AvalonBay (AVB) director Conor Flynn granted 140 deferred stock units

Rhea-AI Filing Summary

AvalonBay Communities director Conor C. Flynn reported receiving 140 shares worth of Deferred Stock Units as part of his quarterly director compensation. He had previously elected to take equity instead of a cash fee, at no stated purchase price. These units convert into common stock on a one-for-one basis after he leaves the board. Following this grant, he directly owns a total of 778.1172 shares of common stock, including deferred units that may be subject to vesting requirements.

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

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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^*

Flynn Conor C

(Last) (First) (Middle)

C/O AVALONBAY COMMUNITIES, INC.

4040 WILSON BLVD

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

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	03/02/2026		A		140(1)	A	$0	778.1172(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 Lee N. Davis under Power of Attorney dated as of November 10, 2025	03/04/2026
	** 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.
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FAQ

What insider transaction did AvalonBay (AVB) director Conor C. Flynn report?

Conor C. Flynn reported acquiring 140 Deferred Stock Units as part of his director compensation. These units were granted in lieu of a quarterly cash director’s fee and carry no stated purchase price, increasing his total direct holdings to 778.1172 shares, including deferred units.

How did Conor C. Flynn receive the 140 units reported for AvalonBay (AVB)?

He received 140 units through a grant under AvalonBay’s equity incentive plan. Flynn had elected to take Deferred Stock Units instead of a quarterly cash director’s fee, so this represents compensation paid in stock-equivalent form rather than an open-market purchase of AVB shares.

When do Conor C. Flynn’s AvalonBay (AVB) Deferred Stock Units convert into common stock?

The Deferred Stock Units convert into AvalonBay common stock on a one-for-one basis after Flynn ceases to be a director. Until then, they are deferred equity awards recorded as part of his direct ownership, and may be subject to vesting conditions under the equity incentive plan.

How many AvalonBay (AVB) shares does Conor C. Flynn own after this Form 4 transaction?

After the reported grant, Flynn directly owns 778.1172 shares of AvalonBay common stock. This figure includes all directly held shares plus his Deferred Stock Units, which function as stock-equivalent awards and are counted in his reported direct beneficial ownership position.

Was there a purchase price for Conor C. Flynn’s new AvalonBay (AVB) units?

No purchase price was paid; the transaction price per share is reported as 0.0000. The 140 Deferred Stock Units were granted as compensation under AvalonBay’s equity incentive plan, issued instead of a quarterly cash director’s fee that would otherwise have been payable to Flynn.