Veris Residential, Inc. (VRE), a Northeast-focused multifamily REIT, has amended its $500 million credit facility, originally established in April 2024, to support its ongoing efforts to reduce leverage and execute its 2025 corporate strategy.
The updated structure aligns with the company's long-term balance sheet objectives, including lowering its Net Debt to EBITDA ratio to under 10.0x by the end of 2025 and below 9.0x by the end of 2026 through the sale of non-strategic assets.
The amended facility includes a $300 million Revolving Credit Facility and a $200 million delayed-draw Term Loan. It introduces a leverage-based pricing grid for the Revolver, with interest rate spreads ranging from 1.25% to 1.80% over SOFR, and reduces the number of required secured properties from five to two. The maturity remains April 2027, with a one-year extension option on the Revolver.
CEO Mahbod Nia highlighted that the amendment secures an initial 55-basis-point reduction in borrowing costs and enhances financial flexibility, enabling continued progress on the company's $500 million asset divestiture plan and broader optimization strategy.
In tandem with the amendment, Veris Residential completed the $85 million sale of Signature Place, applying $80 million of the proceeds to reduce the Term Loan to $120 million.
Thursday, VRE closed at $14.77, up 1.23%, and is trading flat after hours on the NYSE.
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