Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 62

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 rate risk, and two undesignated interest rate caps outstanding and in effect with a notional amount of $145.0 million. During the third quarter, the Company dedesignated the interest rate caps previously designated as hedging instruments in connection with the repayment of the 2024 Term Loan.  Additionally, the Company terminated two interest rate caps previously designated as a hedging instrument in connection with the repayment of debt.  As a result of these transactions, $0.5 million of deferred losses were recognized immediately within interest expense for the three and nine months ended September 30, 2025.The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2025 and December 31, 2024 (dollars in thousands):Derivative Instruments Fair ValueBalance sheet locationSeptember 30,2025December 31,2024Interest rate caps designated as hedging instruments$499 $4,953 Deferred charges and other assets, netInterest rate caps not designated as hedging instruments322 525 Deferred charges and other assets, net

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The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024, respectively (dollars in thousands):Derivatives in Cash Flow Hedging RelationshipsAmount of Gain or (Loss) Recognized in OCI on Derivative (a) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (a) (b) Total Amount of Interest Expense presented in the Consolidated Statements of OperationsThree months ended September 30,Nine months ended September 30,Three months ended September 30,Nine months ended September 30,Three months ended September 30,Nine months ended September 30,202520242025202420252024202520242025202420252024Interest Rate Caps$(115)$(2,792)$(905)$(1,640)$(468)$766 $(546)$2,891 $(22,240)$(21,507)$(69,804)$(64,683)(a)Amounts exclude net losses of $0.1 million and $1.3 million recognized on unconsolidated joint ventures during the three months ended September 30, 2025 and 2024, respectively and net losses of $0