FISCHER TAMARA D 4

What Happened
Tamara D. Fischer, a director of Mid America Apartment Communities, received a director compensation award of 1,401 phantom shares on May 19, 2026. The award is recorded at $128.47 per share for a total value of $179,986 and is reported as a derivative award (transaction code A) rather than an open‑market purchase.

Key Details

• Transaction date and price: 2026-05-19 at $128.47 per share (total $179,986).
• Transaction type: Award/Grant (derivative phantom stock).
• Shares owned after transaction: Not reported in the provided filing.
• Footnote: Each phantom share equals the economic value of one common share; payouts are made in two equal annual installments beginning within 90 days after the year the director stops serving, payable in cash or common stock at the director’s election.
• Filing timeliness: Reported to the SEC on 2026-05-20 for a 2026-05-19 transaction (appears timely).

Context
Phantom stock is a form of deferred compensation that mirrors the economic value of company shares; it does not represent immediate ownership of common stock and is typically paid out later in cash or stock. Such awards are routine director compensation and should not be interpreted as an open‑market buy or sell signal.