Vivmark Residential (VMRK) — Tellvest

Key financialsFY2026 Q1

Reported GAAP figures from SEC filings

Quarter	Revenue	Rev YoY	EPS	EPS YoY	Gross margin	Op margin	Net margin	FCF
FY2024 Q4	$767M	+5.4%	$1.10	+37.5%	63.8%	62.2%	54.7%	$278M
FY2025 Q1	$761M	+4.1%	$0.67	-13.0%	61.7%	59.3%	33.7%	$359M
FY2025 Q2	$769M	+4.7%	$0.50	+11.1%	63.1%	29.4%	25.0%	$274M
FY2025 Q3	$782M	+4.6%	$0.74	+94.7%	63.4%	29.0%	36.9%	$374M
FY2025 Q4	$789M	+2.9%	$1.00	-9.1%	—	28.3%	48.4%	$282M
FY2026 Q1	$780M	+2.5%	$0.24	-64.2%	61.3%	27.4%	11.6%	$335M
FY2026 Q2	$785M	+2.1%	$0.30	-40.0%	61.4%	27.9%	14.5%	$184M

As stated by management on the call

Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).

EPS: “REIT — GAAP EPS distorted by depreciation; household incomes for new move-ins increased with rent-to-income ratios at 19%”
Revenue: “first quarter operating results met our expectations”
Guidance: “we are not changing our full year expectations”
Key metric: “blended rate growth of 1.5% with physical occupancy at 96.3% and achieved renewal rate of 4.7%”

Top Analysts & Firms

Most Active Analysts

Analyst	Firm	Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
John Kim	BMO Capital Markets	10 (20%)
Steve Sakwa	Evercore ISI	10 (0%)
Alexander Goldfarb	Piper Sandler	10 (0%)
Eric Wolfe	Citigroup	9 (0%)
Haendel St. Juste	Mizuho Securities	9 (11%)
Jamie Feldman	Wells Fargo	9 (0%)
Brad Heffern	RBC Capital Markets	8 (13%)
Adam Kramer	Morgan Stanley	8 (0%)
John Pawlowski	Green Street	8 (0%)
Rich Hightower	Barclays	7 (14%)

Most Active Firms

Firm	Analysts	Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Green Street	2	12 (0%)
Citigroup	2	11 (0%)
BMO Capital Markets	1	10 (20%)
Piper Sandler	1

Key Themes7

positive📊 company

San Francisco And New York Exceeding Already High Expectations

SF and NY together at 30% of NOI with best supply and demand outlooks in the country. SF downtown concession use virtually nonexistent with near 10% new lease change. AI-driven migration continues with more residents arriving from outside MSA and state. NY benefiting from record bank profits and AI financing activity.

Revenue GrowthPricing

positive📊 company

Portfolio Net Effective Pricing Up 4% Since January

Net effective prices increased over 4% since January 1, in line with normal seasonal trends. Concession use down 21% portfolio-wide vs prior year. Blended rate of 1.5% mirrored prior year Q1 with 130bps sequential improvement from Q4 2025. Achieved renewal rate of 4.7% with 61% of residents renewing.

PricingDemand

negative📊 company

Boston And Seattle Starting Year Below Expectations

Boston impacted by severe winter weather and Cambridge life science funding challenges. Seattle not experiencing the AI demand boom seen in SF, with lower foreign inbound migration and residual 2025 supply absorption. Both markets moderated from initial outlook. Seattle historically follows SF trends by about a year.

DemandCompetitive Dynamics

positive📊 company

Atlanta Leading Expansion Market Recovery

Atlanta showing strong momentum with concessions pulling back and potential for positive same-store revenue growth for the year, better than expected 90 days ago. Dallas also performing slightly better than expected. Denver showing signs of bottoming. Austin remains laggard with supply overhang.

Competitive DynamicsPricing

positive📊 company

Share Buyback Program Reaches $500 Million

Repurchased $220 million in Q1 2026, bringing total since August 2025 to $500 million. Funded by sales of older, capital-intensive assets. New disposition guidance of $165 million introduced for remaining 2026. Company seen as greatly undervalued versus private market values.

Capital Allocation

positive📊 company

Development Restarted With Two Atlanta Projects

Two development projects started in Atlanta Q1 2026 — Canton (north of Atlanta) and Alpharetta (close-in suburb). Using JV structure as LP with local developers. Targeting 6% yield on current rents and costs. Development seen as second-best capital allocation opportunity after stock buybacks.

Capex InvestmentCapital Allocation

negative🌍 macro

Rent Control Proposals In Massachusetts And DC

Massachusetts rent control measure likely heading to voters. Industry mobilizing opposition. EQR stopped looking at two Massachusetts development deals and would have reconsidered current projects. DC considering 2-year rent freeze — much of EQR DC portfolio already rent controlled. Capital sensitive to regulation.

Regulation Policy

Q&A Topicsfrequency by quarter

	Pricing	Demand	Revenue Growth	Capital Allocation	Competitive Dynamics	Labor Market	Regulation Policy	Macroeconomic
2024Q4	8	6	10	7	6	2	4	2
2025Q1	6	9	4	2	4	4	1	4
2025Q2	6	6	5	6	4	2	2	2
2025Q3	11	6	8	5	3	3	1
2025Q4	4	3	4	5	1	1	1	1
2026Q1	10	7	5	6	5		1	1

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1
Pricing	8	6	6	11	4	10
Demand	6	9	6	6	3	7
Revenue Growth	10	4	5	8	4	5
Capital Allocation	7	2	6	5	5	6
Competitive Dynamics	6	4	4	3	1	5
Labor Market	2	4	2	3	1
Regulation Policy	4	1	2	1	1	1
Macroeconomic	2	4	2		1	1

Analyst Q&A14 analysts · 26 questions

Adam KramerMorgan Stanley

how do you think about sort of the pace of recovery there? Does new lease growth? Could it get positive later this year?

Company	Score	Rev YoY	Headline
VMRK Vivmark Residential	5	+2.5%	San Francisco and New York Exceeding Already High Expectations
AVB AvalonBay Communities	6	+3.3%	Q1 Results Exceeded Expectations
CPT Camden Property Trust	5	+0.1%	California Sale Progressing with Single Buyer in Diligence
ESS Essex Property Trust	5	+1.5%	Q1 core FFO exceeds high end of guidance by $0.11 on revenue and expense beats
INVH Invitation Homes	6	+8.8%	Results in line but tough Q1 2025 comps pressure YoY metrics
MAA Mid-America Apartment Communities	5	+0.8%	Core FFO of $2.13 beat guidance by $0.02 driven by expense management and timing items
UDR UDR, Inc.	5	+0.9%	Q1 results in line with expectations as 2026 off to solid start

Vivmark Residential

Key financialsFY2026 Q1

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