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
	Jun. 28, 2024 USD ($)	Apr. 22, 2024 USD ($) lender extension draw property	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jul. 24, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 25, 2023 USD ($) lender
Line of Credit Facility [Line Items]
Loan balance			$ 1,700,000			$ 1,900,000
Borrowings from term loans			55,000	$ 0
Interest Rate Caps
Line of Credit Facility [Line Items]
Notional value	$ 110,000
Revolving Credit Facility \| Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Number of lenders \| lender		8					2
Secured debt		$ 300,000					$ 60,000
Loan period		3 years
Number of extensions \| extension		1
Extension option period		12 months
Number of properties with first priority lien \| property		5
Appraisal value		$ 900,000	200,000
Loan balance			0
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Debt Covenant Period One
Line of Credit Facility [Line Items]
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%
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Debt Covenant Period Two
Line of Credit Facility [Line Items]
Total leverage ratio		60.00%
Debt service coverage ratio		150.00%
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%
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Alternative Base Rate
Line of Credit Facility [Line Items]
Interest rate, variable (as a percent)		1.00%
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| NYFRB Rate
Line of Credit Facility [Line Items]
Interest rate, variable (as a percent)		0.50%
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Adjusted Term SOFR
Line of Credit Facility [Line Items]
Interest rate, variable (as a percent)		1.00%
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Adjusted Term SOFR Subject to Floor
Line of Credit Facility [Line Items]
Interest rate, variable (as a percent)		0.00%
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Term SOFR
Line of Credit Facility [Line Items]
Interest rate, variable (as a percent)		0.10%
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Adjusted Daily Effective SOFR
Line of Credit Facility [Line Items]
Interest rate, variable (as a percent)		0.00%
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Interest rate, variable (as a percent)		0.10%
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Facility fee basis points		0.25%
Interest rate, variable (as a percent)		1.00%
Revolving Credit Facility \| Credit Agreement \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Facility fee basis points		0.35%
Interest rate, variable (as a percent)		2.00%
Term Loan \| Interest Rate Caps \| Subsequent Event
Line of Credit Facility [Line Items]
Notional value					$ 55,000
Term Loan \| Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Secured debt		$ 200,000					$ 115,000
Loan period		3 years
Number of extensions \| extension		1
Extension option period		12 months
Facility fee basis points		0.35%
Number of draws \| draw		3
Loan balance		$ 200,000	$ 55,000
Borrowings from term loans	$ 55,000
Effective rate (as a percent)			6.12%