Mid-America Apartment Communities, Inc. Announces 2024 Annual Meeting of Shareholders

Ticker: MAA-PI · Form: DEF 14A · Filed: Apr 8, 2024 · CIK: 912595

Mid America Apartment Communities Inc. DEF 14A Filing Summary
FieldDetail
CompanyMid America Apartment Communities Inc. (MAA-PI)
Form TypeDEF 14A
Filed DateApr 8, 2024
Risk Level
Pages14
Reading Time17 min
Key Dollar Amounts$914,723, $1,743,411, $310,615, $1,932,594, $2,186,589
Sentimentneutral

Sentiment: neutral

Topics: Proxy Statement, Annual Meeting, Shareholder Vote, Virtual Meeting, Board of Directors

TL;DR

<b>Mid-America Apartment Communities, Inc. (MAA) will hold its 2024 Annual Meeting of Shareholders virtually on May 21, 2024, encouraging advance voting.</b>

AI Summary

MID AMERICA APARTMENT COMMUNITIES INC. (MAA-PI) filed a Proxy Statement (DEF 14A) with the SEC on April 8, 2024. The 2024 Annual Meeting of Shareholders for Mid-America Apartment Communities, Inc. (MAA) will be held virtually on May 21, 2024, at 12:30 p.m. CDT. The company is celebrating 30 years as a public company. Shareholders are encouraged to vote in advance of the meeting. Toni Jennings will be recognized for her nearly seven and a half years of service on the Board of Directors. Ms. Jennings is ineligible for re-election at the 2024 Annual Meeting.

Why It Matters

For investors and stakeholders tracking MID AMERICA APARTMENT COMMUNITIES INC., this filing contains several important signals. The virtual format aims to provide equal access to all shareholders, regardless of location, and addresses potential health concerns. The meeting will cover proposals requiring shareholder votes, making advance voting crucial for participation.

Risk Assessment

Risk Level: — MID AMERICA APARTMENT COMMUNITIES INC. shows moderate risk based on this filing. The filing is a routine proxy statement for an annual shareholder meeting, with no immediate financial or operational changes indicated.

Analyst Insight

Shareholders should review the proxy materials and vote on the proposed resolutions before the May 21, 2024 meeting.

Key Numbers

  • May 21, 2024 — Annual Meeting Date (2024 Annual Meeting of Shareholders)
  • 12:30 p.m. CDT — Annual Meeting Time (2024 Annual Meeting of Shareholders)
  • 30 years — Public Company Milestone (Celebrating 30 years as a public company)
  • seven and a half years — Board Service (Toni Jennings' service to the Board of Directors)

Key Players & Entities

  • MID AMERICA APARTMENT COMMUNITIES INC. (company) — Registrant
  • Toni Jennings (person) — Board of Directors member

FAQ

When did MID AMERICA APARTMENT COMMUNITIES INC. file this DEF 14A?

MID AMERICA APARTMENT COMMUNITIES INC. filed this Proxy Statement (DEF 14A) with the SEC on April 8, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by MID AMERICA APARTMENT COMMUNITIES INC. (MAA-PI).

Where can I read the original DEF 14A filing from MID AMERICA APARTMENT COMMUNITIES INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MID AMERICA APARTMENT COMMUNITIES INC..

What are the key takeaways from MID AMERICA APARTMENT COMMUNITIES INC.'s DEF 14A?

MID AMERICA APARTMENT COMMUNITIES INC. filed this DEF 14A on April 8, 2024. Key takeaways: The 2024 Annual Meeting of Shareholders for Mid-America Apartment Communities, Inc. (MAA) will be held virtually on May 21, 2024, at 12:30 p.m. CDT.. The company is celebrating 30 years as a public company.. Shareholders are encouraged to vote in advance of the meeting..

Is MID AMERICA APARTMENT COMMUNITIES INC. a risky investment based on this filing?

