AvalonBay and Equity Residential Announce Leadership Team for Combined Company

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and Equity Residential announced the executive leadership team for the combined company following the closing of their previously announced merger of equals, expected in the second half of 2026. The leadership team includes Benjamin W. Schall as President and Chief Executive Officer, Michael Manelis as Executive Vice President and Chief Operating Officer, Kevin O'Shea as Executive Vice President and Chief Financial Officer, and other key executives from both companies. The merger is expected to create one of the country's leading real estate companies with more than 180,000 rental apartments and a pro forma enterprise value of approximately $69 billion.

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About AvalonBay Communities, Inc.

AvalonBay Communities, Inc. is a real estate investment trust specializing in multifamily residential properties across major U.S. coastal markets. The company focuses on the development, redevelopment, acquisition, ownership, and operation of apartment communities, primarily in New England, the New York/New Jersey metropolitan area, the Mid-Atlantic region, the Pacific Northwest, and Northern and Southern California. Its portfolio is organized into segments that include established or same-store communities, other stabilized communities, and development or redevelopment communities, reflecting different stages of asset maturity and income generation. AvalonBay Communities, Inc. operates its properties under multiple brands tailored to distinct renter profiles and price points, enhancing its reach within the multifamily housing sector. Headquartered in Arlington, Virginia, the company plays a significant role in providing rental housing in high-demand urban and suburban markets, serving a broad tenant base ranging from young professionals to families seeking amenity-rich, professionally managed apartment living.