AVALONBAY COMMUNITIES INC — Director's Dealing 2011

Feb 1, 2011

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2010-12-31

Reporting Person: HOREY LEO S III (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-08	Common Stock, par value $.01 per share	G	75	$0.00	Disposed	60430.558	Direct

Footnotes

F1: Reflects gift of 75 shares.

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