- \n
- \nCreates the preeminent multifamily real estate company with a pro forma equity market capitalization of approximately $52 billion and an enterprise value of approximately $69 billion, with more than 180,000 rental apartments<\/p>\n<\/li>\n
- \nEnhances the resident experience and expands margins by scaling proven operational innovations across a larger portfolio \u2014 through technology, centralized services, and leading regional teams \u2014 driving incremental Net Operating Income across existing assets and higher returns on new investments<\/p>\n<\/li>\n
- \nAccretive to both AvalonBay and Equity Residential shareholders,1<\/sup> generating $175 million of gross synergies and $125 million of net synergies after real estate tax reassessments, creating one of the most efficient operators in the industry<\/p>\n<\/li>\n
- \nCombined $2 billion of annual cash flow and self-funding capacity to deploy across multiple channels of growth, utilizing operational scale and customer insights to allocate capital to the strongest risk-adjusted returns<\/p>\n<\/li>\n
- \nExpands investment opportunities and solidifies the combined company as one of the country’s leading creators of new rental housing, with $4.4 billion and 10,800 apartments under construction, serving as a continued driver of earnings growth and value for shareholders<\/p>\n<\/li>\n
- \nStronger internal and external growth should lead to an enduring cost of capital advantage that facilitates further accretive investment opportunities<\/p>\n<\/li>\n
- \nDelivers an initial annualized dividend of $2.81per share, equivalent to Equity Residential’s existing dividend per share and higher than AvalonBay’s current dividend yield<\/p>\n<\/li>\n
- \nCommits to expanding housing supply and reaffirms commitment to affordable housing through new and expanded initiatives, including providing direct capital to nonprofit developers and an affordable preservation program<\/p>\n<\/li>\n<\/ul>\n
CHICAGO & ARLINGTON, Va.–(BUSINESS WIRE<\/a>)–
\nEquity Residential (NYSE: EQR) and AvalonBay Communities, Inc. (NYSE: AVB) today 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.<\/p>\n\nBenjamin Schall, Chief Executive Officer and President of AvalonBay Communities, said, “This combination creates a new and fundamentally stronger company with differentiated capabilities that will drive structurally superior cash flow generation, earnings and dividend growth, and value for shareholders. As one of the country\u2019s leading developers of new apartments across our regions, we will directly increase the supply of both market rate and affordable housing. Drawing on the foundational strengths and industry-leading teams across both of our organizations, our ambition is to redefine leadership in rental housing for the benefit of residents, associates, and shareholders.\u201d<\/p>\n
\n\u201cWe are excited to partner with AvalonBay to continue Equity Residential\u2019s history of relentlessly seeking opportunities to create value for shareholders,\u201d said Mark J. Parrell, Equity Residential\u2019s President and CEO. \u201cThe combined company\u2019s investors will benefit from accelerated growth from increased investment in operational innovation; a larger, self-funded development platform; and the variety of other value creation opportunities that world class scale affords. This, together with our similar cultures that prioritize exceeding the expectations of our employees and residents, positions the combined company to create exceptional value for its shareholders, customers and employees.\u201d<\/p>\n
\n\u201cThis is a transformative event in the apartment industry that will create long-term value for shareholders. By combining the two premier companies in the sector, we create a company with the size and scale to be a leading operator in the space as well as a major creator of new rental housing,\u201d said Steve Sterrett, Board Chair of the new entity and former long-time Chief Financial Officer of Simon Property Group. “Having spent decades helping build and lead one of the country’s great real estate companies, I have a deep appreciation for what it takes to create enduring value in this industry, and I think the future prospects of this enterprise are tremendous.\u201d<\/p>\n
Strategic Rationale<\/b><\/p>\n
Leading Operating Platform<\/b><\/p>\n
- \n
- Tech\u2011Enabled Efficiency:<\/b> Combined investments in AI, automation, and centralized services, coupled with increased portfolio scale, to drive margin expansion and enhance the resident experience\n<\/li>\n
- Data\u2011Driven Insights:<\/b> Unmatched scale to create a rich data ecosystem to optimize operational and portfolio allocation decisions\n<\/li>\n
- Proximity Benefits:<\/b> Further unlocks neighborhood-based operations and centralized services, reducing cost\u2011to\u2011serve and increasing Net Operating Income\n<\/li>\n
- Resident-Centered Operations: <\/b>Locally based professional teams who live and work in the markets they serve \u2014 delivering responsive, high-quality service backed by the resources and technology of a scaled organization\n<\/li>\n<\/ul>\n
