Mortgages, Loans Payable And Other Obligations |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Debt Disclosure [Line Items] | |
| Mortgages, Loans Payable And Other Obligations | 10. 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, land and development projects. As of December 31, 2021, 22 of the Company’s properties, with a total carrying value of approximately $3.4 billion and one of the Company’s land and development projects, with a total carrying value of approximately $463 million, are encumbered by the Company’s mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2021 and 2020 is as follows (dollars in thousands): Effective December 31, December 31, Property/Project NameLender Rate (a) 2021 2020 Maturity RXR - Short Hills (b)Wells Fargo CMBS 4.15% $ - $ 124,500 Port Imperial South 4/5 RetailAmerican General Life & A/G PC 4.56% - 3,866 Riverhouse 9 at Port Imperial (c)Bank of New York Mellon LIBOR+2.13% 87,175 46,357 12/19/22 Port Imperial 4/5 Hotel (d)Fifth Third Bank LIBOR+3.40% 89,000 94,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57% 58,998 58,998 08/01/23 Signature PlaceNationwide Life Insurance Company 3.74% 43,000 43,000 08/01/24 Liberty Towers (e)American General Life Insurance Company 3.37% 265,000 265,000 10/01/24 Haus 25 (f)QuadReal Finance LIBOR+2.70% 255,453 161,544 12/01/24 Portside 5/6 (g)New York Life Insurance Company 4.56% 97,000 97,000 03/10/26 BLVD 425New York Life Insurance Company 4.17% 131,000 131,000 08/10/26 BLVD 401New York Life Insurance Company 4.29% 117,000 117,000 08/10/26 101 HudsonWells Fargo CMBS 3.20% 250,000 250,000 10/11/26 The Upton (h)Bank of New York Mellon LIBOR+1.58% 75,000 42,459 10/27/26 145 Front at City SquareMUFG Union Bank LIBOR+1.84% 63,000 63,000 12/10/26 Quarry Place at TuckahoeNatixis Real Estate Capital LLC 4.48% 41,000 41,000 08/05/27 BLVD 475 N/S (i)The Northwestern Mutual Life Insurance Co. 2.91% 165,000 165,000 11/10/27 Riverhouse 11 at Port ImperialThe Northwestern Mutual Life Insurance Co. 4.52% 100,000 100,000 01/10/29 Soho Lofts (j)New York Community Bank 3.77% 160,000 160,000 07/01/29 111 River St. (k)Athene Annuity and Life Company 3.90% 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (l)American General Life & A/G PC 4.85% 32,664 33,138 12/01/29 Emery at Overlook Ridge (m)New York Community Bank 3.21% 72,000 72,000 01/01/31 Principal balance outstanding 2,252,290 2,218,862 Unamortized deferred financing costs (11,220) (14,718) Total mortgages, loans payable and other obligations, net $ 2,241,070 $ 2,204,144 (a)Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.(b)Properties which were collateral for this mortgage loan were disposed of on April 20, 2021. This mortgage loan does not permit early pre-payment. In April 2021, as a result of the disposal of the properties, the Company paid costs of approximately $22.6 million at closing to defease this loan, which was expensed as loss from extinguishment of debt in the second quarter 2021. See Note 3-Recent Transactions. (c) This construction loan has a maximum borrowing capacity of $92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(d)In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $14.5 million of the outstanding principal, subject to certain conditions. The loan requires a one month trailing debt service coverage charge test (“DSCR Test”), which the Company expects to not be in compliance with for the quarter ended December 31, 2021. If the Company is not in compliance with the DSCR Test, the Company will either be required to make a partial principal repayment or to deposit three months of interest into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. The Company does not believe this will have a material impact on its results of operations or financial condition.(e)In January 2020, the Company increased the size of the loan on Liberty Towers to $265 million, generating $33 million of additional proceeds. (f)This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points.(g) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(h) This construction loan had a maximum borrowing capacity of $64 million and provided, subject to certain conditions, an 18 month extension option with a fee of 30 basis points, of which the Company had guaranteed 15 percent of the outstanding principal, subject to certain conditions. On October 27, 2021, the Company obtained a new $75 million mortgage loan from a different lender maturing in October 2026 and repaid the existing loan. The Company entered into an interest-rate cap agreement for the new mortgage. (i) In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027. (j)Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually.