Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 98

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 98
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million used in financing activities, consisting primarily of the following:

(a)$95.0 million used for repayments of the revolving credit facility;

(b)$16.6 million used for payment of common dividends and distributions;

(c)$4.9 million used for repayments of mortgages, loans payable and other obligations;

(d)$4.3 million used for payment for taxes related to the net share settlement of stock compensation awards; and

(e)$70.0 million received from the borrowings from the revolving credit facility.

To maintain its qualification as a REIT under the IRS Code, the General Partner must make annual distributions to its stockholders of at least 90 percent of its REIT taxable income, determined without regard to the dividends paid deduction and by excluding net capital gains. However, any such distributions, whether for federal income tax purposes or otherwise, would be paid out of available cash, including borrowings and other sources, after meeting operating requirements, preferred stock dividends and distributions, and scheduled debt service on the Company’s debt. If and to the extent the Company retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes on such net capital gains at the rate applicable to capital gains of a corporation. 

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The Board of Directors considers a variety of factors when setting the Company's dividends including the Company’s earnings, income tax projections, cash flows, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, applicable REIT and legal restrictions, economic conditions and other factors.

Dividends declared (on a per share basis) for the six months ended June 30, 2025 were as follows:

Date of DeclarationDate of RecordDate of PaymentDividend DeclaredFebruary 27, 2025March 31, 2025April 10, 2025$0.0800May 28, 2025June 30, 2025July 10, 2025$0.0800

The General Partner, as of the taxable year ended December 31, 2024, the most recent year for which tax returns have been filed, has net operating losses of $240.0 million and $37.4 million of capital loss carryovers.

Debt Financing

Debt Strategy

The Company has historically utilized a combination of corporate and property-level indebtedness. The Company will seek to refinance or retire its debt obligations at maturity with available proceeds received from the Company’s planned non-strategic