AVALONBAY COMMUNITIES INC — Director's Dealing 2014

Nov 19, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2014-11-17

Reporting Person: McLaughlin William M (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-17	Common Stock, par value $.01 per share	M	10976	$86.40	Acquired	56633.259	Direct
2014-11-17	Common Stock, par value $.01 per share	S	10976	$158.0145	Disposed	45657.259	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-17	Stock Options (Right to Buy)	$86.40	M	10976	Disposed	2018-02-11	Common Stock (10976)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.01 per share	1700	Indirect

Footnotes

F1: The amount of securities owned following the reported transaction reflects direct ownership of all shares of common stock, including restricted shares.

F2: This transaction was executed in multiple trades at prices ranging from $158.00 to $158.19. 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.

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

F4: 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 annual installments beginning on February 11, 2009.

F5: Following the reported transaction, the reporting person holds a total of 51,200 options to purchase the issuer's common stock granted on various dates and with varying exercise prices and vesting dates.