Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 125

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 125
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 of equity-secured financial covenants) relating to (i) the maximum total leverage ratio (60 percent), (ii) the minimum debt service coverage ratio (1.50 times), (iii) the minimum tangible net worth ratio (80% of tangible net worth as of April 22, 2024 plus 80% of net cash proceeds of equity issuances by the General Partner or the Operating Partnership), and (iv) the maximum unhedged variable rate debt ratio (30%).As of September 30, 2025, Soho Lofts and Liberty Towers were encumbered by the Company's credit facilities, with a total carrying value of approximately $0.6 billion.

The Company was in compliance with its debt covenants under the 2024 Credit Agreement as of September 30, 2025. 

9.    MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS 

As of September 30, 2025, 11 of the Company’s properties, with a total carrying value of approximately $1.9 billion, are encumbered by the Company's mortgages and loans payable. Payments on mortgages are generally due in monthly installments of principal and interest, or interest only. The Company was in compliance with its debt covenants under its mortgages and loans payable as of September 30, 2025.A summary of the Company’s mortgages as of September 30, 2025 and December 31, 2024 is as follows (dollars in thousands):

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Property/Project NameLender EffectiveRate (a)  September 30,2025 December 31,2024 MaturityPortside 2 at East Pier (b)New York Life Insurance Company 4.56 %$94,200 $95,427 03/10/26BLVD 425New York Life Insurance Company 4.17 %131,000 131,000 08/10/26BLVD 401New York Life Insurance Company 4.29 %113,984 115,515 08/10/26Portside at East Pier (c)KKRSOFR+2.75 %— 56,500 09/07/26The Upton (d)Bank of New York MellonSOFR+1.58 %75,000 75,000 10/27/26RiverHouse 9 at Port Imperial (e)JP MorganSO