Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 95

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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December 31,2024Security deposits$9,287$9,410Escrow and other reserve funds5,2257,649Total restricted cash$14,512$17,059

7.    DISCONTINUED OPERATIONS

The Company's sale of its former Office Portfolio represented a strategic shift in the Company’s operations. As such, the results of these sold properties are classified as discontinued operations for all periods presented.

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The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net, for the three months ended March 31, 2025 and 2024 (dollars in thousands):Three Months EndedMarch 31,20252024Total Revenues$141$2,999Operating and other expenses, net(5)(2,284)Depreciation and amortization— (668)Equity in earnings of unconsolidated joint ventures— 205 Income from discontinued operations136252Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net—1,548Total discontinued operations, net$136$1,800

8.    REVOLVING CREDIT FACILITY AND TERM LOANS

On April 22, 2024, the Company entered into a revolving credit and term loan agreement (the "2024 Credit Agreement") with a group of eight lenders that provides for a $300 million senior secured revolving credit facility (the "2024 Revolving Credit Facility") and a $200 million senior secured term loan facility (the "2024 Term Loan").The terms of the 2024 Revolving Credit Facility include: (1) a three-year term ending in April 2027, subject to one twelve-month extension option; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $300 million; (3) a first priority lien on no fewer than five properties with an aggregate appraised value of at least $900 million, initially consisting of (i) The James; and the following additional identified properties to be added to the collateral pool at a subsequent date, (ii) 145 Front at City Square; (iii) Signature Place; (iv) Soho Lofts; and (v) Liberty Towers (collectively, the “Collateral Pool Properties”); and (4) a commitment fee payable quarterly