Attached files

file filename
EX-32.4 - EXHIBIT 32.4 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit324-maalpq32018.htm
EX-32.3 - EXHIBIT 32.3 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit323-maalpq32018.htm
EX-32.2 - EXHIBIT 32.2 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit322-maaq32018.htm
EX-32.1 - EXHIBIT 32.1 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit321-maaq32018.htm
EX-31.4 - EXHIBIT 31.4 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit314-maalpq32018.htm
EX-31.3 - EXHIBIT 31.3 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit313-maalpq32018.htm
EX-31.2 - EXHIBIT 31.2 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit312-maaq32018.htm
EX-31.1 - EXHIBIT 31.1 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit311-maaq32018.htm
EX-12.2 - EXHIBIT 12.2 - MID AMERICA APARTMENT COMMUNITIES INC.exhibit122-maalpq32018.htm
10-Q - 10-Q - MID AMERICA APARTMENT COMMUNITIES INC.maa930201810-q.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,
 
2018
 
2017
 
2018
 
2017
Earnings:
 
 
 
 
 
 
 
Net income
$
54,704

 
$
118,958

 
$
167,505

 
$
212,529

Equity in income of unconsolidated entities
(402
)
 
(335
)
 
(1,256
)
 
(1,021
)
Income tax expense
616

 
641

 
1,826

 
1,910

Net income before equity in income of unconsolidated entities and income tax expense
54,918

 
119,264

 
168,075

 
213,418

Add:
 
 
 
 
 
 
 
Distribution of income from investments in unconsolidated entities
554

 
79

 
1,593

 
418

Fixed charges, less preferred distribution requirement of consolidated subsidiaries
45,007

 
41,597

 
130,780

 
120,889

Deduct:
 
 
 
 
 
 
 
Capitalized interest
357

 
1,657

 
1,640

 
5,884

Total earnings (A)
$
100,122

 
$
159,283

 
$
298,808

 
$
328,841

 
 
 
 
 
 
 
 
Fixed charges and preferred dividends:
 
 
 
 
 
 
 
Interest expense
$
44,650

 
$
39,940

 
$
129,140

 
$
115,005

Capitalized interest
357

 
1,657

 
1,640

 
5,884

Total fixed charges (B)
$
45,007

 
$
41,597

 
$
130,780

 
$
120,889

Preferred dividends, including redemption costs
922

 
922

 
2,766

 
2,766

Total fixed charges and preferred dividends (C)
$
45,929

 
$
42,519

 
$
133,546

 
$
123,655

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

 
3.8 x

 
2.3 x

 
2.7 x

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

 
3.7 x

 
2.2 x

 
2.7 x