Vivmark Residential

Vivmark Residential is a real estate investment trust (REIT) that owns, develops and manages rental apartments in large metropolitan areas of the United States. It was formed on August 17, 2026, when AvalonBay Communities and Equity Residential completed an all-stock merger of equals. Equity Residential was the legal acquirer and changed its name to Vivmark Residential, and each AvalonBay share became 2.793 Vivmark shares. The shares started to trade under the ticker VMRK on August 18, 2026.

The company owns more than 185,000 apartments and has about $4.4 billion of development underway. It has headquarters in Chicago and Arlington, Virginia. Benjamin Schall is President and CEO.

The market prices Vivmark for slow rent growth and for the risk of a large merger. Same store revenue on a merged basis grew 2.4% in Q3 2026, and the 2026 outlook is 2.0% to 2.4%. Expenses grow faster: the 2026 outlook for same store expense growth is 4.1% to 4.7%, partly because of higher property taxes on AvalonBay's California communities after the merger. The merger closed on August 17, 2026, and the company must now combine two large operating platforms.

In November 2026, management raised its target for net run-rate operating synergies to $135 million from $125 million, to be reached by March 2028, and lowered its estimate of total merger costs to about $725 million. For the gap to close, three things must be true. The company must reach the synergy target and show it in its results. Rent growth must improve in 2027; the blended rate on new and renewed leases was 3.1% in Q3 2026.

The development pipeline of about $4.4 billion must deliver its expected returns. The 2027 guidance in early 2027 is the next test, and it shows the plan for synergies and rent growth. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is weak rent growth if job growth slows.

1. Nov 4, 2026Passed

   Q3 2026 earnings: first combined reportSame store revenue growth near the 2% outlook and integration on plan pass; a cut to the outlook or higher merger costs fail.Outcome: Same store revenue on a merged basis grew 2.4%, the 2026 outlook rose to 2.0% to 2.4%, the synergy target rose to $135 million and the estimate of merger costs fell to about $725 million.
2. Feb 4, 2027 · est.Pending

   2027 guidance: synergies and rent growth2027 guidance with faster same store revenue growth and most of the $135 million of net synergies passes; slower growth or delayed synergies fail.

Every passed and failed checkpoint across all picks

• November 4, 2026Vivmark reported Q3 2026 results, its first quarter as a combined company. Core FFO was $1.03 per share, up 5.1%, and EPS was a loss of $1.27 per share, which includes $0.92 per share of merger costs. On a merged basis, same store revenue rose 2.4%, expenses rose 3.6% and NOI rose 1.7%, and physical occupancy was 95.8%. Vivmark raised its target for net run-rate synergies to $135 million and lowered its estimate of merger costs to about $725 million. It guided to Q4 2026 core FFO of $1.01 to $1.05 per share and 2026 same store revenue growth of 2.0% to 2.4%.
• October 8, 2026Vivmark said that it will report Q3 2026 results after the market closes on November 4, 2026, and hold a conference call on November 5, 2026.
• September 16, 2026The operating partnership increased its commercial paper program to a maximum of $2.5 billion from $1.5 billion.

Last earnings

July 22, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 9, 2026 · vmrk-20260930
• 8-KAcquisition or sale completedFiled November 5, 2026 · vmrk-20261104
• 8-KOther company newsFiled September 17, 2026 · vmrk-20260916
• 8-KInvestor disclosureFiled September 16, 2026 · vmrk-20260915
• 8-KInvestor disclosureFiled September 9, 2026 · vmrk-20260909
• 8-KNew material agreement and New debt or financial obligationFiled August 17, 2026 · Read it on sec.gov
• 8-KAcquisition or sale completed and Change to shareholder rights or bylawsFiled August 17, 2026 · Read it on sec.gov
• 8-KShareholder vote results and Other company newsFiled August 12, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 6, 2026 · Read it on sec.gov
• 8-KEarnings releaseFiled July 22, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 906107)

• The merger combines two large companies with different systems and teams. If the integration is slow or costs more than planned, the $135 million of expected net synergies can come late or be smaller.
• Rent growth is slow: the 2026 outlook for same store revenue growth on a merged basis is 2.0% to 2.4%, and expenses grow faster, at 4.1% to 4.7%. Higher property taxes on AvalonBay's California communities add about $50 million of yearly costs from 2027. Slower job growth or new apartment supply in its markets can reduce rents and occupancy.
• The company has about $4.4 billion of development under construction. Higher construction costs or slow lease-up can lower the returns on these projects.
• Debt matures regularly. At September 30, 2026, $1.83 billion of principal was due in the rest of 2026, including $1.0 billion of commercial paper, and $872 million was due in 2027. Higher interest rates increase the cost to refinance it.

Vivmark funds itself mostly with unsecured notes, mortgages, commercial paper and a term loan. At September 30, 2026, total debt was $17.0 billion at carrying value and $17.56 billion of principal. Read more

Yield at the current rate

4.4% (current annual rate, at today’s price)

Dividend yield

4.3% (last 12 months, at today’s price of $64.63)

Paid per share

$2.802 in the last 12 months (4 payments)

Current annual rate

$2.812 ($0.703 × 4 a year)

Payout ratio

94% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 5, 2026, $0.703 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 2.7% a year. From 2015 to 2025, the dividend grew by about 2.2% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.