AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 4/6 · 31/10/2026
Moat31
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 1/4 · Multiple housing choices and increasingly prevalent operating technology constrain differentiation. Purchasing and analytics capabilities are disclosed, but comparative savings, exclusive assets and local supply barriers are not demonstrated. Combined ratings support financing capacity without proving a durable cost advantage.
durability · 1/4 · Current renewals and occupancy demonstrate demand, but do not establish lasting barriers. Industry diffusion of technology limits exclusivity, while the newly completed merger has little combined operating history. Integration benefits remain exposed to disclosed execution risks.
customer dependency · 1/4 · Sixty percent of residents renewing demonstrates repeat demand, rather than dependency. Legacy properties faced other apartments, rental housing and single-family alternatives. No material contractual switching barrier or evidence that residents cannot obtain acceptable substitutes is supplied.
erosion resilience · 2/4 · Combined occupancy and renewals support current resilience, alongside legacy first-half same-store NOI growth of 1.4%. However, legacy expenses rose 3.4% against rental-income growth of 2.0%. Integration, supply and regulation are potential erosion channels, not assumed realized failures.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Legacy reported renewal gains support some achieved pricing ability. First-half 2026 same-store rental income increased 2.0%, with occupancy and renewal rates contributing, so the increase is not purely price. Combined asking rents rose 3.6% year over year, which does not establish executed lease pricing.
retention · 2/4 · Combined 60% renewals directly demonstrate repeat demand. Legacy 2025 turnover of 40.2% provides additional predecessor evidence, while occupancy corroborates demand indirectly. These differently scoped measures are not interchangeable and do not prove durable switching friction or a comparative retention advantage.
margin resilience · 2/4 · Legacy same-store NOI increased 1.4% despite operating expenses growing faster than rental income, indicating partial cost absorption with some margin pressure. Reported technology-related revenue more than offset associated implementation costs. Sustained combined margin protection and comparative cost superiority remain unproven.
contractual freedom · 1/4 · Legacy achieved renewal gains demonstrate some ability to reprice. Disclosed rent-control, stabilization and fee restrictions constrain pricing discretion where applicable. Property-level regulatory coverage and lease-reset terms are absent; the risk disclosure establishes possible constraints without quantifying realized regulatory damage.
Predictability—
At least three consecutive published annual periods with reported revenue and consolidated net income are required for financial-sector predictability.
Financial strength—
Insufficient current sector evidence for every criterion; no category score is inferred.
capital adequacy · 2/4 · Combined A3/A- ratings and legacy reported Net Debt to Normalized EBITDAre of 4.25x support a bounded mixed assessment of borrowing capacity. They do not establish combined leverage, covenant headroom, secured borrowing exposure or unencumbered-asset coverage. Superior financing access remains management's interpretation.
liquidity funding · — · Legacy cash disclosures distinguish cash equivalents from restricted deposits, and development costs are reported. However, combined unrestricted liquidity, committed facility availability and debt maturities are missing. Forecast self-funding capacity cannot establish actual funding coverage against development obligations and distributions.
asset liability risk · 2/4 · Legacy rental operations had no customer contributing 10% of first-quarter revenue, reducing single-customer exposure. Interest expense increased 8.4% in the first half, and combined active development exceeds $4.4 billion. Rate structure, refinancing concentrations and combined asset encumbrances remain unknown, limiting this exposure assessment.
earnings resilience · 2/4 · Combined occupancy and renewals support current apartment demand. Legacy same-store NOI grew 1.4%, while consolidated net income fell 54.5%, substantially affected by property-sale results and other expenses. Operating cash flow also declined with litigation, interest and merger payments. These predecessor results do not measure combined earnings.
