Veris Residential, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

REVOLVING CREDIT FACILITY AND TERM LOANS (Details)

REVOLVING CREDIT FACILITY AND TERM LOANS (Details) $ in Thousands		6 Months Ended
	Jul. 25, 2023 USD ($) lender multi-familyResidentialUnit	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 06, 2021 USD ($) lender
Line of Credit Facility [Line Items]
Loan balance		$ 1,800,000		$ 1,900,000
Borrowings from revolving credit facility		16,000	$ 43,000
Payment for borrowings		16,000	$ 115,000
2021 Credit Facility \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Number of lenders \| lender					7
Secured debt					$ 250,000
2021 Term Loan \| Term Loan \| Line of Credit
Line of Credit Facility [Line Items]
Secured debt					$ 150,000
2021 Credit Agreement \| Revolving Credit Facility and Term Loan
Line of Credit Facility [Line Items]
Written off unamortized deferred financing costs		$ 2,700
Credit Agreement \| Subsequent Event \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Number of lenders \| lender	2
Secured debt	$ 60,000
Loan period	1 year
Extension option period	6 months
Number of units in unencumbered properties \| multi-familyResidentialUnit	240
Borrowing capacity under the credit facility	$ 60,000
Facility fee basis points	0.35%
Total leverage ratio	65.00%
Debt service coverage ratio	125.00%
Tangible net worth ratio	80.00%
Percentage of net cash proceeds of equity issuances	80.00%
Percentage of maximum unhedged variable rate debt ratio	30.00%
Cash sweep threshold	$ 25,000
Loan balance	$ 52,000
Credit Agreement \| Subsequent Event \| Revolving Credit Facility \| Line of Credit \| SOFR
Line of Credit Facility [Line Items]
Variable interest rate	0.10%
Credit Agreement \| Subsequent Event \| Revolving Credit Facility \| Line of Credit \| Adjusted Daily Effective SOFR
Line of Credit Facility [Line Items]
Variable interest rate	0.00%
Credit Agreement \| Subsequent Event \| Revolving Credit Facility \| Line of Credit \| Term SOFR
Line of Credit Facility [Line Items]
Variable interest rate	0.10%
Credit Agreement \| Subsequent Event \| Revolving Credit Facility \| Line of Credit \| Adjusted Term SOFR Subject to Floor
Line of Credit Facility [Line Items]
Variable interest rate	0.00%
Credit Agreement \| Subsequent Event \| Revolving Credit Facility \| Line of Credit \| Adjusted Term SOFR
Line of Credit Facility [Line Items]
Variable interest rate	1.00%
Credit Agreement \| Subsequent Event \| Revolving Credit Facility \| Line of Credit \| NYFRB Rate
Line of Credit Facility [Line Items]
Variable interest rate	0.50%
Credit Agreement \| Subsequent Event \| Revolving Credit Facility \| Line of Credit \| Alternative Base Rate
Line of Credit Facility [Line Items]
Variable interest rate	1.00%
Credit Agreement \| Subsequent Event \| Term Loan \| Line of Credit
Line of Credit Facility [Line Items]
Secured debt	$ 115,000
Loan period	1 year
Extension option period	6 months
Borrowing capacity under the credit facility	$ 115,000
Loan balance	115,000
Borrowings from revolving credit facility	52,000
Payment for borrowings	$ 27,000
Credit Agreement \| Subsequent Event \| Minimum \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Variable interest rate	2.50%
Credit Agreement \| Subsequent Event \| Maximum \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Variable interest rate	3.50%