ERP Operating Partnership Assumes AvalonBay Debt and Credit Facilities

In connection with the mergers, ERP Operating Partnership assumed AvalonBay’s obligations under $6.9 billion of unsecured notes issued under three indentures, with maturities ranging from 2026 to 2048, through supplemental agreements with Bank of New York Mellon and U.S. Bank Trust. It also assumed AvalonBay’s $2.5 billion senior unsecured revolving facility and $550 million term loan from Bank of America, Truist Bank and the participating lenders; as of August 17, $1.205 billion was outstanding on the revolver and the full $550 million term loan was outstanding. The new revolver matures April 3, 2030, and the term loan matures April 3, 2029, while the existing $2.5 billion revolving facility remains in effect.