$VMRK · VIVMARK RESIDENTIAL
Vivmark Residential (EQR + AvalonBay merger, closed Aug 17, 2026) reported Q3 FY2026 results. GAAP EPS was $(1.27) vs $0.96 prior year, dragged by $0.92/share of merger-related costs; FFO/share fell 92.6% to $0.08, but Core FFO/share rose 5.1% to $1.03. Total revenues were $1.2M (per XBRL) with rental income of $1.19B. The company raised its annual synergy target by $10M to $135M and cut merger-cost estimate to $725M from $750M.
- GAAP EPS $(1.27) vs $0.96 prior year, including $0.92/share of merger-related costs.
- Core FFO per share $1.03, up 5.1% year over year.
- FFO per share $0.08, down 92.6% from $1.08.
- Synergy target raised $10M to $135M; merger costs cut to $725M from $750M.
- Q4 2026 guidance: Core FFO $1.01-$1.05, EPS $(0.95)-$(0.91).
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
First earnings since the EQR-AvalonBay merger show heavy one-time costs masking solid core operations and rising synergy expectations.
The EQR-AvalonBay merger creates the largest US rental housing REIT, with over 185,000 apartment homes and $4.4B of development underway.
Merger-related property tax assessments on AVB California communities add ~$16M of FY2026 operating expenses, with an estimated $50M annual impact beginning 2027.