Deborah Caplan of MAA (NYSE: MAA) granted Common and Phantom Stock awards

Rhea-AI Filing Summary

MID AMERICA APARTMENT COMMUNITIES INC. director Deborah H. Caplan reported stock-based compensation awards rather than open-market trades. She received 1,401 shares of Common Stock with no purchase price, bringing her direct Common Stock holdings to 5,371 shares after the transaction.

Caplan also acquired 113 units of Phantom Stock, each economically equivalent to one share of Common Stock, at a reference price of $128.47 per unit. Her Phantom Stock balance increased to 1,432.592 units, which will be paid in two equal annual installments after she ceases to serve as a director, in cash or stock at her election.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Caplan Deborah H

Role null

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	113	$128.47	$15K
Grant/Award	Common Stock	1,401	$0.00	--

Holdings After Transaction: Phantom Stock — 1,432.592 shares (Direct, null); Common Stock — 5,371 shares (Direct, null)

Footnotes (1)

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Key Figures

Common Stock grant: 1,401 shares Common shares after grant: 5,371 shares Phantom Stock award: 113 units +3 more

6 metrics

Common Stock grant 1,401 shares Awarded on 2026-05-19

Common shares after grant 5,371 shares Direct holdings after 2026-05-19 transaction

Phantom Stock award 113 units Awarded on 2026-05-19

Phantom reference price $128.47 per unit Transaction price per Phantom Stock unit

Phantom units after award 1,432.592 units Total Phantom Stock following transaction

Phantom payout structure Two equal annual installments Begins after calendar year she ceases to serve as director

Key Terms

Phantom Stock, economic equivalent, Common Stock, deferred compensation

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."

Common Stock financial

"Each share of phantom stock is the economic equivalent of one share of common stock."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

deferred compensation financial

"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."

Deferred compensation is pay that employees or executives have earned now but will receive at a later date, such as delayed bonuses, retirement benefits, or stock grants. It matters to investors because it creates future obligations and shapes incentives—like a promise to pay later that can affect a company’s reported profits, cash needs and potential stock dilution—so it helps signal how a business manages costs and retains key people.

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^*

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)
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	05/19/2026		A		1,401	A	$0	5,371	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)	05/19/2026		A		113		(1)	(1)	Common Stock	113	$128.47	1,432.592	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 did MAA director Deborah H. Caplan report in this Form 4 filing?

Deborah H. Caplan reported stock-based compensation awards, not market trades. She received 1,401 shares of Common Stock and 113 units of Phantom Stock, increasing her direct ownership and deferred equity exposure in Mid America Apartment Communities.

How many MAA Common Stock shares does Deborah H. Caplan hold after the grant?

After the grant, Deborah H. Caplan directly holds 5,371 shares of Mid America Apartment Communities Common Stock. These shares reflect stock-based compensation reported in the Form 4 rather than open-market purchases.

What is the size and nature of the Phantom Stock award reported by MAA?

Caplan was awarded 113 units of Phantom Stock, each economically equivalent to one Common Stock share, at a reference price of $128.47 per unit. The award increases her Phantom Stock balance to 1,432.592 units as deferred equity compensation.

How and when will Deborah H. Caplan’s MAA Phantom Stock be paid out?

The Phantom Stock will be paid in two equal annual installments beginning within 90 days after the calendar year in which she stops serving as a director. Payments can be in cash or Common Stock, at her election, providing deferred compensation linked to MAA’s stock.

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

The Form 4 does not show any stock sales or open-market purchases. It reports grant or award acquisitions of Common Stock and Phantom Stock, both categorized as compensation-related transactions rather than discretionary market trading.

How many total Phantom Stock units does Deborah H. Caplan hold after this MAA award?

Following the reported award, Deborah H. Caplan holds 1,432.592 Phantom Stock units tied to Mid America Apartment Communities. Each unit tracks the value of one Common Stock share and will be settled after she leaves the board under the plan’s terms.