Overview
- The companies announced the all‑stock merger Thursday to combine into a single REIT with roughly $69 billion in enterprise value and more than 180,000 rental apartments.
- Under the agreement AvalonBay shareholders will receive 2.793 Equity shares per AvalonBay share, giving them about 51.2% of the combined company on a fully diluted basis.
- Benjamin Schall will serve as president and CEO of the merged firm, Steve Sterrett will chair the evenly split 14‑member board, and Equity Residential CEO Mark Parrell will retire at closing.
- Management projects $175 million in gross synergies (about $125 million net), roughly $2 billion in annual cash flow, a $4.4 billion under‑construction portfolio of 10,800 units and a $4.2 billion development‑rights pipeline with a continued focus on affordable and mixed‑income projects.
- The deal is on track for a second‑half 2026 close but remains subject to shareholder votes, customary closing conditions and potential regulatory and political scrutiny that could shape integration, local development partnerships and rent dynamics.