EXHIBIT 12.2
MID-AMERICA APARTMENTS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Nine Months Ended September 30, | Years Ended December 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations | $ | 305,378 | $ | 149,068 | $ | 37,277 | $ | 61,204 | $ | 28,702 | $ | 22,833 | ||||||||||||
Equity in loss (income) of unconsolidated entities | (6,019 | ) | (6,009 | ) | (338 | ) | 223 | 593 | 1,149 | |||||||||||||||
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Income from continuing operations before equity in loss (income) of unconsolidated entities | 306,802 | 145,109 | 37,832 | 62,230 | 30,022 | 24,605 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 92,824 | 125,675 | 81,067 | 63,807 | 60,441 | 56,257 | ||||||||||||||||||
Deduct: | ||||||||||||||||||||||||
Capitalized interest | 1,313 | 1,722 | 2,089 | 2,318 | 1,156 | 66 | ||||||||||||||||||
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Total Earnings (A) | $ | 398,319 | $ | 285,026 | $ | 126,578 | $ | 135,883 | $ | 90,709 | $ | 82,531 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 88,801 | $ | 119,464 | $ | 75,915 | $ | 57,937 | $ | 56,383 | $ | 53,564 | ||||||||||||
Amortization of deferred financing costs | 2,710 | 4,489 | 3,063 | 3,552 | 2,902 | 2,627 | ||||||||||||||||||
Capitalized interest | 1,313 | 1,722 | 2,089 | 2,318 | 1,156 | 66 | ||||||||||||||||||
Total Fixed Charges (B) | $ | 92,824 | $ | 125,675 | $ | 81,067 | $ | 63,807 | $ | 60,441 | $ | 67,955 | ||||||||||||
Ratio of Earnings to Fixed Charges (A/B) | 4.3x | 2.3x | 1.6x | 2.1x | 1.5x | 1.5x | ||||||||||||||||||
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