HAVNER RONALD L JR 4

What Happened
Ronald L. Havner Jr., a director of AvalonBay Communities, was granted 135 Deferred Stock Units (DSUs) on May 19, 2026. The filing shows the acquisition price as $0.00 (award), so no cash was exchanged. These units were issued in lieu of a quarterly cash director fee.

Key Details

• Transaction type/code: Award (A) — grant of 135 Deferred Stock Units on 2026-05-19 at $0.00 per unit.
• Filing date: 2026-05-21 (filed within the usual 2-business-day Form 4 window).
• Shares owned after transaction: the filing notes that reported ownership includes these Units, but the exact total share count after the grant is not specified in the provided data.
• Footnotes:
  • F1 — Units granted under the company’s Equity Incentive Plan pursuant to Havner’s election to receive DSUs instead of cash. Units convert 1-for-1 into common stock only after he ceases to be a director.
  • F2 — Reported ownership includes direct ownership of common stock and these Units, which may be subject to vesting or conversion conditions.

Context
This was a routine director compensation election (deferred equity instead of cash), not an open-market buy or sale. DSUs are deferred compensation and only convert to actual shares upon his departure from the board, so this grant does not indicate an immediate purchase or sale of stock.