MAA (NYSE: MAA) director receives 113 phantom stock units

Rhea-AI Filing Summary

Caplan Deborah H reported acquisition or exercise transactions in this Form 4 filing.

MID AMERICA APARTMENT COMMUNITIES INC. director Deborah H. Caplan received a grant of 113 phantom stock units on common stock at a reference price of $128.07 per unit. Each phantom share is economically equivalent to one share of common stock.

Following the award, Caplan holds 1,304.104 phantom stock units and 3,970 shares of common stock directly. The phantom stock 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, in cash or common stock at her election.

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).

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^*

Caplan Deborah H

(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)
03/17/2026

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								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)	03/17/2026		A		113		(1)	(1)	Common Stock	113	$128.07	1,304.104	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	03/18/2026
	** 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 Deborah Caplan report on Form 4?

Deborah H. Caplan reported receiving 113 phantom stock units linked to MID AMERICA APARTMENT COMMUNITIES INC. common stock. The grant is a compensation-related award, not an open-market purchase or sale, and increases her total phantom stock holdings to 1,304.104 units.

How large is the phantom stock grant reported by MAA director Deborah Caplan?

The reported grant is 113 phantom stock units tied to MID AMERICA APARTMENT COMMUNITIES INC. common stock at a reference price of $128.07 per unit. After this award, Caplan holds 1,304.104 phantom stock units in total, all reported as directly owned.

What is phantom stock in the context of MAA director compensation?

Phantom stock here is an award economically equivalent to one share of MID AMERICA APARTMENT COMMUNITIES INC. common stock per unit. It tracks the value of the stock but is paid later in cash or shares, functioning as deferred equity-based compensation for the director.

When will Deborah Caplan’s MAA phantom stock units be paid out?

The phantom stock units are payable in two equal annual installments. Payments begin within 90 days following the calendar year in which Deborah Caplan ceases to serve as a director, and can be settled in cash or common stock at her election.

How many MAA shares does Deborah Caplan own after this Form 4 filing?

After the reported transactions, Deborah Caplan directly holds 3,970 shares of MID AMERICA APARTMENT COMMUNITIES INC. common stock. In addition, she holds 1,304.104 phantom stock units, each economically equivalent in value to one share of common stock.

Does the MAA Form 4 show any open-market stock purchases or sales by Deborah Caplan?

The filing shows a grant of 113 phantom stock units classified as a grant or award acquisition, not an open-market trade. There are no reported open-market purchases or sales; the other entry simply updates total common stock holdings to 3,970 shares.