EX-12.2 3 exhibit122-maalpq32014.htm EXHIBIT 12.2 Exhibit 12.2 - MAALP Q3 2014


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,
 
2014
 
2013
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
Income from continuing operations
$
70,331

 
$
16,297

 
$
113,088

 
$
52,734

Equity in income of unconsolidated entities
(3,124
)
 
(60
)
 
(6,019
)
 
(161
)
Income tax expense
442

 
223

 
1,235

 
669

Income from continuing operations before equity in income of unconsolidated entities and income tax expense
67,649

 
16,460

 
108,304

 
53,242

Add:
 
 
 
 
 
 
 
Distribution of income from investments in unconsolidated entities
4,423

 
114

 
15,964

 
8,311

Fixed charges, less preferred distribution requirement of consolidated subsidiaries
29,654

 
15,989

 
93,828

 
49,202

Deduct:
 
 
 
 
 
 
 
Capitalized interest
403

 
246

 
1,253

 
1,118

Total Earnings (A)
$
101,323

 
$
32,317

 
$
216,843

 
$
109,637

Fixed charges and preferred dividends:
 
 
 
 
 
 
 
Interest expense
$
28,251

 
$
14,923

 
$
89,090

 
$
45,657

Amortization of deferred financing costs
1,000

 
820

 
3,485

 
2,427

Capitalized interest
403

 
246

 
1,253

 
1,118

Total Fixed Charges (B)
$
29,654

 
$
15,989

 
$
93,828

 
$
49,202

Preferred dividends, including redemption costs

 

 

 

Total Fixed Charges and Stock Dividends (C)
$
29,654

 
$
15,989

 
$
93,828

 
$
49,202

 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (A/B)
3.4 x

 
2.0 x

 
2.3 x

 
2.2 x

Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)
3.4 x

 
2.0 x

 
2.3 x

 
2.2 x