(k)In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. (l)The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of December 31, 2021, deferred interest of $0.8 million has been added to the principal balance.(m)In December 2020, the Company obtained a new $72 million mortgage loan that matures on January 1, 2031 and received net loan proceeds of $10.4 million after repaying its construction loan. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s revolving credit facility (see Note 9) and mortgages, loans payable and other obligations (See Note 10) as of December 31, 2021 are as follows (dollars in thousands): Scheduled Principal Period Amortization Maturities Total2022$ 550 $ 87,175 $ 87,7252023 2,047 147,998 150,0452024 3,403 711,453 714,8562025 3,300 - 3,3002026 3,407 733,000 736,407Thereafter 9,415 698,542 707,957Sub-total 22,122 2,378,168 2,400,290Unamortized deferred financing costs (11,220) - (11,220) Totals$ 10,902 $ 2,378,168 $ 2,389,070 CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the years ended December 31, 2021, 2020 and 2019 was $85.2 million, $103.5 million and $108.3 million, (of which $1.7 million, $5.1 million and $5.1 million pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the years ended December 31, 2021, 2020 and 2019 was $30.5 million, $26.4 million and $19.3 million, respectively (which amounts included $0.3 million, $1.4 million and $1.3 million for the years ended December 31, 2021, 2020 and 2019, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS December 31, December 31, (dollars in thousands) 2021 2020 Weighted Average Weighted Average BalanceInterest Rate (a) BalanceInterest Rate (a) Fixed Rate Debt$ 1,675,353 3.71 % $ 2,374,378 3.83 %Revolving Credit Facility & Other Variable Rate Debt 713,717 3.32 % 427,419 3.38 % Totals/Weighted Average:$ 2,389,070 3.60% $ 2,801,797 3.60% |
| VERIS RESIDENTIAL, L.P. [Member] | |
| Debt Disclosure [Line Items] | |
| Mortgages, Loans Payable And Other Obligations | 10. 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, land and development projects. As of December 31, 2021, 22 of the Company’s properties, with a total carrying value of approximately $3.4 billion and one of the Company’s land and development projects, with a total carrying value of approximately $463 million, are encumbered by the Company’s mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2021 and 2020 is as follows (dollars in thousands): Effective December 31, December 31, Property/Project NameLender Rate (a) 2021 2020 Maturity RXR - Short Hills (b)Wells Fargo CMBS 4.15% $ - $ 124,500 Port Imperial South 4/5 RetailAmerican General Life & A/G PC 4.56% - 3,866 Riverhouse 9 at Port Imperial (c)Bank of New York Mellon LIBOR+2.13% 87,175 46,357 12/19/22 Port Imperial 4/5 Hotel (d)Fifth Third Bank LIBOR+3.40% 89,000 94,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57% 58,998 58,998 08/01/23 Signature PlaceNationwide Life Insurance Company 3.74% 43,000 43,000 08/01/24 Liberty Towers (e)American General Life Insurance Company 3.37% 265,000 265,000 10/01/24 Haus 25 (f)QuadReal Finance LIBOR+2.70% 255,453 161,544 12/01/24 Portside 5/6 (g)New York Life Insurance Company 4.56% 97,000 97,000 03/10/26 BLVD 425New York Life Insurance Company 4.17% 131,000 131,000 08/10/26 BLVD 401New York Life Insurance Company 4.29% 117,000 117,000 08/10/26 101 HudsonWells Fargo CMBS 3.20% 250,000 250,000 10/11/26 The Upton (h)Bank of New York Mellon LIBOR+1.58% 75,000 42,459 10/27/26 145 Front at City SquareMUFG Union Bank LIBOR+1.84% 63,000 63,000 12/10/26 Quarry Place at TuckahoeNatixis Real Estate Capital LLC 4.48% 41,000 41,000 08/05/27 BLVD 475 N/S (i)The Northwestern Mutual Life Insurance Co. 2.91% 165,000 165,000 11/10/27 Riverhouse 11 at Port ImperialThe Northwestern Mutual Life Insurance Co. 4.52% 100,000 100,000 01/10/29 Soho Lofts (j)New York Community Bank 3.77% 160,000 160,000 07/01/29 111 River St. (k)Athene Annuity and Life Company 3.90% 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (l)American General Life & A/G PC 4.85% 32,664 33,138 12/01/29 Emery at Overlook Ridge (m)New York Community Bank 3.21% 72,000 72,000 01/01/31 Principal balance outstanding 2,252,290 2,218,862 Unamortized deferred financing costs (11,220) (14,718) Total mortgages, loans payable and other obligations, net $ 2,241,070 $ 2,204,144 (a)Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.