Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 99

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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BLVD 475The Northwestern Mutual Life Insurance Co. 2.91 %163,844 164,712 11/10/27Haus25Freddie Mac6.04 %343,061 343,061 09/01/28RiverHouse 11 at Port ImperialThe Northwestern Mutual Life Insurance Co. 4.52 %100,000 100,000 01/10/29Port Imperial South 4/5 GarageAmerican General Life & A/G PC 4.85 %30,957 31,098 12/01/29The Emery at Overlook Ridge (f)Flagstar Bank 3.21 %70,279 70,653 01/01/31Principal balance outstanding 1,331,673 1,333,966  Unamortized deferred financing costs (9,637)(10,492)    Total mortgages, loans payable and other obligations, net $1,322,036 $1,323,474  (a)Reflects effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.(b)On June 11, 2024, the lender terminated the Company's payment guarantee of 10 percent of the outstanding principal.(c)As of March 31, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in September 2026.(d)As of March 31, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in November 2026. (e)As of March 31, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in July 2026.(f)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