015; $91.7 million raised | Same name and same company; NAV $8.12; redemptions and distributions suspended | Yes, but irregularly. Last 10-K is for 2022 (filed August 22, 2025); last 8-K July 1, 2026 | 8-K 0001437749-26-022199; 10-K 0001654948-25-000019 |
The genealogy comes from the sponsor biography in Hartman XX's own 10-K: the founder merged the Hartman real estate programs in 1998 to form Hartman Commercial Properties REIT, “now known as Whitestone REIT,” and merged four of five programs in April 2008 to form Hartman Income REIT. The same bio says the founder had raised “over $300 million” of investor equity across private and public Hartman programs.
Whitestone REIT: the Hartman name that left in 2007, and the exit in 2026
Whitestone is the only vehicle in the family with a listed share price, and its history is the reason the Hartman name looks tangled. Whitestone's own 10-K for 2006 records that its board terminated for cause its property management agreement with Hartman Management, L.P. on October 2, 2006, that the advisory agreement had expired on September 30, 2006, and that its board removed the founder as President, Secretary and CEO the same day; litigation followed. We did not follow that case beyond the 10-K. On April 3, 2007 the board approved the new name, Whitestone REIT, and EDGAR shows the old name up to April 6, 2007.
The end came 19 years later. Whitestone agreed on April 8, 2026 to be acquired by AREG Wizard Parent LP, an Ares vehicle, and on July 14, 2026 every common share was converted into the right to receive $19.00 in cash, with OP units paid the same amount. The successor filed a Form 15 on July 24, 2026 with 1 holder of record. A former Whitestone holder has nothing further to do with the Hartman family today; for the sale process, the bids and the proxy fights see our Whitestone page.
Hartman XX to Silver Star: the roll-up and what it left
Hartman XX began selling shares to the public at $10.00 on February 9, 2010 and stopped selling on March 31, 2016, after $181,336,480 of gross proceeds (18,574,461 shares). Three events in the filings define what a holder owns today.
The 2020 roll-up. XX and Hartman XIX and HIREIT signed merger agreements on July 21, 2017 with an outside date of December 31, 2017; they closed in 2020. The filings give three dates, which is why sources disagree: the XX board met on May 14, 2020 to seat three independent directors (the same 8-K reports a stockholder vote); the 10-K says the effective date of the mergers was July 1, 2020; and state confirmation of the merger certificates came on October 28, 2020. The exchange ratios were 9,171.98 XX shares per XIX common share, 1.238477 per XIX preferred share and 0.752222 per HIREIT common or subordinated share. Hartman XX also took over the property manager and the advisor, and became self-managed.
A second merger that never happened. On November 6, 2020 the boards of XX and XXI voted to merge XX into XXI, with XXI surviving. XXI's 10-K for 2022 records that on July 8, 2022 Silver Star's board “determined to delay the pursuit of the proposed merger transaction.” Distributions were suspended that July, and in 2023 the two companies began suing each other (see XXI below).
The collapse in value. The board's estimated NAV per share was $11.18 at December 31, 2020, $12.08 at 2021 and $6.25 at 2022; the last official figure is $2.01 as of June 30, 2024, which XXI still uses. The company renamed itself Silver Star Properties REIT on December 20, 2022, owned 44 commercial properties at year-end 2022, consolidated 97.53% of the 39-property Hartman SPE, LLC (carrying a $259.0 million interest-only note due October 9, 2023), filed Chapter 11 on May 28, 2026 with four guaranteed loans in default totalling $65.2 million (our sum of $24,599,690, $15,530,000, $17,000,000 and $8,100,000), and was hit by the SEC order of October 14, 2026.
The order found that Silver Star “has not filed any periodic reports since the period ended September 30, 2023” and revoked registration of every class of securities registered under Section 12, effective October 15, 2026. It was entered on the company's Offer of Settlement, it does not cancel a share, and its findings “are not binding on any other person or entity.” Our two Silver Star pages cover the details: the order and its trading consequences and the valuation, dilution and Chapter 11 review.
