EX-12.1 4 acc123114ex121.htm EXHIBIT 12.1 ACC 12.31.14 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,
 
 
2014
 
2013
 
2012
 
2011
 
2010
EARNINGS BEFORE FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations before noncontrolling interests and income (loss) from equity investees
 
$
62,692

 
$
48,456

 
$
49,070

 
$
35,085

 
$
19,635

Distributed income of joint ventures
 
—

 
—

 
—

 
—

 
200

Less: Capitalized interest
 
(8,761
)
 
(10,050
)
 
(9,820
)
 
(6,598
)
 
(1,146
)
Less: Preferred distributions of subsidiaries
 
(178
)
 
(182
)
 
(183
)
 
(183
)
 
(184
)
Total earnings before fixed charges
 
53,753

 
38,224

 
39,067

 
28,304

 
18,505

FIXED CHARGES:
 
 

 
 

 
 

 
 

 
 

Interest expense
 
90,490

 
79,643

 
57,241

 
52,214

 
61,056

Capitalized interest
 
8,761

 
10,050

 
9,820

 
6,598

 
1,146

Amortization of deferred financing costs
 
5,925

 
5,608

 
4,661

 
5,297

 
4,371

Interest portion of rental expense
 
1,401

 
1,178

 
726

 
655

 
612

Preferred distribution of subsidiaries
 
178

 
182

 
183

 
183

 
184

Total fixed charges
 
106,755

 
96,661

 
72,631

 
64,947

 
67,369

Total earnings and fixed charges
 
$
160,508

 
$
134,885

 
$
111,698

 
$
93,251

 
$
85,874

RATIO OF EARNINGS TO FIXED
  CHARGES
 
1.50

 
1.40

 
1.54

 
1.44

 
1.27