Veris Residential, Inc. (NYSE:VRE) Q1 2024 Earnings Call Transcript

Michael Lewis: Okay. Is there any other debt that you’re going to get at this year, right? Because you don’t have another maturity it looks like until ’26. So, are those kind of the two main pieces or — asset sales, I suppose, right, you sell secured property, those are kind of the two big pieces I assume?

Amanda Lombard: So, those are the two that have maturities this year, that’s correct. But there’s also in July Soho Lofts, which is $158 million mortgage. The rate resets to above market. And so that one we’re going to repay with the facility/cash on hand. And then, there’s one other loan 145 Front Street, which will repay and add to the pool in May.

Mahbod Nia: The way I would think about it is between loans maturing, the Soho Lofts loan which has a rate reset, and one other in Front Street that we would like to just consolidate into this financing, because it’s effectively cost neutral and clean things up, that’s $528 million of debt that we’ll be repaying with a combination of the facilities and proceeds from asset sales. And the net effect of that is you go from $528 million of debt to around $360 million of drawn balance under the term loan and RCF.

Michael Lewis: Perfect. Thank you very much.

Operator: Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back to management for closing remarks.

Mahbod Nia: Thank you, everyone. We’re pleased to report another extremely positive quarter and look forward to updating you again next quarter.

Operator: Thank you. This does conclude today’s teleconference. We appreciate your participation. You may disconnect at this time. Enjoy the rest of your day.