Vivmark Residential Posts First Quarter as Combined Company; Core FFO $1.03
Vivmark Residential, the company formed when Equity Residential and AvalonBay completed their merger of equals on Aug. 17, 2026, reported third-quarter results and introduced fourth-quarter and full-year 2026 guidance, according to an 8-K and earnings release dated Nov. 4 and filed Thursday. Core FFO was $1.03 per share for the quarter, up 5.1% from $0.98 a year earlier. GAAP EPS was a loss of $1.27 per share versus earnings of $0.96 a year earlier, and FFO was $0.08 per share versus $1.08, with $0.92 per share of merger-related costs in EPS and FFO that are excluded from Core FFO.
President and CEO Benjamin W. Schall said the first quarter as Vivmark delivered operating results ahead of plan and that the company is increasing expectations for synergies and upfront value creation. Expected annual net run-rate operating synergies were raised by $10 million to $135 million. The Merged Same Store Portfolio of 157,377 apartment homes showed physical occupancy of 95.8%, revenue up 2.4%, expenses up 3.6% and NOI up 1.7% versus the year-earlier quarter.
Because the merger is a reverse acquisition with AvalonBay as accounting acquirer, pre-merger comparatives are AvalonBay alone, and third-quarter results blend AvalonBay before the merger date with the combined company after it. Vivmark guided fourth-quarter 2026 Core FFO to a midpoint of $1.03 per share and full-year 2026 Merged Same Store NOI change to a midpoint of 1.1%. The company cited more than 185,000 apartment homes and $4.4 billion of development underway.
Why it matters
The EQR–AVB combination created a new S&P 500 multifamily landlord with a single ticker, VMRK. The first post-close print is the baseline for whether synergy raises, same-store NOI and development lease-up support the merger thesis.
By the numbers
- Q3 Core FFO: $1.03 per share (+5.1%)
- Q3 GAAP EPS: $(1.27)
- Merger-related costs in EPS/FFO: $0.92 per share
- Synergy target: $135 million annual net run-rate (+$10 million)
- Merged same-store homes: 157,377
- Q3 merged same-store NOI: +1.7%
- Q4 Core FFO midpoint guide: $1.03
Sources
- Vivmark Residential Form 8-K with Exhibit 99.1 third-quarter 2026 results, filed Nov. 5, 2026 (accession 0001193125-26-448699)
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