McGrath Sheila K. 4

What Happened

• Sheila K. McGrath, a director of Mid America Apartment Communities, Inc. (MAA), was granted 1,401 phantom shares on May 19, 2026. The award is recorded at $128.47 per share for a total value of $179,986. This transaction is an award/acquisition (derivative), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-05-19; filing date: 2026-05-20 (appears timely).
• Transaction type/code: Grant/Award (A) of phantom stock (derivative).
• Shares/units: 1,401 phantom shares; reported value: $128.47 per share; total value: $179,986.
• Shares owned after transaction: Not stated in the provided filing excerpt.
• Footnote: Each phantom share equals the economic equivalent of one common share. Payment is made in two equal annual installments beginning within 90 days after the calendar year in which the director ceases service, payable in cash or common stock at the reporting person's election.

Context

• This is a director compensation award (phantom stock). Phantom shares are deferred/derivative awards that provide economic exposure to the company’s stock but are settled later (cash or stock) and do not represent immediate voting securities. Such grants are common for non-employee directors and are typically routine compensation rather than direct market bets.