Flynn Conor C 4

What Happened
Conor C. Flynn, a director of AvalonBay Communities, received an award of 135 Deferred Stock Units (DSUs) on 2026-05-19. The units were granted at $0.00 (no cash paid) as an election in lieu of the quarterly cash director fee; the reported value of the transaction is $0.

Key Details

• Transaction date: 2026-05-19; Form 4 filed: 2026-05-21 (timely filing).
• Transaction type/code: Award/Grant (A). Price per unit: $0.00. Quantity: 135 DSUs.
• Conversion/vesting: DSUs convert one-for-one into common stock after the reporting person ceases to be a director (per filing footnote). Units may be subject to vesting requirements.
• Shares owned after transaction: the filing indicates ownership includes these Units, but the total post-transaction share count is not specified in this summary.
• Footnotes: Grant made under the issuer’s 2009 Equity Incentive Plan pursuant to an election to receive units instead of cash director fees.

Context
This was a routine director compensation election (receiving deferred stock units instead of cash), not a cash purchase or sale. DSUs typically convert to shares later (here, upon leaving the board) and do not represent an immediate sale or market activity. Such grants are common and are primarily administrative compensation arrangements rather than directional insider trades.