AVALONBAY COMMUNITIES INC — Director's Dealing 2013

Jul 31, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2013-07-30

Reporting Person: SCHULMAN EDWARD M (EVP-General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-07-30	Common Stock, par value $.01 per share	M	1068	$74.20	Acquired	16179.8981	Direct
2013-07-30	Common Stock, par value $.01 per share	M	794	$48.60	Acquired	16973.8981	Direct
2013-07-30	Common Stock, par value $.01 per share	S	794	$137.379	Disposed	16179.8981	Direct
2013-07-30	Common Stock, par value $.01 per share	S	1000	$137.3847	Disposed	15179.8981	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-07-30	Stock Options (Right to Buy)	$74.20	M	1068	Disposed	2020-02-11	Common Stock (1068)	Direct
2013-07-30	Stock Options (Right to Buy)	$48.60	M	794	Disposed	2019-02-11	Common Stock (794)	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, 2010 which became exercisable in three equal installments beginning on February 11, 2011.

F3: 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.

F4: Following the reported transaction, the reporting person holds a total of 29,467 options to purchase the issuer's common stock granted on various dates and with varying exercise prices and vesting dates.