AVALONBAY COMMUNITIES INC — Director's Dealing 2014

Sep 8, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2014-09-04

Reporting Person: HOREY LEO S III (Chief Administrative Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-29	Common Stock, par value $.01 per share	G	50	$0.00	Disposed	46176.9068	Direct
2014-09-04	Common Stock, par value $.01 per share	M	17830	$143.34	Acquired	64006.9068	Direct
2014-09-04	Common Stock, par value $.01 per share	S	17830	$155.5015	Disposed	46176.9068	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-09-04	Employee Stock Options (Right to Buy)	$143.34	M	17830	Disposed	2017-02-08	Common Stock (17830)	Direct

Footnotes

F1: Reflects gift of 50 shares.

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 $155.50 to $155.52. 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: The options exercised were included in options granted under the issuer's stock option and incentive plan on February 08, 2007, which became exercisable in three equal annual installments beginning on February 08, 2008.

F5: Following the reported transaction, the reporting person holds a total of 28,456 options to purchase the issuer's common stock granted on various dates and with varying exercise prices and vesting dates.