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Exhibit 12.1

 

EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES

EDUCATION REALTY OPERATING PARTNERSHIP, LP AND SUBSIDIARIES

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

   Year Ended December 31, 
   2012   2013   2014   2015   2016 
Earnings:                         
Income (loss) before taxes, noncontrolling interests and equity in earnings of equity investees  $(304)  $5,493   $15,394   $18,327   $21,760 
Interest expense, net of amortization of premium/discount   14,390    17,526    20,656    24,449    15,454 
Amortization of deferred financing fees   1,215    1,758    2,156    2,089    1,731 
Distributed income of equity investees   277    71    45    892    689 
Portion of rent expense representative of interest   2,244    2,605    3,027    3,718    4,075 
Total earnings  $17,822   $27,453   $41,278   $49,475   $43,709 
                          
Fixed Charges (2):                         
Interest expense, net of amortization of premium/discount  $14,390   $17,526   $20,656   $24,449   $15,454 
Capitalized interest   3,884    5,038    5,767    5,376    7,207 
Amortization of deferred fees   1,215    1,758    2,156    2,089    1,731 
Portion of rent expense representative of interest   2,244    2,605    3,027    3,718    4,075 
Total fixed charges  $21,733   $26,927   $31,606   $35,632   $28,467 
                          
Consolidated ratio of earnings to fixed charges (1)        1.0    1.3    1.4    1.5 

 

(1)For the year ended December 31, 2012 fixed charges exceeded earnings by $3,911.

 

(2)As of December 31, 2013 and 2012, the Trust accrued $3,000 according to the authoritative guidance related to the guarantee of a construction loan for the Johns Hopkins participating development. The Trust has not included the liability in the calculation of fixed charges because it is not considered probable that such obligation will be incurred by the Trust.