Hartman vREIT XXI: the one that still files
XXI is the Hartman REIT a casual search is least likely to find and the only one with current disclosures. It was formed September 3, 2015 and raised $91,699,487 across Class A, T, I and S shares; its follow-on offering ended January 14, 2023, when Class A sold at $11.31. The board suspended the redemption program on November 28, 2022 and distributions on December 16, 2022; both remain suspended in the 10-K filed in August 2025.
| As of | Estimated NAV per share | Estimated real estate value ($000) | NAV attributable to stockholders ($000) | Source |
|---|---|---|---|---|
| December 31, 2022 | $7.97 | not in our sources | not in our sources | 10-K FY2022 (0001654948-25-000019) |
| December 31, 2023 | $9.78 | not in our sources | not in our sources | 10-K FY2022 (0001654948-25-000019) |
| December 31, 2024 | $9.83 | 108,088 | 90,918 | 8-K, June 12, 2025 (0001654948-25-000012) |
| December 31, 2025 | $8.12 | 93,571 | 75,064 | 8-K, July 1, 2026 (0001437749-26-022199) |
Between the last two valuations the real estate line fell 13.4% and the NAV per share 17.4% (our arithmetic). The December 2025 report shows 10 wholly owned commercial properties and about 83% of an office property, 861,177 square feet in San Antonio and Houston, a weighted-average cap rate of 5.5%, and a sensitivity range of $7.18 to $10.25 for a 2.5-point move in the cap rate. The board says it intends to set NAV quarterly; we found none since the July 1, 2026 filing.
Not a clean filer. XXI's 10-K for 2022 was filed on August 22, 2025, about two and a half years late, and amended on August 28 to rewrite its controls disclosure: four material weaknesses, including related-party transactions and loans to affiliates made without board approval. The 10-K says there is substantial doubt about the company's ability to continue as a going concern, tied to covenant requirements on its East West Bank master credit facility. On August 13, 2025 that facility was modified: about $41.9 million of unpaid principal, a new maturity of July 15, 2027 and a minimum debt service coverage ratio of 1.40 tested twice a year. On September 23, 2025 the auditor, Weaver and Tidwell, told XXI it would not stand for reappointment for 2023; another firm had been engaged on October 14, 2024. EDGAR shows no 10-K for 2023, 2024 or 2025, and no 10-Q after the one for September 30, 2022.
What it is exposed to at Silver Star. XXI's NAV table carries 1,258,406 Silver Star shares and OP units at $2.529 million, valued at Silver Star's $2.01, and its notes receivable from Silver Star were $17.2 million at December 31, 2022 and $15.3 million at December 31, 2023, which management says it expects to collect in full. A derivative suit filed January 31, 2025 on XXI's behalf says its former board should not have approved $17,187,000 of unsecured loans to Silver Star; XXI is a nominal defendant. XXI's own 10-K also records that in 2023 it sued Silver Star and affiliates, and that Silver Star countersued.
