Director Terry S. Brown granted 209 stock units at AvalonBay (NYSE: AVB)

Rhea-AI Filing Summary

AvalonBay Communities Inc. director Terry S. Brown received 209 Deferred Stock Units on March 2, 2026 as a grant under the company’s Second Amended and Restated 2009 Equity Incentive Plan. The grant represents an election to take quarterly director fees in stock units instead of cash.

The Units will convert into common stock on a one-for-one basis after Brown ceases to be a director. After this award, Brown directly owns a total of 19,178.3449 shares of common stock, including all Deferred Stock Units, some of which may be subject to vesting.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Brown Terry S.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $.01 per share	209	$0.00	--

Holdings After Transaction: Common Stock, par value $.01 per share — 19,178.345 shares (Direct)

Footnotes (1)

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. 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.

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^*

Brown Terry S.

(Last) (First) (Middle)

C/O AVALONBAY COMMUNITIES, INC.

4040 WILSON BOULEVARD STE 1000

(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		209(1)	A	$0	19,178.3449(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 November 26, 2014	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.
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.

FAQ

What did AvalonBay (AVB) director Terry S. Brown report in this Form 4 filing?

Terry S. Brown reported receiving 209 Deferred Stock Units as a director compensation grant. These Units were issued under AvalonBay’s equity incentive plan instead of a quarterly cash director fee, increasing his total direct holdings to 19,178.3449 shares including all Units.

How many AvalonBay (AVB) Deferred Stock Units did Terry S. Brown receive?

Terry S. Brown received a grant of 209 Deferred Stock Units from AvalonBay Communities Inc. The award reflects his prior election to receive Units instead of a quarterly cash director’s fee that would otherwise have been paid in cash compensation.

At what price were Terry S. Brown’s AvalonBay (AVB) units recorded in the Form 4?

The 209 Deferred Stock Units were recorded at a transaction price of $0.0000 per unit. This indicates the units were granted as director compensation rather than purchased on the open market with cash consideration from the reporting person.

When will Terry S. Brown’s AvalonBay (AVB) Deferred Stock Units convert into common stock?

The Deferred Stock Units will convert into AvalonBay common stock on a one-for-one basis after Terry S. Brown ceases to be a director. This means actual shares are issued only once his board service with the company has ended.

How many AvalonBay (AVB) shares does Terry S. Brown own after this transaction?

Following the award, Terry S. Brown directly owns 19,178.3449 shares of AvalonBay common stock. This total includes all Deferred Stock Units, some of which the company notes may still be subject to vesting conditions under its equity incentive plan.

Was Terry S. Brown’s AvalonBay (AVB) transaction a market buy or a compensation grant?

The transaction was a compensation grant, not a market purchase. Form 4 shows code “A” for a grant or award acquisition, and the footnote explains the 209 Deferred Stock Units were issued instead of paying a quarterly cash director’s fee.