KUSHNER

I am pleased to report that Kushner experienced significant growth in 2019. Among the highlights: We expanded our multifamily portfolio by 6,500 apartments, opened Wave Resort in Long Branch, New Jersey, grew our lending platform in core markets including Miami, and financed more than $1.9 billion worth of transactions. The total value of this growth and new business is $3 billion.

We successfully closed a $1.2 billion portfolio of multifamily units in Maryland and Virginia, further expanding our footprint in this critical market. In South Florida–another booming market–we are similarly active. Our team in the region has established a strong presence and is currently investing in Edgewater near downtown Miami. Other local targets include neighboring Wynwood–the arts district of Miami–and Fort Lauderdale. Additionally, our development team has been very busy activating approximately 6,000 multifamily units, as well as several hotels in our ever-expanding construction pipeline.

None of these achievements would have been possible without the focused efforts of our amazing collection of people, and it is on this front that we are especially proud. Truly, the people of Kushner are the best in the business. These women and men are the heartbeat of our organization; they are also the reason–the only reason–that Kushner is moving forward at such a blistering pace. And our expansion continues. This past year, we were able to grow our team by 250 members. This included the timely addition of Peter Febo, now COO of Kushner. Without question, Peter is one of our best investments to date. A thoughtful and dynamic leader, Peter is a seamless fit with our very talented and hard-working senior executive team.

Our aim to become the best developer, partner, operator, and lender in the industry has never been higher. Our mission, which reflects our core values as an organization, remains rock solid: to provide our tenants with productive, efficient, and state-of-the-art environments. Investment decisions, as always, are based on our successful experiences in the past, and even more importantly, on our inspired vision for the future.

Laurent Morali, President

Kushner 2020 Project Book

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