Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 55

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 55
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 in full.(d)On June 11, 2024, the lender terminated the Company's payment guarantee of 10 percent of the outstanding principal.(e)On August 10, 2023, the Company repaid the Freddie Mac fixed rate loan at maturity. The current mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in September 2026.(f)As of December 31, 2024, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring November 2026.(g)On May 22, 2024, the Company prepaid the outstanding loan amount in full. The interest-rate cap with a strike rate of 4.0% matured on June 30, 2024.(h)As of December 31, 2024, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in July 2026.(i)On June 28, 2024, the Company prepaid the outstanding loan amount in full.(j)Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time interest rate election of either: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.SCHEDULED PRINCIPAL PAYMENTSScheduled principal payments for the Company’s mortgages, loans payable and other obligations, including Term Loan and Revolving Credit Facility, as of December 31, 2024 are as follows (dollars in thousands):PeriodScheduledAmortizationPrincipal MaturitiesTotal2025$9,419$—$9,41920267,879467,904475,78320275,326657,318662,64420282,396343,061345,45720292,289127,792130,081Thereafter1,77060,81262,582Sub-total29,0791,656,8871,685,966Unamortized deferred financing costs (a)(13,653