Brown Terry S. 4

What Happened

• Terry S. Brown, a director of AvalonBay Communities, received 203 Deferred Stock Units (DSUs) on 2026-05-19. The reported acquisition price is $0.00 (Units granted in lieu of the quarterly cash director fee), so no cash changed hands. These Units convert one-for-one into common shares when the reporting person ceases to be a director.

Key Details

• Transaction type: Award/Grant (Form 4 code A) — 203 Units acquired on 2026-05-19 at $0.00.
• Filing date: 2026-05-21 (filed within the typical 2-business-day Form 4 window).
• Shares owned after transaction: the filing notes the 203 Units are included in the reporting person's total direct holdings; the summary provided does not state the full post-transaction share total.
• Footnotes: F1 — Units granted under the issuer's equity plan in lieu of quarterly cash fees; convert 1:1 to common stock after the director leaves. F2 — Reported ownership includes these Units and may be subject to vesting.

Context

• This is a routine director compensation election (receiving DSUs instead of cash), not an open-market purchase or sale. Such awards are common for non-employee directors and do not by themselves indicate a buy/sell signal. The Units will become actual shares only upon the director’s departure (and may carry vesting conditions).