Form 4: Mid America Apartment Communities Inc. Director Reports Changes in Beneficial Ownership

Thomas H. Lowder, a director of Mid America Apartment Communities Inc., filed a Form 4 disclosing changes in his beneficial ownership of the company's stock, including phantom stock acquisition.

Summary

• On September 26, 2024, Thomas H. Lowder, a director of Mid America Apartment Communities Inc. (MAA), filed a Form 4 with the SEC.
• The filing reports changes in his beneficial ownership of MAA's common stock and phantom stock.
• Lowder directly owns 12,933 shares of common stock.
• He indirectly owns 25,791 shares through an IRA and 357 shares through THL Investments, LLC.
• He acquired 151 shares of phantom stock on September 24, 2024, at a price of $162.89 per share.
• These phantom stock shares are payable in two equal annual installments beginning within 90 days following the calendar year in which he ceases to be a director, in cash or common stock at his election.
• The filing also includes a Power of Attorney, dated December 8, 2020, authorizing Robert J. DelPriore, Leslie Wolfgang, and Kellye Clouse to execute Forms 3, 4, and 5 on his behalf.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, so the sentiment is neutral.

Future Outlook

The phantom stock shares are 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

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates changes in the director's holdings, which is typical for executives and directors of publicly traded companies.

Comparison to Industry Standards

• Form 4 filings are standard practice for directors and officers of publicly traded companies like Mid America Apartment Communities Inc.
• Comparable companies such as Equity Residential (EQR) and AvalonBay Communities (AVB) also have directors who regularly file Form 4s to report changes in their beneficial ownership.
• The reporting of phantom stock is also a common practice in executive compensation across the real estate industry.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the director's stake in the company.
• It assures stakeholders that the director's interests are aligned with theirs.

Key Dates