The multifamily developers AvalonBay Communities Inc. (NYSE: AVB) and Equity Residential (NYSE: EQR) announced that Vivmark Residential will be the new name of their merged company.
In a press statement, the companies explained the name Vivmark derives from “viv, from the Latin vivere, meaning to live fully. It is the root of vivid and vitality, words that evoke life at its most complete and most genuinely alive. The second is mark, a symbol that reflects quality, distinction, and lasting impact.”
The companies said the merged entity will have a pro forma equity market capitalization of approximately $53 billion and an enterprise value of approximately $71 billion, with more than 180,000 rental apartments and over 10,000 apartments under construction.
Vivmark Residential expects to use VMRK as its New York Stock Exchange ticker symbol. Additional brand elements, including the logo, typography, and visual identity, will be revealed in the coming weeks.
Until the merger closes, the companies will continue to trade under their current respective stock tickers.
Benjamin Schall, CEO of AvalonBay Communities and incoming CEO of Vivmark Residential, declared, “The name Vivmark Residential reflects what we are building — a company determined to set a new standard for the experience of home. Vivmark Residential is built from the exceptional foundations that AvalonBay and Equity Residential have each spent more than 30 years establishing as trusted leaders. With the combined scale, capabilities, and talent of both organizations, we have a rare opportunity to redefine what rental housing can be.”
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