EX-12.1 4 d628963dex121.htm EX-12.1

EX-12.1

EXHIBIT 12.1

Mid-America Apartment Communities, Inc.

Computation of Ratio of Earnings to Fixed Charges (Dollars in thousands)

		Six Months Ended June 30,				Year ended December 31,
		2018				2017				2016				2015				2014				2013
Earnings
Net income		$	112,801			$	340,536			$	224,402			$	350,745			$	150,946			$	37,692
Equity in (income) loss of unconsolidated entities			(854	)			(1,370	)			(241	)			2				(6,009	)			(338	)
Income tax expense			1,210				2,619				1,699				1,673				2,050				893
Net income before equity in (income) loss of unconsolidated entities and income tax expense			113,157				341,785				225,860				352,420				146,987				38,247
Add:
Distribution of income from investments in unconsolidated entities			1,039				907				1,999				6				15,964				9,768
Fixed charges, less preferred distribution requirement of consolidated subsidiaries			85,773				161,989				132,020				123,999				125,675				81,067
Deduct:
Capitalized interest			1,283				7,238				2,073				1,655				1,722				2,089
Total earnings (A)		$	198,686			$	497,443			$	357,806			$	474,770			$	286,904			$	126,993
Fixed charges and preferred dividends
Interest expense		$	84,490			$	154,751			$	129,947			$	122,344			$	123,953			$	78,978
Capitalized interest			1,283				7,238				2,073				1,655				1,722				2,089
Total fixed charges (B)		$	85,773			$	161,989			$	132,020			$	123,999			$	125,675			$	81,067
Preferred dividends, including redemption costs			1,844				3,688				307				—				—				—
Total fixed charges and preferred dividends (C)		$	87,617			$	165,677			$	132,327			$	123,999			$	125,675			$	81,067
Ratio of Earnings to Fixed Charges (A/B)			2.3 x				3.1 x				2.7 x				3.8 x				2.3 x				1.6 x
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)			2.3 x				3.0 x				2.7 x				3.8 x				2.3 x				1.6 x