AvalonBay (AVB) director takes pay in 140 deferred stock units

Rhea-AI Filing Summary

AvalonBay Communities director Ronald L. Havner Jr. received an equity-based compensation grant rather than making an open-market trade. On March 2, 2026, he acquired 140 Deferred Stock Units under the company’s 2009 Equity Incentive Plan in lieu of his quarterly cash director fee.

The units will convert into common stock on a one-for-one basis after he ceases to be a director. Following this grant, Havner directly owns 19,533.884 shares of common stock, a figure that includes these units and other shares that may be subject to vesting requirements.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider HAVNER RONALD L JR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $.01 per share	140	$0.00	--

Holdings After Transaction: Common Stock, par value $.01 per share — 19,533.884 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^*

HAVNER RONALD L JR

(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		140(1)	A	$0	19,533.884(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	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 Communities (AVB) director Ronald Havner Jr. report on this Form 4?

Ronald L. Havner Jr. reported receiving 140 Deferred Stock Units as equity compensation. These units were granted instead of his regular quarterly cash director fee, increasing his direct holdings and aligning his compensation more closely with AvalonBay Communities’ long-term share performance.

How many AvalonBay Communities (AVB) shares does Ronald Havner Jr. own after this transaction?

After the grant, Ronald L. Havner Jr. directly owns 19,533.884 shares of AvalonBay Communities common stock. This total includes Deferred Stock Units, which may be subject to vesting conditions and will convert into common shares when he is no longer a director.

Was Ronald Havner Jr.’s AvalonBay (AVB) Form 4 a market purchase or sale?

The Form 4 does not show a market buy or sell; it reports an equity award. Havner received 140 Deferred Stock Units at a stated price of $0.00 per unit as part of his director compensation, replacing a quarterly cash fee with stock-based units.

How will the Deferred Stock Units reported by AvalonBay (AVB) convert into common stock?

The Deferred Stock Units will convert into AvalonBay common stock on a one-for-one basis. Conversion occurs after Ronald L. Havner Jr. ceases to serve as a director, turning each unit into one share, subject to any applicable vesting requirements noted in the plan.

What compensation choice did Ronald Havner Jr. make regarding AvalonBay (AVB) director fees?

Ronald L. Havner Jr. previously elected to receive Deferred Stock Units instead of a quarterly cash director fee. As a result, he was granted 140 units under AvalonBay’s equity incentive plan, tying a portion of his compensation directly to the company’s share value.