Merger expected to close on August 17, 2026<\/i><\/b><\/p>\n
ARLINGTON, Va. & CHICAGO–(BUSINESS WIRE<\/a>)– \nThe final voting results on the proposals voted on at the special meetings will be set forth on Form 8-Ks to be filed by each company with the U.S. Securities and Exchange Commission.<\/p>\n \nThe merger is expected to close on Monday, August 17, 2026, subject to the satisfaction or waiver of customary closing conditions. If the merger is completed, each share of AvalonBay common stock outstanding immediately prior to the merger will convert into the right to receive 2.793 Equity Residential common shares.<\/p>\n \nFollowing the completion of the merger, the combined company will be renamed \u201cVivmark Residential,\u201d with its common shares expected to trade on the New York Stock Exchange under the ticker symbol \u201cVMRK\u201d beginning at the open of trading on August 18, 2026.<\/p>\n About AvalonBay Communities, Inc. About Equity Residential Cautionary Statement Regarding Forward-Looking Statements \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 AvalonBay\u2019s and Equity Residential\u2019s ability to satisfy the 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 AvalonBay\u2019s and Equity Residential\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 AvalonBay, Equity Residential 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 AvalonBay and Equity Residential management from ongoing business operations, will harm AvalonBay\u2019s and Equity Residential\u2019s businesses during the pendency of the proposed transaction or otherwise; (vii) certain restrictions during the pendency of the business combination that may impact AvalonBay\u2019s and Equity Residential\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 AvalonBay or Equity Residential to pay a termination fee; (x) the effect of the announcement of the proposed transaction on the ability of AvalonBay and Equity Residential 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 AvalonBay\u2019s or Equity Residential\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 AvalonBay\u2019s and Equity Residential\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 AvalonBay\u2019s and Equity Residential\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 AvalonBay or Equity Residential, 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 are described in the Registration Statement and Definitive Joint Proxy Statement\/Prospectus (each as defined below) that have been filed with the SEC in connection with the proposed transaction and are 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 AvalonBay nor Equity Residential 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 AvalonBay\u2019s and Equity Residential\u2019s underlying assumptions prove to be incorrect, AvalonBay\u2019s, Equity Residential\u2019s and the combined company\u2019s actual results may vary materially from what AvalonBay or Equity Residential may have expressed or implied by these forward-looking statements. AvalonBay and Equity Residential caution not to place undue reliance on any of AvalonBay\u2019s or Equity Residential\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 AvalonBay or Equity Residential.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260812892568\/en\/<\/a><\/span><\/p>\n Investor Contacts<\/b>: \nMatt Grover
\nAvalonBay Communities, Inc. (\u201cAvalonBay\u201d) (NYSE: AVB) and Equity Residential (NYSE: EQR) today announced that at their respective special meetings, AvalonBay stockholders and Equity Residential shareholders overwhelmingly approved all of the proposals necessary to close the pending merger of equals between AvalonBay and Equity Residential (the \u201cmerger\u201d). More than 99% of the votes cast at the AvalonBay special meeting voted to approve the merger, which represented approximately 90% of the outstanding shares of AvalonBay common stock, as of the record date, and more than 99% of the votes cast at Equity Residential\u2019s special meeting voted to approve the issuance of Equity Residential common shares to AvalonBay stockholders as consideration in the merger, which represented approximately 90% of the outstanding Equity Residential common shares, as of the record date.<\/p>\n
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<\/b>AvalonBay Communities, Inc., 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 June 30, 2026, the Company owned or held a direct or indirect ownership interest in 322 apartment communities containing 99,072 apartment homes in 11 states and the District of Columbia, of which 27 communities were under development and one community was under redevelopment. More information may be found on the Company\u2019s website at https:\/\/www.avalonbay.com<\/a>.<\/p>\n
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<\/b>Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages 312 rental properties consisting of 85,520 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, Dallas\/Austin and Denver. For more information on Equity Residential, please visit our website at www.equityapartments.com<\/a>.<\/p>\n
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<\/b>This 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 AvalonBay Communities, Inc. (\u201cAvalonBay\u201d) and Equity Residential operate, as well as beliefs and assumptions of AvalonBay and Equity Residential. 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 AvalonBay or Equity Residential expects or anticipates will occur in the future are forward-looking statements, including statements relating to any possible transaction between AvalonBay and Equity Residential, multifamily market conditions, development, redevelopment, acquisition or disposition activity, general conditions in the geographic areas where AvalonBay and Equity Residential operate and AvalonBay\u2019s and Equity Residential\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<\/p>\n
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Marty McKenna
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mmkenna@eqr.com<\/a><\/p>\n
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Matthew_Grover@avalonbay.com<\/a><\/p>\n