REIT boardRanked among REITs, not on the main board. A REIT's earnings are dominated by depreciation on assets that typically appreciate, so net margin and return on assets understate it against an operating company.
AI-extracted from the 10-Q filed 2026-07-30 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Same-store NOI grew 1.4% YoY to $509.5M in Q2 2026, driven by 2.2% revenue growth and 3.0% expense increases, partially offset by a $16.7M loss on property sales versus $58.3M gain in prior year.
Biggest Revenue Drivers
Same Store Rental Income$749.4M+1.9% YoY
Strong physical occupancy (96.3%) and better-than-anticipated renewal rates drove growth across most markets; San Francisco market led with 6.7% revenue increase.
Non-Same Store / Other Rental Income$35.6M+7.0% YoY
Driven by lease-up activity from development properties placed in service during 2025 and 2026, partially offset by 2025 and 2026 dispositions.
Biggest Revenue Drivers
Total revenue: $785.0M+2.1% YoY
Same Store Rental Income$749.4M+1.9% YoY
Strong physical occupancy (96.3%) and better-than-anticipated renewal rates drove growth across most markets; San Francisco market led with 6.7% revenue increase.
Non-Same Store / Other Rental Income$35.6M+7.0% YoY
Driven by lease-up activity from development properties placed in service during 2025 and 2026, partially offset by 2025 and 2026 dispositions.
Largest Expense Items
Same Store Operating Expenses$239.9M+3.0% YoY
Real estate taxes increased $4.0M due to rate escalation and assessed values; utilities rose $6.0M from higher trash removal and commodity costs; repairs/maintenance increased $2.7M for resident technology initiatives.
Depreciation$246.4M+2.3% YoY
Increased from additional depreciation on 2025 acquisitions and development properties placed in service, partially offset by lower depreciation from 2025 and 2026 property sales.
Interest Expense, Net$82.5M+9.5% YoY
Higher overall debt rates and balances, Merger financing costs, and lower capitalized interest drove the increase; effective interest cost was 3.95% versus 3.93% prior year.
Margins: Same-store NOI margin compression of 30 basis points driven by operating expense growth (3.0%) outpacing rental income growth (1.9%), primarily from real estate tax and utility escalations. Overall company NOI essentially flat YoY (+0.8% at $1,033.2M) due to non-same store properties declining 40.2% as a result of 2025/2026 dispositions.
Watch Items from the Filing
Pending AvalonBay merger agreement signed May 20, 2026, valued at 2.793 common shares per AvalonBay share; expected close H2 2026 subject to shareholder and regulatory approvals; exchange ratio unadjusted for stock price movements, creating value risk.
Litigation settlement: On April 13, 2026, settled RealPage antitrust class action for $56.0M (funded May 12, 2026); two additional similar cases pending in DC and Maryland; ongoing litigation defense costs and uncertain outcomes present additional exposure.
Portfolio concentration: Southern California (24.7% of same-store NOI) and San Francisco (17.7%) represent largest markets; San Francisco shows strongest growth (6.7% revenue increase) but vulnerability to regional economic cycles.
Strong liquidity position: $36.4M cash, $107.0M restricted deposits, and $1,828.5M available revolving credit facility ($1.8B) provide ample near-term liquidity; $2.0B unsecured bridge facility committed for Merger financing.
Property disposition activity: Two consolidated rental properties sold in Q2 2026 for $164.0M but resulted in $16.7M net loss versus prior year gain of $58.3M on three properties; portfolio now includes 312 properties and 85,520 units.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About VIVMARK RESIDENTIAL (VMRK): stock profile, AI score and financials
VIVMARK RESIDENTIAL (VMRK) stock profile, AI quality score, and SEC EDGAR financial data, a Real Estate sector company. 13F Pro's AI-powered ranking engine scores VMRK at 65.3/100 on a composite quality score built from its SEC filings, placing it at rank #32 of 148 stocks — the top 25% of the AI-ranked universe. Based on the latest XBRL financial filings (Q2 2026), VIVMARK RESIDENTIAL reports quarterly revenue of $785.0M, net income of $114.1M, an operating margin of 15.3%. VMRK trades on the NYSE exchange and files with the SEC under CIK 906107. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate VMRK daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for VIVMARK RESIDENTIAL directly from SEC EDGAR.