Capital allocation44
Qualitative real_estate assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy real-estate-1; not an industrial ratio score or credit rating.
capital efficiency · 2/4 · Legacy EPS increased from $2.72 in 2024 to $2.94 in 2025, but the reconciliation shows material property-sale gains, limiting interpretation as recurring efficiency. Completed portfolio recycling and capital projects support a mixed assessment. Combined per-share merger benefits and realized renovation returns are unproven.
distributions and buffers · 1/4 · In the legacy first-half cash-flow tables, operating cash of 702,398 less property capex of 160,328 approximately matched total distributions of 541,624, before development spending and repurchases of 219,385, all in the same reported table units. This indicates a thin internal buffer for those uses, without proving dividend insolvency or combined payout coverage.
dilution and cost · 2/4 · Legacy repurchases accompanied employee issuance and share compensation, while first-half net interest expense rose 8.4%. The completed merger exchanged 2.793 Company shares for each AvalonBay share, acquiring assets alongside expanding equity. Combined per-share accretion and financing-cost benefits are not demonstrated.
investment discipline · 2/4 · Completed legacy dispositions at a 5.4% weighted-average yield and acquisitions at a 5.1% cap rate demonstrate capital recycling, without establishing superior returns from those different measures. Reportedly below-budget projects support execution; projected renovation returns and the larger combined development program remain unproven investments.
Management50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Completed legacy capital recycling and reportedly below-budget projects support discipline. Lower first-half operating cash generation, repurchases and remaining development commitments create competing funding demands. These actual activities support a mixed assessment, while combined merger value creation remains unproven.
incentive alignment · 2/4 · Actual legacy incentive results demonstrate performance linkage. At merger closing, both companies' performance awards received a target floor, weakening downside alignment while applicable continuing terms remained. Current executive ownership is unavailable, preventing a strong assessment of the combined leadership's economic alignment.
execution · 2/4 · Completed legacy projects, merger closing and reported organizational preparations support execution. Healthy initial combined operating metrics provide indirect evidence that operations continued successfully. Sustained integration savings, combined per-share improvement and development returns have not yet been demonstrated.
governance · 2/4 · Legacy independent committees and actual executive sessions demonstrate functioning oversight mechanisms. A combined board was constituted at closing, but its oversight outcomes remain untested. Target-floor treatment of performance awards is a counterweight; legacy independence disclosures cannot establish the entire new board's independence.
Evidence
We use a standardized purchasing system to control our operating expenses and a business intelligence platform and other data analytics that allow our team members to quickly identify and address issues and opportunities as well as leverage the data to understand trends and predict outcomes to improve decision making and engagement of residents and employees.
2026-02-13 filed 10-K, legacy Equity Residential business: standardized purchasing and analytics · Filed 13/02/2026
Repairs and maintenance - A $2.7 million increase primarily driven by costs associated with the implementation of various resident technology initiatives (including bulk Wi-Fi programs), which is more than offset by a corresponding increase in same store revenues.
2026-07-30 filed 10-Q, legacy first-half 2026 technology costs and associated revenue · Filed 30/07/2026
Enduring Cost of Capital Advantage
Fortress Balance Sheet: Dual A3/A- credit ratings and robust cash flow profile provide superior capital markets access and flexibility to pursue accretive investment opportunities.
2026-08-17 filed merger release: combined ratings and management's capital-access claim · Filed 17/08/2026
We deliver this performance through continuously evolving and improving technology and innovation that is increasingly prevalent in our industry.
2026-02-13 filed 10-K, legacy business: industry prevalence of technology · Filed 13/02/2026
Competition All of the Company’s properties are located in developed areas with multiple housing choices, including other multifamily properties.
2026-02-13 filed 10-K, legacy competition: multiple housing choices · Filed 13/02/2026
In addition, other forms of rental properties and single family housing provide housing alternatives to potential residents of multifamily properties.
