Equity Residential / Avalonbay Communities: Form S-4 Takeaways

Research evidence excerpt

Equity Residential / Avalonbay Communities: Form S-4 Takeaways

Equity Research

U.S. REITs

1 July 2026

Equity Residential / Avalonbay Communities

Form S-4 Takeaways

Inside, we discuss key points from the filing. The S-4 is more

notable for deal mechanics, governance, and accounting

treatment than for any incremental change to the operating U.S. REITs NEUTRAL

outlook. U.S. REITs

Richard Hightower

We provide our thoughts on key points from EQR's S-4 filing (released 6/29). Standalone NOI +1 212 526 8768

projections for both AVB and EQR are largely consistent with our estimates, while the filing richard.hightower@barclays.com

provides greater detail around synergies, integration costs, purchase accounting, and BCI, US

leadership of the combined company. Jason Wayne, CFA

+1 212 526 2650

S-4 Key Points: jason.wayne@barclays.com

Standalone forecasts are largely consistent with our expectations. AVB and EQR's NOI BCI, US

projections are generally in line with our estimates through 2027. The filing does not suggest a

materially different operating trajectory for either company versus what we currently model.

Management continuity favors AVB, with all announced executive leadership positions for the

combined company being filled by current AVB executives.

Governance reflects a merger-of-equals structure. The combined board will consist of 14

directors, split evenly between AVB and EQR nominees. Stephen Sterrett (currently on the EQR

board) will serve as Chairman of the combined company. The company will maintain dual

headquarters in Chicago and Arlington.

Legacy AVB shareholders are expected to own a majority of the combined company. Former

AVB shareholders are expected to own 51.2% of the combined company, with EQR shareholders

owning 48.8%.