Equity Residential and AvalonBay announce $69B all-stock merger of equals

Filed May 21, 2026 · Period ending May 20, 2026 · ~2 min read

Key Changes

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  EQR and AvalonBay agreed to combine in an all-stock merger creating a $69B enterprise value REIT with 180,000+ apartments. AvalonBay shareholders receive 2.793 EQR shares per AVB share, resulting in 51.2% AVB/48.8% EQR pro forma ownership.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
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  Transaction expected to generate $175M gross synergies ($125M net after real estate tax reassessments) and be accretive to both shareholder bases. Combined company will pay initial annualized dividend of $2.81 per share, matching EQR's current rate.

  Exhibit 99.1 verify on EDGAR →
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  Benjamin Schall (current AvalonBay CEO) will serve as President and CEO of the combined company; Steve Sterrett (EQR lead independent trustee) will serve as Chairman. Board will have 14 members split equally between the two companies. Mark Parrell retires at close after 27 years with EQR.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →