# ERP OPERATING LTD PARTNERSHIP — capital_raise [announced]
Source: sec.gov · situation sit_6b0cde29a2e01f2a466b · public 2577367870920474357 · retrieved 2026-08-20T13:20:40.702Z

## Overview
Vivmark Residential (formerly Equity Residential) is a Maryland real estate investment trust that owns and operates apartment communities; it acquired AvalonBay Communities, a leading multifamily REIT, in a merger transaction completed on August 17, 2026.

On August 17, 2026, AvalonBay Communities, Inc. completed a two-step merger transaction with Vivmark Residential (formerly Equity Residential). In the Initial Merger, AvalonBay merged with and into Canopy Merger Sub LLC, a wholly owned subsidiary of Vivmark Residential. Immediately thereafter, in the Subsequent Merger, Merger Sub merged with and into ERP Operating Limited Partnership, with ERP Operating Partnership surviving as the final entity. The transaction was governed by an Agreement and Plan of Merger dated May 20, 2026, among Vivmark Residential, ERP Operating Partnership, Merger Sub, and AvalonBay. As part of the closing, ERP Operating Partnership assumed all of AvalonBay's debt obligations under multiple indentures, including approximately $5.75 billion in unsecured senior notes across three separate indentures (1998, 2018, and 2024 indentures), and assumed AvalonBay's $2.5 billion revolving credit facility and $550 million term loan facility.

## Terms
- Counterparty: AvalonBay Communities, Inc.

## Key dates
- Announced 2026-08-17

## Timeline
- 2026-08-17 · 8-K (0001193125-26-354068): 8-K - ERP OPERATING LTD PARTNERSHIP — *Vivmark Residential (formerly Equity Residential) is a Maryland real estate investment trust that owns and operates apartment communities; it acquired AvalonBay Communities, a leading multifamily REIT, in a merger transaction completed on August 17, 2026.* On August 17, 2026, AvalonBay Communities, Inc. completed a two-step merger transaction with Vivmark Residential (formerly Equity Residential). In the Initial Merger, AvalonBay merged with and into Canopy Merger Sub LLC, a wholly owned subsidiary of Vivmark Residential. Immediately thereafter, in the Subsequent Merger, Merger Sub merged with and into ERP Operating Limited Partnership, with ERP Operating Partnership surviving as the final entity. The transaction was governed by an Agreement and Plan of Merger dated May 20, 2026, among Vivmark Residential, ERP Operating Partnership, Merger Sub, and AvalonBay. As part of the closing, ERP Operating Partnership assumed all of AvalonBay's debt obligations under multiple indentures, including approximately $5.75 billion in unsecured senior notes across three separate indentures (1998, 2018, and 2024 indentures), and assumed AvalonBay's $2.5 billion revolving credit facility and $550 million term loan facility.
  https://www.sec.gov/Archives/edgar/data/931182/0001193125-26-354068.txt

## Citations
- 0001193125-26-354068 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526354068