Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 6

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 6
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 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.

The General Partner, as of the taxable year ended December 31, 2023, 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.

On February 27, 2025, the Company declared a $0.08 dividend per common share, which was paid on April 10, 2025 to shareholders of record as of the close of business on March 31, 2025.

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 asset sales, as well as with new corporate or property-level indebtedness on or before the applicable maturity dates.

Debt Summary

The following is a breakdown of the Company’s debt between fixed and variable-rate financing as of March 31, 2025:

Balance($000’s)% of Total Weighted AverageInterest RateWeighted AverageMaturity in YearsFixed Rate & Hedged Debt, including Term Loan and Revolving Credit Facility (a)$1,679,673 100.0 %5.05 %2.51Unamortized deferred financing costs (b)(12,465)Total Debt, Net$1,667,208 

(a)Includes debt with interest rate caps outstanding with a notional amount of $591.5 million.

(b)Excludes $4.2 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.

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Debt Maturities

Scheduled principal payments and related weighted average annual effective interest rates for the Company’s debt as of March 31, 2025 are as follows:

PeriodScheduledAmortization($000’s)PrincipalMaturities($000’s)Total($000’s)Weighted Avg.Effective Interest Rate ofFuture Repayments2025$7,125 $— $7,125 3.68 %20267,879 467,904 475,783 4.65