Based on this DEF 14A, MID AMERICA APARTMENT COMMUNITIES INC. presents a moderate-risk profile. The filing is a routine proxy statement for an annual shareholder meeting, with no immediate financial or operational changes indicated.

What should investors do after reading MID AMERICA APARTMENT COMMUNITIES INC.'s DEF 14A?

Shareholders should review the proxy materials and vote on the proposed resolutions before the May 21, 2024 meeting. The overall sentiment from this filing is neutral.

How does MID AMERICA APARTMENT COMMUNITIES INC. compare to its industry peers?

Mid-America Apartment Communities, Inc. is a real estate investment trust specializing in apartment communities.

Are there regulatory concerns for MID AMERICA APARTMENT COMMUNITIES INC.?

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, governing proxy solicitations.

Industry Context

Mid-America Apartment Communities, Inc. is a real estate investment trust specializing in apartment communities.

Regulatory Implications

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, governing proxy solicitations.

What Investors Should Do

  1. Review the proxy statement for details on proposals to be voted on.
  2. Vote in advance of the May 21, 2024, virtual annual meeting.
  3. Note the departure of board member Toni Jennings.

Key Dates

  • 2024-05-21: 2024 Annual Meeting of Shareholders — Shareholders will vote on company proposals.

Year-Over-Year Comparison

This is a DEF 14A filing for the 2024 annual meeting, following the typical proxy statement format for shareholder engagement.

Filing Stats: 4,291 words · 17 min read · ~14 pages · Grade level 16.8 · Accepted 2024-04-08 17:19:47

Key Financial Figures

  • $914,723 — (2) TARGET CASH STOCK Bolton CEO $914,723 $1,743,411 $310,615 N/A $ 858,930
  • $1,743,411 — ET CASH STOCK Bolton CEO $914,723 $1,743,411 $310,615 N/A $ 858,930 $1,932,594
  • $310,615 — OCK Bolton CEO $914,723 $1,743,411 $310,615 N/A $ 858,930 $1,932,594 $2,186,589
  • $1,932,594 — $1,743,411 $310,615 N/A $ 858,930 $1,932,594 $2,186,589 $ 7,946,862 $6,855,704 $
  • $2,186,589 — $310,615 N/A $ 858,930 $1,932,594 $2,186,589 $ 7,946,862 $6,855,704 $2,968,749 3
  • $6,855,704 — 0 $1,932,594 $2,186,589 $ 7,946,862 $6,855,704 $2,968,749 37,023 Campbell CFO $56
  • $2,968,749 — 4 $2,186,589 $ 7,946,862 $6,855,704 $2,968,749 37,023 Campbell CFO $565,802 $ 534
  • $565,802 — 704 $2,968,749 37,023 Campbell CFO $565,802 $ 534,058 $142,731 $ 172,740 $ 265,
  • $142,731 — 23 Campbell CFO $565,802 $ 534,058 $142,731 $ 172,740 $ 265,559 $ 597,675 $ 875
  • $2,809,745 — 559 $ 597,675 $ 875,066 $ 3,153,630 $2,809,745 $1,415,331 12,928 DelPriore CAO $5
  • $1,415,331 — 75 $ 875,066 $ 3,153,630 $2,809,745 $1,415,331 12,928 DelPriore CAO $562,469 $ 53
  • $562,469 — 45 $1,415,331 12,928 DelPriore CAO $562,469 $ 530,912 $141,890 $ 176,904 $ 264,
  • $141,890 — 8 DelPriore CAO $562,469 $ 530,912 $141,890 $ 176,904 $ 264,079 $ 594,179 $ 853
  • $2,779,421 — 079 $ 594,179 $ 853,418 $ 3,123,851 $2,779,421 $1,412,175 12,730 Hill CIO $496,74
  • $1,412,175 — 79 $ 853,418 $ 3,123,851 $2,779,421 $1,412,175 12,730 Hill CIO $496,743 $ 471,257

