MAA (MAA) director receives 1,401 phantom stock units as deferred award

Rhea-AI Filing Summary

FISCHER TAMARA D reported acquisition or exercise transactions in this Form 4 filing.

MID AMERICA APARTMENT COMMUNITIES INC. director Tamara D. Fischer reported compensation-related activity involving company securities. She received an award of 1,401 shares of phantom stock, each economically equivalent to one share of common stock, at a reference value of $128.47 per unit.

After this grant, she holds 5,174.276 phantom stock units, which will be paid in two equal annual installments beginning within 90 days after the calendar year in which she ceases to serve as a director. These installments are payable in cash or common stock at her election. Her directly held common stock position is now shown as zero shares.

Insights

Equity compensation analyst

Routine phantom stock award increases deferred, equity-linked pay.

Director Tamara D. Fischer received 1,401 phantom stock units, classified as a grant or award, with each unit economically mirroring one common share. This is standard board-level equity compensation rather than an open-market purchase or sale.

The award lifts her total phantom stock holdings to 5,174.276 units, with value tied to the company’s common stock. Payout occurs in two annual installments after she stops serving on the board, in either cash or common shares as she chooses, emphasizing long-term alignment but not altering near-term share float.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider FISCHER TAMARA D

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	1,401	$128.47	$180K
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock — 5,174.276 shares (Direct); Common Stock — 0 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

Phantom stock grant: 1,401 units Phantom stock reference price: $128.47 per unit Total phantom stock after grant: 5,174.276 units +2 more

5 metrics

Phantom stock grant 1,401 units Grant of phantom stock units on May 19, 2026

Phantom stock reference price $128.47 per unit Grant, award, or other acquisition value

Total phantom stock after grant 5,174.276 units Phantom stock units following the reported transaction

Common stock holdings after transaction 0 shares Direct common stock position following the filing

Phantom stock-to-common ratio 1:1 Each phantom stock unit equals one common share economically

Key Terms

Phantom Stock, Grant, award, or other acquisition, Common Stock, economic equivalent, +1 more

5 terms

Phantom Stock financial

"security_title: "Phantom Stock""

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

Common Stock financial

"security_title: "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

economic equivalent financial

"Each share of phantom stock is the economic equivalent of one share of common stock."

phantom stock financial

"Each share of phantom stock is the economic equivalent of one share of common stock."

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

FAQ

What did Tamara D. Fischer report in this Form 4 for MAA?

She reported receiving an award of 1,401 phantom stock units, each economically equivalent to one share of MID AMERICA APARTMENT COMMUNITIES INC. common stock, increasing her total phantom stock holdings to 5,174.276 units as reflected after the transaction date.

Is the MAA Form 4 transaction a stock purchase or sale by the director?

No, the filing shows a grant of phantom stock, not a market purchase or sale. The transaction code A indicates a grant, award, or other acquisition, and her directly held common stock position is reported as zero shares after the transactions.

How do MAA phantom stock units work for Tamara D. Fischer?

Each phantom stock unit is the economic equivalent of one common share. According to the footnote, they are settled in two equal annual installments after she ceases to serve as a director, in cash or common stock, at her election, providing deferred, stock-linked compensation.

What is the value reference for the MAA phantom stock grant?

The 1,401 phantom stock units were granted at a reference price of $128.47 per unit. This price reflects the value used for the award on the transaction date but does not represent an open-market trade by the director.

When will the MAA phantom stock units be paid to the director?

The phantom stock units are payable in two equal annual installments, beginning within 90 days following the calendar year in which she stops serving as a director. Payments can be made in cash or common stock, depending on her election at settlement.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 05/20/2026 - 04:44 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FISCHER TAMARA D

(Last) (First) (Middle)

9146 E WESLEY AVE

(Street)

DENVER COLORADO 80231

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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								0	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	(1)	05/19/2026		A		1,401		(1)	(1)	Common Stock	1,401	$128.47	5,174.276	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	05/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)