Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 69

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 Credit Facility (a)$1,433,537 4.77 %$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):$1,433,537 4.77 %$1,672,313 5.05 %

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(a)     As of September 30, 2025 and December 31, 2024, includes debt with interest rate caps outstanding with a notional amount of $330.0 million and $591.5 million, respectively. 

(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 September 30, 2025 and December 31, 2024, respectively.  

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 assets of the 401(k) Plan are held in trust and a separate account is established for each participant. Total expense recognized by the Company for the 401(k) Plan for the three months ended September 30, 2025 and 2024 was $0.2 million and $0.1 million, respectively, and $0.6 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively.

11.    DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES

The following disclosure