AVALONBAY COMMUNITIES INC — Director's Dealing 2016

May 10, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVALONBAY COMMUNITIES INC (AVB)
CIK: 0000915912
Period of Report: 2016-05-06

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-06	Common Stock, par value $.01 per share	M	1682	$126.78	Acquired	48799.8771	Direct
2016-05-06	Common Stock, par value $.01 per share	S	1682	$185.50	Disposed	47117.8771	Direct
2016-05-06	Common Stock, par value $.01 per share	S	3000	$187.00	Disposed	44117.8771	Direct
2016-05-09	Common Stock, par value $.01 per share	S	3000	$188.50	Disposed	41117.8771	Direct
2016-05-10	Common Stock, par value $.01 per share	S	1500	$191.00	Disposed	39617.8771	Direct
2016-05-10	Common Stock, par value $.01 per share	G	1000	$0.00	Disposed	38617.8771	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-06	Employee Stock Options (Right to Buy)	$126.78	M	1682	Disposed	2023-03-13	Common Stock (1682)	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: Reflects gift of 1,000 shares.

F3: 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 equal annual installments beginning on March 13, 2014.

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