AvalonBay and Equity Residential Name Executive Team for $69 Billion Multifamily Merger

AvalonBay Communities (NYSE: AVB) and Equity Residential (NYSE: EQR) on June 8, 2026, announced the executive leadership team that will oversee their combined company after the close of their previously announced all-stock merger of equals, a transaction with a pro forma enterprise value of approximately $69 billion that would create a multifamily real estate platform of more than 180,000 rental apartments.

The appointments are contingent on the transaction closing, which both companies expect to occur in the second half of 2026, subject to shareholder approval by both AvalonBay and Equity Residential and the satisfaction of other customary closing conditions.

Leadership Structure for the Combined Multifamily Platform

Benjamin Schall, who currently serves as President and Chief Executive Officer of AvalonBay Communities, will serve as President and Chief Executive Officer of the combined company. Steve Sterrett will serve as Board Chair.

"This leadership team brings unmatched expertise, complementary strengths, and a collective drive to create one of the country's great real estate companies," Schall said in a statement. "We are excited to take the next step as leaders in creating a new and stronger company, drawing on the foundational strengths and deep talent across both organizations. I am honored to lead this group into this next chapter."

"I am incredibly proud of the leadership team we have assembled for this new organization," Sterrett said. "With this combination of exceptional leaders from both organizations, we are creating a powerhouse of talent that is uniquely positioned to drive innovation, operational excellence, and long-term value for our shareholders, customers, and employees in the dynamic markets we serve."

Seven executives will report directly to Schall at closing:

• Michael Manelis, currently Chief Operating Officer of Equity Residential, will serve as Executive Vice President and Chief Operating Officer, overseeing property operations, leasing, maintenance, engineering, technology, centralized services, and revenue management and marketing.
• Kevin O'Shea, currently Chief Financial Officer of AvalonBay, will serve as Executive Vice President and Chief Financial Officer, with responsibility for the balance sheet, capital markets activity, investor relations, and financial reporting and controls.
• Matthew Birenbaum, currently Chief Investment Officer of AvalonBay, will serve as Executive Vice President and Chief Development Officer, leading all development activities and chairing the combined company's Management Investment Committee.
• Sean Breslin, currently Chief Operating Officer of AvalonBay, will serve as Executive Vice President and Chief Investment and Growth Officer, overseeing acquisitions, dispositions, capital partnerships, new business opportunities, data analytics, and market research.
• Scott Fenster, currently Executive Vice President, General Counsel and Corporate Secretary of Equity Residential, will serve in the same role at the combined company, leading legal and regulatory affairs.
• Pamela Thomas, currently Executive Vice President of Portfolio and Asset Management at AvalonBay, will lead portfolio and asset management for the combined company, including capital expenditure initiatives, sustainability, retail and mixed-use activities, and joint venture relationships.
• Alaine Walsh, currently Executive Vice President, Human Capital and Administration at AvalonBay, will lead human resources, compensation, learning and development, and talent development.

In addition, Ted Schulman, currently Executive Vice President and General Counsel of AvalonBay, will serve as Executive Vice President of Legal Affairs through the integration process before transitioning to a senior advisor role.

Transaction Background and Portfolio Scale

The merger was first announced on May 21, 2026, as a definitive agreement to combine in an all-stock transaction. The combined company would be dual-headquartered in Arlington, VA, and Chicago, IL, and will operate under a new name to be announced at closing.

Equity Residential currently owns and manages 312 properties consisting of 85,211 apartment units, with a primary concentration in major coastal markets and a targeted presence in Atlanta, Austin, Dallas/Fort Worth, and Denver. AvalonBay owns, develops, and manages approximately 90,000 apartment homes, concentrated in coastal markets including Boston, the New York/New Jersey metro area, the Mid-Atlantic, Seattle, and Northern and Southern California, with additional exposure in North Carolina, Southeast Florida, Texas, and Colorado.

Conditions and Timeline

The transaction remains subject to shareholder approval by both AvalonBay Communities and Equity Residential, as well as other customary closing conditions. Both companies have cautioned that forward-looking statements regarding the transaction's timeline and anticipated benefits involve known and unknown risks, and that there can be no assurance the proposed transaction will be completed on the anticipated schedule or at all.