Veris Residential Completes Liquidity Enhancing Transactions
Veris Residential (NYSE: VRE), a Northeast-focused multifamily REIT, has announced two significant transactions to enhance its liquidity position. The company has amended its $500 million credit facility, which now includes a $300 million Revolving Credit Facility and a $200 million delayed-draw Term Loan.
The amended facility introduces a leverage-based pricing grid with spreads of 1.25% to 1.80% over SOFR and reduces required secured properties from five to two. Additionally, VRE completed the $85 million sale of Signature Place, using $80 million of the proceeds to reduce its Term Loan to $120 million.
These transactions support VRE's 2025 corporate plan to reduce leverage, with targets to lower Net Debt to EBITDA to below 10.0x by year-end 2025 and below 9.0x by year-end 2026.
Veris Residential (NYSE: VRE), un REIT multifamiliare focalizzato nel Nord-Est, ha annunciato due operazioni significative per migliorare la propria liquidità. La società ha modificato la sua linea di credito da 500 milioni di dollari, che ora comprende una linea di credito revolving da 300 milioni di dollari e un prestito a termine con prelievo differito da 200 milioni di dollari.
La linea di credito modificata introduce una griglia di prezzi basata sulla leva finanziaria con spread compresi tra 1,25% e 1,80% sopra il SOFR e riduce il numero di proprietà garantite richieste da cinque a due. Inoltre, VRE ha completato la vendita da 85 milioni di dollari di Signature Place, utilizzando 80 milioni di dollari dei proventi per ridurre il prestito a termine a 120 milioni di dollari.
Queste operazioni supportano il piano aziendale di VRE per il 2025 volto a ridurre la leva finanziaria, con l'obiettivo di abbassare il rapporto Debito Netto su EBITDA a meno di 10,0x entro la fine del 2025 e a meno di 9,0x entro la fine del 2026.
Veris Residential (NYSE: VRE), un REIT multifamiliar enfocado en el noreste, ha anunciado dos transacciones importantes para mejorar su posición de liquidez. La compañía ha modificado su facilidad de crédito de 500 millones de dólares, que ahora incluye una facilidad de crédito revolvente de 300 millones de dólares y un préstamo a plazo con desembolso diferido de 200 millones de dólares.
La facilidad modificada introduce una escala de precios basada en el apalancamiento con márgenes que van del 1,25% al 1,80% sobre SOFR y reduce las propiedades aseguradas requeridas de cinco a dos. Además, VRE completó la venta de Signature Place por 85 millones de dólares, utilizando 80 millones de dólares de los ingresos para reducir su préstamo a plazo a 120 millones de dólares.
Estas transacciones respaldan el plan corporativo de VRE para 2025 de reducir el apalancamiento, con objetivos de disminuir la Deuda Neta a EBITDA a menos de 10,0x para finales de 2025 y menos de 9,0x para finales de 2026.
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수정� 시설은 레버리지 기반 가� 책정 그리드를 도입하여 SOFR 대� 1.25%에서 1.80%� 스프레드� 적용하며, 담보� 요구되는 부동산 수를 다섯 곳에� � 곳으� 줄였습니�. 또한 VRE� Signature Place 매각으로 8,500� 달러� 완료했으�, � � 8,000� 달러� 사용� 기한부 대출을 1� 2,000� 달러� 줄였습니�.
� 거래들은 VRE� 2025� 기업 계획� 레버리지 축소� 지원하�, 2025� 말까지 순부� 대� EBITDA 비율� 10.0� 미만으로, 2026� 말까지� 9.0� 미만으로 낮추� 목표� 가지� 있습니다.
Veris Residential (NYSE : VRE), un REIT multifamilial axé sur le Nord-Est, a annoncé deux transactions importantes pour renforcer sa position de liquidité. La société a modifié sa facilité de crédit de 500 millions de dollars, qui comprend désormais une facilité de crédit renouvelable de 300 millions de dollars et un prêt à terme à tirage différé de 200 millions de dollars.
