Vivmark cuts 2026 NOI forecast as Q3 revenue tops estimates

Vivmark (VMRK) cut its full-year 2026 net operating income forecast and reported third-quarter total revenues of $1.19 billion, topping the $809.91 million consensus estimate.

Shares rose 2.4% at 3:59 p.m. ET, from a $63.72 close.

Here's how the company did:

• Total revenues: $1.19 billion, against the $809.91 million consensus estimate
• Earnings per share: a loss of $1.27, against earnings of 96 cents a year earlier
• Core FFO per share: $1.03 vs. 98 cents a year earlier

Results reflect the merger of Equity Residential and AvalonBay Communities, completed Aug. 17, which formed Vivmark. Results before that date are AvalonBay's alone.

For full-year 2026, Merged Same Store revenue change is now expected at 2.0% to 2.4%, narrowed from 2.1% to 2.7% on July 22. The NOI change forecast is now 0.8% to 1.4%, down from 1.5% to 2.1%. The expense change forecast rose to 4.1% to 4.7%, from 3.0% to 4.0%.

Higher expenses reflect anticipated Merger-related property tax assessments on AVB California communities, which are expected to add about $16 million of operating expenses in 2026.

Fourth-quarter guidance: EPS of $(0.95) to $(0.91); Core FFO per share of $1.01 to $1.05.

Total Merger-related costs are now expected at about $725 million, $25 million below the earlier $750 million estimate. Annual net run-rate operating synergies were raised by $10 million to $135 million.