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Vivmark ResidentialVMRK

Sector
Financial Services
Industry
Real Estate Investment Trusts

Stock Price $VMRK

Latest filings

You are here#15 of 17 in Real Estate by market cap

Filing record · 2016–202610-K1110-Q328-K113

VMRK filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 113 current reports (8-K) between 2016 and 2026.

  1. FY2015 annual report10-K · Feb ’16Feb ’16
  2. Leadership change8-K · Oct ’18Oct ’18
  3. Material agreement8-K · Mar ’21Mar ’21
  4. Material agreement8-K · Dec ’25Dec ’25

01—Key figures

Last reported FY2019

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  13. $2.70B
YoY changeLargest recent move+36.6%in FY13Latest +4.8%

Latest bar from 10-KFY2019Click a bar to open its SEC filing

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All VMRK Financial Metrics43 metrics

Income Statement13

Balance Sheet13

Cash Flow12

Per Share5

02—Overview

Vivmark Residential Financial Overview 2021–2025

Updated Nov 3, 2026

Equity Residential proved the cash-generating power of its portfolio rotation by posting a 92.0% surge in non-same-store Net Operating Income (NOI) during Q1 2025. The core investment thesis centers on ruthlessly recycling capital out of stagnant markets and into high-growth urban centers to extract higher rents from an affluent, long-term tenant base.

Headline earnings per share shifted from $3.54 in FY2021 to $2.94a in FY2025, driven by the variable timing of large property sales rather than operational weakness. Beneath these fluctuations, the underlying real estate demonstrated clear pricing power. The company secured a 10.6% jump in same-store rental income during FY2022, and by FY2024, total NOI climbed to $2.018 billion. Operations remained tightly controlled, highlighted by a record-low tenant turnover rate of 8.6% in Q1 2024 alongside a steady same-store physical occupancy of 95.9% throughout FY2023.

By the close of FY2025, the market valued the company at a $23.8 billion market capitalizationb, with the stock trading at $63.04 and a price-to-earnings ratio of 21.4x. That equity valuation laid the groundwork for a strategic pivot in Q2 2026, when Equity Residential agreed to an all-stock merger-of-equals with AvalonBay Communities at an exchange ratio of 2.793 shares to consolidate its coastal market footprint.

Recent Developments (Q1 and Q2 2026)

The merger closed on August 17, 2026, creating Vivmark Residential with about 400 million shares issued, 184,000 apartments and roughly $70 billionc in enterprise value. Shareholders approved the share issuance with 99.7% of votes cast. Benjamin Schall became CEO, and several legacy Equity Residential executives departed. Management set a $2.81 annualized dividend and did not reaffirm standalone guidance. Operations held steady: Q2 2026 same-store NOI rose 1.4%, and normalized FFO per share rose 3.0% to $1.02. Same-store net effective rents were up 3.6% as of September 11, 2026.

Bulls point to $125 milliond of expected net synergies, a 4.32x debt-to-EBITDAre ratio and dual A3/A- ratings. Bears point to $740 million of transaction costs, pro forma depreciation near $2.8 billion, and 3.7% expense growth against 2.2% revenue growth in Q1 2026. At 22.8x earnings as of the July 29, 2026 filing date, the stock was not cheap, and that multiple does not reflect today's price.

What to watch: combined-company guidance and synergy targets; integration costs and leverage after the $2.5 billione commercial paper expansion

