Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 100

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 100
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 three months prior to the Rate Change Date plus 3.00% annually.Cash Paid for InterestCash paid for interest for the three months ended March 31, 2025 and 2024 was $19.1 million and $19.5 million, respectively. No interest was capitalized by the Company for the three months ended March 31, 2025 and 2024.Summary of Indebtedness(dollars in thousands)March 31,2025December 31,2024 BalanceWeighted AverageInterest RateBalanceWeighted AverageInterest Rate  Fixed Rate & Hedged Debt, including Term Loan and Revolving Credit Facility (a)$1,667,208 5.05 %$1,670,313 5.05 %Unhedged portion of Revolving Credit Facility— — %2,000 7.08 %Totals/Weighted Average, net of unamortized deferred financing costs (b):$1,667,208 5.05 %$1,672,313 5.05 %(a)      As of March 31, 2025 and December 31, 2024, includes debt with interest rate caps outstanding with a notional amount of $591.5 million.

(b)    Excludes $4.2 million and $4.7 million of unamortized deferred financing costs recorded in Deferred charges and other assets, net, pertaining to the Company's Revolving Credit Facility as of March 31, 2025 and December 31, 2024, respectively.  

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10.    EMPLOYEE BENEFIT 401(k) PLANS

Employees of the General Partner, who meet certain minimum age and service requirements, are eligible to participate in the Veris Residential, Inc. 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax and post-tax contributions, as well as any matching or profit sharing contributions made on their behalf by the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The