Leading Development Platform<\/b><\/p>\n
- \n
- Embedded Growth: <\/b>Currently $4.4 billion under construction (10,800 apartments) across 32 communities, including over 50% with an affordable or mixed-income component\n<\/li>\n
- Accelerated Growth Engine:<\/b> $4.2 billion development rights pipeline with expectation to meaningfully increase annual new development start activity\n<\/li>\n
- Community Impact: <\/b>Each new development provides needed housing, supports local jobs and suppliers, and expands the property tax base for essential public services and infrastructure\n<\/li>\n<\/ul>\n
Leading Capital Allocator<\/b><\/p>\n
- \n
- Fortress Balance Sheet: <\/b>Dual A3\/A\u2011 credit ratings and robust cash flow provide superior capital markets access and flexibility to pursue accretive investment opportunities\n<\/li>\n
- Self\u2011Funded Growth<\/b>: Enhanced self\u2011funding capacity drives earnings growth and increases housing supply\n<\/li>\n
- Strategic Deployment<\/b>: Disciplined capital allocation to highest risk-adjusted returns spanning development, acquisitions, and strategic investments\n<\/li>\n<\/ul>\n
Leadership and Governance<\/b><\/p>\n
\nThe Board of Trustees will initially consist of 7 existing trustees of Equity Residential and 7 existing directors of AvalonBay. Steve Sterrett, current lead independent trustee of Equity Residential, will serve as Chairman. David Neithercut, current non-Executive Chair of Equity Residential, and Tim Naughton, current non-Executive Chairman of AvalonBay, will each serve as Trustees of the combined company.<\/p>\n
\nBenjamin Schall, President and Chief Executive Officer of AvalonBay, will serve as President and Chief Executive Officer and Trustee of the combined company. Mark J. Parrell, who has served as Chief Executive Officer of Equity Residential for eight years and at the company for 27 years, will retire at the transaction close, having built Equity Residential into one of the country’s premier apartment companies.<\/p>\n
\nThe full management team will be announced prior to closing and is expected to include substantial representation from both companies. Long-standing mutual respect between the two organizations creates a strong foundation for successful integration. Deep bench strength across both companies provides for succession planning and the ability to connect key talent with the most important strategic initiatives.<\/p>\n
\nThe combined company will have dual headquarters in Arlington, VA and Chicago, IL and intends to have a meaningful and ongoing presence in both locations. The company will operate under a new name to be announced at closing.<\/p>\n
Transaction Details<\/b><\/p>\n
\nUnder the terms of the agreement, which has been unanimously approved by the Board of Directors of AvalonBay and the Board of Trustees of Equity Residential, AvalonBay shareholders will receive 2.793 shares of Equity Residential common stock for each share of AvalonBay common stock owned. Upon closing, AvalonBay shareholders will own approximately 51.2% and Equity Residential shareholders will own approximately 48.8% of the combined company on a fully diluted basis.<\/p>\n
\nThe transaction is expected to be completed in the second half of 2026, subject to shareholder approval by both AvalonBay and Equity Residential and satisfaction of other customary closing conditions.<\/p>\n
\nThe transaction is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes.<\/p>\n
Dividend<\/b><\/p>\n
\nThe combined company expects to deliver an attractive current yield to investors through the payment of an initial expected annualized dividend of $2.81 per share, equivalent to Equity Residential’s existing dividend per share and higher than AvalonBay’s current dividend yield.<\/p>\n
\nBoth companies intend to maintain regular quarterly dividend payments through completion of the transaction.<\/p>\n
Commitment to Residents and Communities<\/b><\/p>\n
\nThe combined company will own, develop, and professionally manage its communities directly, with local teams delivering a consistently high-quality experience for residents. Both companies have invested with the intention of owning communities for the long term, with ongoing reinvestment in existing properties, responsive local management, and a track record of partnership with local governments, nonprofit organizations, and community stakeholders.<\/p>\n
Continued Commitment to Affordable Housing<\/b><\/p>\n
\nThe combined company will build on its existing affordable and mixed-income housing presence, currently included in 30% of its communities \u2014 representing about 7,200 affordable apartment units \u2014 and a strong track record of partnership with local and regional affordable housing developers, investors, and operators. New initiatives the combined company will pursue include an affordable housing bridge loan facility to provide predevelopment capital to nonprofit developers, expanded partnerships with nonprofit developers, and a naturally occurring affordable housing (NOAH) preservation program designed to protect long-term affordability.<\/p>\n
Advisors<\/b><\/p>\n
