EX-12.1 4 exhibit12112312017.htm EXHIBIT 12.1 Exhibit


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.