(b)Properties which were collateral for this mortgage loan were disposed of on April 20, 2021. This mortgage loan does not permit early pre-payment. In April 2021, as a result of the disposal of the properties, the Company paid costs of approximately $22.6 million at closing to defease this loan, which was expensed as loss from extinguishment of debt in the second quarter 2021. See Note 3-Recent Transactions. (c) This construction loan has a maximum borrowing capacity of $92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(d)In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $14.5 million of the outstanding principal, subject to certain conditions. The loan requires a one month trailing debt service coverage charge test (“DSCR Test”), which the Company expects to not be in compliance with for the quarter ended December 31, 2021. If the Company is not in compliance with the DSCR Test, the Company will either be required to make a partial principal repayment or to deposit three months of interest into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. The Company does not believe this will have a material impact on its results of operations or financial condition.(e)In January 2020, the Company increased the size of the loan on Liberty Towers to $265 million, generating $33 million of additional proceeds. (f)This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points.(g) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(h) This construction loan had a maximum borrowing capacity of $64 million and provided, subject to certain conditions, an 18 month extension option with a fee of 30 basis points, of which the Company had guaranteed 15 percent of the outstanding principal, subject to certain conditions. On October 27, 2021, the Company obtained a new $75 million mortgage loan from a different lender maturing in October 2026 and repaid the existing loan. The Company entered into an interest-rate cap agreement for the new mortgage. (i) In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027. (j)Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually.(k)In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. (l)The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of December 31, 2021, deferred interest of $0.8 million has been added to the principal balance.(m)In December 2020, the Company obtained a new $72 million mortgage loan that matures on January 1, 2031 and received net loan proceeds of $10.4 million after repaying its construction loan. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s revolving credit facility (see Note 9) and mortgages, loans payable and other obligations (See Note 10) as of December 31, 2021 are as follows (dollars in thousands): Scheduled Principal Period Amortization Maturities Total2022$ 550 $ 87,175 $ 87,7252023 2,047 147,998 150,0452024 3,403 711,453 714,8562025 3,300 - 3,3002026 3,407 733,000 736,407Thereafter 9,415 698,542 707,957Sub-total 22,122 2,378,168 2,400,290Unamortized deferred financing costs (11,220) - (11,220) Totals$ 10,902 $ 2,378,168 $ 2,389,070 CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the years ended December 31, 2021, 2020 and 2019 was $85.2 million, $103.5 million and $108.3 million, (of which $1.7 million, $5.1 million and $5.1 million pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the years ended December 31, 2021, 2020 and 2019 was $30.5 million, $26.4 million and $19.3 million, respectively (which amounts included $0.3 million, $1.4 million and $1.3 million for the years ended December 31, 2021, 2020 and 2019, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS December 31, December 31, (dollars in thousands) 2021 2020 Weighted Average Weighted Average BalanceInterest Rate (a) BalanceInterest Rate (a) Fixed Rate Debt$ 1,675,353 3.71 % $ 2,374,378 3.83 %Revolving Credit Facility & Other Variable Rate Debt 713,717 3.32 % 427,419 3.38 % Totals/Weighted Average:$ 2,389,070 3.60% $ 2,801,797 3.60% |