AVALONBAY COMMUNITIES INC — Director's Dealing 2011

Feb 18, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2011-02-16

Reporting Person: SARGEANT THOMAS J (EVP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-16	Common Stock, par value $.01 per share	A	5301	$0.00	Acquired	135122.1033	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-16	Employee Stock Options (Right to Buy)	$115.83	A	10844	Acquired	2021-02-16	Common Stock (10844)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.01 per share	1352	Indirect

Footnotes

F1: Reflects grant of shares of restricted stock under the Company's Stock Option and Incentive Plan, which shares are subject to vesting requirements.

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

F3: No transaction is reported. The amount of securities owned indirectly following the reported transaction is included for information purposes only.

F4: These options vest in three annual installments, with the first installment vesting on 2/16/2012.

F5: Reflects grant of options under the Company's Stock Option and Incentive Plan.

F6: Following the reported transaction, the reporting person holds a total of 204,707 options to purchase the issuer's common stock granted on various dates and with varying exercise prices and vesting dates.