Vivmark Residential (VMRK) reported a net loss of US$ 747.1 mn in the third quarter of 2026, compared with net income of US$ 384.2 mn in the same period of 2025. Earnings per share (EPS) was negative US$ 1.27, versus positive US$ 0.96 a year earlier. The result includes US$ 0.92 per share in costs tied to the merger between Equity Residential and AvalonBay, completed on August 17, 2026, which formed Vivmark.
Rental revenue totaled US$ 1.19 bn, compared with US$ 764.9 mn in 3Q25. Transaction costs were US$ 464.3 mn and depreciation was US$ 898 mn. The financial statements follow those of AvalonBay, which was the accounting acquirer; pre-merger figures are solely its own. For the nine months, the net loss was US$ 262 mn and EPS was -US$ 0.57.
Core FFO per share (non-GAAP, an adjusted real estate industry measure that excludes non-recurring items, such as merger costs) was US$ 1.03 in the quarter, up 5.1% from US$ 0.98. FFO per share (non-GAAP) was US$ 0.08, versus US$ 1.08. In the same-store portfolio, revenue rose 2.4%, expenses rose 3.6%, and net operating income (NOI) rose 1.7%. Physical occupancy was 95.8%.
The company raised its estimate of annual operating synergies by US$ 10 mn, to US$ 135 mn, to be achieved by March 2028. Total expected merger costs fell to approximately US$ 725 mn, compared with the US$ 750 mn previously estimated. On August 18, S&P upgraded the long-term credit rating to A, with a stable outlook, from A-.
For 4Q26, the guidance is for EPS between -US$ 0.95 and -US$ 0.91 and Core FFO per share between US$ 1.01 and US$ 1.05. For 2026, in the same-store portfolio, the company projects revenue growth of 2.0% to 2.4%, expense growth of 4.1% to 4.7%, and NOI growth of 0.8% to 1.4%.
