AVB Director Richard Lieb Disposes 9,928 Shares in Merger

What Happened
Richard J. Lieb, a director of AvalonBay Communities, Inc. (AVB), recorded a disposition to the issuer of 9,928.632 shares (includes AVB common stock and deferred stock units) on August 17, 2026. The filing reports the disposition as part of the merger with Equity Residential (EQR) and shows no per-share sale price (N/A). Under the merger terms each AVB share/DSU converted into 2.793 EQR common shares, so the 9,928.632 AVB units converted into roughly 27,730.67 EQR shares. Using the August 14, 2026 closing prices cited in the filing (AVB $184.06; EQR $65.97), the converted position is roughly $1.8–$1.83 million in market value (filing itself lists no sales proceeds).

Key Details

• Transaction date: 2026-08-17 (Effective time of the Merger)
• Transaction type/code: Disposition to issuer (D) — conversion under the Merger Agreement, not an open-market sale
• Shares disposed: 9,928.632 AVB common stock / deferred stock units (per filing)
• Exchange ratio: 2.793 EQR shares per AVB share (per footnote)
• Approximate resulting shares: ~27,730.67 EQR common shares
• Price/value in filing: N/A; using Aug 14, 2026 closes (AVB $184.06; EQR $65.97) implies ~ $1.8–$1.83M
• Footnotes: F1—AVB merged into Merger Sub and EQR changed name to Vivmark Residential; F2—conversion mechanics and exchange ratio; F3—total includes AVB shares and deferred stock units
• Filing timeliness: Reported with period/date 2026-08-17 (same day as transaction), no late filing indicated

Context
This was a corporate-merger conversion (disposition to the issuer) rather than a public sale: AVB shares and deferred units were converted into EQR (now Vivmark Residential) shares per the Merger Agreement. Such conversions are routine corporate events and do not necessarily reflect an insider buying or selling in the open market. Fractional EQR shares, if any, would be settled in cash per the merger terms.