Hartman vREIT XXI Reports First Official NAV Update Since 2022
Hartman vREIT XXI, a non-traded real estate investment trust sponsored by Hartman Income REIT Management Inc., announced that the estimated net asset value per share of the company’s Class A, Class S, Class I, and Class T common stock was $9.83, as of Dec. 31, 2024, a 3.3% decrease since the company’s last reported NAV of $10.17 as of Dec. 31, 2021.
The company stated that, in determining the NAV, its board relied on a valuation report prepared by its advisor, which incorporated third-party real estate valuations provided by LaPorte CPAs and Business Advisors. The process also included input from the audit committee and the board’s own assessment of the company’s assets and liabilities.
The REIT also reported that, as of Dec. 31, 2024, it wholly owned 10 commercial properties and an approximately 83% tenant-in-common interest in an office property, comprising a total of 861,177 square feet located in the cities of San Antonio and Houston. The company also reported owning a 2.47% interest in an affiliate special purpose entity that owned 39 office, retail, and light industrial properties in Texas and 1,258,406 shares of common stock and operating partnership units of Silver Star Properties REIT.
According to Robert A. Stanger & Company Inc., this is the first time the company has updated its NAV per share since 2022. However, a consent solicitation letter dated May 31, 2025, and submitted as an exhibit with the Form 8-K filed on June 11, references an earlier NAV of $9.61 per share as of Dec. 31, 2023. This NAV was not widely disclosed prior to the filing.
As previously reported by AltsWire, Allen R. Hartman, the REIT’s chief executive officer, was named interim chief financial officer in April 2023, a position that he still holds according to the filing. In 2023, the REIT also suspended investor distributions.
In related news, Hartman has been involved in a years-long legal battle with Gerald Haddock, CEO of Silver Star Properties REIT, over control of Silver Star. Hartman was the founder of Silver Star and had previously served as the company’s executive chairman until he was removed in 2023 for alleged fiduciary violations. Hartman had remained as a member of Silver Star’s board until he was removed earlier this month.
On July 7 at 10 a.m., CT, Silver Star will hold a court-ordered shareholder meeting, offering shareholders the choice of either voting for liquidation or supporting the company’s pivot into self-storage. Shareholders of record as of June 1 are eligible to vote.
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