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)
Three months ended March 31, | Year ended December 31, | |||||||||||||||||||||||
2015 (1) | 2014 (2) | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||||||
Pre-tax income from continuing operations before noncontrolling interests and income (loss) from equity investees | $ | 71,578 | $ | 62,692 | $ | 48,456 | $ | 49,070 | $ | 35,085 | $ | 19,635 | ||||||||||||
Distributed income of joint ventures | — | — | — | — | — | 200 | ||||||||||||||||||
Less: Capitalized interest | (2,496 | ) | (8,761 | ) | (10,050 | ) | (9,820 | ) | (6,598 | ) | (1,146 | ) | ||||||||||||
Less: Preferred distributions of subsidiaries | (44 | ) | (178 | ) | (182 | ) | (183 | ) | (183 | ) | (184 | ) | ||||||||||||
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Total earnings before fixed charges | 69,038 | 53,753 | 38,224 | 39,067 | 28,304 | 18,505 | ||||||||||||||||||
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FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense | 21,988 | 90,490 | 79,643 | 57,241 | 52,214 | 61,056 | ||||||||||||||||||
Capitalized interest | 2,496 | 8,761 | 10,050 | 9,820 | 6,598 | 1,146 | ||||||||||||||||||
Amortization of deferred finance costs | 1,379 | 5,925 | 5,608 | 4,661 | 5,297 | 4,371 | ||||||||||||||||||
Interest portion of rental expense | 208 | 1,401 | 1,178 | 726 | 655 | 612 | ||||||||||||||||||
Preferred distribution of subsidiaries | 44 | 178 | 182 | 183 | 183 | 184 | ||||||||||||||||||
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Total fixed charges | 26,115 | 106,755 | 96,661 | 72,631 | 64,947 | 67,369 | ||||||||||||||||||
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Total earnings and fixed charges | $ | 95,153 | $ | 160,508 | $ | 134,885 | $ | 111,698 | $ | 93,251 | $ | 85,874 | ||||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | 3.64 | 1.50 | 1.40 | 1.54 | 1.44 | 1.27 |
(1) | Earnings include net gains from the disposition of real estate of $44,252 and losses from the early extinguishment of debt of $595. Excluding these amounts, the ratio would be 1.97. |
(2) | Earnings include losses and impairment charges from the disposition of real estate of $2,811. Excluding this amount, the ratio would be 1.53. |