Brown Terry S. 4

What Happened

• Terry S. Brown, a director of AvalonBay Communities, was granted 1,082 Deferred Stock Units (an award) on 2026-05-28. The units were reported as acquired at $0.00 (no cash paid). The filing shows this as an award/grant rather than a purchase or sale.

Key Details

• Transaction date: 2026-05-28; Filing date (Form 4): 2026-06-01 (appears to be after the typical two-business-day reporting window).
• Security and amount: 1,082 Deferred Stock Units (DSUs) reported as acquired at $0.00.
• Shares owned after transaction: the Form 4 excerpt does not specify a numeric post-transaction total; footnote indicates the reported ownership includes direct ownership of common stock plus these Units (which may vest).
• Footnotes: F1 — Units granted under the 2026 Equity Incentive Plan and subject to vesting; convert 1:1 into common stock after the director ceases service. F2 — post-transaction ownership figure (where provided) would include these Units.
• Transaction code: A (award/grant).

Context

• Deferred Stock Units are a common form of long-term, compensation-linked award for directors; they are typically subject to vesting and do not represent immediately tradable common shares. Because these were awarded (not purchased or sold), they are generally a routine compensation event rather than a direct bullish or bearish signal about the company. The apparent late filing is procedural — investors can monitor future disclosures for any further related transactions.