The Kushner Companies sent a hostile bid letter to rival Veris Residential, claiming poor management resulting in a significant reduction of value, then offering to acquire all outstanding shares of the REIT for $16 per share. According to Kusher, that was a 30% premium over the previous closing price, although shares were trading higher after disclosure of the letter.

The criticisms in the letter are sharp, but some lack detailed substantiation and are impossible to verify. A remark in the letter from chairman Charles Kushner about "attempts at fruitful engagement with the Board and management over the last several months" seems a reference to the Veris board's non-response to Kushner Cos wish to manage the REIT's properties.

"Kushner is prepared to engage directly and seriously in good faith negotiations for a joint venture arrangement whereby Veris would retain internal management, but Kushner would help bring down Veris' market-high operating expenses immediately and reposition Veris' core assets so that they can start generating distributable income for all Veris shareholders," the letter said. "As stated many times to the Veris Board, Kushner would only receive compensation for such efforts when Kushner achieves material shareholder value for all Veris shareholders. Moreover, to the extent that Veris has any concern regarding potential conflicts of interest between Kushner properties and Veris properties, we are prepared to implement robust procedures to address any potential conflict."