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, 2018 |
Year ended December 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||||||
Pre-tax income from continuing operations before noncontrolling interests and income (loss) from equity investees | $ | 26,531 | $ | 71,110 | $ | 101,773 | $ | 119,303 | $ | 62,692 | $ | 48,456 | ||||||||||||
Distributed income of joint ventures | — | — | — | — | — | 200 | ||||||||||||||||||
Less: Capitalized interest | (3,020 | ) | (15,856 | ) | (12,258 | ) | (9,613 | ) | (8,761 | ) | (10,050 | ) | ||||||||||||
Less: Preferred distributions of subsidiaries | (31 | ) | (124 | ) | (146 | ) | (176 | ) | (178 | ) | (182 | ) | ||||||||||||
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Total earnings before fixed charges | 23,480 | 55,130 | 89,369 | 109,514 | 53,753 | 38,224 | ||||||||||||||||||
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FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense | 23,684 | 71,122 | 78,687 | 87,789 | 90,490 | 79,643 | ||||||||||||||||||
Capitalized interest | 3,020 | 15,856 | 12,258 | 9,613 | 8,761 | 10,050 | ||||||||||||||||||
Amortization of deferred finance costs | 1,414 | 4,619 | 6,520 | 5,550 | 5,925 | 5,608 | ||||||||||||||||||
Interest portion of rental expense | 73 | 2,697 | 2,616 | 2,297 | 1,401 | 1,178 | ||||||||||||||||||
Preferred distribution of subsidiaries | 31 | 124 | 146 | 176 | 178 | 182 | ||||||||||||||||||
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Total fixed charges | 28,222 | 94,418 | 100,227 | 105,425 | 106,755 | 96,661 | ||||||||||||||||||
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Total earnings and fixed charges | $ | 51,702 | $ | 149,548 | (1) | $ | 189,596 | (2) | $ | 214,939 | (3) | $ | 160,508 | (4) | $ | 134,885 | ||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | 1.83 | 1.58 | (1) | 1.89 | (2) | 2.04 | (3) | 1.50 | (4) | 1.40 | ||||||||||||||
| (1) | Earnings include a loss from the disposition of real estate of $0.6 million, contractual executive separation and retirement charges incurred in the first and second quarters of 2017 with regard to the retirement of the Company’s former Chief Financial Officer of $4.5 million and real estate impairment charges of $15.3 million. Excluding these amounts, the ratio would have been 1.80. |
| (2) | Earnings include net gains from the disposition of real estate of $21.2 million, real estate impairment charges of $4.9 million and losses from the early extinguishment of debt of $12.8 million. Excluding these amounts, the ratio would have been 1.86. |
| (3) | Earnings include net gains from the disposition of real estate of $52.7 million and losses from the early extinguishment of debt of $1.8 million. Excluding these amounts, the ratio would have been 1.56. |
| (4) | Earnings include losses and impairment charges from the disposition of real estate of $2.8 million. Excluding this amount, the ratio would have been 1.53. |