2026-02-13 filed 10-K, legacy competition: rental and single-family substitutes · Filed 13/02/2026
The following tables present reconciliations of net income per the consolidated statements of operations to NOI, along with rental income, operating expenses and NOI per the consolidated statements of operations allocated between same store and non-same store/other results (amounts in thousands): Six Months Ended June 30, Quarter Ended June 30, 2026 2025 $ Change % Change 2026 2025 $ Change % Change Net income $ 210,841 $ 463,583 $ (252,742 ) (54.5 )% $ 117,740 $ 198,785 $ (81,045 ) (40.8 )% Adjustments: Property management 73,290 70,602 2,688 3.8 % 38,149 34,786 3,363 9.7 % General and administrative 33,505 36,786 (3,281 ) (8.9 )% 16,640 18,531 (1,891 ) (10.2 )% Depreciation 493,875 497,635 (3,760 ) (0.8 )% 246,379 240,889 5,490 2.3 % Net (gain) loss on sales of real estate properties 16,776 (212,432 ) 229,208 (107.9 )% 16,744 (58,280 ) 75,024 (128.7 )% Interest and other income (15,192 ) (3,821 ) (11,371 ) 297.6 % (12,954 ) (2,129 ) (10,825 ) 508.5 % Other expenses 50,792 8,961 41,831 466.8 % 10,004 4,805 5,199 108.2 % Interest: Expense incurred, net 159,832 147,431 12,401 8.4 % 82,462 75,317 7,145 9.5 % Amortization of deferred financing costs 4,290 4,247 43 1.0 % 2,145 2,103 42 2.0 % Income and other tax expense (benefit) 833 829 4 0.5 % 411 407 4 1.0 % (Income) loss from investments in unconsolidated entities 4,360 11,407 (7,047 ) (61.8 )% 2,318 4,996 (2,678 ) (53.6 )% Net (gain) loss on sales of land parcels — 78 (78 ) (100.0 )% — 11 (11 ) (100.0 )% Total NOI $ 1,033,202 $ 1,025,306 $ 7,896 0.8 % $ 520,038 $ 520,221 $ (183 ) (0.0 )% Rental income: Same store $ 1,490,275 $ 1,460,433 $ 29,842 2.0 % $ 749,417 $ 735,526 $ 13,891 1.9 % Non-same store/other 74,620 69,204 5,416 7.8 % 35,632 33,301 2,331 7.0 % Total rental income 1,564,895 1,529,637 35,258 2.3 % 785,049 768,827 16,222 2.1 % Operating expenses: Same store 486,146 470,201 15,945 3.4 % 239,928 232,943 6,985 3.0 % Non-same store/other 45,547 34,130 11,417 33.5 % 25,083 15,663 9,420 60.1 % Total operating expenses 531,693 504,331 27,362 5.4 % 265,011 248,606 16,405 6.6 % NOI: Same store 1,004,129 990,232 13,897 1.4 % 509,489 502,583 6,906 1.4 % Non-same store/other 29,073 35,074 (6,001 ) (17.1 )% 10,549 17,638 (7,089 ) (40.2 )% Total NOI $ 1,033,202 $ 1,025,306 $ 7,896 0.8 % $ 520,038 $ 520,221 $ (183 ) (0.0 )% 41 Table of Contents Properties that the Company owned and were stabilized for all of both of the six months ended June 30, 2026 and 2025, which represented 78,385 apartment units, drove the Company’s results of operations.
