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Exhibit 12.1
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||||
Pre-tax income from continuing operations before noncontrolling interests and income (loss) from equity investees | $ | 48,456 | $ | 49,070 | $ | 35,085 | $ | 19,635 | $ | 699 | ||||||||||||
Distributed income of joint ventures | — | — | — | 200 | 250 | |||||||||||||||||
Less: Capitalized interest | (10,050 | ) | (9,820 | ) | (6,598 | ) | (1,146 | ) | (2,862 | ) | ||||||||||||
Less: Preferred distributions of subsidiaries | (182 | ) | (183 | ) | (183 | ) | (184 | ) | (184 | ) | ||||||||||||
Total earnings before fixed charges | 38,224 | 39,067 | 28,304 | 18,505 | (2,097 | ) | ||||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||
Interest expense | 79,643 | 57,241 | 52,214 | 61,056 | 63,712 | |||||||||||||||||
Capitalized interest | 10,050 | 9,820 | 6,598 | 1,146 | 2,862 | |||||||||||||||||
Amortization of deferred financing costs | 5,608 | 4,661 | 5,297 | 4,371 | 3,138 | |||||||||||||||||
Interest portion of rental expense | 1,178 | 726 | 655 | 612 | 587 | |||||||||||||||||
Preferred distribution of subsidiaries | 182 | 183 | 183 | 184 | 184 | |||||||||||||||||
Total fixed charges | 96,661 | 72,631 | 64,947 | 67,369 | 70,483 | |||||||||||||||||
Total earnings and fixed charges | $ | 134,885 | $ | 111,698 | $ | 93,251 | $ | 85,874 | $ | 68,386 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.40 | 1.54 | 1.44 | 1.27 | 0.97 | (a) | ||||||||||||||||
(a) The earnings were inadequate to cover fixed charges by approximately $2.1 million for the year ended December 31, 2009. |