Attached files

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EX-32.3 - EXHIBIT 32.3 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit323-maalpq32017.htm
EX-32.4 - EXHIBIT 32.4 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit324-maalpq32017.htm
EX-32.2 - EXHIBIT 32.2 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit322-maaq32017.htm
EX-32.1 - EXHIBIT 32.1 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit321-maaq32017.htm
EX-31.4 - EXHIBIT 31.4 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit314-maalpq32017.htm
EX-31.3 - EXHIBIT 31.3 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit313-maalpq32017.htm
EX-31.2 - EXHIBIT 31.2 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit312-maaq32017.htm
EX-31.1 - EXHIBIT 31.1 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit311-maaq32017.htm
EX-12.2 - EXHIBIT 12.2 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit122-maalpq32017.htm
10-Q - 10-Q - MID AMERICA APARTMENT COMMUNITIES INC.maa930201710q.htm


EXHIBIT 12.1


Mid-America Apartment Communities, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)


 
Three months ended September 30,
 
Nine months ended September 30,
 
2017
 
2016
 
2017
 
2016
Earnings:
 
 
 
 
 
 
 
Net Income
$
118,958

 
$
88,906

 
$
212,529

 
$
182,344

Equity in loss (income) of unconsolidated entities
(335
)
 

 
(1,021
)
 
(27
)
Income tax expense
641

 
454

 
1,910

 
1,200

Net income before equity in loss (income) of unconsolidated entities and income tax expense
119,264

 
89,360

 
213,418

 
183,517

Add:
 
 
 
 
 
 
 
Distribution of income from investments in unconsolidated entities
79

 
30

 
418

 
1,823

Fixed charges, less preferred distribution requirement of consolidated subsidiaries
41,597

 
32,555

 
120,889

 
97,513

Deduct:
 
 
 
 
 
 
 
Capitalized interest
1,657

 
387

 
5,884

 
1,095

Total Earnings (A)
$
159,283

 
$
121,558

 
$
328,841

 
$
281,758

 
 
 
 
 
 
 
 
Fixed charges and preferred dividends:
 
 
 
 
 
 
 
Interest expense
$
39,940

 
$
32,168

 
$
115,005

 
$
96,418

Capitalized interest
1,657

 
387

 
5,884

 
1,095

Total Fixed Charges (B)
$
41,597

 
$
32,555

 
$
120,889

 
$
97,513

Preferred dividends, including redemption costs
922

 

 
2,766

 

Total Fixed Charges and Preferred Dividends (C)
$
42,519

 
$
32,555

 
$
123,655

 
$
97,513

 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (A/B)
3.8 x

 
3.7 x

 
2.7 x

 
2.9 x

Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)
3.7 x

 
3.7 x

 
2.7 x

 
2.9 x