Slide 1: AVB and EQR to Combine in an All-Stock Merger of Equals
AVB and EQR to Combine in an All-Stock Merger of Equals Joint Conference Call May 21, 2026 RentingRedefined.com
Slide 2: 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 on current expectations, estimates and projections about th
Slide 3: No Offer or Solicitation
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 approval, nor shall there b
Slide 4: Creates One of the Country's Leading Real Estate Companies
Creates One of the Country’s Leading Real Estate Companies 4 Expands investment opportunities and solidifies company as leading developer of new rental housing Superior internal and external growth enables further accretive investment Fortress balance sheet provides capital to deploy across multiple
Slide 5: Stronger Combined Company with Differentiated Scale and Capabilities
Stronger Combined Company with Differentiated Scale and Capabilities to Deliver Structurally Higher Growth 5 Leading Operating Platform • Tech-Enabled Efficiency: Combined investments in AI, automation, and centralized services, coupled with increased portfolio scale, to drive margin expansion and e
Slide 6: Transaction Overview
Transaction Overview 6 Transaction Details • 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 • Pro forma ownership: 51.2% AVB stockholders and 48.8% EQR shareholders1 • P
Slide 7: Creating one of the Most Efficient Operators in the Industry
Creating one of the Most Efficient Operators in the Industry 7 Synergies Expected to be Fully In-place by the End of 18 months Category Estimated Impact 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 8 Source: Company filings as of 3/31/2026 and FactSet as of 5/20/2026. (1) Includes homes under development and homes held in unconsolidated ventures at 100% share. $35B $34B $69B $26B $26B $21B $20B $19B $15B 98 85 183 103 64 63 59 Aspen Emory Combined 7j MAA
Slide 9: Transformative Combination Enables Structurally Higher Growth
Transformative Combination Enables Structurally Higher Growth 9 Leading Rental Housing Platform with Differentiated Capabilities & Scale Source: Internal company reports. • Operating efficiencies drive higher returns on new investments • Differentiated investment capabilities & expanded market prese
Slide 10: Most Efficient Operator in Very Fragmented Sector
Most Efficient Operator in Very Fragmented Sector Source: Company filings, CoStar, Census ACS, AvalonBay Market Research. NOI weights in map (percent of combined total NOI), do not sum to 100% due to rounding. 10 (1) All 80+ unit institutional quality market rate rental communities plus an estimate
Slide 11: Operating Margin Improvement
Operating Margin Improvement 11 Technology, Scale, and Market Depth Drive Margin Expansion Source: Company filings, CoStar, Census ACS, AvalonBay Market Research. 1) All 80+ unit institutional quality market rate rental communities plus an estimate of competitive, non-institutional quality market ra
Slide 12: Investing At a Meaningfully Lower Cost per Unit Than Competitors
Investing At a Meaningfully Lower Cost per Unit Than Competitors 12 Source: Internal company reports. EliseAI is a leading property technology AI automation firm. Innovation & Technology Leadership Scale Driving Continuous Innovation AVB + EQR were Elise AI’s only institutional investors & clients 2
Slide 13: Expanded Data Sets to Optimize Operating & Investments Outcomes
Lease Transactions >4,000,000 Data Points Customer Insights >60,000,000 Data Points Service Requests >9,000,000 Data Points Investment Outcomes • Provides proprietary portfolio and capital allocation insights to inform investment decisions • Translating customer behavior and insights into next gener
Slide 14: Leading Development Capabilities
Leading Development Capabilities 14 Source: Internal company reports. 1) Development Underway represents the projected Total Capital Cost of Development currently under construction or in lease-up, that had not achieved Stabilized Operations for the entire three-month period ended March 2026. 2) Own
Slide 15: Leading Capital Allocator: Combination of Fortress Balance Sheets
Leading Capital Allocator 15 Combination of Fortress Balance Sheets Source: Company Filings. 1) AVB reported Net Debt-to-EBITDAre for the quarter ended March 31, 2026 was 4.8x. The presented value is adjusted for ~$810M of unsettled forward equity outstanding at quarter-end. 2) Annual Leverage Neutr
Slide 16: What Success Looks Like
What Success Looks Like 16 Source: Internal company reports. Redefining Rental Housing Leadership Year 1 Integration Excellence Years 3+ Years 2-3 Market Leadership Platform Acceleration • Seamless Day 1 - No disruption to operations or resident experience • Meaningful progress on synergies • Combin
Slide 17: Equity Residential / AvalonBay
=5 Equity Residential AvalonBay