Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 120

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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, net, of $1.5 million, on these properties. See Note 7: Discontinued Operations to the Financial Statements.

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Table of Contents`

LIQUIDITY AND CAPITAL RESOURCES

Liquidity

Overview

Liquidity is a measurement of the Company's ability to meet cash requirements, including ongoing commitments to repay borrowings, pay dividends, fund acquisitions of real estate assets and other general business needs. In addition to cash on hand, the primary sources of funds for short-term and long-term liquidity requirements, including working capital, distributions, debt service and additional investments, consist of: (i) borrowings under the revolving credit facility; (ii) proceeds from sales of real estate; and (iv) cash flow from operations. The Company believes these sources of financing will be sufficient to meet our short-term and long-term liquidity requirements.

The Company's cash flow from operations primarily consists of rental revenue which is the principal source of funds that is used to pay operating expenses, debt service, general and administrative expenses, operating capital expenditures, dividends, and transaction-related expenses. The Company expects to meet its short-term liquidity requirements generally through its working capital, which may include proceeds from the sales of rental properties and land, net cash provided by operating activities and draws from its revolving credit facility. 

Cash Flows

Cash, cash equivalents and restricted cash decreased by $2.2 million to $22.1 million at March 31, 2025, compared to $24.3 million at December 31, 2024. This decrease is comprised of the following net cash flow items:

(1)$13.2 million provided by operating activities.

(2)$3.4 million provided by investing activities, consisting primarily of the following:

(a)$7.1 million received from proceeds from the sales of developable land;

(b)$3.2 million received from distributions in excess of cumulative earnings from unconsolidated joint ventures;

(c)$5.8 million used for  additions to rental property, improvements and other costs;

(d)$1.1 million used for the development of rental property and other related costs.

(3)$18.8 million used in financing activities, consisting primarily of the following:

(a)$24.0 million used for repayments of the revolving credit facility;

(b)$8.3 million used for payment of common dividends and distributions;

(c)$3.9 million used for payment for taxes related to the net share settlement of stock compensation awards;

(d)$2.3