2026-07-30 filed 10-Q, legacy first-half 2026 GAAP net-income-to-NOI reconciliation and same-store results; amounts in thousands · Filed 30/07/2026
(“AvalonBay”) and Equity Residential (which Merger formed Vivmark), including as a result of an integration of the two businesses that is unsuccessful or that is more difficult, time-consuming or costly than expected; unknown or inestimable liabilities that arise as a result of the Merger; potential litigation relating to the Merger that could be instituted against Vivmark or its trustees, managers or officers, including resulting expense and the effects of any outcomes related thereto; the risk that disruptions related to the Merger or post-Merger integration and other efforts, and resulting diversion of the attention of Vivmark management from ongoing business operations, will harm Vivmark’s businesses; the possibility that the post-Merger integration of the two businesses may be more expensive to complete than anticipated; potential business uncertainty, including changes to existing business relationships with tenants, employees, joint venture partners and third parties, following the Merger that could affect Vivmark’s financial performance; increased costs of labor and construction material, including as a result of several of the other factors discussed in this section and elsewhere; maintenance of real estate investment trust status, tax structuring and changes in income tax laws and rates; potential failure to secure development opportunities due to an inability to reach agreements with third parties to obtain land at attractive prices or to obtain desired zoning and other local approvals; abandonment or deferment of development opportunities for a number of reasons, including changes in local market conditions, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; increases in Vivmark’s borrowing costs as a result of changes in interest rates, rising inflation and other factors; construction costs of a community may exceed original estimates; inability to complete construction and lease-up of communities
2026-09-16 filed operating update, merger integration, development and borrowing-cost risks · Filed 16/09/2026
•
Continued strength in renewal performance, with 60% of residents renewing.
2026-09-16 filed operating update: combined resident renewals · Filed 16/09/2026
•
The Company provided the following Same Store operating metrics as of September 11, 2026:
-
Net effective asking rents are up 3.6% on a year-over-year basis.
2026-09-16 filed operating update: September 11, 2026 same-store asking-rent growth · Filed 16/09/2026
-
Strong Physical Occupancy of 95.7%.
2026-09-16 filed operating update: physical occupancy · Filed 16/09/2026
Definitions
Physical Occupancy represents the weighted average occupied apartment units for the reporting period divided by the average of total apartment units available for rent for the reporting period.
2026-09-16 filed operating update: physical-occupancy denominator and weighting definition · Filed 16/09/2026
Same Store represents combined legacy AvalonBay (AVB) and legacy Equity Residential (EQR) full year 2026 Same Store pools, as contemplated in each company’s Full Year 2026 Same Store Outlooks provided July 22, 2026.
2026-09-16 filed operating update: combined legacy same-store pool definition · Filed 16/09/2026
Operational*
•
Reported same store Turnover of 40.2% for the full year of 2025, the lowest in the Company's history, which the Company believes demonstrates the depth of demand from its residents and how much they enjoy living in the Company's communities.
2026-04-14 filed proxy, legacy 2025 reported turnover and management interpretation · Filed 14/04/2026
•
Drove revenue performance through strong renewal gains enabled by disciplined pricing execution and advanced data science.
2026-04-14 filed proxy, legacy achieved renewal gains attributed to pricing execution · Filed 14/04/2026
•
The increase in same store rental income is primarily driven by strong Physical Occupancy and better than anticipated renewal rates.
2026-07-30 filed 10-Q, legacy first-half rental-income growth drivers · Filed 30/07/2026
existing indebtedness or the terms of such refinancing may not be as favorable as the terms of existing indebtedness; lack of success in our management of joint ventures and the REIT vehicles that are used with certain joint ventures; a casualty loss, natural disaster or severe weather event, including those caused by climate change; an increase in the level of new multifamily communities construction and development, which may cause heightened competition for tenants and increased pressure on our rental rates; new or existing laws and regulations that adversely impact the markets in which we operate or our business, including those relating to rent control or rent stabilization, or that otherwise limit our ability to increase rents, charge non-rent fees or evict tenants, may impact our revenue or increase our costs; risks related to our reliance on information technology systems, data and artificial intelligence or other automated tools, including cybersecurity incidents and other privacy or data security events, evolving regulation of the collection and use of resident data and of automated or algorithmic tools, and the failure of such systems or tools to perform as intended; our expectations, estimates and assumptions as of the date of this communication regarding legal proceedings changing, including as a result of the Merger; the possibility that we may choose to pay dividends in our shares instead of cash, which may result in shareholders having to pay taxes with respect to such dividends in excess of the cash received, if any; and investments made under our structured investment program may not be repaid as expected or the development may not be completed on schedule, which could require us to engage in litigation, foreclosure actions, and/or first party project completion to recover our investment, which may not be recovered in full or at all in such event; a downgrade in our credit ratings that could increase our borrowing costs and adversely affect our liquidity and ability to access the capital markets, including the commercial paper market; and those risks and uncertainties set forth in Equity Residential’s and AvalonBay’s respective Annual Reports on Form 10-K for the year ended December 31, 2025 under the headings “Forward-Looking Statements” and “Risk Factors,” as such risk factors may be amended, supplemented or superseded from time to time by Vivmark’s subsequent filings with the Securities and Exchange Commission (the “SEC”) and those risks described under “Risk Factors” in the definitive joint proxy statement/prospectus of Equity Residential and AvalonBay, dated July 13, 2026, including the risks related to the combined company described therein, in each case which are available via the SEC’s website at www.sec.gov.
