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

Rhea-AI Filing Summary

McGrath Sheila K. reported acquisition or exercise transactions in this Form 4 filing.

MID AMERICA APARTMENT COMMUNITIES INC. director Sheila K. McGrath reported a compensation-related award of derivative securities. She received 1,401 shares of Phantom Stock, each economically equivalent to one share of common stock, at a reference price of $128.47 per share.

Following this grant, her Phantom Stock balance increased to 3,424.919 shares. The Phantom Stock will be paid in two equal annual installments after she ceases to serve as a director, in cash or common stock at her election. The filing also shows she held 0 shares of directly owned common stock after the reported transactions.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider McGrath Sheila K.

Role null

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

Holdings After Transaction: Phantom Stock — 3,424.919 shares (Direct, null); Common Stock — 0 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Phantom Stock granted: 1,401 shares Phantom Stock reference price: $128.47 per share Phantom Stock holdings after grant: 3,424.919 shares +2 more

5 metrics

Phantom Stock granted 1,401 shares Grant, award, or other acquisition on May 19, 2026

Phantom Stock reference price $128.47 per share Price per Phantom Stock unit at grant

Phantom Stock holdings after grant 3,424.919 shares Total Phantom Stock following the transaction

Common Stock holdings after filing 0 shares Directly owned common stock after reported transactions

Phantom Stock payout structure Two equal annual installments Paid after director service ends, in cash or stock

Key Terms

Phantom Stock, economic equivalent, Grant, award, or other acquisition, derivative

4 terms

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.

economic equivalent financial

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

Grant, award, or other acquisition financial

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

derivative financial

""transaction_type": "derivative""

A derivative is a financial contract whose value depends on the price or performance of another asset or measure — for example a stock, index, interest rate, commodity, or currency. Investors use derivatives like insurance or leveraged bets to hedge risk, speculate, or gain exposure without owning the underlying asset; they can protect portfolios but also amplify losses and introduce counterparty and market risk.

Form 4 Insider Transactions: What Each Field Means →

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^*

McGrath Sheila K.

(Last) (First) (Middle)

6815 POPLAR AVE

SUITE 500

(Street)

GERMANTOWN TENNESSEE 38138

(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	$0(1)	05/19/2026		A		1,401		(1)	(1)	Common Stock	1,401	$128.47	3,424.919	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)

FAQ

What insider transaction did MAA director Sheila K. McGrath report on this Form 4?

Sheila K. McGrath reported receiving 1,401 shares of Phantom Stock as a compensation-related award. These derivatives are tied to MID AMERICA APARTMENT COMMUNITIES INC. common stock and increase her Phantom Stock balance to 3,424.919 shares following the transaction.

What is the value reference for the Phantom Stock granted to MAA director Sheila McGrath?

The 1,401 Phantom Stock units were granted at a reference price of $128.47 per unit. Each unit is the economic equivalent of one share of common stock, linking the award’s value to MID AMERICA APARTMENT COMMUNITIES INC.’s share price performance over time.

How many Phantom Stock units does Sheila McGrath hold after this MAA Form 4 filing?

After the reported award, Sheila McGrath holds 3,424.919 Phantom Stock units. Each unit represents the economic equivalent of one share of MID AMERICA APARTMENT COMMUNITIES INC. common stock, providing equity-linked compensation rather than immediate share ownership.

When will Sheila McGrath’s MAA Phantom Stock be paid out and in what form?

The Phantom Stock will be paid in two equal annual installments after she ceases serving as a director. Payment will occur within 90 days following the calendar year of her departure, in either cash or common stock, at her election.

Does the MAA Form 4 show Sheila McGrath holding common stock directly after the transaction?

The Form 4 shows she held 0 shares of directly owned common stock after the reported transactions. Her equity-linked exposure instead comes from 3,424.919 Phantom Stock units, which mirror the economic value of MID AMERICA APARTMENT COMMUNITIES INC. common shares.