AvalonBay Communities, Equity Residential Name Leadership Team for $69 Billion Multifamily Merger

AvalonBay Communities, Inc. (NYSE: AVB) and Equity Residential (NYSE: EQR) on June 8 announced the executive leadership team that will oversee their combined company once their previously announced all-stock merger of equals closes, an event the firms expect to occur in the second half of 2026.

The combined platform would hold more than 180,000 rental apartments and carry a pro forma enterprise value of approximately $69 billion, according to the companies. The transaction, first announced May 21, 2026, remains subject to shareholder approval by both AvalonBay and Equity Residential, as well as other customary closing conditions.

Leadership Structure for the Combined Company

Benjamin Schall, who currently serves as President and Chief Executive Officer of AvalonBay Communities, will hold the same title at 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 upon closing.

Executive Appointments

Michael Manelis, currently Chief Operating Officer of Equity Residential, will become Executive Vice President and Chief Operating Officer of the combined company. His responsibilities will span property operations — including leasing, maintenance, and engineering — as well as 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. O'Shea will oversee the balance sheet, capital markets activity, investor relations, and financial reporting and controls.

Matthew Birenbaum, currently Chief Investment Officer of AvalonBay, will become Executive Vice President and Chief Development Officer, leading all aspects of development activities, including oversight of regional development and construction teams. Birenbaum will also chair 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. Breslin will lead the investments platform, including acquisitions, dispositions, capital partnerships, and new business opportunities, with data analytics and market research also reporting to him. The company noted his prior experience in asset management, investments, and fund management.

Scott Fenster, currently Executive Vice President, General Counsel and Corporate Secretary of Equity Residential, will hold the same title at the combined company, leading the legal function and oversight of 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, identifying operational and investment opportunities across the portfolio. Her responsibilities will also include capital expenditure initiatives, sustainability, retail and mixed-use activities, and management of joint venture relationships.

Alaine Walsh, currently Executive Vice President, Human Capital and Administration at AvalonBay, will hold the same role at the combined company, leading 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, working closely with Schall and Fenster through the integration process before transitioning to a senior advisor role.

About the Companies and Their Portfolios

AvalonBay Communities is a member of the S&P 500 that owns, develops, and manages approximately 90,000 apartment homes across the U.S. The company's portfolio is concentrated in major 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.

Equity Residential, also a member of the S&P 500, owns and manages 312 properties consisting of 85,211 apartment units. The company's holdings are concentrated in major coastal markets and diversified by a presence in Atlanta, Austin, Dallas/Ft. Worth, and Denver.

The combined company will be dual-headquartered in Arlington, Virginia, and Chicago, Illinois, and will operate under a new name to be announced at closing.

All appointments are contingent on the transaction closing. The merger remains subject to shareholder votes at both companies and other customary conditions.

Sources

AvalonBay Communities Investor Relations — Press Release, June 8, 2026