2026-09-09 filed disclosure: refinancing, supply competition, rent and fee restrictions, and other risks · Filed 09/09/2026
Capital Allocation*
•
Efficiently navigated the investment markets, including the disposition of approximately $1.1 billion of older or lower returning apartment properties at a weighted average Disposition Yield of 5.4% that funded the acquisition of approximately $636.8 million of apartment properties located in the Company's Expansion Markets at a weighted average Acquisition Cap Rate of 5.1% and a discount to replacement cost, furthering the Company's diversification goals with minimal earnings dilution.
2026-04-14 filed proxy, legacy completed 2025 dispositions and acquisitions with disclosed yields · Filed 14/04/2026
Continuing to efficiently execute the Company's spend on property-level capital expenditures by delivering projects below budget and investing approximately $277.5 million in Capital Expenditures to Real Estate for Residential Same Store Properties in 2025, approximately 39% of which was NOI-Enhancing and represented Renovation Expenditures for 2,732 same store apartment units (which were executed within the targeted turnaround time) in addition to sustainability, property-level technology and ADU spend and which activities the Company expects to generate high single to double digit returns on investment, depending on the nature of the activity;
2026-04-14 filed proxy, legacy completed capital projects and prospective investment returns · Filed 14/04/2026
Cash provided by operating activities for the six months ended June 30, 2026 as compared to the prior year period decreased by approximately $82.7 million primarily as a result of the NOI and other changes, as well as higher interest payments, discussed above in Results of Operations, the payment of approximately $58.7 million towards the settlement of various litigation proceedings (see Note 11 in the Consolidated Financial Statements for further discussion), the payment of Merger-related costs as well as the timing of certain other expense payments.
2026-07-30 filed 10-Q, legacy first-half operating-cash-flow decline and causes · Filed 30/07/2026
The following table summarizes the gross remaining total project costs for the Company’s projects under development at June 30, 2026 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 2 520 $ 116,149 Unconsolidated 1 270 9,905 Total Projects Under Development 3 790 $ 126,054 (1) The Company’s share of the $126.1 million in total project costs remaining approximates $116.2 million, with the balance funded by the applicable construction loans (approximately $9.9 million).
