EXHIBIT 12.2
Mid-America Apartments, L.P.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Earnings: | |||||||||||||||
Net Income | $ | 50,155 | $ | 47,630 | $ | 93,571 | $ | 93,438 | |||||||
Equity in loss (income) of unconsolidated entities | (329 | ) | 101 | (686 | ) | (27 | ) | ||||||||
Income tax expense | 618 | 457 | 1,269 | 745 | |||||||||||
Net income before equity in loss (income) of unconsolidated entities and income tax expense | 50,444 | 48,188 | 94,154 | 94,156 | |||||||||||
Add: | |||||||||||||||
Distribution of income from investments in unconsolidated entities | 118 | 375 | 339 | 1,793 | |||||||||||
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 40,688 | 32,367 | 79,292 | 64,958 | |||||||||||
Deduct: | |||||||||||||||
Capitalized interest | 2,207 | 328 | 4,227 | 708 | |||||||||||
Total Earnings (A) | $ | 89,043 | $ | 80,602 | $ | 169,558 | $ | 160,199 | |||||||
Fixed charges and preferred dividends: | |||||||||||||||
Interest expense | $ | 38,481 | $ | 32,039 | $ | 75,065 | $ | 64,250 | |||||||
Capitalized interest | 2,207 | 328 | 4,227 | 708 | |||||||||||
Total Fixed Charges (B) | $ | 40,688 | $ | 32,367 | $ | 79,292 | $ | 64,958 | |||||||
Preferred dividends, including redemption costs | 922 | — | 1,844 | — | |||||||||||
Total Fixed Charges and Stock Dividends (C) | $ | 41,610 | $ | 32,367 | $ | 81,136 | $ | 64,958 | |||||||
Ratio of Earnings to Fixed Charges (A/B) | 2.2 x | 2.5 x | 2.1 x | 2.5 x | |||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 2.1 x | 2.5 x | 2.1 x | 2.5 x |