---
schema_version: "secwatch.filing_event.v1"
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"
generated_at: "2026-05-21T11:15:52.805319+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-233381
- form_type: 8-K
- cik: 0000931182
- company_name: ERP OPERATING LTD PARTNERSHIP
- filed_at: 2026-05-21T11:11:00+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 5.02, 5.03, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/931182/000119312526233381/0001193125-26-233381-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/906107/000119312526233381/d228019d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-233381
- JSON: https://secwatch.observer/filing/0001193125-26-233381.json
- Plain text: https://secwatch.observer/filing/0001193125-26-233381.txt

## Source-grounded claims
- claim_id: 9ff229706e
  claim: Benjamin W. Schall was appointed as Chief Executive Officer at ERP OPERATING LTD PARTNERSHIP.
  evidence_excerpt: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/931182/000119312526233381/0001193125-26-233381-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.