AVALONBAY COMMUNITIES INC — Director's Dealing 2011

Jun 13, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2011-06-09

Reporting Person: Morris James Richard (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-06-09	Common Stock, par value $.01 per share	M	6950	$86.40	Acquired	30946.6201	Direct
2011-06-09	Common Stock, par value $.01 per share	S	5794	$132.39	Disposed	25152.6201	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-06-09	Stock Options (Right to Buy)	$86.40	M	6950	Acquired	2018-02-11	Common Stock (6950)	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, 2008 which became exercisable in three equal installments beginning on February 11, 2009.

F3: Following the reported transaction, the reporting person holds a total of 18,614 options to purchase the issuer's common stock granted on various dates and with varying exercise prices and vesting dates.