La facilité modifiée introduit une grille tarifaire basée sur le levier avec des écarts de 1,25 % à 1,80 % au-dessus du SOFR et réduit le nombre de propriétés garanties requises de cinq à deux. De plus, VRE a finalisé la vente de Signature Place pour 85 millions de dollars, utilisant 80 millions de dollars des produits pour réduire son prêt à terme à 120 millions de dollars.
Ces transactions soutiennent le plan d'entreprise de VRE pour 2025 visant à réduire l'endettement, avec des objectifs de faire passer la dette nette sur EBITDA à moins de 10,0x d'ici la fin 2025 et moins de 9,0x d'ici la fin 2026.
Veris Residential (NYSE: VRE), ein auf den Nordosten fokussierter multifamiliärer REIT, hat zwei bedeutende Transaktionen angekündigt, um seine Liquiditätsposition zu verbessern. Das Unternehmen hat seine 500-ѾDzԱ-ٴDZ-徱ٴڲä geändert, die nun eine 300-Millionen-Dollar revolvierende Kreditfazilität und einen 200-Millionen-Dollar verzögerten Terminkredit umfasst.
Die geänderte Fazilität führt ein auf Hebel basierendes Preisschema mit Spreads von 1,25 % bis 1,80 % über SOFR ein und reduziert die erforderlichen besicherten Immobilien von fünf auf zwei. Außerdem hat VRE den 85-Millionen-Dollar-Verkauf von Signature Place abgeschlossen und 80 Millionen Dollar des Erlöses verwendet, um seinen Terminkredit auf 120 Millionen Dollar zu reduzieren.
Diese Transaktionen unterstützen den Unternehmensplan von VRE für 2025 zur Reduzierung der Verschuldung, mit dem Ziel, das Verhältnis Nettoverschuldung zu EBITDA bis Ende 2025 auf unter 10,0x und bis Ende 2026 auf unter 9,0x zu senken.
- Secured 55 basis points improvement in corporate borrowing costs
- Reduced Term Loan by $80 million through asset sale
- Decreased required secured properties in collateral pool from 5 to 2
- Extended credit facility maturity to April 2027 with one-year extension option
- On track for up to $500 million in non-strategic asset sales
- Current high leverage with Net Debt to EBITDA requiring reduction below 10.0x
- Dependence on asset sales for deleveraging strategy
Insights
Veris strengthens balance sheet through credit facility amendment and $85M asset sale, reducing debt and borrowing costs while advancing deleveraging strategy.
Veris Residential has made significant progress in its deleveraging strategy with two key transactions. First, the company amended its
Simultaneously, Veris completed the
These moves directly support Veris' ambitious leverage reduction targets, aiming to decrease Net Debt to EBITDA from current levels to below 10.0x by year-end 2025 and below 9.0x by year-end 2026. The enhanced credit facility maintains its April 2027 maturity date with a one-year extension option on the Revolving Credit Facility.
For a Class A multifamily REIT, reducing leverage while maintaining operational flexibility is crucial. The transaction demonstrates management's commitment to balance sheet optimization and creates a more favorable financing structure. The substantial
Enters into Amended Credit Facility
Completes Sale of Signature Place Resulting in
The Amended Facility package � comprising a
"We are pleased to enter into this Amended Facility, which secures an initial improvement of 55 basis points in our corporate borrowing costs with potential to realize further savings that reflect our strengthening balance sheet," said Mahbod Nia, Chief Executive Officer of Veris Residential. "With an improved cost of capital and increased financial flexibility, we are well-positioned to continue executing our corporate plan to complete up to
Concurrently with the completion of the Amended Facility, Veris Residential completed the
JPMorgan Chase Bank, N.A. and The Bank of New York Mellon served as the Joint Lead Arrangers and Joint Bookrunners on the credit facility, with JPMorgan Chase Bank, N.A. acting as the Administrative Agent and The Bank of New York Mellon acting as the Syndication Agent. Bank of America, N.A., Capital One, National Association, Goldman Sachs Bank
About Veris Residential, Inc.
Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.
For additional information on Veris Residential, Inc. and our properties available for lease, please visit .
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