Vivmark Residential (VMRK) investor relations material

Executive summary

• Operating results were ahead of plan; projected gross synergies rose to $185 million and net synergies to $135 million, with full run-rate targeted by March 2028.

• Stronger residential fundamentals lifted 2026 same-store revenue growth guidance to 2.2%; portfolio momentum, development lease-ups and synergies are expected to support 2027 growth.

• The August 17 merger makes reported results less comparable: Q3 includes AVB before closing and combined operations afterward; legacy EQR is included in merged same-store comparisons.

Financial highlights

• Q3 Core FFO was $1.03 per share versus $0.98 in Q3 2025; 9M Core FFO was $3.06 versus $3.01.

• Q3 GAAP net loss was $747.1 million versus net income of $384.2 million; revenue was $1.195 billion versus $766.8 million, reflecting the merger and $464.3 million of transaction costs.

• Q3 Core FFO excluded $544.0 million of merger-related costs, including $80 million of compensation costs; it also included an ~$8 million merger-accounting interest adjustment.

• Merged same-store residential NOI was $977 million versus $960 million in Q3 2025; Q3 NOI growth was 1.7%.

Outlook and guidance

• 2026 merged same-store revenue growth guidance rose 20 bps to 2.2%; the full-year range is 2.0%–2.4%, with NOI growth of 0.8%–1.4%.

• Q4 Core FFO guidance is $1.01–$1.05 per share and full-year guidance is $4.08–$4.12; management cautioned against annualizing Q4.

• 2027 building blocks include ~1% embedded merged same-store revenue growth, slightly higher occupancy and $70 million of incremental development NOI; development is expected to add ~150 bps of Core FFO growth above the base business.

• Projected 2027 gross synergy capture is ~$90 million; at least 50% of gross synergies are expected by mid-2027 and ~85%, or ~$160 million, by year-end, with full synergies targeted by March 2028.

• Midpoint 2026 expense growth includes $16 million of merger-related property tax increases; the annual impact is expected to be $50 million from 2027, and midpoint expense growth excluding the increase is 3.6%.