AVALONBAY COMMUNITIES INC — Director's Dealing 2014

Jul 30, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2014-07-29

Reporting Person: O'Shea Kevin P. (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-07-29	Common Stock, par value $.01 per share	M	4439	$126.78	Acquired	11818	Direct
2014-07-29	Common Stock, par value $.01 per share	M	686	$115.83	Acquired	12504	Direct
2014-07-29	Common Stock, par value $.01 per share	S	5125	$149.35	Disposed	7379	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-07-29	Employee Stock Options (Right to Buy)	$126.78	M	4439	Disposed	2023-03-13	Common Stock (4439)	Direct
2014-07-29	Employee Stock Options (Right to Buy)	$115.83	M	686	Disposed	2021-02-16	Common Stock (686)	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 March 13, 2013, which became exercisable in three annual installments beginning on March 13, 2014

F3: The options exercised were included in options granted under the issuer's stock option and incentive plan on February 16, 2011, which became exercisable in three annual installments beginning on February 16, 2012.

F4: Following the reported transaction, the reporting person holds a total of 16,521 options to purchase the issuer's common stock granted on various dates and with varying exercise prices and vesting dates.