Equity Residential and AvalonBay merge in stock-for-stock deal; AvalonBay stockholders to own 51%

ERP OPERATING LTD PARTNERSHIP

Each AvalonBay share converts into 2.793 Equity Residential common shares; fixed exchange ratio.
Legacy AvalonBay stockholders expected to own ~51% of combined company; legacy EQR ~49%.
AvalonBay is the accounting acquirer; its senior management will lead the combined entity.
ERP Operating Partnership secured up to $2.0B bridge facility to refinance existing debt and pay merger costs.
Pro forma balance sheet as of June 30, 2026 shows combined total assets of $57.5B.

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