[Form 4] MID AMERICA APARTMENT COMMUNITIES INC. Insider Trading Activity

Rhea-AI Filing Summary

Mid America Apartment Communities (MAA) director Edith Kelly Green received a grant of 188 phantom stock units on 09/23/2025. Each phantom unit is economically equivalent to one share of MAA 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; payment can be made in cash or common stock at the reporting person’s election. The filing lists an economic-equivalent price of $141.12 per share and shows 7,859.379 shares beneficially owned following the transaction. The Form 4 was signed by Kellye Clouse on 09/24/2025.

Positive

• Grant of 188 phantom stock units provides deferred compensation tied to company share value
• Payout flexibility: award payable in cash or common stock, in two equal annual installments after service ends

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received 188 phantom units; economic exposure to 188 shares at $141.12, structured for post-service payout.

The grant of 188 phantom stock units provides the director with economic exposure equivalent to 188 common shares without an immediate transfer of stock. The reported price of $141.12 per share indicates the economic valuation used for the award. Payouts are deferred and split into two equal annual installments beginning after service termination, giving the director deferred compensation tied to the company's share value.

Corporate Governance Expert

TL;DR: This is a routine director compensation event using phantom units with deferred, post-service settlement options.

The structure—phantom units payable in cash or stock in two installments after cessation of service—is a commonly used retention and compensation mechanism for directors. The filing discloses the nature of the award and the settlement mechanics clearly; there are no indications of accelerated vesting or immediate stock issuance in this Form 4.

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
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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).

1. Name and Address of Reporting Person^*

KELLY GREEN EDITH

(Last) (First) (Middle)

6815 POPLAR AVE

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								0	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		188		(1)	(1)	Common Stock	188	$141.12	7,859.379	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 did MAA director Edith Kelly Green receive on 09/23/2025?

The director received 188 phantom stock units, each economically equivalent to one share of MAA common stock.

How and when will the phantom stock units be paid?

They are 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, in cash or common stock at the reporting person's election.

What economic value is shown for the phantom units in the filing?

The filing lists an economic-equivalent price of $141.12 per underlying common share.

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

The Form 4 reports 7,859.379 shares beneficially owned following the reported transaction.

Who signed the Form 4 and when was it filed?

The form was signed by Kellye Clouse on 09/24/2025 reporting the 09/23/2025 transaction.