Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 48

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 48
---
Cash Flow9/30/20247/22/2026$102,000 3.50 %Revolving Credit FacilityMark to Market (a)9/30/20246/22/2025$150,000 3.50 %The Upton MortgageCash Flow11/1/202411/1/2026$75,000 3.50 %(a)The Company elected to not designate this interest rate cap as a cash flow hedge at inception and therefore changes in the fair value of the derivative are recorded in earnings. For the year ended December 31, 2024, the Company recorded $0.2 million of fair value adjustments as an increase in Interest expense in the Company's Consolidated Statements of Operations.As of December 31, 2024, the Company had six interest rate caps outstanding and in effect with a notional amount of $441.5 million designated as cash flow hedges of interest rate risk, and one undesignated interest rate cap outstanding and in effect with a notional amount $150 million.The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2024 and 2023 (dollars in thousands): Fair Value Asset Derivatives designatedas hedging instrumentsDecember 31,2024December 31,2023Balance sheet locationInterest rate caps designated as hedging instruments$4,953 $5,098 Deferred charges and other assets, netInterest rate caps not designated as hedging instruments$525 $— Deferred charges and other assets, netThe table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative (a)Location of Gain or (Loss) Reclassifiedfrom Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (a) (b) Total Amount of Interest Expense presented in the Consolidated Statements ofOperationsYear Ended December 31,202420232022 202420232022202420232022Interest rate caps$526$1,184$5,032Interest expense$2,967$3,559$666$(87,976)$(