2026-07-30 filed 10-Q, legacy June 30, 2026 remaining development costs and funding scope · Filed 30/07/2026
2023-2025 Performance Level
% of
Award
Metric
Threshold
Target
Maximum
Performance
Result
Performance
Achievement
vs Target
% of Award
Achievement
35.0%
Percentile ranking of Company relative to Nareit Apartment Index
(400) bps
0 bps
400 bps
58.50 bps
114.63% of Target
40.12%
20.0%
Percentile ranking of Company relative to Nareit Equity Index
(500) bps
0 bps
500 bps
(363.32) bps
63.67% of Target
12.73%
22.5%
Net Debt to Normalized EBITDAre
6.00x
5.20x to 4.80x
4.00x
4.25x (1)
168.75% of Target
37.97%
22.5%
Normalized FFO per share
(2)
(2)
(2)
(2)
136.31% of Target
30.67%
TOTAL % OF TARGET ACHIEVED:
121.49%
2026-04-14 filed proxy, actual legacy 2023–2025 incentive results and reported leverage metric · Filed 14/04/2026
In addition, each award of restricted Company Common Shares that is subject to both time-based and performance-based vesting conditions (a “Company LTI restricted share award”) and each award of OP Units designated as “Restricted Units” in the Operating Partnership’s partnership agreement that is subject to both time-based and performance-based vesting conditions (a “Company LTI restricted unit award”), in each case, granted under a Company equity plan outstanding immediately prior to the Effective Time, was deemed earned, with the applicable performance-based vesting conditions deemed to be achieved based on the greater of target performance and the actual level of performance (which will be calculated as of the latest practicable date prior to the Effective Time and certified by the delegates of the Compensation Committee of the legacy Company board of trustees as soon as practicable after the Effective Time).
2026-08-17 filed closing 8-K, actual treatment of legacy Company performance awards · Filed 17/08/2026
At the Effective Time, (i) each outstanding AvalonBay restricted share award was converted into a Company time-vesting restricted share award with respect to a number of Company Common Shares equal to the product of (A) the number of shares of AvalonBay Common Stock subject to such AvalonBay restricted share award immediately prior to the Effective Time and (B) the Exchange Ratio, and remains outstanding subject to and in accordance with the terms of the applicable AvalonBay equity plan and AvalonBay restricted share award agreement in effect immediately prior to the Effective Time; (ii) each outstanding AvalonBay performance award was converted into a Company time-vesting restricted share award or a Company time-vesting restricted unit award with respect to a number of Company Common Shares or OP Units designated as “Restricted Units” in the Operating Partnership’s partnership agreement equal to the product of (A) the number of shares of AvalonBay Common Stock subject to such AvalonBay performance award immediately prior to the Effective Time, determined by deeming any performance-based vesting criteria applicable to such AvalonBay performance award to be achieved based on the greater of target performance and the actual level of performance (which was calculated as of the latest practicable date prior to the Effective Time and certified by the Compensation Committee of the AvalonBay board of directors prior to the Effective Time) and (B) the Exchange Ratio, and remains outstanding subject to and in accordance with the terms of the applicable AvalonBay equity plan and AvalonBay restricted share award agreement in effect immediately prior to the Effective Time; (iii) each outstanding award with respect to shares of AvalonBay Common Stock deferred pursuant to the AvalonBay directors’ deferred compensation plan (an “AvalonBay deferred unit award”) was converted into a number of Company Common Shares equal to the product of (A) the number of shares of AvalonBay Common Stock subject to such AvalonBay deferred unit award immediately prior to the Effective Time and (B) the Exchange Ratio, subject to and in accordance with the terms of the AvalonBay directors’ deferred compensation plan, and in a manner that complies with the requirements of Section 409A of the Internal Revenue Code; and (iv) each outstanding AvalonBay option was converted into a Company option with respect to a number of Company Common Shares equal to the product of (A) the number of shares of AvalonBay Common Stock subject to such AvalonBay option immediately prior to the Effective Time and (B) the Exchange Ratio, and with an exercise price per share, rounded up to the nearest whole cent, equal to (x) the exercise price per share of AvalonBay Common Stock of such AvalonBay option immediately prior to the Effective Time divided by (y) the Exchange Ratio.
2026-08-17 filed closing 8-K, actual conversion and continuing terms of AvalonBay awards · Filed 17/08/2026
Equity Residential
8
2026 Proxy Statement
Table of Contents
Governance of the Company
Board Committees
The Board has key standing Audit, Compensation and Corporate Governance Committees, which are comprised entirely of trustees who meet the independence and, with respect to the Audit Committee, the financial literacy requirements of the NYSE listing standards.
