MAA insider filing: 200-share sale and 46 phantom stock units awarded

Rhea-AI Filing Summary

Reporting person: The form names "Case John" as the reporting person for Mid America Apartment Communities, Inc. (MAA). The filing documents a transaction dated 09/23/2025.

The report shows a disposition of 200 shares of common stock and the acquisition of 46 phantom stock units on the same date. Each phantom stock unit is economically equivalent to one share of common stock and is payable in two equal annual installments beginning within 90 days after the calendar year in which the reporting person ceases to serve as a director, payable in cash or common stock at the reporting person’s election. Following the reported derivative transaction, the reporting person beneficially owns 4,080.178 shares (direct).

Positive

• Received 46 phantom stock units that provide deferred economic exposure equivalent to common shares
• Clear payout terms for phantom units: payable in two equal annual installments beginning within 90 days after the calendar year of termination, payable in cash or common stock at election
• Retains direct beneficial ownership of 4,080.178 shares following the reported transactions

Negative

• Disposed of 200 common shares on 09/23/2025 as reported
• No information provided about the reason for the 200-share disposition or whether it was part of a planned program

Insights

Corporate Governance Expert

TL;DR: Director received 46 phantom stock units with deferred payout terms while disposing of 200 shares; the change appears procedural and not immediately dilutive.

The form documents standard director compensation via phantom stock units that mirror common shares and specify deferred payouts payable in cash or stock after termination of service. The filing also records a contemporaneous disposition of 200 common shares. These items are governance and compensation-related disclosures rather than operational results. The continued direct beneficial ownership of 4,080.178 shares is explicitly stated and quantifies current exposure.

Securities Analyst

TL;DR: Insider activity includes a small share sale and award of 46 phantom units; magnitude is limited relative to typical public-company floats.

The report shows a 200-share disposition and an award of 46 phantom stock units with an indicated underlying per-share price of $141.12 for valuation purposes. The phantom units convert economically to common shares and are payable in two annual installments after the director leaves the board, offering deferred compensation flexibility. The filing provides explicit quantities and terms but contains no operational or financial performance metrics.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Case John

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	46	$141.12	$6K
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock — 4,080.178 shares (Direct); Common Stock — 200 shares (Direct)

Footnotes (1)

1. [object Object]

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).

1. Name and Address of Reporting Person^*

Case John

(Last) (First) (Middle)

3045 STERLING RD

(Street)

MOUNTAIN BROOK AL 35213

(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								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)	09/23/2025		A		46		(1)	(1)	Common Stock	46	$141.12	4,080.178	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

Who filed the Form 4 for MAA and what date are the transactions?

The Form 4 lists the reporting person as Case John and reports transactions dated 09/23/2025 with the form signed on 09/24/2025.

How many shares were disposed and how many phantom units were acquired in this filing?

The filing reports a disposition of 200 common shares and the acquisition of 46 phantom stock units on 09/23/2025.

What are the payout terms for the phantom stock units?

Each phantom stock unit equals one share economically and is payable in two equal annual installments beginning within 90 days after the calendar year in which the reporting person ceases to serve as a director, payable in cash or stock at the reporting person’s election.

What is the reported per-share price associated with the phantom units?

The filing lists a valuation reference of $141.12 for the common stock underlying the reported derivative entry.

How many shares does the reporting person beneficially own after the transactions?

The reporting person beneficially owns 4,080.178 shares (direct) following the reported transactions.