At a glance
Vivmark Residential is worth $23.33B, about 21 times its fiscal 2025 earnings. It pays a 4.48% dividend yield, raised every year for at least 6 years, and returned $5.26B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +9.5% over the past year with dividends reinvested and −2.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.3% in the 2020 crash (S&P 500: 33.7%) and 32.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Vivmark Residential owns and manages apartment communities in large U.S. cities. Its fiscal 2025 annual report was filed February 13, 2026, under its former name, Equity Residential. It is a real estate investment trust, or REIT: a company that owns property and must pay out most of its taxable income as dividends. It earns money mainly from apartment rents. The 10-K calls it one of the largest U.S. publicly traded apartment owners and an S&P 500 member.
Its apartments are concentrated in coastal markets: Boston, New York, Washington, D.C., Southern California (Los Angeles, Orange County and San Diego), San Francisco and Seattle. It also has a smaller presence in Denver, Atlanta, Dallas/Ft. Worth and Austin. It targets well-paid, highly educated renters in science, technology, finance, medicine and law, who often rent by choice or because local homes are expensive. Leases generally run 12 months or less.
As of December 31, 2025, the publicly traded parent owned about 97.6% of ERP Operating Limited Partnership, which holds the properties and all debt. The company grows by acquiring properties, developing new ones (mostly through joint ventures with outside developers) and adding units at buildings it owns. The 10-K cited strong results in New York and San Francisco and slower results in its Expansion Markets, mainly from new supply.
Price history
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VMRK +9.5% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was —, and net income was $114.1M (-40.7%).
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity (FY2025) | 10.1% watch |
|---|---|
| Return on assets (FY2025) | 5.4% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.57B | $913.6M | — |
| FY2021 | — | $1.33B | — |
| FY2022 | — | $776.9M | — |
| FY2023 | — | $835.4M | — |
| FY2024 | — | $1.04B | — |
| FY2025 | — | $1.12B | — |
Valuation snapshot
| Market value | $23.33B |
|---|---|
| P/E ratio | 21.2 |
| Dividend yield | 4.48% |
Rank among 1514 US companies
Market value at each year end
Vivmark Residential’s market value went from $23.53B at the end of 2016 to $23.33B on Nov 2, 2026, down 1%; since the end of 2025 it is down 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $23.33B | -2.7% |
| 2025 | $23.99B | -11.9% |
| 2024 | $27.23B | +17.2% |
| 2023 | $23.22B | +4.2% |
| 2022 | $22.30B | -34.3% |
| 2021 | $33.94B | +53.8% |
| 2020 | $22.07B | -26.6% |
| 2019 | $30.05B | +23.6% |
| 2018 | $24.32B | +3.8% |
| 2017 | $23.43B | -0.4% |
| 2016 | $23.53B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VMRK price data to Nov 2, 2026 | +3.2% | +9.5% | +9.2% | -2.1% | +4.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.2% |
| 2025 | -8.6% |
| 2024 | +20.9% |
| 2023 | +8.3% |
| 2022 | -32.5% |
| 2021 | +57.3% |
| 2020 | -23.6% |
| 2019 | +26.2% |
| 2018 | +7.1% |
| 2017 | +2.2% |
| 2016 | -5.0% |
| 2015 | +16.9% |
| 2014 | +43.0% |
| 2013 | -5.3% |
| 2012 | +2.5% |
| 2011 | +13.6% |
| 2010 | +58.8% |
| 2009 | +20.8% |
| 2008 | -13.9% |
| 2007 | -24.9% |
| 2006 | +34.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.6% over that stretch · deepest drop along the way 65.3%, back to its old high 13.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.1% over that stretch · deepest drop along the way 40.3%, back to its old high 15.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.2% over that stretch · deepest drop along the way 32.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 8 sales ($3.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 18, 2026 | Edward M Schulman EVP, Legal Affairs | sell | $1.1M |
| Aug 18, 2026 | Susan Swanezy Director | sell | $1.0M |
| Aug 18, 2026 | Christopher B. Howard Director | sell | $543K |
| Aug 18, 2026 | Charles E Jr Mueller Director | sell | $511K |
| Aug 17, 2026 | Michael L Manelis Executive Vice President & COO | sell | $503K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.1% | Oct 31, 2025 |
| Vanguard Portfolio Management | 8.27% | Mar 31, 2026 |
| Vanguard Capital Management | 7.04% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 4.8% | Mar 31, 2026 |
ETFs with the most weight in VMRK
| SPRE SP Funds S&P Global REIT Sharia ETF | 5.04% |
| RITA ETFB Green SRI REITs ETF | 4.64% |
| HAUS Residential REIT ETF | 4.5% |
| REZ iShares Residential and Multisector Real Estate ETF | 4.37% |
| GQRE FlexShares Global Quality Real Estate Index Fund | 3.4% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.24% |
| FPRO Fidelity Real Estate Investment ETF | 3.13% |
| PPTY US Diversified Real Estate ETF | 3.13% |
What could go wrong
- Concentrated in a handful of big cities. Its apartments cluster in Boston, New York, Washington, D.C., Southern California, San Francisco and Seattle. A local downturn, new rules or climate events there could hurt it more than a more spread-out owner.