2026-04-14 filed proxy, legacy independent standing committees · Filed 14/04/2026
In 2025, the non-employee trustees held four executive sessions, and the independent trustees held one executive session.
2026-04-14 filed proxy, actual legacy 2025 executive sessions · Filed 14/04/2026
The Board of Trustees consists of 14 trustees, seven from each company, and is led by Stephen Sterrett as Chairman.
2026-08-17 filed merger release, constituted combined board · Filed 17/08/2026
Ahead of closing, the companies executed integration planning across all key business functions, completed organizational redesign and talent assessment and selection, communicated all officer and corporate team member decisions, announced the new corporate identity, and prepared for a seamless Day 1 resident experience.
2026-08-17 filed merger release, reported completed integration preparations · Filed 17/08/2026
This Current Report on Form 8-K is being filed in connection with the closing on August 17, 2026 (the “Closing Date”) of the previously announced Merger (as defined below) contemplated by the Agreement and Plan of Merger, dated as of May 20, 2026, by and among Vivmark Residential (formerly known as Equity Residential), a Maryland real estate investment trust (the “Company”), AvalonBay Communities, Inc., a Maryland corporation (“AvalonBay”), ERP Operating Limited Partnership, an Illinois limited partnership (the “Operating Partnership”) and Canopy Merger Sub LLC, a Maryland limited liability company, which was a direct wholly owned subsidiary of the Company (“Merger Sub”) (the “Merger Agreement”).
2026-08-17 filed closing 8-K, merger completion and issuer continuity · Filed 17/08/2026
Six Months Ended June 30,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
210,841
$
463,583
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
493,875
497,635
Amortization of deferred financing costs
4,290
4,247
Amortization of discounts and premiums on debt
2,608
2,637
Amortization of deferred settlements on derivative instruments
567
945
Amortization of right-of-use assets
6,396
6,395
Write-off of pursuit costs
1,610
2,048
(Income) loss from investments in unconsolidated entities
4,360
11,407
Distributions from unconsolidated entities – return on capital
4,332
243
Net (gain) loss on sales of real estate properties
16,776
(212,432
)
Net (gain) loss on sales of land parcels
—
78
Realized (gain) loss on investment securities
(10,116
)
49
Unrealized (gain) loss on investment securities
(241
)
—
Compensation paid with Company Common Shares
19,174
21,564
Changes in assets and liabilities:
(Increase) decrease in other assets
(16,867
)
(18,706
)
Increase (decrease) in accounts payable and accrued expenses
6,404
10,901
Increase (decrease) in accrued interest payable
(410
)
1,518
Increase (decrease) in lease liabilities
(1,221
)
(1,106
)
Increase (decrease) in other liabilities
(40,901
)
(11,407
)
Increase (decrease) in security deposits
921
5,471
Net cash provided by operating activities
702,398
785,070
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions
(1,332
)
(534,855
)
Investment in real estate – development/other
(40,096
)
(59,713
)
Capital expenditures to real estate
(160,328
)
(144,368
)
Non-real estate capital additions
(1,953
)
(1,019
)
Interest capitalized for real estate and unconsolidated entities under development
(4,684
)
(6,663
)
Proceeds from disposition of real estate, net
153,204
343,064
Investments in unconsolidated entities – development/other
(6,419
)
(62,050
)
Distributions from unconsolidated entities – return of capital
2,044
331
Proceeds from sale of investment securities
14,581
359
Consolidation of previously unconsolidated entities
—
(54,081
)
2026-07-30 filed 10-Q, legacy six-month GAAP operating and investing cash flows · Filed 30/07/2026
Six Months Ended June 30,
2026
2025