03—Filings

Recent SEC Filings

  1. 8-KVivmark Residential 8-K Report, Corporate Update (Sep 17, 2026)Equity Residential's operating partnership, ERP Operating Limited Partnership, has announced an increase to its unsecured commercial paper program. The maximum aggregate amount the partnership can issue under this program has been raised from $1.5 billion to $2.5 billion. This expansion allows the company greater flexibility in accessing short-term debt financing to support its operations and strategic initiatives. These unsecured notes are issued under customary terms in the U.S. commercial paper market and rank equally with other senior unsecured indebtedness of the Operating Partnership. Importantly, these notes are not registered under the Securities Act of 1933, being offered under an exemption. This move signals management's confidence in the company's ability to manage its debt obligations and utilize readily available capital markets for its financing needs.
  2. 8-KVivmark Residential 8-K Report, Regulation FD Disclosure (Sep 16, 2026)This 8-K furnishes (under Item 7.01, Regulation FD, and not deemed filed under Section 18 of the Exchange Act) a September 15, 2026 press release and investor presentation from Vivmark Residential (NYSE: VMRK). Vivmark is the combined company formed through the merger of equals between AvalonBay Communities and Equity Residential, which closed on August 17, 2026. The cover header of the filing names Equity Residential (EQR), but the filing itself identifies the registrant as Vivmark, formerly Equity Residential. The disclosure was made ahead of the company's participation in the BofA Securities Global Real Estate Conference on September 16, 2026. The key operating news is that management established a full-year 2026 Same Store Residential revenue outlook of 2% at the midpoint. This is consistent with the full-year outlooks that the legacy EQR and AVB each provided on July 22, 2026, so the release reaffirms rather than revises guidance. Management described the combined portfolio as building on the momentum of both legacy companies, with continued outperformance led by Northern California and New York City. Rent growth was described as in line with expectations and normal seasonality. As of September 11, 2026, Same Store net effective asking rents were up 3.6% year over year, physical occupancy was a strong 95.7%, and 60% of residents were renewing. The release gives investors no new quantitative guidance beyond the reaffirmed 2% midpoint, and it refers readers to an updated investor presentation on the company's website. The forward-looking statements caveat flags merger integration risk, the standalone legacy guidance basis, and other risks.
  3. 8-KVivmark Residential 8-K Report, Regulation FD Disclosure (Sep 9, 2026)This 8-K is a routine Regulation FD disclosure, not a financial report. Vivmark Residential (NYSE: VMRK), the combined company formed by the merger of equals between AvalonBay Communities and Equity Residential, announced that senior management, including President and CEO Benjamin W. Schall, will present at the Bank of America Global Real Estate Conference on Wednesday, September 16, 2026. The live webcast is scheduled for 12:45 pm ET and is accessible on the company's investor website. The filing contains no earnings, revenue, balance sheet, or guidance data. The filing is significant mainly as a corporate-identity marker. The press release states that Vivmark was created through a merger completed on August 17, 2026, and that it is formerly known as Equity Residential. The company describes itself as an S&P 500 company with more than 184,000 apartment homes and over $4.4 billion in active development. The merger's identity change means the ticker and name in the request (EQR, Equity Residential) no longer correspond to the filer; the filer now trades as VMRK. For investors, the practical takeaway is the opportunity to hear management commentary at the September 16 presentation. The release explicitly states that Vivmark does not reaffirm the standalone 2026 guidance previously issued by AvalonBay and Equity Residential and has not issued combined-company guidance. Investors should therefore treat any commentary on the combined company's outlook as the key item to monitor, since no formal updated guidance is currently available.
  4. 8-KVivmark Residential 8-K Report, Material Agreement (Aug 17, 2026)EQUITY RESIDENTIAL (EQR) filed this Form 8-K to report significant developments related to its acquisition of AvalonBay Communities, Inc. The filing details the assumption of AvalonBay's material debt obligations by EQR's operating partnership, ERP Operating Partnership, and its merger subsidiary. This includes the assumption of all outstanding notes under AvalonBay's 1998, 2018, and 2024 Indentures, totaling billions of dollars across various maturities and interest rates. Additionally, ERP Operating Partnership assumed AvalonBay's senior unsecured revolving credit facility and term loan facility, integrating them into its own financing structure. These actions are crucial as they represent the formal transfer of debt liabilities stemming from the merger. Investors should note the specific note series assumed, their principal amounts, coupon rates, and maturity dates, as well as the terms of the assumed credit facilities. The filing confirms the continuation of these financial obligations under ERP Operating Partnership, providing clarity on the post-merger debt structure and its impact on EQR's financial leverage and capital management. No new debt was issued as part of these agreements; rather, existing AvalonBay obligations were effectively transferred.
  5. 8-KVivmark Residential 8-K Report, Acquisition Completed (Aug 17, 2026)On August 17, 2026, Equity Residential (EQR) and AvalonBay Communities (AVB) completed their merger of equals, creating Vivmark Residential (NYSE: VMRK), which begins trading under the new ticker on August 18, 2026. Under the merger agreement, each AvalonBay share converted into 2.793 Vivmark common shares, and the company issued approximately 400 million common shares. Former AvalonBay holders will own about 51% of the combined company and former Equity Residential holders about 49%, on a fully diluted basis. The companies describe the combined business as having a roughly $51 billion equity market capitalization, a roughly $70 billion enterprise value, more than 184,000 apartment homes, and about 11,100 apartments under construction. Governance and management were reconstituted at closing. The 14-member board has seven trustees from each legacy company, and Stephen Sterrett is chairman. Benjamin Schall is CEO, Kevin O'Shea is CFO, and Michael Manelis is COO. Several legacy Equity Residential executives, including Mark Parrell, departed at the effective time, with severance under their change-in-control agreements. The filing also details equity award treatment, including accelerated deemed vesting of certain performance awards and full vesting of legacy non-employee trustee awards. For investors, the key items are the scale and balance-sheet positioning the company is emphasizing (dual A3/A- ratings, more than $2 billion of expected annual self-funding capacity, and an initial annualized dividend of $2.81 per share) alongside the absence of formal guidance. The company states it has not issued guidance for the combined company and that 2026 standalone guidance from each predecessor speaks only as of its original issue date. The press release is largely strategic and promotional, and quantified synergy targets are not provided in this filing. Investors should weigh the promised efficiency and growth benefits against integration execution risk and the lack of combined-company earnings guidance.
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04—See also

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