A New and Fundamentally Stronger Company
Leading Operating Platform
Technology, AI, automation, and centralized services deployed across a larger portfolio enable neighborhood-based operations and centralized services, driving margin expansion at a lower cost per unit — generating stronger NOI from existing assets and better returns on new investments.
Leading Development Platform
$4.4 billion and approximately 10,800 apartments currently under construction, solidifying the combined company as one of the country's leading creators of new rental housing. The combined company's $4.2 billion development rights pipeline provides a strong foundation to meaningfully increase annual new development start activity — a continued driver of earnings growth and value for shareholders.
Leading Capital Allocator
The combined company will generate approximately $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. Dual A3/A- credit ratings provide superior capital markets access and the flexibility to pursue accretive investment opportunities.
Attractive and Growing Dividend
An initial expected annualized dividend of $2.81 per share — equivalent to Equity Residential's existing dividend and higher than AvalonBay's current yield.
A Better Experience, Every Day
Our residents choose us not just for our apartments, but for the experience of living in them. Both companies have consistently earned recognition for resident satisfaction — a reflection of the care we put into every interaction, every service, and every community we operate. As a combined company, we will continue to meet that standard.
Faster, More Responsive Service
The combined company's investment in technology, AI, and centralized services will mean faster maintenance response, better digital tools, and more consistent experiences across every community we manage. That commitment shows up every day.
Local Teams Who Know Your Market
Our locally based professional teams live and work in the markets they serve — delivering responsive, high-quality service backed by the resources and technology of a scaled organization. The people you know, the service you expect, and the community you call home all continue.
Data-Driven Operations
180,000+ apartments generate an unmatched volume of operational data. The combined company will use it to optimize operational decisions — allowing us to deliver more for every resident.
What We Stand For
AvalonBay Communities and Equity Residential have each spent more than 30 years building something that goes beyond a portfolio of apartment homes. Both companies have earned recognition as great places to live, great places to work, responsible community partners, and responsible stewards of the environment. That alignment of values is not a coincidence. It is one of the reasons this combination makes sense. Together, we will be even stronger.
We Create Great Places to Live
Both companies have consistently earned recognition for resident satisfaction — a reflection of the care we put into every interaction, every service, and every community we operate.
We Are a Great Place to Build a Career
Both companies have built award-winning cultures where people want to stay, grow, and do their best work — and the combined company will build on the best of both.
We Give Back to the Communities We Call Home
Through philanthropy, employee volunteerism, and partnerships with local nonprofits, both companies have invested meaningfully in the communities around them — and as a combined company, we will continue to give back.
We Are Built for the Future
Both companies have made meaningful commitments to sustainability as a reflection of our long-term responsibility to residents, communities, and the environment.
Our Commitment
Housing affordability is one of the most pressing challenges facing communities across the country. Our combination creates one of the nation's leading rental apartment companies, and we believe that scale comes with both the ability and the responsibility to be part of the solution.
Both AvalonBay Communities and Equity Residential have successfully created and preserved affordable housing — directly and in partnership with local community nonprofits — over our 30-year plus histories as public companies. Approximately 30% of our communities include an affordable or mixed-income component, representing 7,200 affordable apartment homes across our markets.
As a combined company, we are deepening that commitment through new and expanded initiatives:
- A $25 million revolving Affordable Housing Seed Fund providing predevelopment capital to nonprofit developers — filling the gap where affordable projects most often stall, before construction financing is in place
- Expanded partnerships with nonprofit affordable housing developers across all of our regions
- A naturally occurring affordable housing preservation program designed to protect long-term affordability by offering NOAH assets to qualified nonprofit owner-operators
We believe companies with our scale have an obligation to act and make commitments that are specific, funded, and built to last. That is our standard.