Equity Residential in its $69 billion merger-of-equals with AvalonBay

On May 21, 2026, Equity Residential (NYSE: EQR) and AvalonBay Communities, Inc. (NYSE: AVB) announced a definitive agreement to combine in an all-stock merger of equals creating one of the country’s leading real estate companies with the differentiated scale, capabilities, and balance sheet strength to expand margins, accelerate growth, and redefine leadership in rental housing. The new company will have a pro forma equity market capitalization of approximately $52 billion and a total enterprise value of approximately $69 billion, with more than 180,000 rental apartments.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Equity Residential.