Form 4: Director Tamara Fischer Reports Phantom Stock Acquisition in Mid America Apartment Communities Inc.

Tamara Fischer, a director of Mid America Apartment Communities Inc., reported the acquisition of phantom stock equivalent to 1,122 shares of common stock on May 20, 2025.

Summary

• On May 20, 2025, Tamara Fischer, a director of Mid America Apartment Communities Inc. (MAA), reported a transaction involving phantom stock.
• Fischer acquired phantom stock representing 1,122 shares of MAA's common stock.
• The price of the phantom stock is $160.35.
• Following the transaction, Fischer beneficially owns 3,606.043 derivative securities.
• The phantom stock is payable in two equal annual installments beginning within 90 days following the calendar year in which Fischer ceases to be a director, and can be settled in cash or common stock at Fischer's election.
• A power of attorney was executed on May 16, 2023, granting Kellye Clouse, Leslie Wolfgang, and Robert J. DelPriore the authority to execute Forms 3, 4, and 5 on Fischer's behalf.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing, and the transaction itself is a routine part of director compensation. Therefore, the sentiment is neutral.

Future Outlook

The phantom stock is payable in two equal annual installments beginning within 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.

Industry Context

This filing is a routine disclosure related to insider transactions, specifically the acquisition of phantom stock by a director. It reflects standard compensation practices for directors in publicly traded companies.

Comparison to Industry Standards

• Phantom stock grants are a common form of executive compensation in publicly traded companies, including real estate investment trusts (REITs) like Mid America Apartment Communities Inc.
• Companies like Equity Residential (EQR) and AvalonBay Communities (AVB), which are comparable REITs, also utilize equity-based compensation for their directors and executives.
• The specific terms of the phantom stock, such as the vesting schedule and settlement options, are typical for director compensation packages designed to align their interests with those of shareholders.

Stakeholder Impact

• The acquisition of phantom stock by a director aligns the director's interests with those of the shareholders, as the value of the phantom stock is tied to the performance of the company's common stock.

Key Dates

Keywords

Form 4, phantom stock, director, Tamara Fischer, MAA, Mid America Apartment Communities Inc., beneficial ownership, derivative securities, Section 16(a), SEC