Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 68

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 of debt initiation costs, and other transaction costs, as applicable.(b)In June 2024, the lender terminated the Company's payment guarantee of 10 percent of the outstanding principal.(c)As of September 30, 2025, this mortgage was fully repaid and the corresponding interest-rate cap was terminated.(d)As of September 30, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in November 2026. (e)As of September 30, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in July 2026.(f)In September 2025, the Company sold the property encumbered by this mortgage, simultaneously assigning the mortgage to the purchaser.  See Note 3: Investments in Rental Properties for more information.(g)The Company consolidated its interest in Sable on April 21, 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