Caplan Deborah H 4

What Happened

• Deborah H. Caplan, a director of Mid-America Apartment Communities, received an award of 113 derivative (phantom) shares on 2026-03-17. The award is reported at $128.07 per share, for a total grant value of approximately $14,472. This transaction is an award/grant (code A) — not an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-17; filing date: 2026-03-18 (filed within the Form 4 reporting window).
• Security: Phantom (derivative) stock — 113 shares; reported price per share: $128.07; total value ≈ $14,472.
• Shares owned after transaction: not specified in the filing.
• Footnote: Each phantom share equals the economic value of one common share and is payable in two equal annual installments beginning within 90 days after the calendar year in which the director stops serving; payment can be in cash or common stock at the director’s election.
• No 10b5-1 plan, sale, or tax-withholding event was reported in this filing.

Context

• This was a compensation/award grant (derivative phantom stock), not a market purchase or sale — it does not represent an immediate transfer of common shares. Payment is deferred and contingent on cessation of board service per the footnote, so it’s a compensation-related award rather than a direct signal of buying or selling interest.