$VMRK · VIVMARK RESIDENTIAL
Vivmark Residential (formerly Equity Residential) filed its Q3 FY2026 10-Q, the first full quarter following the August 17, 2026 merger with AvalonBay. Revenue rose 55.9% YoY to $1.195B, but the company reported a net loss of $735.1M (GAAP EPS of $(1.27)), driven by $464.3M in transaction costs and $79.7M in merger-related compensation. The merger was accounted for as a reverse acquisition, with AvalonBay as the accounting acquirer and former AvalonBay stockholders holding ~51% of the combined company.
- Revenue rose 55.9% YoY to $1.195B in Q3 FY2026.
- Net loss of $735.1M, or $(1.27) per share, versus $381.3M net income a year ago.
- Transaction costs totaled $464.3M, plus $79.7M in merger-related compensation.
- Total real estate, net, more than doubled to $53.2B from $20.8B at year-end 2025.
- Pro forma Q3 net loss was $139.3M versus $406.0M in the prior-year period.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
The first full quarter after the AvalonBay–Equity Residential merger shows the scale of integration costs, with a $735.1M net loss despite 55.9% revenue growth.
The AvalonBay–Equity Residential combination creates one of the largest apartment REITs, with 636 communities and 185,212 apartment units, reshaping the multifamily REIT landscape.
Merger integration risk is elevated: the reverse-acquisition accounting means historical results reflect AvalonBay only, and $464.3M in transaction costs plus $79.7M in merger compensation weigh on near-term earnings. Pro forma results remain loss-making, signaling integration costs may persist.