\nGoldman Sachs & Co LLC is serving as lead financial advisor to AvalonBay and Goodwin Procter LLP is serving as legal advisor to AvalonBay. J.P. Morgan and Wells Fargo are also serving as financial advisors to AvalonBay.<\/p>\n
\nMorgan Stanley & Co. LLC and Centerview Partners LLC are serving as lead financial advisors to Equity Residential and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Equity Residential. BofA Securities is also serving as a financial advisor to Equity Residential.<\/p>\n
Conference Call<\/b><\/p>\n
\nAvalonBay and Equity Residential will host a joint investor conference call on May 21 at 8:00 am Eastern Time. A live webcast and replay will be available through the Investor Relations sections of each company’s website at investors.avalonbay.com<\/a> and investors.equityapartments.com<\/a>. Supporting materials will be posted at www.rentingredefined.com<\/a>.<\/p>\n
About AvalonBay Communities<\/b><\/p>\n
\nAvalonBay Communities, Inc. is committed to creating a better way to live. The Company, a member of the S&P 500, is an equity REIT that develops, redevelops, acquires and manages apartment communities in leading metropolitan areas in Boston, Massachusetts, the New York\/New Jersey Metro area, the Mid-Atlantic, Seattle, Washington, and Northern and Southern California, as well as in the Company’s expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. As of March 31, 2026, the Company owned or held a direct or indirect ownership interest in 319 apartment communities containing 98,271 apartment homes in 11 states and the District of Columbia, of which 25 communities were under development and one community was under redevelopment. More information may be found on the Company\u2019s website at www.avalonbay.com<\/a>. For additional information, contact Matthew Grover, Senior Director of Investor Relations, at 703-317-4524.<\/b><\/p>\n
About Equity Residential<\/b><\/p>\n
\nEquity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages 312 properties consisting of 85,211 apartment units in dynamic metro areas across the U.S. with a primary concentration in major coastal markets, diversified by a targeted presence in the high-growth metro areas of Atlanta, Austin, Dallas\/Ft. Worth and Denver. For more information on Equity Residential, please visit our website at www.equityapartments.com<\/a>.<\/p>\n
Cautionary Statement Regarding Forward-Looking Statements<\/b><\/p>\n
\nThis communication contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and Section 21E of the Securities Exchange Act of 1934, as amended, which are based on current expectations, estimates and projections about the industry and markets in which Equity Residential and AvalonBay Communities, Inc. (\u201cAvalonBay\u201d) operate, as well as beliefs and assumptions of Equity Residential and AvalonBay. Words such as \u201canticipate,\u201d \u201cbecome,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201coutlook,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpossible,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201ctarget,\u201d \u201cseek,\u201d \u201cshall,\u201d \u201cshould,\u201d \u201cwill,\u201d or \u201cwould,\u201d including variations of such words and similar expressions, are intended to identify forward-looking statements. All statements that address operating performance, events or developments that Equity Residential or AvalonBay expects or anticipates will occur in the future are forward-looking statements, including statements relating to any possible transaction between Equity Residential and AvalonBay, multifamily market conditions, development, redevelopment, acquisition or disposition activity, general conditions in the geographic areas where Equity Residential and AvalonBay operate and Equity Residential\u2019s and AvalonBay\u2019s respective debt, capital structure and financial position. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that are difficult to predict and may cause the actual results to differ materially from future results expressed or implied by such forward-looking statements.<\/p>\n
\nImportant factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i) the parties\u2019 ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to Equity Residential\u2019s and AvalonBay\u2019s ability to obtain the required respective shareholder approval, and the parties\u2019 ability to satisfy the other conditions to consummating the proposed transaction; (ii) the inability to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction; (iii) the risk that Equity Residential\u2019s and AvalonBay\u2019s businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (iv) significant transaction costs and\/or unknown or inestimable liabilities; (v) potential litigation relating to the proposed transaction that could be instituted against Equity Residential, AvalonBay or their trustees, directors, managers or officers, including resulting expense or delay and the effects of any outcomes related thereto; (vi) the risk that disruptions from the proposed transaction, including diverting the attention of Equity Residential and AvalonBay management