Exhibit 12.1
AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES
AND AMERICAN CAMPUS PREDECESSOR
STATEMENT REGARDING COMPUTATION OF RATIOS
(In thousands, except for ratio amounts)
AND AMERICAN CAMPUS PREDECESSOR
STATEMENT REGARDING COMPUTATION OF RATIOS
(In thousands, except for ratio amounts)
For the years ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004(b) | ||||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||
Consolidated pre-tax (loss) income from continuing operations before minority interests and loss from equity investee | $ | (10,765 | ) | $ | (567 | ) | $ | 3,728 | $ | 2,101 | $ | (2,178 | ) | |||||||
Distributed income of joint ventures | 120 | — | — | — | — | |||||||||||||||
Less: Capitalized interest | (5,483 | ) | (5,399 | ) | (3,176 | ) | (1,653 | ) | (1,798 | ) | ||||||||||
Less: Preferred distributions of subsidiaries | (184 | ) | (184 | ) | (154 | ) | — | — | ||||||||||||
Total earnings before fixed charges | (16,312 | ) | (6,150 | ) | 398 | 448 | (3,976 | ) | ||||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense | 50,038 | 27,871 | 25,937 | 17,368 | 14,835 | |||||||||||||||
Capitalized interest | 5,483 | 5,399 | 3,176 | 1,653 | 1,798 | |||||||||||||||
Amortization of deferred finance costs | 2,815 | 1,768 | 1,532 | 1,298 | 1,365 | |||||||||||||||
Interest portion of rental expense | 405 | 229 | 216 | 205 | 166 | |||||||||||||||
Preferred distribution of subsidiaries | 184 | 184 | 154 | — | — | |||||||||||||||
Total fixed charges | 58,925 | 35,451 | 31,015 | 20,524 | 18,164 | |||||||||||||||
Total earnings and fixed charges | $ | 42,613 | $ | 29,301 | $ | 31,413 | $ | 20,972 | $ | 14,188 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 0.72 | (a) | 0.83 | (a) | 1.01 | 1.02 | 0.78 | (a) |
(a) | The earnings were inadequate to cover fixed charges by approximately $16.3 million, $6.1 million and $4.0 million for the years ended December 31, 2008, 2007 and 2004, respectively. | |
(b) | We commenced operations as a fully integrated real estate investment trust effective with the completion of our initial public offering on August 17, 2004. We were formed to succeed certain businesses of our predecessors, which were not a legal entity but rather a combination of real estate entities under common ownership and voting control collectively doing business as American Campus Communities, L.L.C. and Affiliated Student Housing Properties. |