Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 156

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 156
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(b)$79.1 million received from proceeds of rental properties included in discontinued operations;

(c)$12.4 million received from distributions in excess of cumulative earnings from unconsolidated joint ventures;

(d)$6.1 million received from proceeds from the sale of investments in unconsolidated joint ventures;

(e)$18.4 million used for additions to rental property and improvements and other costs; and

(f)$6.1 million used for the development of rental property and other related costs.

(3)$244.6 million used in financing activities, consisting primarily of the following:

(a)$535.0 million used for repayments of mortgages, loans payable and other obligations;

(b)$24.1 million used for payments of common dividends and distributions;

(c)$22.0 million used for repayments of revolving credit facility;

(d)$17.3 million used for payments of financing and derivative premium costs;

(e)$15.7 million used for the redemption of redeemable noncontrolling interests;

(f)$4.0 million used for other financing actives;

(g)$2.1 million used for distributions to noncontrolling interests;

(h)$0.5 million used for distributions to redeemable noncontrolling interests;

(i)$200.0 million received from borrowings from the term loan;

(j)$174.0 million received from borrowings from the revolving credit facility; and

(k)$1.8 million received from share issuance proceeds, net.

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. 

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

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factors.

The General Partner