AvalonBay director granted 135 deferred stock units

AvalonBay Communities director Ronald L. Havner Jr. received an award of 135 shares of common stock in the form of Deferred Stock Units under the company’s Second Amended and Restated 2009 Equity Incentive Plan.

Rhea-AI Filing Summary

AvalonBay Communities director Ronald L. Havner Jr. received an award of 135 shares of common stock in the form of Deferred Stock Units under the company’s Second Amended and Restated 2009 Equity Incentive Plan. The grant reflects his prior election to take quarterly director fees in stock rather than cash.

These units will convert into common stock on a one-for-one basis after he ceases to be a director. Following this grant, he directly owns 19,871.875 shares of common stock, including deferred units that may be subject to vesting requirements.

Insider Trade Summary

Grant/Award: 135 shares

Grant/Award 1 txn

Insider HAVNER RONALD L JR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $.01 per share	135	$0.00	$0.00

Holdings After Transaction: Common Stock, par value $.01 per share — 19,871.875 shares (Direct)

Footnotes (2)

1. F1. Reflects grant of Deferred Stock Units ("Units") under the issuer's Second Amended and Restated 2009 Equity Incentive Plan pursuant to an election previously made by the reporting person to receive Units in lieu of the quarterly cash director's fee otherwise due. The Units will convert into common stock on a one for one basis after the reporting person ceases to be a director of the issuer.
2. F2. The amount of securities owned following the reported transaction reflects direct ownership of all shares of common stock, including Units, which may be subject to vesting requirements.

Key Figures

Deferred Stock Units granted: 135 units Grant price per unit: $0.00 per share Shares owned after transaction: 19,871.875 shares +2 more

5 metrics

Deferred Stock Units granted 135 units Equity award to director on 2026-05-19

Grant price per unit $0.00 per share Compensation grant, not market purchase

Shares owned after transaction 19,871.875 shares Direct ownership including deferred units

Transaction code A (Grant, award, or other acquisition) Form 4 non-derivative transaction classification

Security type Common Stock, par value $.01 per share Underlying security for Deferred Stock Units

Key Terms

Deferred Stock Units, Second Amended and Restated 2009 Equity Incentive Plan, quarterly cash director's fee, vesting requirements, +1 more

5 terms

Deferred Stock Units financial

"Reflects grant of Deferred Stock Units ("Units") under the issuer's Second Amended and Restated 2009 Equity Incentive Plan"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

Second Amended and Restated 2009 Equity Incentive Plan financial

"Reflects grant of Deferred Stock Units ("Units") under the issuer's Second Amended and Restated 2009 Equity Incentive Plan"

quarterly cash director's fee financial

"pursuant to an election previously made by the reporting person to receive Units in lieu of the quarterly cash director's fee otherwise due"

vesting requirements financial

"including Units, which may be subject to vesting requirements"

beneficial ownership financial

"The amount of securities owned following the reported transaction reflects direct ownership of all shares of common stock, including Units"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did AvalonBay Communities (AVB) report for Ronald L. Havner Jr.?

AvalonBay Communities reported that director Ronald L. Havner Jr. received 135 Deferred Stock Units as equity compensation. The award represents quarterly director fees taken in stock rather than cash, increasing his direct holdings to 19,871.875 shares including deferred units.

Was the AvalonBay Communities (AVB) Form 4 transaction a market purchase or sale?

The Form 4 transaction was not a market trade. It was a grant of 135 Deferred Stock Units at zero price as equity compensation for director fees, classified as a grant or award acquisition rather than an open-market buy or sell transaction.

How many AvalonBay Communities (AVB) shares does Ronald L. Havner Jr. hold after this Form 4?

After the reported grant, Ronald L. Havner Jr. directly owns 19,871.875 shares of AvalonBay Communities common stock. This total includes Deferred Stock Units, which may be subject to vesting requirements but are counted in his direct beneficial ownership.

What are Deferred Stock Units in the AvalonBay Communities (AVB) Form 4 filing?

Deferred Stock Units are share-based awards that track AvalonBay common stock and convert later into actual shares. In this filing, each unit will convert into one share of common stock after Ronald L. Havner Jr. ceases to be a director of the company.

Why did the AvalonBay Communities (AVB) director receive shares at a zero price?

The director received 135 units at a zero price because they are equity compensation, not market purchases. They were granted under AvalonBay’s equity incentive plan as payment in stock instead of cash for the quarterly director fee previously earned.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/21/2026 - 04:46 PM Learn about SEC filing dates

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HAVNER RONALD L JR

(Last) (First) (Middle)

C/O AVALONBAY COMMUNITIES, INC.

4040 WILSON BOULEVARD STE 1000

(Street)

ARLINGTON VIRGINIA 22203

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
AVALONBAY COMMUNITIES INC [ AVB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	05/19/2026		A		135(1)	A	$0	19,871.875(2)	D

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

Explanation of Responses:

1. Reflects grant of Deferred Stock Units ("Units") under the issuer's Second Amended and Restated 2009 Equity Incentive Plan pursuant to an election previously made by the reporting person to receive Units in lieu of the quarterly cash director's fee otherwise due. The Units will convert into common stock on a one for one basis after the reporting person ceases to be a director of the issuer.

2. The amount of securities owned following the reported transaction reflects direct ownership of all shares of common stock, including Units, which may be subject to vesting requirements.

	By Edward M. Schulman under Power of Attorney dated as of September 16, 2014	05/21/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)