AVALONBAY COMMUNITIES INC — Director's Dealing 2010

May 14, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2010-05-12

Reporting Person: Dunn Lili F (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-12	Common Stock, Par value $.01 per share	J	4311	$0.00	Disposed	30009.3287	Direct

Footnotes

F1: Reflects transfer of shares to reporting person's spouse's account.

F2: The amount of securities owned following the reported transaction reflects direct ownership of all shares of common stock, including restricted shares.