MAA Insider Filing: Shorb Disposes 4,896 Shares and Receives Phantom Stock

Rhea-AI Filing Summary

Gary Shorb, a director of Mid-America Apartment Communities, reported changes in his holdings on Form 4. The filing shows a disposal of 4,896.404 shares of common stock on 09/23/2025. The report also shows an acquisition of 94 phantom stock units on the same date; each phantom unit is economically equivalent to one share of common stock and will be payable in two equal annual installments starting within 90 days after the year the reporting person ceases to serve as a director, in cash or common stock at the reporting person’s election. After the reported transactions, the reporting person beneficially owns 31,302.1666 shares of common stock. The form is signed by an authorized filer on 09/24/2025.

Positive

• Received 94 phantom stock units that are economically equivalent to common shares and provide deferred compensation
• Maintains significant beneficial ownership at 31,302.1666 shares following the reported transactions

Negative

• Disposed of 4,896.404 common shares, reducing the director's direct holdings
• Phantom units pay out only after cessation of service, so there is no immediate voting dilution or liquidity from those units

Insights

Corporate Governance Expert

TL;DR: Director reduced direct stock holdings materially and received phantom stock that vests on post-service payout terms.

The disposal of 4,896.404 common shares is a clear, reportable change in immediate insider ownership and may modestly reduce the director's direct voting exposure. The simultaneous grant of 94 phantom stock units, described as economically equivalent to one share each and payable in two equal annual installments after cessation of service, represents a deferred compensation mechanism rather than immediate equity dilution. This structure ties economic value to future service or post-service timing and provides payout flexibility in cash or stock at the director's election. All items are routine director compensation and ownership disclosures under Section 16.

Securities/Filing Analyst

TL;DR: Reporting shows a reported sale and a small grant of phantom units; beneficial ownership remains substantial at 31,302.1666 shares.

The Form 4 cleanly discloses a 09/23/2025 disposal of 4,896.404 common shares and an acquisition of 94 phantom stock units recorded as derivative securities with an underlying price reference of $141.12. The notation that phantom shares pay out in two annual installments starting after the director leaves service clarifies timing and settlement mechanics. The reported post-transaction beneficial ownership of 31,302.1666 shares should be used for any short‑term insider activity analysis; no exercise or option-related changes beyond the phantom units are listed.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Shorb Gary

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	94	$141.12	$13K
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock — 31,302.167 shares (Direct); Common Stock — 4,896.404 shares (Direct)

Footnotes (1)

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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^*

Shorb Gary

(Last) (First) (Middle)

6815 POPLAR AVENUE

SUITE 500

(Street)

GERMANTOWN TN 38138

(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								4,896.404	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)	09/23/2025		A		94		(1)	(1)	Common Stock	94	$141.12	31,302.1666	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

What transactions did Gary Shorb report on Form 4 for MAA?

He reported a disposal of 4,896.404 common shares and an acquisition of 94 phantom stock units, both dated 09/23/2025.

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

31,302.1666 shares of common stock are reported as beneficially owned following the transactions.

What are the terms of the phantom stock units granted to Gary Shorb?

Each phantom unit equals one common share 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.

When was the Form 4 signed and filed?

The form is signed on 09/24/2025 by the authorized filer (signature block).

What price is associated with the derivative disclosure for the phantom units?

$141.12 is shown in the derivative section as the price tied to the underlying common stock for the reported units.