AVALONBAY COMMUNITIES INC — Director's Dealing 2011

Aug 31, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2011-08-29

Reporting Person: BLAIR BRYCE (Director, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-29	Common Stock, par value $.01 per share	M	9100	$67.86	Acquired	330571.4657	Direct
2011-08-29	Common Stock, par value $.01 per share	M	900	$86.40	Acquired	331471.4657	Direct
2011-08-29	Common Stock, par value $.01 per share	S	4000	$132.2528	Disposed	327471.4657	Direct
2011-08-29	Common Stock, par value $.01 per share	S	6000	$133.4167	Disposed	321471.4657	Direct
2011-08-30	Common Stock, par value $.01 per share	M	6100	$86.40	Acquired	327571.4657	Direct
2011-08-30	Common Stock, par value $.01 per share	M	3300	$48.60	Acquired	330871.4657	Direct
2011-08-30	Common Stock, par value $.01 per share	S	2000	$133.0633	Disposed	328871.4657	Direct
2011-08-30	Common Stock, par value $.01 per share	S	4000	$134.25	Disposed	324871.4657	Direct
2011-08-30	Common Stock, par value $.01 per share	S	3400	$135.1029	Disposed	321471.4657	Direct
2011-08-31	Common Stock, par value $.01 per share	M	900	$74.20	Acquired	322371.4657	Direct
2011-08-31	Common Stock, par value $.01 per share	M	1100	$48.60	Acquired	323471.4657	Direct
2011-08-31	Common Stock, par value $.01 per share	S	2000	$136.00	Disposed	321471.4657	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-08-29	Stock Options (Right to Buy)	$67.86	M	9100	Disposed	2015-02-11	Common Stock (9100)	Direct
2011-08-29	Stock Options (Right to Buy)	$86.40	M	900	Disposed	2018-02-11	Common Stock (900)	Direct
2011-08-30	Stock Options (Right to Buy)	$86.40	M	6100	Disposed	2018-02-11	Common Stock (6100)	Direct
2011-08-30	Stock Options (Right to Buy)	$48.60	M	3300	Disposed	2019-02-11	Common Stock (3300)	Direct
2011-08-31	Stock Options (Right to Buy)	$74.20	M	900	Disposed	2020-02-11	Common Stock (900)	Direct
2011-08-31	Stock Options (Right to Buy)	$48.60	M	1100	Disposed	2019-02-11	Common Stock (1100)	Direct

Footnotes

F1: The exercises and sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 24, 2011

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

F3: This transaction was executed in multiple trades at prices ranging from $132.00 to $132.53. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F4: This transaction was executed in multiple trades at prices ranging from $133.00 to $133.75. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F5: This transaction was executed in multiple trades at prices ranging from $133.00 to $133.18. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F6: This transaction was executed in multiple trades at prices ranging from $134.00 to $134.50. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F7: This transaction was executed in multiple trades at prices ranging from $135.00 to $135.25. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F8: The options exercised were included in options granted under the issuer's stock option and incentive plan on February 11, 2005 which became exercisable in three equal installments beginning on February 11, 2006.

F9: The options exercised were included in options granted under the issuer's stock option and incentive plan on February 11, 2008 which became exercisable in three equal installments beginning on February 11, 2009.

F10: The options exercised were included in options granted under the issuer's stock option and incentive plan on February 11, 2009 which became exercisable in three equal installments beginning on February 11, 2010.

F11: The options exercised were included in options granted under the issuer's stock option and incentive plan on February 11, 2010 which became exercisable in three equal installments beginning on February 11, 2011.

F12: Following the reported transactions, the reporting person holds a total of 302,399 options to purchase the issuer's common stock granted on various dates with varying exercise prices and vesting dates.