[Form 4] MID AMERICA APARTMENT COMMUNITIES INC. Insider Trading Activity

Rhea-AI Filing Summary

Deborah H. Caplan, a director of Mid America Apartment Communities, reported transactions dated 09/23/2025. The Form 4 shows a disposition of 3,970 shares of common stock (Table I) and an acquisition of 102 phantom stock units (Table II) with an indicated economic value of $0 at grant and an underlying common stock price shown as $141.12. Following the reported transactions the filing lists 1,060.174 shares beneficially owned by the reporting person in a direct form. The phantom stock units are described as economically equivalent to common shares and payable in two equal annual installments beginning within 90 days after the reporting person ceases to serve as a director, payable in cash or common stock at the holder's election.

Positive

• Director compensation granted via 102 phantom stock units, providing deferred alignment with shareholder value
• Phantom units pay in cash or stock in two installments, offering flexibility to the reporting person

Negative

• Disposition of 3,970 common shares reducing the reporting person’s direct holdings
• Filing shows modest remaining ownership of 1,060.174 shares following the transactions

Insights

Corporate Governance Expert

TL;DR: Routine director compensation grant with an associated share disposition; governance implications appear standard and non-disruptive.

The reporting shows a director-level compensation action combined with a separate sale/disposition of common stock. The 102 phantom units are structured as deferred compensation payable in two installments after service ends, which aligns with common director retention practices. The 3,970-share disposition is disclosed under Section 16 and does not, by itself, indicate a governance change or a related-party transaction beyond normal insider trading disclosures. No amendments or additional restrictions are disclosed in the filing.

Securities Analyst

TL;DR: Transaction mix (sale plus phantom grant) looks like routine liquidity plus deferred compensation; modest in scale relative to large-cap REIT holdings.

The Form 4 reports a sale of 3,970 common shares and the receipt of 102 phantom stock units with underlying value referenced at $141.12 per share. The filing lists 1,060.174 shares held after the transactions. These items are typical Section 16 disclosures: a director converting compensation into a deferred payout vehicle while trimming an equity position. The filing provides no indication of material company developments or change in control.

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Caplan Deborah H

(Last) (First) (Middle)

6815 POPLAR AVE

SUITE 500

(Street)

GERMANTOWN TN 38138

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MID AMERICA APARTMENT COMMUNITIES INC. [ MAA ]

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)
09/23/2025

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								3,970	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
Phantom Stock	$0(1)	09/23/2025		A		102		(1)	(1)	Common Stock	102	$141.12	1,060.174	D

Explanation of Responses:

1. Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock are payable in two equal annual installments beginning within the 90 days following the calendar year in which the reporting person ceases to serve as a director, in cash or common stock, at the election of the reporting person.

	/s/ Kellye Clouse	09/24/2025
	** 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 transactions were reported on the MAA Form 4 by Deborah H. Caplan?

The filing reports a disposition of 3,970 shares of common stock on 09/23/2025 and the acquisition of 102 phantom stock units on the same date.

How many shares does Deborah H. Caplan beneficially own after the reported transactions (MAA)?

The Form 4 lists 1,060.174 shares beneficially owned following the reported transactions.

What are the terms of the phantom stock units reported for MAA?

Each phantom stock unit equals one share economically and is payable in two equal annual installments beginning within 90 days after the director ceases service, payable in cash or common stock at the holder's election.

What price is shown for the underlying common stock related to the phantom units on the MAA filing?

The filing shows an underlying common stock price of $141.12 associated with the phantom stock disclosure.

When was the Form 4 signed and submitted for MAA?

The signature block shows the form signed by Kellye Clouse on 09/24/2025.