Slide 1: AVB and EQR to Combine in an All-Stock Merger of Equals
Exhibit 99.2 AVB and EQR to Joint Conference Call Combine in an All-Stock May 21, 2026 RentingRedefined.com Merger of Equals
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, which are based o
Slide 3: Additional Information
Additional Information No Offer or Solicitation This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or appr
Slide 4: Creates One of the Country's Leading Real Estate Companies
Creates One of the Country’s Leading Real Estate Companies 1 Delivers earnings accretion to both AvalonBay and Equity Residential shareholders Expands margins and enhances the resident experience Fortress balance sheet provides capital to deploy across multiple growth channels Expands investment opp
Slide 5: Stronger Combined Company with Differentiated Scale and Capabilities
Stronger Combined Company with Differentiated Scale and Capabilities to Deliver Structurally Higher Growth • Tech-Enabled Efficiency: Combined investments in AI, automation, and centralized services, coupled with increased portfolio scale, to drive margin expansion and enhance the resident experienc
Slide 6: Transaction Overview
Transaction Overview • All-stock merger of equals of Equity Residential (NYSE: EQR) and AvalonBay Communities (NYSE: AVB) • AVB stockholders to receive 2.793 newly issued EQR shares for each AVB share Transaction 1 Details • Pro forma ownership: 51.2% AVB stockholders and 48.8% EQR shareholders • Pr
Slide 7: Creating one of the Most Efficient Operators in the Industry
Creating one of the Most Efficient Operators in the Industry Synergies Expected to be Fully In-place by the End of 18 months Estimated Impact Category Annual ($M) Corporate Overhead $50 Property Management Overhead (“PMOH”) $65 Portfolio NOI $60 Gross Synergies $175M Real Estate Tax Reassessments $(
Slide 8: Redefining Leadership in Rental Housing
Redefining Leadership in Rental Housing Investing in differentiated capabilities Expanded set of investment opportunities Expected to broaden appeal for investors (technology, AI, data) at a meaningfully and enhanced access to capital seeking U.S. rental housing exposure lower cost per unit 1 Reside
Slide 9: Transformative Combination Enables Structurally Higher Growth
Transformative Combination Enables Structurally Higher Growth Leading Rental Housing Platform with Differentiated Capabilities & Scale Capability Led Strategy Higher Growth Compounds Over Time • Larger & more diversified asset base Superior Internal Growth • Operating scale and capabilities • Operat
Slide 10: Most Efficient Operator in Very Fragmented Sector
Operating Platform Development Capabilities Capital Allocator Most Efficient Operator in Very Fragmented Sector Operating Proximity Enhances Margins Combined Portfolio Seattle 8% NOI Boston 12% NOI ~95% NY / NJ Regional Overlap 18% NOI (% of NOI) Northern Mid-Atlantic Denver California 14% NOI 3% NO
Slide 11: Margin Improvement
Operating Platform Development Capabilities Capital Allocator Operating Margin Improvement Technology, Scale, and Market Depth Drive Margin Expansion • Market depth enhances the efficiency of neighborhood operating model Northern California • Digital and AI advantages to enhance the value for custom
Slide 12: Innovation & Technology Leadership
Operating Platform Development Capabilities Capital Allocator Investing At a Meaningfully Lower Cost per Unit Than Competitors Innovation & Technology Leadership AI solutions handle ~90% of both companies' prospect workflows, >2.5M combined annual customer interactions Today 2019 AVB + EQR were Elis
Slide 13: Data Analytics
Operating Platform Development Capabilities Capital Allocator Data Analytics Expanded Data Sets to Optimize Operating & Investments Outcomes Combined Company Data Infrastructure Internal & External Growth Benefits Operational Outcomes • Larger proprietary data set to optimize renewals and concession
Slide 14: Leading Development Capabilities
Operating Platform Development Capabilities Capital Allocator Leading Development Capabilities 1 2 Development Underway Development Rights Pipeline Built-in Earnings Growth & Value Creation Pathway to Meaningful Ramp in Future Development Starts ~$4.4B ~10,800 ~$4.2B ~9,800 Projected Total Capital C
Slide 15: Leading Capital Allocator
Operating Platform Development Capabilities Capital Allocator Leading Capital Allocator Combination of Fortress Balance Sheets Credit Ratings Enhanced Investment Activity Moody’s | S&P • Development yield expansion through improved >$2B NOI margins via operating initiatives, increasing A3 | A- of ca
Slide 16: What Success Looks Like
What Success Looks Like Redefining Rental Housing Leadership Years 3+ Market Leadership Years 2-3 Platform Acceleration Year 1 • Providing superior rental housing solutions and customer service Integration Excellence • Combined operating model • Expanding housing supply delivering margin expansion •
Slide 17: =5 EquityResidential
=5 EquityResidential AvalonBay COMMUNITIES