from ongoing business operations, will harm Equity Residential\u2019s and AvalonBay\u2019s businesses during the pendency of the proposed transaction or otherwise; (vii) certain restrictions during the pendency of the business combination that may impact Equity Residential\u2019s and AvalonBay\u2019s ability to pursue certain business opportunities or strategic transactions; (viii) the possibility that the business combination may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (ix) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances requiring Equity Residential or AvalonBay to pay a termination fee; (x) the effect of the announcement of the proposed transaction on the ability of Equity Residential and AvalonBay to operate their respective businesses and retain and hire key personnel, and to maintain favorable business relationships; (xi) risks related to the market value of Equity Residential common shares to be issued in the proposed transaction; (xii) other risks related to the completion of the proposed transaction and actions related thereto; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the business combination or otherwise that could affect Equity Residential\u2019s or AvalonBay\u2019s financial performance; (xiv) other risks related to the completion of the proposed transaction and actions related thereto; (xv) legislative, regulatory and economic developments, including the level of new multifamily communities construction and development, government regulations and competition; (xvi) unpredictability and severity of local, regional, national and international economic, political and catastrophic climates, conditions and events, including but not limited to acts of terrorism, outbreaks of war or hostilities or pandemics, as well as management\u2019s response to any of the aforementioned factors; (xvii) changes in global financial markets, interest rates and foreign currency exchange rates; (xviii) increased or unanticipated competition affecting Equity Residential\u2019s and AvalonBay\u2019s properties; (xix) risks associated with acquisitions, dispositions, development and redevelopment of properties; (xx) increased costs of labor and construction material; (xxi) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (xxii) environmental uncertainties, including risks of natural disasters; (xxiii) those risks and uncertainties set forth in Equity Residential\u2019s and AvalonBay\u2019s Annual Reports on Form 10-K for the year ended December 31, 2025 under the headings \u201cForward-Looking Statements\u201d and \u201cRisk Factors,\u201d as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by Equity Residential or AvalonBay, as the case may be, with the Securities and Exchange Commission (the \u201cSEC\u201d) from time to time, which are available via the SEC\u2019s website at www.sec.gov<\/a>; and (xxiv) those risks that will be described in the Registration Statement and Joint Proxy Statement\/Prospectus (each as defined below) that will be filed with the SEC in connection with the proposed transaction and available from the sources indicated below. There can be no assurance that the proposed transaction will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. Forward-looking statements relate only to events as of the date on which the statements are made. Neither Equity Residential nor AvalonBay undertakes any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise. If one or more of these or other risks or uncertainties materialize, or if Equity Residential\u2019s and AvalonBay\u2019s underlying assumptions prove to be incorrect, Equity Residential\u2019s, AvalonBay\u2019s and the combined company\u2019s actual results may vary materially from what Equity Residential or AvalonBay may have expressed or implied by these forward-looking statements. Equity Residential and AvalonBay caution not to place undue reliance on any of Equity Residential\u2019s or AvalonBay\u2019s forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect Equity Residential or AvalonBay.<\/p>\n
No Offer or Solicitation<\/b><\/p>\n
\nThis communication is for informational purposes only and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.<\/p>\n
Important Additional Information and Where to Find It<\/b><\/p>\n
\nIn connection with the proposed transaction between Equity Residential and AvalonBay, Equity Residential intends to file with the SEC a registration statement on Form S-4 (the \u201cRegistration Statement\u201d) that will include a joint proxy statement of Equity Residential and AvalonBay that also constitutes a prospectus of Equity Residential (the \u201cJoint Proxy Statement\/Prospectus\u201d). A definitive Joint Proxy Statement\/Prospectus will be mailed to Equity Residential\u2019s shareholders and AvalonBay\u2019s stockholders seeking their respective approval of the proposed transaction and other related matters. Each of Equity Residential and AvalonBay may also file other relevant documents with the SEC regarding the proposed transaction. This communication is not a substitute for the Registration Statement, Joint Proxy Statement\/Prospectus or any