EX-12.1 2 acc123113ex121.htm EXHIBIT 12.1 ACC 12.31.13 EX 12.1


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.