Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 99

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 99
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 asset sales, as well as with new corporate or property-level indebtedness on or before the applicable maturity dates.

Debt Summary

The following is a breakdown of the Company’s debt between fixed and variable-rate financing as of June 30, 2025:

Balance($000’s)% of Total Weighted AverageInterest RateWeighted AverageMaturity in YearsFixed Rate & Hedged Debt, including Term Loan and Revolving Credit Facility (a) (b)$1,710,903 93.1 %4.96 %2.49Unhedged portion of Revolving Credit Facility (c)127,000 6.9 %7.06 %1.81Totals/Weighted Average:$1,837,903 100.0 %5.11 %2.44Unamortized deferred financing costs (d)(12,564)Total Debt, Net$1,825,339 

(a)Includes debt with interest rate caps outstanding with a notional amount of $441.5 million.

(b)As of June 30, 2025, includes $41.0 million classified as Liabilities held for sale, net on the Company's Consolidated Balance Sheets.

(c)Following the repayment of the Term Loan in July 2025, the Company's interest rate cap with a notional amount of $200 million remained outstanding and active.  This cap will serve as a hedge against the interest rate exposure on the outstanding balance of the Revolving Credit Facility balance. 

(d)Excludes $3.7 million of unamortized deferred financing costs recorded in Deferred charges and other assets, net, pertaining to the Company's Revolving Credit Facility as of June 30, 2025.  Unamortized deferred financing costs include $0.1 million of unamortized deferred financing costs classified as Liabilities held for sale, net on the Company's Consolidated Balance Sheets.

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Debt Maturities

Scheduled principal payments and related weighted average annual effective interest rates for the Company’s debt as of June 30, 2025 are as follows:

PeriodScheduledAmortization($000’s)PrincipalMaturities($000’s)Total($000’s)Weighted Avg.Effective Interest Rate ofFuture Repayments2025$4,811 $— $4,811 3.68 %20267,879 467,904 475,783 4.65 20275,326