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs
$
—
$
(4,518
)
Mortgage notes payable, net:
Lump sum payoffs
—
(37,940
)
Notes, net:
Proceeds
—
498,580
Lump sum payoffs
—
(450,000
)
Line of credit and commercial paper:
Line of credit proceeds
1,000
—
Line of credit repayments
(1,000
)
—
Commercial paper proceeds
26,916,823
18,803,963
Commercial paper repayments
(26,835,625
)
(18,565,495
)
Proceeds from (payments on) settlement of derivative instruments
—
(3,550
)
Finance ground lease principal payments
(1,477
)
(1,471
)
Proceeds from Employee Share Purchase Plan (ESPP)
1,526
1,413
Proceeds from exercise of options
6,924
5,357
Common Shares repurchased and retired
(219,385
)
—
Payment of offering costs
—
(481
)
Other financing activities, net
(53
)
(53
)
Contributions – Noncontrolling Interests – Operating Partnership
2
4
Distributions:
Common Shares
(525,122
)
(519,437
)
Preferred Shares
(711
)
(711
)
Noncontrolling Interests – Operating Partnership
(13,302
)
(15,949
)
Noncontrolling Interests – Partially Owned Properties
(2,489
)
(3,999
)
Net cash provided by (used for) financing activities
(672,889
)
(294,287
)
Net increase (decrease) in cash and cash equivalents and restricted deposits
(15,474
)
(28,212
)
Cash and cash equivalents and restricted deposits, beginning of period
158,854
160,166
Cash and cash equivalents and restricted deposits, end of period
$
143,380
$
131,954
Cash and cash equivalents and restricted deposits, end of period
Cash and cash equivalents
$
36,405
$
31,276
Restricted deposits
106,975
100,678
Total cash and cash equivalents and restricted deposits, end of period
$
143,380
$
131,954
2026-07-30 filed 10-Q, legacy six-month financing cash flows, distributions, repurchases and restricted deposits · Filed 30/07/2026
At the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.01 per share, of AvalonBay (“AvalonBay Common Stock”) issued and outstanding immediately prior to the Effective Time (other than certain excluded shares as described in the Merger Agreement) was automatically converted into the right to receive 2.793 common shares (the “Exchange Ratio”) of beneficial interest in the Company, par value $0.01 per share (“Company Common Shares”), and cash in lieu of fractional shares, if any.
2026-08-17 filed closing 8-K, completed merger share exchange · Filed 17/08/2026
Year Ended December 31,
Description
2025
2024
2023
2022
2021
Earnings per share
$2.94
$2.72
$2.20
$2.05
$3.54
Depreciation expense
2.61
2.44
2.27
2.26
2.15
Net (gain) loss on sales
(1.61)
(1.40)
(0.72)
(0.78)
(2.73)
Impairment – operating real estate assets
—
—
—
—
—
FFO per share
3.94
3.76
3.75
3.53
2.96
Impairment – non-operating real estate assets
—
—
—
—
0.04
Write-off of pursuit costs
0.02
0.01
0.01
0.01
0.02
Debt extinguishment and preferred share redemption (gains) losses
—
—
—
0.01
—
Non-operating asset (gains) losses
(0.05)
(0.04)
(0.03)
0.01
(0.06)
Other miscellaneous items
0.08
0.16
0.05
(0.04)
0.03
Normalized FFO per share
$3.99
$3.89
$3.78
$3.52
$2.99
2026-04-14 filed proxy, legacy 2021–2025 EPS reconciliation to FFO and Normalized FFO per share · Filed 14/04/2026
markets and over $4.4 billion in active
development, Vivmark is redefining what rental housing can be.
2026-09-16 filed operating update, combined active development exceeding $4.4 billion · Filed 16/09/2026
The combined company expects more than $2 billion of cash flow and leverage-neutral self-funding capacity and more than $2 billion of combined common dividends in 2026.
2026-08-17 filed merger release, projected combined cash flow, self-funding capacity and common dividends · Filed 17/08/2026
All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the quarters ended March 31, 2026 and 2025, respectively.
2026-04-30 filed 10-Q, legacy first-quarter customer-revenue concentration · Filed 30/04/2026