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

Quarterly report pursuant to Section 13 or 15(d)

MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS (Tables)

MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Mortgages, Loans Payable and Other Obligations

A summary of the Company’s mortgages, loans payable and other obligations as of March 31, 2024 and December 31, 2023 is as follows (dollars in thousands):


Property/Project Name	Lender		Effective Rate (a)		March 31, 2024		December 31, 2023		Maturity

Signature Place	Nationwide Life Insurance Company		3.74	%	$	43,000	$	43,000	08/01/24
Liberty Towers	American General Life Insurance Company		3.37	%	265,000		265,000		10/01/24
Portside 2 at East Pier (b)	New York Life Insurance Company		4.56	%	96,613		97,000		03/10/26
BLVD 425	New York Life Insurance Company		4.17	%	131,000		131,000		08/10/26
BLVD 401	New York Life Insurance Company		4.29	%	117,000		117,000		08/10/26

Portside at East Pier (c)	KKR	SOFR+	2.75	%	56,500		56,500		09/07/26
The Upton (d)	Bank of New York Mellon	SOFR+	1.58	%	75,000		75,000		10/27/26
145 Front at City Square (e)	US Bank	SOFR+	1.84	%	62,746		63,000		12/10/26
RiverHouse 9 at Port Imperial (f)	JP Morgan	SOFR+	1.41	%	110,000		110,000		06/21/27
Quarry Place at Tuckahoe	Natixis Real Estate Capital LLC		4.48	%	41,000		41,000		08/05/27
BLVD 475 N/S	The Northwestern Mutual Life Insurance Co.		2.91	%	165,000		165,000		11/10/27
Haus25	Freddie Mac		6.04	%	343,061		343,061		09/01/28
RiverHouse 11 at Port Imperial	The Northwestern Mutual Life Insurance Co.		4.52	%	100,000		100,000		01/10/29
Soho Lofts (g)	Flagstar Bank		3.77	%	158,034		158,777		07/01/29
Port Imperial South 4/5 Garage	American General Life & A/G PC		4.85	%	31,511		31,645		12/01/29
The Emery at Overlook Ridge (h)	Flagstar Bank		3.21	%	71,758		72,000		01/01/31

Principal balance outstanding					1,867,223		1,868,983
Unamortized deferred financing costs					(14,074)		(15,086)

Total mortgages, loans payable and other obligations, net					$	1,853,149	$	1,853,897

(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)The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.

(c)On August 10, 2023, the Company refinanced the Freddie Mac fixed rate loan. Additionally, a 3-year cap at a strike rate of 3.5% was placed, expiring in September 2026.

(d)As of March 31, 2024, an interest-rate cap agreement was in place for this mortgage loan with a strike rate of 1.0%, expiring in October 2024.

(e)On September 30, 2023 the Company placed a 9-month SOFR cap at a strike rate of 4.0%. On April 22, 2024, the Company notified the lender of its intention to prepay the outstanding loan amount in full on May 22, 2024.

(f)As of March 31, 2024, an interest-rate cap agreement was in place for this mortgage loan, with a strike rate of 3.0%, expiring in June 2024.

(g)Effective rate reflects the fixed rate period, which ends in July 1, 2024. After that period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.

(h)Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.

Schedule of Indebtedness

Summary of Indebtedness


(dollars in thousands)	March 31, 2024				December 31, 2023
	Balance		Weighted Average Interest Rate		Balance		Weighted Average Interest Rate
Fixed Rate & Hedged Debt (a)	$	1,853,149	4.34	%	$	1,853,897	4.34	%


Totals/Weighted Average:	$	1,853,149	4.34	%	$	1,853,897	4.34	%

(a) As of March 31, 2024 and December 31, 2023, includes debt with interest rate caps outstanding with a notional amount of $304.2 million and $304.5 million, respectively.