Mid America Apartment (NYSE: MAA) director receives phantom stock grants

Rhea-AI Filing Summary

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

Mid America Apartment Communities director John Case reported new equity-based compensation rather than market trades. He received two grants of phantom stock on common stock, one for 50 units and another for 1,401 units at $128.47 per unit. Each phantom stock unit is economically equivalent to one share of common stock.

Following these awards, Case directly holds 200 shares of common stock and 5,774.638 phantom stock units. The phantom stock will be paid in two equal annual installments beginning within 90 days after the calendar year in which he ceases to serve as a director, in cash or common stock at his election.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Case John

Role null

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	1,401	$128.47	$180K
Grant/Award	Phantom Stock	50	$128.47	$6K
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock — 5,724.638 shares (Direct, null); Common Stock — 200 shares (Direct, null)

Footnotes (1)

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Key Figures

Phantom stock grant 1: 50 units Phantom stock grant 2: 1,401 units Phantom stock grant price: $128.47 per unit +2 more

5 metrics

Phantom stock grant 1 50 units Phantom stock grant on common stock at $128.47 per unit

Phantom stock grant 2 1,401 units Phantom stock grant on common stock at $128.47 per unit

Phantom stock grant price $128.47 per unit Price per phantom stock unit for both grants

Total phantom stock after grants 5,774.638 units Phantom stock units held by John Case following transactions

Common stock holdings 200 shares Direct common stock held by John Case following transactions

Key Terms

Phantom Stock, economic equivalent, payable in two equal annual installments, grant, award, or other acquisition

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."

payable in two equal annual installments financial

"The shares of phantom stock are payable in two equal annual installments beginning within the 90 days following the calendar year..."

grant, award, or other acquisition financial

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

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^*

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)
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								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)	05/19/2026		A		1,401		(1)	(1)	Common Stock	1,401	$128.47	5,724.638	D
Phantom Stock	(1)	05/19/2026		A		50		(1)	(1)	Common Stock	50	$128.47	5,774.638	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 activity did MAA director John Case report on this Form 4?

John Case reported grants of phantom stock tied to Mid America Apartment Communities common shares. He received 50 units and 1,401 units at $128.47 each, increasing his phantom stock-based compensation holdings without any open-market buying or selling.

How many phantom stock units does John Case now hold in MAA?

After the reported grants, John Case holds 5,774.638 phantom stock units. Each unit is economically equivalent to one share of common stock, providing cash or stock value in the future based on Mid America Apartment Communities’ share price when paid.

Did John Case buy or sell MAA common stock in the market?

The filing does not show any open-market purchases or sales of common stock. It reports equity-based compensation awards in phantom stock and indicates that his direct common stock holdings stand at 200 shares following the reported transactions.

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

Phantom stock units are compensation instruments economically equivalent to one common share. For John Case, they will be settled in two equal annual installments after he ceases serving as a director, payable in cash or common stock at his election, aligning his interests with shareholders.

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

The phantom stock units are scheduled to be paid in two equal annual installments. Payments begin within 90 days following the calendar year in which John Case stops serving as a director, and may be settled in cash or common stock at his choice.