AVALONBAY COMMUNITIES INC — Director's Dealing 2016

May 12, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2016-05-10

Reporting Person: Wilson Stephen W (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-10	Common Stock, par value $.01 per share	M	752	$132.95	Acquired	28619.2198	Direct
2016-05-10	Common Stock, par value $.01 per share	M	767	$130.23	Acquired	29386.2198	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-10	Employee Stock Options (Right to Buy)	$132.95	M	752	Disposed	2022-02-16	Common Stock (752)	Direct
2016-05-10	Employee Stock Options (Right to Buy)	$130.23	M	767	Disposed	2023-02-13	Common Stock (767)	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 16, 2012 which became exercisable in three equal installments beginning on February 16, 2013.

F3: The options exercised were included in options granted under the issuer's stock option and incentive plan on February 13, 2013 which became exercisable in three equal installments beginning on February 13, 2014.

F4: Following the reported transactions, the reporting person does not hold any options to purchase.