diff --git a/package-lock.json b/package-lock.json
index 5dca87bdac5845..3b25939df9b961 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -2283,6 +2283,7 @@
 				"@wordpress/i18n": "file:packages/i18n",
 				"@wordpress/rich-text": "file:packages/rich-text",
 				"lodash": "^4.17.10",
+				"memize": "^1.0.5",
 				"rememo": "^3.0.0",
 				"uuid": "^3.3.2"
 			}
diff --git a/packages/annotations/package.json b/packages/annotations/package.json
index 89eb55c53d0a67..b000f3e7cb4542 100644
--- a/packages/annotations/package.json
+++ b/packages/annotations/package.json
@@ -26,6 +26,7 @@
 		"@wordpress/i18n": "file:../i18n",
 		"@wordpress/rich-text": "file:../rich-text",
 		"lodash": "^4.17.10",
+		"memize": "^1.0.5",
 		"rememo": "^3.0.0",
 		"uuid": "^3.3.2"
 	},
diff --git a/packages/annotations/src/format/annotation.js b/packages/annotations/src/format/annotation.js
index a2f6f2973c7268..e72786bad0e3bc 100644
--- a/packages/annotations/src/format/annotation.js
+++ b/packages/annotations/src/format/annotation.js
@@ -1,3 +1,8 @@
+/**
+ * External dependencies
+ */
+import memize from 'memize';
+
 /**
  * WordPress dependencies
  */
@@ -115,6 +120,40 @@ function updateAnnotationsWithPositions( annotations, positions, { removeAnnotat
 	} );
 }
 
+/**
+ * Create prepareEditableTree memoized based on the annotation props.
+ *
+ * @param {Object} The props with annotations in them.
+ *
+ * @return {Function} The prepareEditableTree.
+ */
+const createPrepareEditableTree = memize( ( props ) => {
+	const { annotations } = props;
+
+	return ( formats, text ) => {
+		if ( annotations.length === 0 ) {
+			return formats;
+		}
+
+		let record = { formats, text };
+		record = applyAnnotations( record, annotations );
+		return record.formats;
+	};
+} );
+
+/**
+ * Returns the annotations as a props object. Memoized to prevent re-renders.
+ *
+ * @param {Array} The annotations to put in the object.
+ *
+ * @return {Object} The annotations props object.
+ */
+const getAnnotationObject = memize( ( annotations ) => {
+	return {
+		annotations,
+	};
+} );
+
 export const annotation = {
 	name: FORMAT_NAME,
 	title: __( 'Annotation' ),
@@ -128,21 +167,9 @@ export const annotation = {
 		return null;
 	},
 	__experimentalGetPropsForEditableTreePreparation( select, { richTextIdentifier, blockClientId } ) {
-		return {
-			annotations: select( STORE_KEY ).__experimentalGetAnnotationsForRichText( blockClientId, richTextIdentifier ),
-		};
-	},
-	__experimentalCreatePrepareEditableTree( { annotations } ) {
-		return ( formats, text ) => {
-			if ( annotations.length === 0 ) {
-				return formats;
-			}
-
-			let record = { formats, text };
-			record = applyAnnotations( record, annotations );
-			return record.formats;
-		};
+		return getAnnotationObject( select( STORE_KEY ).__experimentalGetAnnotationsForRichText( blockClientId, richTextIdentifier ) );
 	},
+	__experimentalCreatePrepareEditableTree: createPrepareEditableTree,
 	__experimentalGetPropsForEditableTreeChangeHandler( dispatch ) {
 		return {
 			removeAnnotation: dispatch( STORE_KEY ).__experimentalRemoveAnnotation,
diff --git a/packages/annotations/src/store/selectors.js b/packages/annotations/src/store/selectors.js
index ca6fcb64796d5f..a39a315c92f907 100644
--- a/packages/annotations/src/store/selectors.js
+++ b/packages/annotations/src/store/selectors.js
@@ -4,6 +4,17 @@
 import createSelector from 'rememo';
 import { get, flatMap } from 'lodash';
 