| Who owns what | Stake | Where it comes from |
|---|---|---|
| Silver Star in Hartman SPE, LLC (39 properties at 2022) | 97.53% membership interest, consolidated | Silver Star 10-K FY2022 |
| XXI in Hartman SPE, LLC | 2.47%, valued at $2.1 million of an $85 million NAV (December 31, 2025) | XXI 8-K, July 1, 2026 |
| XXI in Silver Star | 1,258,406 shares and OP units = 1,198,228 shares + 60,178 OP units (our arithmetic); 700,302 shares came from a 2019 exchange for part of the SPE interest, 497,926 shares from HIREIT shares converted in 2020 | XXI 10-K FY2022; XXI 8-K |
| Silver Star in XXI | No stake in our sources; the 2020 merger plan would have put XX inside XXI | XX and XXI 8-Ks, November 2020 |
| Whitestone | No ownership link to Silver Star or XXI in any filing we read | Whitestone 10-K FY2006; Form 15 |
What each kind of holder got, in one place
| If your statement says | What happened to the position | Market or exit | What to check |
|---|---|---|---|
| Whitestone REIT / Hartman Commercial Properties REIT | Cashed out at $19.00 a share on July 14, 2026 | Closed; per the 8-K the paying agent disburses after Maryland confirmation | Whether your broker credited the cash; the 1099-B |
| Hartman XIX or Hartman Income REIT | Converted into Hartman XX shares in 2020 (9,171.98 or 0.752222 per share) | Now Silver Star shares (see next row) | The conversion statement, to document your basis |
| Hartman Short Term Income Properties XX / Silver Star Properties REIT | Shares outstanding; company in Chapter 11; SEC registration revoked October 15, 2026 | No redemption program; brokers barred by Section 12(j); quoted as SLVSQ on OTC Link | Custodian marking; bankruptcy notices; our two Silver Star pages |
| Hartman vREIT XXI | Shares outstanding; NAV $8.12 as of December 31, 2025 | Redemption program and distributions suspended since late 2022; no listing | Next 8-K or 10-K; the NAV is unaudited and carries Silver Star at $2.01 |
What a Hartman holder can do with this
- Identify the entity on your statement. The names changed (HCP REIT to Whitestone in 2007, XX to Silver Star in 2022) and three entities merged, so a "Hartman" line can mean four different companies. Match the CUSIP or account name to the table above.
- For XXI, read the filings that exist. The 8-K of July 1, 2026 and the 10-K for 2022 are the only current documents. Treat the $8.12 as an unaudited board estimate, not a price you can sell at. There is no company-run redemption, and our guide to non-traded REIT tender offers explains why third-party tender offers are the usual way out of a suspended program, and what they cost in price.
- For Silver Star, follow the bankruptcy, not EDGAR. The company filed nothing after the order in our search through October 17, 2026.
- Keep records for tax. A loss on Silver Star shares, or a Whitestone sale, has its own rules; our worthless-stock deduction guide and tax-loss guide for illiquid real estate cover the basics.
- Do not assume a Hartman rescue. Nothing in any filing we read says XXI or any other Hartman vehicle will buy out Silver Star holders; the 2020 merger plan was delayed in 2022 and the companies are in litigation.
This is analysis of public documents, not investment, legal or tax advice.
FAQ
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An email when Hartman vREIT XXI files with the SEC
When Hartman vREIT XXI files: what changed, the one number that matters, and the accession number to check it yourself.
All figures come from SEC documents read on October 17, 2026: Hartman Short Term Income Properties XX / Silver Star Properties REIT (CIK 1446687) Forms 10-K for 2016 (accession 0001446687-17-000028), 2020 (0001446687-21-000015), 2021 (0001446687-22-000005) and 2022 (0001446687-23-000023), Forms 8-K of July 24, 2017 (0001446687-17-000041), May 21, 2020 (0001446687-20-000029), November 4 and 9, 2020 (0001446687-20-000054, -000058), July 14, 2022 (0001446687-22-000013), December 20, 2022 (0001446687-22-000037) and June 8, 2026 (0001437749-26-019764), and the Commission's Order under Section 12(j), Release No. 106667 (October 14, 2026; EDGAR 9999999997-26-001632); Hartman vREIT XXI (CIK 1654948) Form 10-K for 2022 (0001654948-25-000019), Form 10-K/A (0001654948-25-000022), Forms 8-K of November 9, 2020 (0001654948-20-000077), December 5, 2022 (0001654948-22-000040), June 12, September 12 and October 2, 2025 (0001654948-25-000012, -000024, -000026) and July 1, 2026 (0001437749-26-022199); Whitestone REIT (CIK 1175535) Form 10-K for 2006 (0001188112-07-000887), Form 8-K of April 6, 2007 (0001188112-07-000997), Form 8-K of July 14, 2026 (0001193125-26-303327) and Form 15-12G of July 24, 2026 (0001193125-26-315141). The percentage changes, the loan sum and the share-count reconciliation are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.
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