Exhibit 12.1
AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF RATIOS
(In thousands, except for ratio amounts)
For the years ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||
Pre-tax income (loss) from continuing operations before noncontrolling interests and loss from equity investees | $ | 43,143 | $ | 24,825 | $ | 2,803 | $ | (7,297 | ) | $ | (439 | ) | ||||||||
Distributed income of joint ventures | — | 200 | 250 | 120 | — | |||||||||||||||
Less: Capitalized interest | (6,598 | ) | (1,146 | ) | (2,862 | ) | (5,483 | ) | (5,399 | ) | ||||||||||
Less: Preferred distributions of subsidiaries | (183 | ) | (184 | ) | (184 | ) | (184 | ) | (184 | ) | ||||||||||
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Total earnings before fixed charges | 36,362 | 23,695 | 7 | (12,844 | ) | (6,022 | ) | |||||||||||||
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FIXED CHARGES: | ||||||||||||||||||||
Interest expense | 52,214 | 60,654 | 61,192 | 48,626 | 27,871 | |||||||||||||||
Capitalized interest | 6,598 | 1,146 | 2,862 | 5,483 | 5,399 | |||||||||||||||
Amortization of deferred finance costs | 5,385 | 4,449 | 3,232 | 2,466 | 1,659 | |||||||||||||||
Interest portion of rental expense | 655 | 604 | 546 | 371 | 208 | |||||||||||||||
Preferred distribution of subsidiaries | 183 | 184 | 184 | 184 | 184 | |||||||||||||||
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Total fixed charges | 65,035 | 67,037 | 68,016 | 57,130 | 35,321 | |||||||||||||||
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Total earnings and fixed charges | $ | 101,397 | $ | 90,732 | $ | 68,023 | $ | 44,286 | $ | 29,299 | ||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | 1.56 | 1.35 | 1.00 | — | (a) | — | (a) |
(a) | The earnings were inadequate to cover fixed charges by approximately $12.8 million and $6.0 million for the years ended December 31, 2008 and 2007, respectively. |