Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 74

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 74
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 and the Company recorded a gain on the sale for its interest of approximately $7.1 million during the three months ended March 31, 2024.

Discontinued operations. The Company recognized income from discontinued operations of $0.1 million and $0.3 million in 2025 and 2024, respectively. In 2024, the Company recognized realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, 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