Mid-America Apartments (MAA) 10-Q 2018 Q3 Quarterly report

EXHIBIT 12.2

Mid-America Apartments, L.P.

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