Attached files
Exhibit 12
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
| EARNINGS BEFORE FIXED CHARGES: |
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| Pre-tax income (loss) from continuing operations before noncontrolling interests and loss from equity investees |
$ | 43,143 | $ | 24,825 | $ | 2,803 | $ | (7,297 | ) | $ | (439 | ) | ||||||||
| Distributed income of joint ventures |
— | 200 | 250 | 120 | — | |||||||||||||||
| Less: Capitalized interest |
(6,598 | ) | (1,146 | ) | (2,862 | ) | (5,483 | ) | (5,399 | ) | ||||||||||
| Less: Preferred distributions of subsidiaries |
(183 | ) | (184 | ) | (184 | ) | (184 | ) | (184 | ) | ||||||||||
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| Total earnings before fixed charges |
36,362 | 23,695 | 7 | (12,844 | ) | (6,022 | ) | |||||||||||||
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| FIXED CHARGES: |
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| Interest expense |
52,214 | 60,654 | 61,192 | 48,626 | 27,871 | |||||||||||||||
| Capitalized interest |
6,598 | 1,146 | 2,862 | 5,483 | 5,399 | |||||||||||||||
| Amortization of deferred financing costs |
5,385 | 4,449 | 3,232 | 2,466 | 1,659 | |||||||||||||||
| Interest portion of rental expense |
655 | 604 | 546 | 371 | 208 | |||||||||||||||
| Preferred distribution of subsidiaries |
183 | 184 | 184 | 184 | 184 | |||||||||||||||
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| Total fixed charges |
65,035 | 67,037 | 68,016 | 57,130 | 35,321 | |||||||||||||||
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| Total earnings and fixed charges |
$ | 101,397 | $ | 90,732 | $ | 68,023 | $ | 44,286 | $ | 29,299 | ||||||||||
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| RATIO OF EARNINGS TO FIXED CHARGES |
1.56 | 1.35 | 1.00 | — | (a) | — | (a) | |||||||||||||
| (a) | The earnings were inadequate to cover fixed charges by approximately $12.8 million and $6.0 million for the years ended December 31, 2008 and 2007, respectively. |