AVALONBAY COMMUNITIES INC — Director's Dealing 2010

Dec 6, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2010-12-02

Reporting Person: McLaughlin William M (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-02	Common Stock, par value $.01 per share	M	11426	$67.86	Acquired	55872.242	Direct
2010-12-02	Common Stock, par value $.01 per share	S	11426	$112.0177	Disposed	44446.242	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-12-02	Stock Options (Right to Buy)	$67.86	M	11426	Disposed	2015-02-12	Common Stock (11426)	Direct

Footnotes

F1: The amount of securities owned following the reported transaction reflects direct ownership of all shares of common stock, including restricted shares.

F2: The options exercised were included in options granted under the issuer's stock option and incentive plan on February 11, 2005, which become exercisable in three annual installments beginning on February 11, 2006.

F3: Following the reported transaction, the reporting person holds a total of 94,973 options to purchase the issuer's common stock granted on various dates and with varying exercise prices and vesting dates.