AvalonBay to merge with Equity Residential in $50B+ all-stock deal; AVB holders get 2.793 EQR shares

Filed May 21, 2026 · Period ending May 20, 2026 · ~1 min read

Key Changes

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  AvalonBay shareholders will receive 2.793 Equity Residential shares for each AVB share in merger-of-equals creating largest U.S. apartment REIT. Both boards unanimously approved; shareholder votes required.

  Item 1.01: Merger Agreement verify on EDGAR →
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  Combined company will have new name (TBA) with 14-member board split equally. Equity Residential's Sterrett becomes Chairman; AvalonBay's Schall becomes CEO.

  Item 1.01: Leadership verify on EDGAR →
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  Deal includes $1.07B termination fee payable by AvalonBay and $1.01B fee payable by Equity Residential under certain circumstances if merger fails to close.

  Item 1.01: Termination Fees verify on EDGAR →