MAA Director Deborah H. Caplan Acquires Phantom Stock Award

Transaction Overview

On September 22, 2026, Deborah H. Caplan, a member of the Board of Directors of Mid-America Apartment Communities, Inc. ($MAA), acquired 121 units of Phantom Stock under the company's director compensation/deferral program. The transaction was executed at an implied price of $119.15 per share, representing a total value of $14,417.15.

Security & Ownership Details

• Security: Phantom Stock, which is the economic equivalent of one share of common stock.
• Settlement Terms: Payable in two equal annual installments starting within 90 days following the calendar year in which the reporting person ceases to serve on the board, payable in cash or common stock at the director's election.
• Post-Transaction Beneficial Ownership: Following this grant, Ms. Caplan holds 1,570.129 units of phantom stock directly, in addition to 5,371 directly held shares of common stock.

Market & Trading Significance

This transaction represents routine director equity compensation and does not reflect an open-market purchase or sale. Because this transaction is part of standard board retainer/compensation deferral, it carries Low informational significance for market sentiment.