- Rent control and eviction rules could tighten. New or stricter rent control, rent stabilization or eviction rules in its markets could cap rent increases and reduce the value of its buildings. Complying with housing rules also adds cost.
- Short leases mean rents reset quickly. Leases generally run 12 months or less, so falling market rents show up in revenue fast. Costs such as property taxes, insurance, utilities and wages may not fall at the same pace.
- New supply and other housing compete. New apartment buildings, condos and single-family homes compete for renters. The 10-K blamed slower results in its Expansion Markets mainly on new supply, which can force lower rents or more vacancies.
- Development and joint ventures may disappoint. It develops new buildings mainly through joint ventures with outside developers. Construction delays, cost overruns, inflation or partner problems could leave new projects earning less than expected.
- Debt and interest-rate pressure. Total debt was about $9.1 billion as of June 30, 2026. Higher rates raise borrowing and refinancing costs and can push down property values; a credit rating downgrade would add to costs.
Recent events
- Other company announcement
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Acquisition or sale of assets completed; Change to shareholder rights; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Executive or board change; Other company announcement
- Major agreement signed; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement; Other company announcement
For income and retirement investors
Vivmark Residential has raised its regular dividend six years in a row through fiscal 2025. Dividends per share grew from $2.29 in fiscal 2020 to $2.77 in fiscal 2025, about 3.9% a year. Dividends paid equaled 93.4% of fiscal 2025 net income. That is high but typical for REITs, which must pay out most taxable income; depreciation also lowers their reported earnings. The 10-K notes the dividend policy could change. The yield was 4.58% as of October 28, 2026. Buybacks totaled about $368 million from fiscal 2021 to 2025, yet the share count barely changed.
The shares have fallen hard in downturns. They dropped 65.3% in the 2008 financial crisis and 40.3% in the 2020 COVID crash, then needed about 14 and 16 months to regain their earlier highs. After a 32.3% drop in 2022, they had not regained their April 2022 high as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Vivmark Residential make money?
Mainly by renting apartments. Vivmark Residential is a real estate investment trust (REIT) that owns and manages apartment communities concentrated in Boston, New York, Washington, D.C., Southern California, San Francisco and Seattle, with a smaller presence in Denver, Atlanta, Dallas/Ft. Worth and Austin. It aims at well-paid renters who often rent by choice or because local homes are costly. Leases generally run 12 months or less, so rents adjust quickly in strong and weak markets alike. It reported net income of about $1.12 billion for fiscal 2025.
Does Vivmark Residential raise its dividend every year?
Yes, it has raised its regular dividend six years in a row through fiscal 2025. Dividends per share rose from $2.29 in fiscal 2020 to $2.77 in fiscal 2025, about 3.9% a year on average. The dividend yield was 4.58% as of October 28, 2026. Dividends paid equaled 93.4% of fiscal 2025 net income, high but typical for a REIT, since depreciation lowers reported earnings. The 10-K also says the company may change its dividend policy in the future.
Is Vivmark Residential the same company as Equity Residential?
Yes. SEC records list Equity Residential and Equity Residential Properties Trust as the company's former names, and its fiscal 2025 annual report, filed February 13, 2026, used the Equity Residential name. A filing on August 17, 2026 reported that an acquisition or sale of assets had closed, along with changes to shareholder rights and board and bylaw changes. Another filing that day reported a major agreement and new debt. Those filings explain what changed.
How has Vivmark Residential stock performed?
Unevenly. Measured by share price as of October 28, 2026, the stock gained 3.6% over one year and averaged 3.9% a year over 10 years, or 46% in total. Over five years it lost 3.3% a year, or 15% in total. Calendar years have ranged from a 57% gain in 2021 to a 32% loss in 2022, and 2025 brought an 8.6% decline. On that date the shares traded at 20.7 times fiscal 2025 earnings per share.
How much debt does Vivmark Residential have?
About $9.1 billion as of June 30, 2026, against total assets of about $20.3 billion and equity of about $10.5 billion. Cash and investments were only about $36 million on that date. All of the company's debt sits in its operating partnership, ERP Operating Limited Partnership. The 10-K lists rising interest rates, refinancing needs, financial covenants and a possible credit rating downgrade among its risks, since these could raise borrowing costs or limit flexibility.