EX-12.1 2 exhibit121-maaq32018.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,
| 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 |