Exhibit 12.1
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||
Pre-tax income from continuing operations before noncontrolling interests and income from equity investees | $ | 71,110 | $ | 101,773 | $ | 119,303 | $ | 62,692 | $ | 48,456 | ||||||||||
Distributed income of joint ventures | — | — | — | — | — | |||||||||||||||
Less: Capitalized interest | (15,856 | ) | (12,258 | ) | (9,613 | ) | (8,761 | ) | (10,050 | ) | ||||||||||
Less: Preferred distributions of subsidiaries | (124 | ) | (146 | ) | (176 | ) | (178 | ) | (182 | ) | ||||||||||
Total earnings before fixed charges | 55,130 | (1) | 89,369 | (2) | 109,514 | (3) | 53,753 | (4) | 38,224 | |||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense | 71,122 | 78,687 | 87,789 | 90,490 | 79,643 | |||||||||||||||
Capitalized interest | 15,856 | 12,258 | 9,613 | 8,761 | 10,050 | |||||||||||||||
Amortization of deferred financing costs | 4,619 | 6,520 | 5,550 | 5,925 | 5,608 | |||||||||||||||
Interest portion of rental expense | 2,697 | 2,616 | 2,297 | 1,401 | 1,178 | |||||||||||||||
Preferred distribution of subsidiaries | 124 | 146 | 176 | 178 | 182 | |||||||||||||||
Total fixed charges | 94,418 | 100,227 | 105,425 | 106,755 | 96,661 | |||||||||||||||
Total earnings and fixed charges | $ | 149,548 | (1) | $ | 189,596 | (2) | $ | 214,939 | (3) | $ | 160,508 | (4) | $ | 134,885 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES | 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 quarter 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 be 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 be 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 be 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. |