AVALONBAY COMMUNITIES INC

AvalonBay Communities and Equity Residential announced the executive leadership team for their combined company following the previously disclosed all-stock merger of equals. Benjamin W. Schall, current AvalonBay CEO, will serve as President and CEO of the new entity. The leadership team includes executives from both companies in key roles such as COO, CFO, Chief Development Officer, and Chief Investment and Growth Officer. The merger is anticipated to close in the second half of 2026, creating a leading real estate company with over 180,000 rental apartments and a pro forma enterprise value of approximately $69 billion.

AvalonBay Communities Inc. stockholders approved the 2026 Equity Incentive Plan, reserving 4,000,000 shares for future equity awards. This plan replaces the prior 2009 plan. At the Annual Meeting on May 20, 2026, stockholders also re-elected all 12 director nominees, approved executive officer compensation on an advisory basis, and ratified Ernst & Young LLP as the independent auditors for 2026.

AvalonBay Communities and Equity Residential have entered into an all-stock merger-of-equals agreement, creating a leading real estate company with a pro forma equity market capitalization of approximately $52 billion and an enterprise value of $69 billion. The combined entity will operate over 180,000 rental apartments and expects to generate $175 million in gross synergies. Benjamin W. Schall will serve as CEO, and Stephen E. Sterrett as Chairman, with the transaction expected to close in H2 2026.

AvalonBay Communities reported a significant increase in net income and diluted EPS for the first quarter of 2026, largely driven by a substantial gain on the sale of communities. The company also repurchased $198.5 million in common stock under its new $1 billion stock repurchase program. Additionally, AvalonBay declared a quarterly dividend of $1.78 per share, an increase from the prior year's $1.75 per share.

AvalonBay Communities, Inc. reported its first quarter 2026 operating results, with EPS increasing significantly to $2.33, while FFO per share saw a slight decrease and Core FFO per share remained flat year-over-year. The company provided its second quarter 2026 guidance and reaffirmed its full-year FFO and Core FFO outlook, though it updated its full-year EPS outlook due to revisions in projected gains from dispositions. Key activities included the sale of three communities for $340.75 million, the completion of one development, the start of two new developments, and the repurchase of $198.48 million in common stock under a new $1 billion stock repurchase program.