Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 5

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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 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;

(d)$1.1 million used for the development of rental property and other related costs.

(3)$18.8 million used in financing activities, consisting primarily of the following:

(a)$24.0 million used for repayments of the revolving credit facility;

(b)$8.3 million used for payment of common dividends and distributions;

(c)$3.9 million used for payment for taxes related to the net share settlement of stock compensation awards;

(d)$2.3 million used for repayments of mortgages, loans payable and other obligations;

(e)$20.0 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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Table of Contents`

The Board of Directors considers a variety of factors when setting the Company's