Exhibit

Exhibit 12.1

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



	Year Ended December 31,
	2016				2015				2014				2013			2012
EARNINGS BEFORE FIXED CHARGES:
Pre-tax income from continuing operations before noncontrolling interests and income from equity investees	$	101,773			$	119,303			$	62,692			$	48,456		$	49,070
Distributed income of joint ventures	—				—				—				—			—
Less: Capitalized interest	(12,258		)		(9,613		)		(8,761		)		(10,050		)	(9,820		)
Less: Preferred distributions of subsidiaries	(146		)		(176		)		(178		)		(182		)	(183		)
Total earnings before fixed charges	89,369			⁽¹⁾	109,514			⁽²⁾	53,753			⁽³⁾	38,224			39,067
FIXED CHARGES:
Interest expense	78,687				87,789				90,490				79,643			57,241
Capitalized interest	12,258				9,613				8,761				10,050			9,820
Amortization of deferred financing costs	6,520				5,550				5,925				5,608			4,661
Interest portion of rental expense	2,616				2,297				1,401				1,178			726
Preferred distribution of subsidiaries	146				176				178				182			183
Total fixed charges	100,227				105,425				106,755				96,661			72,631
Total earnings and fixed charges	$	189,596		⁽¹⁾	$	214,939		⁽²⁾	$	160,508		⁽³⁾	$	134,885		$	111,698
RATIO OF EARNINGS TO FIXED CHARGES	1.89			⁽¹⁾	2.04			⁽²⁾	1.50			⁽³⁾	1.40			1.54

⁽¹⁾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.

⁽²⁾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.

⁽³⁾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.