REITs and Real Estate
REITs and Real Estate Healthcare and Housing
Seniors Housing Occupancy Change
Welltower SHO +400 bps and Ventas SHOP +300 bps in Q4 2025. Same direction, different books.
Welltower seniors housing occupancy
Same-store SHO occupancy rose from 85.5% in 4Q24 to 89.5% in 4Q25. This is the level the Q4 release did not print as a single percentage.
Ventas senior housing operating occupancy
Q4 same-store SHOP occupancy 90.1%, up 300 bps, with cash NOI up 15%. Not Welltower SHO.
| Metric | Window | |
|---|---|---|
| Same-store SHOP occupancy | 90.1% | Q4 2025 average |
| Occupancy change | +300 bps year over year | Q4 2025 vs Q4 2024 |
| Same-store SHOP cash NOI | +15% | Q4 2025 |
Healthpeak Occupancy by Segment
Outpatient medical 90.6%, lab 77.1%, Life Plan 87.4%. Different products. Do not average them.
Housing Occupancy Prints
Invitation Homes, Camden, and Ventas SHOP. Definitions differ. Do not read this as one national apartment vacancy series.
Invitation Homes Same-Store Book
76,819 same-store homes at 96.8% FY occupancy. Single-family rental, not apartments.
Same-store homes
76,819
Homes in the FY 2025 same-store set.
INVH FY 2025 results
FY occupancy
96.8%
Same-store average occupancy for 2025, down 50 bps year over year.
INVH FY 2025 results
Q4 occupancy
95.9%
Q4 2025 same-store average occupancy, down 90 bps year over year.
INVH FY 2025 results
Q4 same-store NOI
+0.7%
Q4 same-store NOI, on core revenue +1.7% and core operating expenses +4.0%.
INVH FY 2025 results
Apartment Home Counts
Vivmark, Essex, UDR, MAA, and Camden. Coastal versus Sun Belt. Do not average the occupancy prints.
| Issuer | Homes / units | Occupancy print | Definition |
|---|---|---|---|
| Vivmark (VMRK) | more than 184,000 apartments | not yet printed | Close count on August 17, 2026. First combined quarter is not on this card. |
| Essex (ESS) | 63,077 homes; 259 communities | 96.3% Q4 financial occupancy | West Coast same-property book. FY same-property NOI +3.2%. |
| UDR | 53,468 same-store homes | 96.9% FY same-store physical | 96.8% of the portfolio. 95.0% of 2025 NOI. FY same-store NOI +2.3%. |
| MAA | 103,083 units; 302 communities | 95.6% FY same-store physical | Units exclude undelivered development. Q4 same-store physical occupancy 95.7%. |
| Camden (CPT) | 54,625 same-property units in Q4 | 95.2% Q4 same-property | Sun Belt. FY same-property NOI +0.3%. Do not average with Essex. |
Vivmark Close
Equity Residential plus AvalonBay closed August 17, 2026. More than 184,000 apartments. Trading as VMRK from August 18.
| Item | |
|---|---|
| Close date | August 17, 2026 |
| First trade as VMRK | August 18, 2026 |
| Headquarters | Chicago and Arlington, Virginia |
| Equity market capitalization (at close) | about $51B |
| Enterprise value (at close) | about $70B |
| Rental apartments | more than 184,000 |
| Apartments under construction | more than 11,100 |
| Active development capital | over $4.4B |
| Ownership split | AVB holders ~51%; EQR holders ~49% |
| Exchange ratio | 2.793 VMRK shares per AVB share |
| CEO | Benjamin Schall (former AvalonBay CEO) |
| Chairman | Stephen Sterrett |