Exhibit 12.1
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||
| Pre-tax income from continuing operations before noncontrolling interests and income (loss) from equity investees | $ | 119,303 | $ | 62,692 | $ | 48,456 | $ | 49,070 | $ | 35,085 | ||||||||||
| Distributed income of joint ventures | — | — | — | — | — | |||||||||||||||
| Less: Capitalized interest | (9,613 | ) | (8,761 | ) | (10,050 | ) | (9,820 | ) | (6,598 | ) | ||||||||||
| Less: Preferred distributions of subsidiaries | (176 | ) | (178 | ) | (182 | ) | (183 | ) | (183 | ) | ||||||||||
| Total earnings before fixed charges | 109,514 | (1) | 53,753 | (2) | 38,224 | 39,067 | 28,304 | |||||||||||||
| FIXED CHARGES: | ||||||||||||||||||||
| Interest expense | 87,789 | 90,490 | 79,643 | 57,241 | 52,214 | |||||||||||||||
| Capitalized interest | 9,613 | 8,761 | 10,050 | 9,820 | 6,598 | |||||||||||||||
| Amortization of deferred financing costs | 5,550 | 5,925 | 5,608 | 4,661 | 5,297 | |||||||||||||||
| Interest portion of rental expense | 2,297 | 1,401 | 1,178 | 726 | 655 | |||||||||||||||
| Preferred distribution of subsidiaries | 176 | 178 | 182 | 183 | 183 | |||||||||||||||
| Total fixed charges | 105,425 | 106,755 | 96,661 | 72,631 | 64,947 | |||||||||||||||
| Total earnings and fixed charges | $ | 214,939 | (1) | $ | 160,508 | (2) | $ | 134,885 | $ | 111,698 | $ | 93,251 | ||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.04 | (1) | 1.50 | (2) | 1.40 | 1.54 | 1.44 | |||||||||||||
(1) 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 be 1.56.
(2) 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.