Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 64

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 64
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 — — 1,548Total discontinued operations, net$3,782$206$3,891$3,425

(a)Operating and other expenses, net reflects the successful resolution of real estate tax appeals related to formerly owned office properties during the three and nine months ended September 30, 2025.

8.    REVOLVING CREDIT FACILITY AND TERM LOANS

The Company's revolving credit facilities and term loan consist of a $300 million senior secured revolving credit facility (the "2024 Revolving Credit Facility") and a $200 million senior secured term loan facility (the “2024 Term Loan” and, together with the 2024 Revolving Credit Facility, the “2024 Credit Agreement”) with a group of eight lenders (the "Lenders").  In July 2025, the Company amended the 2024 Credit Agreement, which introduced a leverage-based interest rate grid, and fully repaid the 2024 Term Loan.  As of September 30, 2025, the 2024 Revolving Credit Facility had an outstanding principal balance of $31 million and the effective interest rate applicable was 5.89%.On April 22, 2024, the Company entered into the 2024 Credit Agreement which originally provided for: (1) a three-year term ending in April 2027, subject to one twelve-month extension option; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $300 million; (3) a first priority lien on no fewer than five properties with an aggregate appraised value of at least $900 million, consisting of (i) The James; (ii) 145 Front at City Square; (iii) Signature Place; (iv) Soho Lofts; and (v) Liberty Towers (collectively, the “Collateral Pool Properties”); and (4) a commitment fee payable quarterly ranging from 25 basis points to 35 basis points per annum on the daily unused amount of the 2024 Revolving Credit Facility.On July 9, 2025, the Company entered into an amendment to the 2024 Credit Agreement with the Lenders to allow for the removal of three assets, The James, Signature Place, and 145 Front Street at City Square from the Collateral Pool Properties, provided that the proceeds from their respective sales were applied toward the full repayment of the $200 million outstanding balance under the 2024 Term Loan.