AvalonBay posts presentation on all-stock merger of equals with Equity Residential

Equity Residential
AvalonBay Communities, Inc.

Equity Residential

EQR

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AvalonBay Communities, Inc.

AVB

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  • AvalonBay outlined an all-stock merger of equals with Equity Residential that would combine the two apartment REITs under a new name at closing.
  • AvalonBay stockholders would receive 2.793 newly issued EQR shares for each AVB share, implying pro forma ownership of 51.2% for AVB holders, 48.8% for EQR shareholders.
  • The companies projected $175 million of gross operating synergies, translating to $125 million of run-rate annual net operating synergies once real estate tax reassessments are reflected, with full run-rate expected within 18 months.
  • The deal framework calls for a 14-member board split evenly between current EQR trustees and AVB directors, with Steve Sterrett as chair and Benjamin Schall as president and CEO.
  • Closing was targeted for 2H 2026, subject to customary conditions including shareholder approvals.


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