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 (Narrative) (Details)

Revolving Credit Facility And Term Loans (Narrative) (Details)			1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 27, 2021 USD ($)	May 06, 2021 USD ($) property	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($) item	Dec. 31, 2020 USD ($)	Jan. 25, 2017 USD ($)
Line of Credit Facility [Line Items]
Loan balance					$ 2,374,947,000	$ 2,801,797,000
Gain (Loss) from extinguishment of debt, net					(46,735,000)
Outstanding borrowings under the facility					$ 174,000,000	25,000,000
2017 Credit Agreement [Member]
Line of Credit Facility [Line Items]
Terms of dividend restriction					The Company was in compliance with its debt covenants under its revolving credit facility as of September 30, 2021.
2017 Credit Facility [Member]
Line of Credit Facility [Line Items]
Borrowing capacity under the credit facility							$ 600,000,000
Credit facility maturity month and year					January 2021
Number of extension options \| item					2
Credit facility, extension period					6 months
Terms of the unsecured facility					The terms of the 2017 credit facility included: (1) a four year term ending in January 2021, with two six month extension options, subject to the Company not being in default on the facility and with the payment of a fee of 7.5 basis points for each extension; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $600 million, with a sublimit under the 2017 credit facility for the issuance of letters of credit in an amount not to exceed $60 million (subject to increase as discussed below), of which $10.6 million of letters of credit had been issued as of May 6, 2021; (3) an interest rate, based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintained a debt rating from Moody’s or S&P, or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee, payable quarterly based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintained a debt rating from Moody’s or S&P or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio. In January 2021, the Company elected to exercise the first option to extend the 2017 credit facility maturity date for a period of six months. Accordingly, the term of the 2017 credit facility was extended through its termination in May 2021, with the Company’s payment of the 7.5 basis point extension fee.
Loan period					4 years
2017 Credit Agreement, Letter Of Credit [Member]
Line of Credit Facility [Line Items]
Borrowing capacity under the credit facility							$ 60,000,000
Proceeds from Letters of Credit				$ 10,600,000
2017 Credit Facility, Extension One [Member]
Line of Credit Facility [Line Items]
Credit facility, extension period					6 months
Credit facility extension fee, basis points					7.50%
Mortgage loan, maturity month and year					May 2021
Term Loan [Member]
Line of Credit Facility [Line Items]
Loan balance					$ 0	$ 0
2021 Credit Agreement [Member]
Line of Credit Facility [Line Items]
Spread over LIBOR		0.0012%
Appraisal value		$ 800,000,000
Debt service coverage ratio					the minimum debt service coverage ratio (1.10 times until May 6, 2022, 1.20 times from May 7, 2022 through May 6, 2023, and 1.40 times thereafter
Percentage of net cash proceeds of equity issuances						80.00%
2021 Credit Facility [Member]
Line of Credit Facility [Line Items]
Borrowing capacity under the credit facility		$ 250,000,000
Terms of the unsecured facility					The terms of the 2021 Credit Facility included: (1) a three year term ending in May 2024; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $250 million (subject to increase as discussed below), with a sublimit under the 2021 Credit Facility for the issuance of letters of credit in an amount not to exceed $50 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties; and (4) a facility fee payable quarterly equal to 35 basis points if usage of the 2021 Credit Facility is less than or equal to 50%, and 25 basis points if usage of the 2021 Credit Facility is greater than 50%.
Loan period		3 years
Credit facility, Maturity month and year					May 2024
Secured debt		$ 250,000,000
Outstanding borrowings under the facility		145,000,000
2021 Term Loan [Member]
Line of Credit Facility [Line Items]
Loan balance		150,000,000
Borrowing capacity under the credit facility		$ 150,000,000
Terms of the unsecured facility					The terms of the 2021 Term Loan include: (1) an eighteen month term ending in November 2022; (2) a single draw of the term loan commitments up to an aggregate principal amount of $150 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties.
Loan period		18 months
Credit facility, Maturity month and year					November 2022
Secured debt		$ 150,000,000
Debt paid	$ 27,000,000		$ 123,000,000
2021 Credit Agreement, Letter Of Credit [Member]
Line of Credit Facility [Line Items]
Borrowing capacity under the credit facility		$ 50,000,000
2021 Credit Facility, Usage Less Or Equal To Fifty Percent [Member]
Line of Credit Facility [Line Items]
Facility fee basis points		0.35%
2021 Credit Facility, Usage Greater Than Fifty Percent [Member]
Line of Credit Facility [Line Items]
Facility fee basis points		0.25%
Harborside 2/3 And Harborside 5 [Member] \| 2021 Credit Facility [Member]
Line of Credit Facility [Line Items]
Appraisal value		$ 800,000,000
Harborside 2/3 And Harborside 5 [Member] \| 2021 Term Loan [Member]
Line of Credit Facility [Line Items]
Appraisal value		$ 800,000,000
Unsecured Term Loan [Member]
Line of Credit Facility [Line Items]
Loan balance					$ 25,000,000
Unsecured Term Loan [Member] \| Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Outstanding borrowings under the facility					$ 174,000,000
2017 Term Loan [Member] \| 2017 Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility extension fee, basis points					7.50%
Minimum [Member] \| 2021 Credit Agreement [Member]
Line of Credit Facility [Line Items]
Spread over LIBOR		1.25%
Number of collateral pool properties \| property		2
Tangible net worth ratio						80.00%
Maximum [Member] \| 2021 Credit Agreement [Member]
Line of Credit Facility [Line Items]
Spread over LIBOR		2.75%
Maximum collateral pool leverage ratio		40.00%
Total leverage ratio		65.00%
Senior Unsecured Notes [Member]
Line of Credit Facility [Line Items]
Loan balance						$ 575,000,000
Unamortized deferred financing costs						$ 843,000
Adjusted LIBO Rate [Member] \| 2021 Credit Agreement [Member]
Line of Credit Facility [Line Items]
Spread over LIBOR		1.00%
Overnight Bank Funding Rate [Member] \| 2021 Credit Agreement [Member]
Line of Credit Facility [Line Items]
Spread over LIBOR		0.50%