Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 127

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 127
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, 2025 as a result of the Sable JV Interest Acquisition. See Note 3: Investments in Rental Properties for more information.(h)Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (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.Cash Paid for InterestCash paid for interest for the three months ended September 30, 2025 and 2024 was $20.2 million and $19.6 million, respectively, and $61.3 million and $58.9 million for the nine months ended September 30, 2025 and 2024, respectively. No interest was capitalized by the Company for the three or nine months ended September 30, 2025 and 2024.Summary of Indebtedness(dollars in thousands)September 30,2025December 31,2024 BalanceWeighted AverageInterest RateBalanceWeighted AverageInterest Rate  Fixed Rate & Hedged Debt, including Term Loan and Revolving Credit Facility (a)$1,433,537 4.77 %$1,670,313 5.05 %Unhedged portion of Revolving Credit Facility— — %2,000 7.08 %Totals/Weighted Average, net of unamortized deferred financing costs (b):$1,433,537 4.77 %$1,672,313 5.05 %

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(a)     As of September 30, 2025 and December 31, 2024, includes debt with interest rate caps outstanding with a notional amount of $330.0 million and $591.5 million, respectively. 

(b)    Excludes $4.2 million and $4.7 million of unamortized deferred financing costs recorded in Deferred charges and other assets, net, pertaining to the Company's Revolving Credit Facility as of September 30, 2025 and December