EX-12.1 2 ex12-1.htm EXHIBIT 12.1 ex12-1.htm
Exhibit 12.1
 
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

   
Year Ended December 31,
    
   
2012
    
2011
    
2010
    
2009
    
2008
    
EARNINGS BEFORE FIXED CHARGES:
                                
Pre-tax income (loss) from continuing
    operations before noncontrolling interests and
    loss from equity investees
   $  57,027     $  43,143     $  24,825     $  2,803     $ (7,297 )  
Distributed income of joint ventures
     -       -       200       250       120    
Less: Capitalized interest
     (9,820 )     (6,598 )     (1,146 )     (2,862 )     (5,483 )  
Less: Preferred distributions of subsidiaries
     (183 )     (183 )     (184 )     (184 )     (184 )  
Total earnings before fixed charges
     47,024       36,362       23,695       7       (12,844 )  
                                           
FIXED CHARGES:
                                          
Interest expense
     57,241       52,214       60,654       61,192       48,626    
Capitalized interest
     9,820       6,598       1,146       2,862       5,483    
Amortization of deferred financing costs
     4,717       5,385       4,449       3,232       2,466    
Interest portion of rental expense
     726       655       604       546       371    
Preferred distribution of subsidiaries
     183       183       184       184       184    
Total fixed charges
     72,687       65,035       67,037       68,016       57,130    
                                           
Total earnings and fixed charges
   $ 119,711     $ 101,397     $ 90,732     $ 68,023     $ 44,286    
                                           
RATIO OF EARNINGS TO FIXED
  CHARGES
     1.65       1.56       1.35       1.00       -  
(a)
 
(a) The earnings were inadequate to cover fixed charges by approximately $12.8 million for the year ended December 31, 2008.