EX-12.1 2 exhibit121-maaq32017.htm EXHIBIT 12.1
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 |