Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 104

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 104
---
 If market rates of interest increased or decreased by 100 basis points, the fair value of the Company’s fixed rate debt as of September 30, 2025 would be approximately $30.0 million lower or higher, respectively. 

The effective interest rates on the Company’s $216.0 million variable rate debt hedged by interest-rate caps, as of September 30, 2025 ranged from SOFR plus 141 basis points to SOFR plus 239 basis points. Assuming interest-rate caps are not in effect as of September 30, 2025, if market rates of interest on the Company’s variable rate debt increased or decreased by 100 basis points, then the increase or decrease in interest costs on the Company’s variable rate debt would be approximately $2.2 million annually.

The following table presents principal cash flows (in thousands) based upon maturity dates of the debt obligations and the related weighted-average interest rates by expected maturity dates for the fixed rate debt.

September 30, 2025 Debt, including current portion($s in thousands)10/1/2025 - 12/31/2025 2026202720282029Thereafter Sub-totalOther (a) (b)Total FairValueFixed Rate & Hedged Debt, including Revolving Credit Facility$2,476$419,283$300,644$345,457$311,624$62,584$1,442,068$(8,531)$1,433,537$1,457,933Weighted Average Interest Rate3.69%4.44%3.96%6.03%4.94%3.21%4.77%

(a)Adjustment for unamortized debt discount/premium, net, unamortized deferred financing costs, net, and unamortized mark-to-market, net as of September 30, 2025.

(b)Excludes $4.2 million of unamortized deferred financing costs recorded in Deferred charges and other assets, net, pertaining to the Company's Revolving Credit Facility as of September 30, 2025.

While the Company has not experienced any significant credit losses, in the event of a significant rising interest rate environment and/or economic downturn, tenant vacancies or defaults could increase and result in losses to the Company which could adversely affect its operating results and liquidity, including its ability to pay its debt obligations.

56

Item 4. Controls and Procedures

Veris Residential, Inc. 

Disclosure Controls and Procedures