Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 56

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 56
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)—(13,653)Totals$15,426$1,656,887$1,672,313(a)     Excludes $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 December 31, 2024.CASH PAID FOR INTEREST AND INTEREST CAPITALIZEDCash paid for interest for the years ended December 31, 2024, 2023 and 2022 was $78.5 million, $81.6 million and $80.3 million, (of which zero, $1.4 million and $13.3 million pertained to properties classified as discontinued operations), respectively. No interest was capitalized by the Company for the years ended December 31, 2024 and 2023, and $12.2 million was capitalized for the year ended December 31, 2022.SUMMARY OF INDEBTEDNESS(dollars in thousands)December 31,2024December 31,2023BalanceWeighted AverageInterest RateBalanceWeighted AverageInterest RateFixed Rate & Hedged Debt, including Term Loan and Revolving Credit Facility (a)$1,670,313 5.05 %$1,853,897 4.34 %Unhedged portion of Revolving Credit Facility2,000 7.08 %— — %Totals/Weighted Average, net of unamortized deferred financing costs (b):$1,672,313 5.05 %$1,853,897 4.34 %(a)    As of December 31, 2024 and 2023, includes debt with interest rate caps outstanding with a notional amount of $591.5 million and $304.5 million, respectively.

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(b)    Excludes $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 December 31, 2024.

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