AvalonBay (AVB) Director Terry S. Brown Disposes 20,855.923 Shares

What Happened

• Terry S. Brown, a director of AvalonBay Communities, Inc. (AVB), recorded a disposition to the issuer of 20,855.923 shares on August 17, 2026. The filing reports no cash price (N/A) for the disposition. The transaction is reported in the context of AVB’s merger with Equity Residential (EQR), effective August 17, 2026, after which EQR changed its name to Vivmark Residential.
• The filing notes that deferred stock units were converted at the effective time of the merger into the right to receive 2.793 EQR common shares per unit. The filing does not report a post-transaction “owned after” balance in the excerpt provided.

Key Details

• Transaction date: 2026-08-17; Transaction code: D (Disposition to issuer).
• Price: N/A (no cash amount reported in the Form 4 excerpt).
• Footnote highlights: (F1) AVB and EQR completed a merger on Aug 17, 2026 and EQR renamed to Vivmark Residential; (F2) deferred stock units converted at an exchange ratio of 2.793 EQR shares; (F3) the total reported includes deferred stock units.
• Market-price context (for rough reference only): AVB closed at $184.06 and EQR at $65.97 on Aug 14, 2026—depending on how the merger consideration was structured, that gives a rough sense of potential value, though the filing reports no cash sale price.
• Filing timeliness: Report filed on 2026-08-17 (period of report 2026-08-17) — appears timely.

Context

• A “Disposition to issuer” in a merger typically reflects conversion, surrender or exchange of securities as part of deal consideration and is not the same as an open-market sale. Such transactions are often routine and driven by the merger terms rather than insider sentiment.