Exhibit 12.1

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP AND SUBSIDIARIES

STATEMENT REGARDING COMPUTATION OF RATIOS

(in thousands, except for ratio amounts)

	Three months ended March 31,			Year ended December 31,
	2015 (1)			2014 (2)			2013			2012			2011			2010
EARNINGS BEFORE FIXED CHARGES:
Pre-tax income from continuing operations before noncontrolling interests and income (loss) from equity investees	$	71,578		$	62,692		$	48,456		$	49,070		$	35,085		$	19,635
Distributed income of joint ventures		—			—			—			—			—			200
Less: Capitalized interest		(2,496	)		(8,761	)		(10,050	)		(9,820	)		(6,598	)		(1,146	)
Less: Preferred distributions of subsidiaries		(44	)		(178	)		(182	)		(183	)		(183	)		(184	)
Total earnings before fixed charges		69,038			53,753			38,224			39,067			28,304			18,505
FIXED CHARGES:
Interest expense		21,988			90,490			79,643			57,241			52,214			61,056
Capitalized interest		2,496			8,761			10,050			9,820			6,598			1,146
Amortization of deferred finance costs		1,379			5,925			5,608			4,661			5,297			4,371
Interest portion of rental expense		208			1,401			1,178			726			655			612
Preferred distribution of subsidiaries		44			178			182			183			183			184
Total fixed charges		26,115			106,755			96,661			72,631			64,947			67,369
Total earnings and fixed charges	$	95,153		$	160,508		$	134,885		$	111,698		$	93,251		$	85,874
RATIO OF EARNINGS TO FIXED CHARGES		3.64			1.50			1.40			1.54			1.44			1.27

(1) Earnings include net gains from the disposition of real estate of $44,252 and losses from the early extinguishment of debt of $595. Excluding these amounts, the ratio would be 1.97.

(2) Earnings include losses and impairment charges from the disposition of real estate of $2,811. Excluding this amount, the ratio would be 1.53.