Director John Case receives phantom stock award at Mid America (NYSE: MAA)

Rhea-AI Filing Summary

Case John reported acquisition or exercise transactions in this Form 4 filing.

Mid America Apartment Communities director John Case reported a compensation-related grant of phantom stock. On March 17, 2026, he received 50 shares of phantom stock, each economically equivalent to one share of common stock, tied to a reference price of $128.07 per unit. Following this award, he holds 4,272.893 phantom stock units and 200 shares of common stock directly. The phantom stock will be paid in two equal annual installments after he stops serving as a director, in cash or common stock at his election, rather than reflecting an open-market purchase or sale.

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^*

Case John

(Last) (First) (Middle)

3045 STERLING RD

(Street)

MOUNTAIN BROOK ALABAMA 35213

(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								200	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)	03/17/2026		A		50		(1)	(1)	Common Stock	50	$128.07	4,272.893	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 John Case report on this Form 4?

John Case reported receiving a grant of 50 phantom stock units, each equivalent to one share of Mid America Apartment Communities common stock. The award is part of director compensation and does not represent an open-market stock purchase or sale.

How many phantom stock units does John Case hold in MAA after this filing?

After the transaction, John Case holds 4,272.893 phantom stock units linked to Mid America Apartment Communities common stock. These units track the value of the stock but are settled later in cash or shares, rather than being regular outstanding shares today.

How many MAA common shares does John Case directly own after this Form 4?

The filing shows John Case directly holding 200 shares of Mid America Apartment Communities common stock following the reported transactions. This is separate from his phantom stock units, which are bookkeeping entries that will be settled in the future.

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

For MAA, phantom stock is an economic equivalent of common stock credited to the director’s account. According to the filing, it will be paid in two equal annual installments after he ceases to serve as a director, in cash or stock at his choice.

When will John Case’s MAA phantom stock units be paid out?

The filing states that phantom stock units are payable in two equal annual installments beginning within 90 days after the calendar year in which John Case stops serving as a director. Payment can be made in cash or common stock, at his election.

Does this MAA Form 4 show any open-market buying or selling by John Case?

No open-market buying or selling is reported. The Form 4 shows a grant of 50 phantom stock units as compensation and a holding line for 200 common shares. The phantom stock award is not a market trade in MAA shares.