Vivmark Residential (VMRK) Q4 2025 earnings summary

Executive summary

• Owns and manages 312 properties with 85,190 apartment units across 10 states and D.C., focusing on major coastal and select expansion markets.

• Achieved strong operating results in 2025, driven by high occupancy (95.6% portfolio-wide, 96.4% same store) and resilient demand, especially in New York and San Francisco.

• Portfolio optimization through acquisitions, developments, and selective dispositions, with a focus on balancing urban/suburban and established/expansion markets.

Financial highlights

• Total revenues for 2025 were $3.09 billion, up 3.8% from 2024.

• Net income for 2025 was $1.15 billion, a 7.6% increase year-over-year.

• Diluted earnings per share/unit rose to $2.94 from $2.72 in 2024.

• Same store NOI increased 2.2% year-over-year, with total NOI up 3.0%.

• Normalized FFO available to common shares and units was $1.56 billion, up from $1.52 billion in 2024.

Outlook and guidance

• Management expects continued strong demand due to high home ownership costs, positive household formation, and limited new supply in established markets.

• Expansion markets face elevated supply but show signs of improvement, particularly in Atlanta and Dallas.

• Long-term strategy remains focused on portfolio diversification, operational efficiency, and disciplined capital allocation.