Vivmark Residential (VMRK) Merger presentation summary

Strategic rationale and benefits

• Merger creates one of the largest real estate companies in the U.S., expanding scale and market presence.

• Delivers earnings accretion, margin expansion, and enhanced resident experience.

• Fortress balance sheet and dual A3/A- credit ratings provide strong capital markets access.

• Expanded investment opportunities and solidified position as a leading developer of new rental housing.

• Superior internal and external growth enables further accretive investment.

Transaction details and structure

• All-stock merger of equals; AVB stockholders receive 2.793 EQR shares per AVB share.

• Pro forma ownership: 51.2% AVB stockholders, 48.8% EQR shareholders.

• Board to include 7 trustees from each company; Benjamin Schall to serve as President & CEO.

• Dual headquarters in Arlington, VA and Chicago, IL; new company name to be announced.

• Unanimous board approval; closing expected in 2H 2026, subject to shareholder approvals.

Synergies and financial impact

• Gross operating synergies of $175M, with $125M net annual run-rate after tax reassessments.

• Synergies expected to be fully realized within 18 months.

• Expected to be accretive to standalone core FFO for both companies.

• Initial annualized dividend of $2.81 per share, higher than AVB’s current yield.