Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 53

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 53
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 2024 Credit Agreement as of December 31, 2024. On July 25, 2023, the Company entered into a revolving credit and term loan agreement (“2023 Credit Agreement”) with a group of two lenders that provides for a $60 million senior secured revolving credit facility (the “2023 Revolving Credit Facility”) and a $115 million senior secured term loan facility (the “2023 Term Loan”).  During the fourth quarter of 2023, the Company fully repaid the remaining balances of the 2023 Term Loan and 2023 Revolving Credit Facility.  On April 7, 2023, the Company terminated the 2021 Credit Agreement for both the 2021 Credit Facility and 2021 Term Loan.  As a result of the termination, the Company wrote off the unamortized deferred financing costs in an amount of $2.7 million during the second quarter of 2023, which is recorded within Gain (loss) from extinguishment of debt, net, on the Consolidated Statements of Operations.

 9.    MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS 

The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties, land and development projects. As of December 31, 2024, 12 of the Company’s properties, with a total carrying value of approximately $1.8 billion are encumbered by the Company’s mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. The Company was in compliance with its debt covenants under its mortgages and loans payable as of December 31, 2024.A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2024 and 2023 is as follows (dollars in thousands): Property NameLender EffectiveRate (a) December 31,2024December 31,2023MaturitySignature Place  (b)Nationwide Life Insurance Company3.74 %— 43,000 08/01/24Liberty Towers (c)American General Life Insurance Company3.37 %— 265,000 10/01/24Portside 2 at East Pier (d)New York Life Insurance Company4.56 %95,427 97,000 03/10/26BL