Case John 4

What Happened
John Case, a director of Mid‑America Apartment Communities, received two grants of phantom stock on 2026-05-19: 1,401 shares at $128.47 each (value $179,986) and 50 shares at $128.47 each (value $6,424), for a total of 1,451 phantom shares valued at $186,410. The transactions are reported as awards/grants (transaction code A) and represent derivative rights rather than immediate common‑stock deliveries.

Key Details

• Transaction date: 2026-05-19; Form 4 filed 2026-05-20 (appears timely).
• Price/value: $128.47 per phantom share; 1,401 × $128.47 = $179,986; 50 × $128.47 = $6,424; total = $186,410.
• Instrument: Phantom stock (derivative securities), transaction code A (award/grant).
• Shares owned after transaction: Not specified in the filing.
• Footnote (F1): Each phantom share equals the economic equivalent of one common share and is payable in two equal annual installments beginning within 90 days after the calendar year in which the reporting person stops serving as a director; payable in cash or common stock at the reporting person’s election.

Context
Phantom stock is a deferred/derivative award that provides economic exposure to the company’s stock value but does not necessarily convey immediate voting rights or transfer of common shares. Director awards are a common form of compensation and do not by themselves indicate buying or selling sentiment in the open market.