AVALONBAY COMMUNITIES INC — Director's Dealing 2015

May 15, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2015-05-14

Reporting Person: Shea Keri A (SVP-Finance and Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-14	Common Stock, par value $.01 per share	M	2386	$143.34	Acquired	8853	Direct
2015-05-14	Common Stock, par value $.01 per share	S	3247	$166.4022	Disposed	5606	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-14	Employee Stock Options (Right to Buy)	$143.34	M	2386	Disposed	2017-02-08	Common Stock (2386)	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: This transaction was executed in multiple trades at prices ranging from $166.3700 to $166.4239. 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: 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 annual installments beginning on February 08, 2008.

F4: Following the reported transaction, the reporting person holds 3,808 options to purchase the issuer's common stock granted on various dates and with varying exercise prices and vesting dates.