Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 67

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 encumbered by the Company's credit facilities, with a total carrying value of approximately $0.8 billion.In July 2025, the Company fully repaid the outstanding balance of the 2024 Term Loan using proceeds from the sales of Signature Place and 145 Front Street at City Square.

The Company was in compliance with its debt covenants under the 2024 Credit Agreement as of June 30, 2025. 

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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. As of June 30, 2025, 13 of the Company’s properties, with a total carrying value of approximately $2.0 billion, are encumbered by the Company's mortgages and loans payable, including those classified as held for sale. 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 June 30, 2025.A summary of the Company’s mortgages, loans payable and other obligations as of June 30, 2025 and December 31, 2024 is as follows (dollars in thousands):Property/Project NameLender EffectiveRate (a)  June 30,2025 December 31,2024 MaturityPortside 2 at East Pier (b)New York Life Insurance Company 4.56 %$94,614 $95,427 03/10/26BLVD 425New York Life Insurance Company 4.17 %131,000 131,000 08/10/26BLVD 401New York Life Insurance Company 4.29 %114,500 115,515 08/10/26Portside at East Pier (c)KKRSOFR+2.75 %56,500 56,500 09/07/26The Upton (d)Bank of New York MellonSOFR+1.58 %75,000 75,000 10/27/26RiverHouse 9 at Port Imperial (e)JP MorganSOFR+1.41 %110,000 110,000 06/21/27Quarry Place at Tuckahoe (f)Nat