Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 121

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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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 $0.6 million and $0.03 million during the nine months ended September 30, 2025 and 2024.(b)The gain or loss reclassified from Accumulated OCI into Income is recorded in Interest Expense.Credit-risk-related Contingent FeaturesThe Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. Specifically, the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness.

As of September 30, 2025, the Company did not have any interest rate derivatives in a net liability position.  

6.    RESTRICTED CASH

Restricted cash generally includes resident and tenant security deposits for certain of the Company’s properties, and escrow and reserve funds for debt