Summary: AvalonBay Communities and Equity Residential announced a merger that will create a multifamily real-estate company valued at more than $50 billion, combining over 180,000 apartment units nationwide. Under the agreement, AvalonBay shareholders will own just over 51% of the combined company and receive 2.793 Equity Residential shares for each AvalonBay share. The merger brings together major apartment portfolios across key U.S. markets and is expected to strengthen resources for expansion and affordable housing initiatives. The combined company also plans to maintain a strong dividend payout, with an initial annual dividend of $2.81 per share.