AvalonBay (AVB) director awarded 1,082 deferred stock units under 2026 equity plan

Rhea-AI Filing Summary

AvalonBay Communities director Stephen P. Hills received an award of 1,082 Deferred Stock Units on common stock under the company’s 2026 Equity Incentive Plan. These units are subject to vesting and will convert into common shares on a one-for-one basis after he ceases to be a director. Following this grant, he directly owns 10,184.0804 common shares, including these and other units that may still be subject to vesting.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Hills Stephen P.

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $.01 per share	1,082	$0.00	--

Holdings After Transaction: Common Stock, par value $.01 per share — 10,184.08 shares (Direct, null)

Footnotes (1)

1. Reflects grant of Deferred Stock Units ("Units") under the issuer's 2026 Equity Incentive Plan, which Units are subject to vesting requirements. The Units will convert into common stock on a one to one basis after the reporting person ceases to be a director of the issuer. 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: 1,082 units Grant price per unit: $0.00 per unit Total shares after transaction: 10,184.0804 shares +2 more

5 metrics

Deferred Stock Units granted 1,082 units Grant under 2026 Equity Incentive Plan on 2026-05-28

Grant price per unit $0.00 per unit Reported transaction price for awarded Deferred Stock Units

Total shares after transaction 10,184.0804 shares Direct holdings after award, including units subject to vesting

Security type Common Stock, par value $0.01 Underlying security for Deferred Stock Units

Transaction code A Classified as grant, award, or other acquisition

Key Terms

Deferred Stock Units, 2026 Equity Incentive Plan, vesting requirements, one to one basis

4 terms

Deferred Stock Units financial

"Reflects grant of Deferred Stock Units ("Units") under the issuer's 2026 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.

2026 Equity Incentive Plan financial

"Reflects grant of Deferred Stock Units ("Units") under the issuer's 2026 Equity Incentive Plan"

vesting requirements financial

"which Units are subject to vesting requirements"

one to one basis financial

"The Units will convert into common stock on a one to one basis"

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Form 4 Insider Transactions: What Each Field Means →

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^*

Hills Stephen P.

(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)
05/28/2026

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	05/28/2026		A		1,082(1)	A	$0	10,184.0804(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 2026 Equity Incentive Plan, which Units are subject to vesting requirements. The Units will convert into common stock on a one to 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 August 20, 2017	06/01/2026
	** 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)

FAQ

What insider transaction did AvalonBay Communities (AVB) report for Stephen P. Hills?

AvalonBay Communities reported that director Stephen P. Hills received 1,082 Deferred Stock Units as a compensation award. These units were granted at no cash cost under the 2026 Equity Incentive Plan and represent an acquisition, not an open-market share purchase.

How many AvalonBay Communities (AVB) shares does Stephen P. Hills hold after this Form 4?

After this grant, Stephen P. Hills directly owns 10,184.0804 AvalonBay common shares, including Deferred Stock Units. This total reflects all directly held shares and units, some of which may still be subject to vesting conditions under the company’s equity compensation arrangements.

What are the terms of the 1,082 Deferred Stock Units granted to Stephen P. Hills at AVB?

The 1,082 Deferred Stock Units are granted under AvalonBay’s 2026 Equity Incentive Plan and are subject to vesting requirements. Each unit will convert into one share of common stock after Hills ceases to be a director, making this a deferred equity compensation award.

Did Stephen P. Hills buy or sell AvalonBay (AVB) shares in this Form 4 filing?

The filing shows no open-market buying or selling of AvalonBay shares by Stephen P. Hills. Instead, he acquired 1,082 Deferred Stock Units as a grant, recorded with transaction code “A” for grant or award, at a reported price of $0.00 per unit.

How does this AvalonBay (AVB) Form 4 classify the insider transaction type?

The transaction is classified as a non-derivative acquisition with code “A,” described as a grant, award, or other acquisition. Internally, it is tagged as a grant or award acquisition of Deferred Stock Units rather than a purchase in the open market or an option exercise.

When will Stephen P. Hills’ Deferred Stock Units in AvalonBay (AVB) convert to common shares?

The Deferred Stock Units granted to Stephen P. Hills will convert into common stock on a one-to-one basis after he ceases to be a director. Until then, they remain units subject to vesting requirements as outlined in AvalonBay’s 2026 Equity Incentive Plan.