Hartman Short Term Income Properties XX Update on Merger Agreement
Are you concerned about your investment in Hartman Short Term Income Properties XX? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.
Hartman Short Term Income Properties XX, Inc. is a non-traded REIT reportedly set up by Hartman Income REIT. The Company has a portfolio of short term income properties under its management.
The merger agreement which was announced in July 2017 still is waiting on SEC approval of its S-4 upon which Hartman XX will reportedly file a definitive proxy seeking shareholder approval of the merger.
If completed, the combined entity will have total assets of approximately $579 million, based on financial statements as of March 31, 2019. The merger agreements purportedly do not include termination payments if shareholders reject the proposed merger.
On September 3, 2019, Hartman Short Term Income Properties XX, Inc. announced that its board of directors had modified the merger agreements with Harman Income REIT, Inc. and Hartman Short Term Income Properties XIX, Inc. to extend the period for the merger completion to December 31, 2019.
The terms of the share redemption program, which is currently suspended, have not been finally determined by the board. If shareholders do not approve the mergers, the board said that it will need to consider other means to provide liquidity to shareholders.
The Trouble with Non-Traded REITs
Compared to traditional investments, such as stocks, bonds and mutual funds, non-traded REITS, like Hartman Short Term Income Properties XX , are considerably more complex and involve a high degree of risk. Unfortunately many investors were not made adequately aware of the risks and liquidity problems associated with REITs.
The White Law Group has represented numerous investors in claims against the brokerage firm that recommended non-traded REITs to these investors.
Broker dealers are required to perform adequate due diligence on any investment they recommend. They must ensure that all recommendations are suitable for the investor. Recommendations should be in line with the investor’s age, risk tolerance, net worth, and investment experience.
Broker dealers that fail to adequately disclose risks or make unsuitable investment recommendations can be held liable for investment losses.
If you have invested in Hartman Short Term Income Properties XX and would like to speak to a securities attorney about the potential to recover your investment losses, please call The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, please visit www.whitesecuritieslaw.com.