Equity Residential and AvalonBay announce all-stock merger-of-equals; exchange ratio 2.793

ERP OPERATING LTD PARTNERSHIP

Each AvalonBay share will convert to 2.793 Equity Residential shares; combined company to adopt new name.
Post-closing board: 14 trustees (7 from each company); Stephen Sterrett Chairman, Benjamin Schall CEO.
Termination fees: ~$1.005B from EQR, ~$1.070B from AVB, subject to REIT limitations.
ERP Operating Partnership obtains $2.0B bridge loan commitment from Morgan Stanley and Wells Fargo.
Quarterly dividend capped at $0.7025/share for EQR and $1.78/share for AVB during interim period.

item 1.01 item 5.02 item 5.03 item 7.01 item 8.01 item 9.01

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Machine-readable event card

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accession: 0001193125-26-233381
form_type: 8-K
ticker: null
cik: 0000931182
company_name: ERP OPERATING LTD PARTNERSHIP
filed_at: 2026-05-21T11:11:00+00:00
discovered_at: 2026-05-21T11:15:00.358726+00:00
generated_at: 2026-05-21T11:15:52.805319+00:00
sec_items: ["1.01", "5.02", "5.03", "7.01", "8.01", "9.01"]
event_type: m_and_a
sentiment: neutral
materiality_score: 1.0
confidence: high
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Executive movements

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Appointed

Benjamin W. Schall

Chief Executive Officer

ERP OPERATING LTD PARTNERSHIP

Filed: May 21, 2026 11:11 UTC

On May 20, 2026, the Equity Residential Board approved and Equity Residential entered into an offer letter with Benjamin W. Schall, confirming his appointment as the Chief Executive Officer of Equity Residential effective as of the closing (the “CEO Offer Letter”).

Source-grounded claims

9ff229706e

Benjamin W. Schall was appointed as Chief Executive Officer at ERP OPERATING LTD PARTNERSHIP.

On May 20, 2026, the Equity Residential Board approved and Equity Residential entered into an offer letter with Benjamin W. Schall, confirming his appointment as the Chief Executive Officer of Equity Residential effective as of the closing (the “CEO Offer Letter”).

SEC 8-K Item 5.02 confidence 0.95 SEC evidence

Source: SEC EDGAR

accession 0001193125-26-233381

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