AvalonBay Exec Pamela Rogers Receives Award, Disposes Shares

What Happened

• Pamela Rogers, Executive Vice President of AvalonBay Communities (AVB), recorded two merger-related transactions on 2026-08-17: a deemed acquisition of 13,561 shares (conversion of performance-based restricted stock units) at $0.00 and a disposition of 23,879 AVB shares to the issuer at $0.00. The disposition reflects shares surrendered in connection with AVB’s merger into EQR (now renamed Vivmark Residential), not an open-market sale.
• For context, the filing notes AVB’s 8/14/2026 close was $184.06 and EQR’s close was $65.97. Using the AVB 8/14 close as a reference, the 23,879 surrendered AVB shares would be roughly $4.4 million and the 13,561 PSU-converted shares roughly $2.5 million in AVB-equivalent value, though the transactions reflect conversion and conversion-related awards rather than cash trades.

Key Details

• Transaction date: 2026-08-17 (Effective Time of the merger)
• Grant/Acquisition: 13,561 shares @ $0.00 (PSUs deemed earned and converted into rights to restricted EQR/ERP OP interests) — footnote F1
• Disposition: 23,879 shares @ $0.00 (surrendered/converted as part of the Merger) — footnotes F2–F3
• Exchange ratio: Each AVB share converted into 2.793 EQR shares at the Effective Time (F3); EQR later renamed Vivmark Residential (F2)
• Shares owned after transaction: Not specified in the provided excerpt of the filing
• Filing timeliness: Report filed same day (2026-08-17) — appears timely

Context

• These entries reflect corporate merger mechanics (conversion of outstanding shares and PSUs) rather than routine open-market buying or selling by the insider. PSUs were treated as earned at target/actual performance per the Compensation Committee and converted into rights to EQR/Vivmark restricted shares subject to original time-based vesting (F1). The disposition to the issuer is part of the merger exchange/settlement process, not a public sale.