Filing Documents

Executive Compensation Tables

Executive Compensation Tables 67 CEO Pay Ratio 68 Pay Versus Performance PROPOSAL 3: INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Pages 70-74 71 Audit and Non-Audit Fees 71 Audit Committee Policies 74 Audit Committee Report SECURITIES OWNERSHIP Pages 75-76 75 Securities Authorized for Issuance Under Equity Compensation Plans 75

Security Ownership of Certain Beneficial Owners

Security Ownership of Certain Beneficial Owners 76

Security Ownership of Management

Security Ownership of Management GENERAL INFORMATION Pages 77-81 77 Meeting Information 78 Voting Information 79 Meeting Materials Information 80 Matters Related to the 2025 Annual Meeting of Shareholders 81 Questions NON-GAAP FINANCIAL MEASURES Pages 82-83 OTHER MATTERS Page 84 Cautionary information and forward-looking statements This document may include forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Exchange Act as well as protections afforded by other federal securities laws. All statements other than statements of historical or current facts, including statements regarding our environmental and other sustainability plans and goals, made in this document are forward-looking. We use words such as "anticipates," "believes," "expects," "future," "intends," "plans," "seeks," "estimates," "forecasts," "projects," "assumes," "will," "may," "could," "should," "budget," "target," "outlook," "proforma," "opportunity," "guidance" and variations of such words and similar expressions to identify forward-looking statements. Forward-looking statements reflect management's current expectations and are inherently uncertain. The forward-looking statements in this document are subject to certain known and unknown risks, uncertainties and other factors including the risks relating to the company's strategy, operations and performance and the financial, legal, tax, regulatory, compliance, reputational, and other factors discussed in "Risk Factors" in the company's Annual Report on Form 10- K for fiscal year 2023 and subsequent filings with the SEC, which are available at http://www.sec.gov. Although we believe that the assumptions underlying any forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore

Executive Compensation

Executive Compensation 2023 Program Structure 48-51 2023 NEO Compensation Realized 52-56 Tax and Accounting Implications of Compensation 56 Conclusion 57 2024 PROXY STATEMENT 8 INTRODUCTION PROXY HIGHLIGHTS RATIFY ERNST & YOUNG LLP PRACTICES RELATED TO THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AUDIT AND NON-AUDIT FEES 2023 2022 Audit Fees $ 2,100,000 $ 1,898,245 Audit-Related Fees - - Tax Fees 396,764 542,222 All Other Fees - 2,390 Total Fees $ 2,496,764 $ 2,442,857 The Audit Committee has pre-approved all audit and non-audit services provided by our independent registered public accounting firm since 2002 and has determined that the nature and level of non-audit related services that Ernst & Young LLP provides us is compatible with maintaining the independence of Ernst & Young LLP. See page 71 for more information regarding audit and non-audit fees. MORE INFORMATION Additional detail and more information regarding the ratification of Ernst & Young LLP to serve as MAA's independent registered accounting firm can be found on pages 70-73. A representative of Ernst & Young LLP will attend the Annual Meeting to make a statement if they so desire and to answer any appropriate questions presented by shareholders. The Board recommends shareholders vote FOR Ernst & Young LLP to serve as MAA's Independent Registered Public Accounting firm for 2024 2024 PROXY STATEMENT 9 PROPOSAL 1: ELECTION OF DIRECTORS PROPOSAL 1: ELECTION OF DIRECTORS FOR MATTER TO BE VOTED Election of the 12 Director Nominees named herein to serve until the 2025 Annual Meeting of Shareholders, and until their successors have been duly elected and qualified. Our Board proposes that the following Director Nominees be elected for a term of one year. H. Eric Bolton, Jr. Deborah H. Caplan John P. Case Tamara Fischer Alan B. Graf, Jr. Edith Kelly-Green James K. Lowder Thomas H. Lowder Claude B. Nielsen W. Re

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