AvalonBay (AVB) director Richard Lieb receives 1,082 deferred stock units as equity award

Rhea-AI Filing Summary

AvalonBay Communities Inc. director Richard J. Lieb received an equity grant rather than buying shares on the market. He was awarded 1,082 Deferred Stock Units under the company’s 2026 Equity Incentive Plan at no cash cost, subject to vesting requirements. These units will convert into common stock on a one-to-one basis after he ceases to be a director. Following this grant, Lieb directly owns 9,888.9334 shares of common stock, including these and other units.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Lieb Richard J

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 — 9,888.933 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 Holdings after transaction: 9,888.9334 shares Transaction price per share: $0.0000 +1 more

4 metrics

Deferred Stock Units granted 1,082 units Grant under 2026 Equity Incentive Plan

Holdings after transaction 9,888.9334 shares Direct ownership including units after grant

Transaction price per share $0.0000 Equity award, no cash consideration

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

Key Terms

Deferred Stock Units, 2026 Equity Incentive Plan, vesting requirements, convert into common stock on a 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"

convert into common stock on a one to one basis financial

"The Units will convert into common stock on a one to one basis after the reporting person ceases to be a director"

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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^*

Lieb Richard J

(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	9,888.9334(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 as of August 18, 2016	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 did AvalonBay Communities (AVB) director Richard J. Lieb report on this Form 4?

Richard J. Lieb reported receiving 1,082 Deferred Stock Units as an equity award under AvalonBay’s 2026 Equity Incentive Plan. This is a compensation-related grant, not an open-market stock purchase or sale, and adds to his existing equity stake in the company.

Is Richard J. Lieb buying or selling AvalonBay (AVB) stock in this filing?

He is not buying or selling shares in the market. The filing shows a grant of 1,082 Deferred Stock Units at no cash price, awarded as director compensation, which will later convert into common stock once he is no longer serving as a director.

How many AvalonBay (AVB) shares does Richard J. Lieb hold after this transaction?

After the reported grant, Richard J. Lieb directly owns 9,888.9334 shares of AvalonBay common stock. This figure includes all currently held common shares as well as Deferred Stock Units, some of which are subject to vesting requirements under the company’s equity incentive plan.

What are the key terms of the Deferred Stock Units granted to Richard J. Lieb at AvalonBay (AVB)?

The grant consists of Deferred Stock Units awarded under the 2026 Equity Incentive Plan, subject to vesting requirements. Each unit will convert into one share of common stock after Lieb ceases to be a director, aligning his compensation with long-term shareholder interests through future share delivery.

Does this AvalonBay (AVB) Form 4 indicate a routine compensation event for the director?

Yes, the transaction is coded as a grant or award acquisition and reflects equity-based director compensation. The 1,082 Deferred Stock Units are issued under an established incentive plan with vesting, typical of ongoing board compensation rather than an opportunistic trade in the company’s stock.

How do the Deferred Stock Units affect Richard J. Lieb’s ownership in AvalonBay (AVB)?

The Deferred Stock Units increase his recorded direct ownership to 9,888.9334 shares, including units. While some units are unvested and settle only after he leaves the board, they represent an additional equity-linked interest in AvalonBay’s future performance and share value.