MAA Reports Director Changes and Compensation Updates

TL;DR

MAA filed an 8-K on Aug 5th detailing board and exec comp changes.

AI Summary

Mid-America Apartment Communities Inc. (MAA) filed an 8-K on August 5, 2024, reporting changes in its board of directors and executive compensation arrangements. Specifically, the filing details the departure of certain officers and directors, the election of new directors, and updates to compensatory plans.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — This filing primarily concerns corporate governance and executive compensation, which typically carries a lower immediate risk to the company's core operations.

Key Players & Entities

• MID AMERICA APARTMENT COMMUNITIES INC. (company) — Filer
• Mid-America Apartments, L.P. (company) — Related Filer
• 20240805 (date) — Filing Date

FAQ

Filing Documents

• maa-20240805.htm (8-K) — 59KB
• 0000950170-24-090768.txt ( ) — 224KB
• maa-20240805.xsd (EX-101.SCH) — 59KB
• maa-20240805_htm.xml (XML) — 7KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 5, 2024 MID-AMERICA APARTMENT COMMUNITIES, INC. (Exact name of registrant as specified in its charter) Tennessee 001-12762 62-1543819 (State or Other Jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) MID-AMERICA APARTMENTS, L.P. (Exact name of registrant as specified in its charter) Tennessee 333-190028-01 62-1543816 (State or Other Jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 6815 Poplar Avenue , Suite 500 Germantown , Tennessee 38138 (Address of Principal Executive Offices) (Zip Code) ( 901 ) 682-6600 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.) MAA New York Stock Exchange 8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.) MAA*I New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. On August 5, 2024, Mid-America Apartment Communities, Inc. (the "Company") appointed David Herring, Senior Vice President, Chief Accounting Officer, as its principal accounting officer. Prior to Mr. Herring's appointment as the Company's principal accounting officer, A. Clay Holder served in that role. Mr. Holder, as Executive Vice President and Chief Financial Officer, continues to serve as the Company's principal financial officer. Mr. Herring, age 51, was hired by the Company in June 2024. Immediately prior to joining the Company, Mr. Herring served as VP, Accounting and Payroll for FedEx, a position he held since June 2019, previously serving as VP, Accounting and Disbursements since January 2016. He also held various other leadership roles within FedEx since joining there in 1999, and other positions in Credit and Accounting at Jimmy Dean Foods since 1994. Mr. Herring holds a Bachelors in Accounting and a Masters of Business Administration from the University of Memphis and is a licensed Certified Public Accountant in Tennessee. There are no arrangements or understandings between Mr. Herring and any person pursuant to which Mr. Herring was selected as the principal accounting officer, and there are no actual or proposed transactions between Mr. Herring or any member of his immediate family and the Company or any of its subsidiaries that would require disclosure under Item 404(a) of Regulation S-K (17 CFR 229.404(a)). There are no family relationships between Mr. Herring and any of the Company's executive officers or members of the Company's Board of Directors. There is no material plan, contract or arrangement to which Mr. Herring is a party or in which he will participate in connection with his appointment as principal accounting officer. SIGNA TURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MID-AMERICA APARTMENT COMMUNITIES, INC. Date: August 5, 2024 /s/ A. Clay Holder A. Clay Holder Executive Vice President and Chief Financial Officer (Principal Financial Officer) MID-AMERICA APARTMENTS, L.P. By: Mid-America Apartment Communities, Inc., its general partner Date: August 5, 2024 /s/

View Full Filing

View this 8-K filing on SEC EDGAR