+/**
+ * Shared reference to an empty array for cases where it is important to avoid
+ * returning a new array reference on every invocation, as in a connected or
+ * other pure component which performs `shouldComponentUpdate` check on props.
+ * This should be used as a last resort, since the normalized data should be
+ * maintained by the reducer result in state.
+ *
+ * @type {Array}
+ */
+const EMPTY_ARRAY = [];
+
 /**
  * Returns the annotations for a specific client ID.
  *
@@ -19,12 +30,12 @@ export const __experimentalGetAnnotationsForBlock = createSelector(
 		} );
 	},
 	( state, blockClientId ) => [
-		get( state, blockClientId, [] ),
+		get( state, blockClientId, EMPTY_ARRAY ),
 	]
 );
 
 export const __experimentalGetAllAnnotationsForBlock = function( state, blockClientId ) {
-	return get( state, blockClientId, [] );
+	return get( state, blockClientId, EMPTY_ARRAY );
 };
 
 /**
@@ -54,7 +65,7 @@ export const __experimentalGetAnnotationsForRichText = createSelector(
 		} );
 	},
 	( state, blockClientId ) => [
-		get( state, blockClientId, [] ),
+		get( state, blockClientId, EMPTY_ARRAY ),
 	]
 );
 
diff --git a/packages/rich-text/src/register-format-type.js b/packages/rich-text/src/register-format-type.js
index 8b61fc3a4308b1..262812a22b248f 100644
--- a/packages/rich-text/src/register-format-type.js
+++ b/packages/rich-text/src/register-format-type.js
@@ -2,6 +2,7 @@
  * External dependencies
  */
 import { mapKeys } from 'lodash';
+import memize from 'memize';
 
 /**
  * WordPress dependencies
@@ -10,6 +11,17 @@ import { select, dispatch, withSelect, withDispatch } from '@wordpress/data';
 import { addFilter } from '@wordpress/hooks';
 import { compose } from '@wordpress/compose';
 
+/**
+ * Shared reference to an empty array for cases where it is important to avoid
+ * returning a new array reference on every invocation, as in a connected or
+ * other pure component which performs `shouldComponentUpdate` check on props.
+ * This should be used as a last resort, since the normalized data should be
+ * maintained by the reducer result in state.
+ *
+ * @type {Array}
+ */
+const EMPTY_ARRAY = [];
+
 /**
  * Registers a new format provided a unique name and an object defining its
  * behavior.
@@ -119,6 +131,13 @@ export function registerFormatType( name, settings ) {
 
 	dispatch( 'core/rich-text' ).addFormatTypes( settings );
 
+	const getFunctionStackMemoized = memize( ( previousStack = EMPTY_ARRAY, newFunction ) => {
+		return [
+			...previousStack,
+			newFunction,
+		];
+	} );
+
 	if (
 		settings.__experimentalGetPropsForEditableTreePreparation
 	) {
@@ -133,13 +152,13 @@ export function registerFormatType( name, settings ) {
 					const additionalProps = {};
 
 					if ( settings.__experimentalCreatePrepareEditableTree ) {
-						additionalProps.prepareEditableTree = [
-							...( props.prepareEditableTree || [] ),
+						additionalProps.prepareEditableTree = getFunctionStackMemoized(
+							props.prepareEditableTree,
 							settings.__experimentalCreatePrepareEditableTree( props[ `format_${ name }` ], {
 								richTextIdentifier: props.identifier,
 								blockClientId: props.clientId,
-							} ),
-						];
+							} )
+						);
 					}
 
 					if ( settings.__experimentalCreateOnChangeEditableValue ) {
@@ -155,16 +174,16 @@ export function registerFormatType( name, settings ) {
 							return accumulator;
 						}, {} );
 
-						additionalProps.onChangeEditableValue = [
-							...( props.onChangeEditableValue || [] ),
+						additionalProps.onChangeEditableValue = getFunctionStackMemoized(
+							props.onChangeEditableValue,
 							settings.__experimentalCreateOnChangeEditableValue( {
 								...props[ `format_${ name }` ],
 								...dispatchProps,
 							}, {
 								richTextIdentifier: props.identifier,
 								blockClientId: props.clientId,
-							} ),
-						];
+							} )
+						);
 					}
 
 					return <OriginalComponent