AVALONBAY COMMUNITIES INC — Director's Dealing 2011

Mar 28, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2011-03-24

Reporting Person: CHOATE BRUCE A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-24	Common Stock, par value $.01 per share	M	4715	$44.98	Acquired	57142.6505	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-24	Stock Options (Right to Buy)	$44.98	M	4715	Disposed	2012-05-14	Common Stock (4715)	Direct

Footnotes

F1: The amount of securities owned following the reported transaction reflects direct ownership of all shares of common stock, including Units, which may be subject to vesting requirements.

F2: The options exercised were included in options granted under the issuer's stock option and incentive plan on May 14, 2002 which became exercisable in full on May 14, 2003.

F3: Following the reported transaction, the reporting person does not hold any options to purchase the issuer's common stock.