other document that Equity Residential or AvalonBay (as applicable) may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EQUITY RESIDENTIAL AND AVALONBAY ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT\/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Registration Statement and the Joint Proxy Statement\/Prospectus (when they become available) and other documents filed with the SEC by Equity Residential and AvalonBay, which contain important information, through the website maintained by the SEC at www.sec.gov<\/a>. The documents filed by Equity Residential with the SEC may be obtained free of charge by accessing \u201cFilings \u2013 SEC Filings\u201d in the \u201cInvestor\u201d section of Equity Residential\u2019s website at www.equityapartments.com<\/a>, by writing to Equity Residential \u2013 Investor Relations, Two North Riverside Plaza, Suite 500, Chicago, Illinois 60606, by telephone at 1-888-879-6356 or by email at investorrelations@eqr.com<\/a>. The documents filed by AvalonBay with the SEC may be obtained free of charge by accessing the \u201cInvestors\u201d section of AvalonBay\u2019s website at www.avalonbay.com<\/a> or by writing to AvalonBay, 4040 Wilson Blvd., Suite 1000, Arlington, Virginia 22203, Attention: Corporate Secretary (Legal Department) or by email at investor_relations@avalonbay.com<\/a>.<\/p>\n
Participants in the Solicitation<\/b><\/p>\n
\nEquity Residential, AvalonBay, and certain of their respective trustees, directors and executive officers may be deemed to be participants in the solicitation of proxies from Equity Residential\u2019s and AvalonBay\u2019s shareholders in respect of the proposed transaction. Information about the directors and executive officers of AvalonBay, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in AvalonBay\u2019s proxy statement for its 2026 Annual Meeting of Stockholders under the headings \u201cDirector Nominees,\u201d \u201cTransactions with Related Persons, Promoters and Certain Control Persons,\u201d \u201cDirector Compensation,\u201d \u201cDirector Compensation Table,\u201d \u201cCompensation Discussion and Analysis,\u201d \u201cExecutive Compensation Tables\u201d and \u201cOfficers, Stock Ownership and Other Information,\u201d which was filed with the SEC on April 6, 2026, and in AvalonBay\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 27, 2026. Information about the trustees and executive officers of Equity Residential, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Equity Residential\u2019s proxy statement for its 2026 Annual Meeting of Shareholders under the headings \u201cBiographical Information and Qualifications of Trustees,\u201d \u201cBiographical Information of Executives,\u201d \u201cCommon Share Ownership of Trustees and Executives,\u201d \u201cCompensation Discussion and Analysis,\u201d \u201cExecutive Compensation\u201d and \u201cTrustee Compensation,\u201d which was filed with the SEC on April 14, 2026, and in Equity Residential\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 13, 2026. To the extent holdings of Equity Residential\u2019s securities by its trustees or executive officers have changed since the amounts set forth in Equity Residential\u2019s definitive proxy statement for its 2026 Annual Meeting of Shareholders or the holdings of AvalonBay\u2019s securities by its directors or executive officers have changed since the amounts set forth in AvalonBay\u2019s definitive proxy statement for its 2026 Annual Meeting of Stockholders, such changes have been or will be reflected on an Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership on Form 5, in each case filed with the SEC and available on the SEC\u2019s website at www.sec.gov<\/a>. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Registration Statement, the Joint Proxy Statement\/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors and security holders should read the Registration Statement and the Joint Proxy Statement\/Prospectus carefully when they become available before making any voting or investment decisions. Investors may obtain free copies of these documents from Equity Residential or AvalonBay using the sources indicated above.<\/p>\n
1<\/sup> Based on the midpoint of AVB and EQR\u2019s 2026 guidance on a full run-rate basis. Subject to final accounting adjustments.<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260521723182\/en\/<\/a><\/span><\/p>\n
Media Contacts
\n<\/b>
Tara Vales
\n
(703) 329-6300
\n
media_relations@avalonbay.com
\n<\/a><\/p>\nFGS Global
\n
AVB-EQR@fgsglobal.com
\n<\/a><\/p>\nInvestor Contacts
\n<\/b>
AvalonBay Communities, Inc.
\n<\/b>
Matthew Grover
\n
Matthew_Grover@AvalonBay.com
\n<\/a>
(703) 317-4524<\/p>\n - Self\u2011Funded Growth<\/b>: Enhanced self\u2011funding capacity drives earnings growth and increases housing supply\n<\/li>\n
- Accelerated Growth Engine:<\/b> $4.2 billion development rights pipeline with expectation to meaningfully increase annual new development start activity\n<\/li>\n
- Data\u2011Driven Insights:<\/b> Unmatched scale to create a rich data ecosystem to optimize operational and portfolio allocation decisions\n<\/li>\n