EX-12.2 3 exhibit122-maalpq12017.htm EXHIBIT 12.2
EXHIBIT 12.2
Mid-America Apartments, L.P.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)

| Three months ended March 31,
| 2017 |  | 2016
Earnings: |  |  |
Net Income | $ | 43,416 |  |  | $ | 45,808 |
Equity in loss (income) of unconsolidated entities | (357 | ) |  | (128 | )
Income tax expense | 651 |  |  | 288 |
Net income before equity in loss (income) of unconsolidated entities and income tax expense | 43,710 |  |  | 45,968 |
Add: |  |  |
Distribution of income from investments in unconsolidated entities | 221 |  |  | 1,418 |
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 38,604 |  |  | 32,591 |
Deduct: |  |  |
Capitalized interest | 2,020 |  |  | 380 |
Total Earnings (A) | $ | 80,515 |  |  | $ | 79,597 |
Fixed charges and preferred dividends: |  |  |
Interest expense | $ | 36,584 |  |  | $ | 32,211 |
Capitalized interest | 2,020 |  |  | 380 |
Total Fixed Charges (B) | $ | 38,604 |  |  | $ | 32,591 |
Preferred dividends, including redemption costs | 922 |  |  | — |
Total Fixed Charges and Stock Dividends (C) | $ | 39,526 |  |  | $ | 32,591 |
Ratio of Earnings to Fixed Charges (A/B) | 2.1 x |  |  | 2.4 x |
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 2.0 x |  |  | 2.4 x |