X0306 4 2019-11-15 0 0000915912 AVALONBAY COMMUNITIES INC AVB 0001219700 NAUGHTON TIMOTHY J C/O AVALONBAY COMMUNITIES, INC. BALLSTON TOWER, 671 N. GLEBE ROAD ARLINGTON VA 22203 1 1 0 0 Chairman & CEO Common Stock, par value $.01 per share 2019-11-15 4 M 0 26634 126.78 A 173963.7445 D Common Stock, par value $.01 per share 2019-11-15 4 S 0 20861 213.4396 D 153102.7445 D Common Stock, par value $.01 per share 2019-11-15 4 S 0 5773 214.1868 D 147329.7445 D Common Stock, par value $.01 per share 2019-11-15 5 G 0 E 11896 0.00 D 135433.7445 D Stock Option (Right to Buy) 126.78 2019-11-15 4 M 0 26634 0.00 D 2014-03-13 2023-03-13 Common Stock 26634 0 D The amount of securities owned following the reported transaction reflects direct ownership of all shares of common stock, including restricted shares. The transaction was executed in multiple trades at prices ranging from $213.00 to $213.98. 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. The transaction was executed in multiple trades at prices ranging from $214.00 to $214.49. 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. Reflects gift of 11,896 shares at no cost. The options exercised were included in options granted under the issuer's Second Amended and Restated 2009 Equity Incentive Plan on 3/13/2013, which became exercisable in three equal annual installments beginning on 3/13/2014. Following the reported transaction, the reporting person does not hold any options to purchase the company's stock. Catherine T. White, as attorney-in-fact under Power of Attorney dated January 29, 2009 2019-11-19