AvalonBay To Merge With Equity Residential To Form Multifamily Real Estate Company With EV Of $69B; Each AVB Holder To Receive 2.793 EQR Shares

أفالون بي كوميونيتيز إنك
إكويتي ريزيدنشال

AvalonBay Communities, Inc.

AVB

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Equity Residential

EQR

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  • Creates the preeminent multifamily real estate company with a pro forma equity market capitalization of approximately $52 billion and an enterprise value of approximately $69 billion, with more than 180,000 rental apartments
  • Enhances the resident experience and expands margins by scaling proven operational innovations across a larger portfolio — through technology, centralized services, and leading regional teams — driving incremental Net Operating Income across existing assets and higher returns on new investments
  • Accretive to both AvalonBay and Equity Residential shareholders,1 generating $175 million of gross synergies and $125 million of net synergies after real estate tax reassessments, creating one of the most efficient operators in the industry
  • Combined $2 billion of annual cash flow and self-funding capacity to deploy across multiple channels of growth, utilizing operational scale and customer insights to allocate capital to the strongest risk-adjusted returns
  • Expands investment opportunities and solidifies the combined company as one of the country's leading creators of new rental housing, with $4.4 billion and 10,800 apartments under construction, serving as a continued driver of earnings growth and value for shareholders
  • Stronger internal and external growth should lead to an enduring cost of capital advantage that facilitates further accretive investment opportunities
  • Delivers an initial annualized dividend of $2.81per share, equivalent to Equity Residential's existing dividend per share and higher than AvalonBay's current dividend yield
  • Commits to expanding housing supply and reaffirms commitment to affordable housing through new and expanded initiatives, including providing direct capital to nonprofit developers and an affordable preservation program
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