SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* SARGEANT THOMAS J (Last) (First) (Middle) C/O AVALONBAY COMMUNITIES, INC. BALLSTON TOWER, 671 N. GLEBE ROAD (Street) ARLINGTON VA 22203 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol AVALONBAY COMMUNITIES INC [ AVB ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) CFO
	3. Date of Earliest Transaction (Month/Day/Year) 06/08/2011
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $.01 per share	06/08/2011		M		1,472	A	$67.86	134,093.6503(1)	D
Common Stock, par value $.01 per share	06/08/2011		M		41,039	A	$96.19	175,132.6503(1)	D
Common Stock, par value $.01 per share	06/08/2011		M		34,277	A	$86.4	209,409.6503(1)	D
Common Stock, par value $.01 per share	06/08/2011		S		33,121	D	$132.258(2)	176,288.6503(1)	D
Common Stock, par value $.01 per share	06/08/2011		S		40,000	D	$133.0564(3)	136,288.6503(1)	D
Common Stock, par value $.01 per share	06/08/2011		F		2,259	D	$132.62	134,029.6503(1)	D
Common Stock, par value $.01 per share								1,352(4)	I	Owned by spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	$67.86	06/08/2011		M			1,472	02/11/2006(5)	02/11/2015	Common Stock	1,472	$0.00(5)	0(6)	D
Stock Options (Right to Buy)	$96.19	06/08/2011		M			41,039	02/09/2007(7)	02/09/2016	Common Stock	41,039	$0.00(7)	53,506(8)	D
Stock Options (Right to Buy)	$86.4	06/08/2011		M			34,277	02/11/2009(9)	02/11/2018	Common Stock	34,277	$0.00(9)	0(10)	D

Explanation of Responses:

1. The amount of securities owned following the reported transaction reflects direct ownership of all shares of common stock, including restricted shares.

2. The transaction was executed in multiple trades at prices ranging from $132.11 to $132.56. 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.

3. This transaction was executed in multiple trades at prices ranging from $133.00 to $133.29. 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.

4. No transaction is reported. The amount of securities owned indirectly following the reported transaction is included for information purposes only.

5. The options exercised were included in options granted under the issuer's stock option and incentive plan on February 11, 2005, which become exercisable in three annual installments beginning on February 11, 2006.

6. Following the reported transaction, the reporting person held a total of 203,235 options to purchase the issuer's common stock granted on various dates and with varying exercise prices and vesting dates.

7. The options exercised were included in options granted under the issuer's stock option and incentive plan on February 9, 2006, which become exercisable in three annual installments beginning on February 9, 2007.

8. Following the reported transaction, the reporting person held a total of 162,196 options to purchase the issuer's common stock granted on various dates and with varying exercise prices and vesting dates.

9. The options exercised were included in options granted under the issuer's stock option and incentive plan on February 11, 2008 which became exercisable in three equal installments beginning on February 11, 2009.

10. Following the reported transaction, the reporting person holds a total of 127,919 options to purchase the issuer's common stock granted on various dates and with varying exercise prices and vesting dates.

Remarks:

	Catherine T. White, as attorney-in-fact under Power of Attorney dated February 6, 2009	06/10/2011
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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