Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 54

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.Cash Paid for InterestCash paid for interest for the three months ended March 31, 2025 and 2024 was $19.1 million and $19.5 million, respectively. No interest was capitalized by the Company for the three months ended March 31, 2025 and 2024.Summary of Indebtedness(dollars in thousands)March 31,2025December 31,2024 BalanceWeighted AverageInterest RateBalanceWeighted AverageInterest Rate  Fixed Rate & Hedged Debt, including Term Loan and Revolving Credit Facility (a)$1,667,208 5.05 %$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):$1,667,208 5.05 %$1,672,313 5.05 %(a)      As of March 31, 2025 and December 31, 2024, includes debt with interest rate caps outstanding with a notional amount of $591.5 million.

(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 March 31, 2025 and December 31, 2024, respectively.  

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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