Exhibit 12.2
SECURITY CAPITAL GROUP INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED SHARE DIVIDENDS
(Dollar amounts in thousands)
<TABLE>
<CAPTION>
Six Months Ended
June 30, Year Ended December 31,
-------------------- --------------------------------------------------------------
2000(a) 1999 1999 1998 1997 1996 1995(b)
-------- -------- --------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Earnings (loss) from Operations $ (6,685) $(95,557) $ (59,666) $ 67,480 $ 38,241 $ (9,693) $ (21,274)
Add:
Interest Expense 63,011 66,100 133,454 82,203 104,434 117,224 103,804
-------- -------- ---------- ---------- ---------- ---------- ---------
Earnings as Adjusted $ 56,326 $(29,457) $ 73,788 $ 149,683 $ 142,675 $ 107,531 $ 82,530
======== ======== ========== ========== ========== ========== =========
Combined Fixed Charges and
Preferred Share Dividends:
Interest Expense $ 63,011 $ 66,100 $ 133,454 $ 82,203 $ 104,434 $ 117,224 $ 103,804
Capitalized Interest 1,135 6,624 8,209 26,703 69,883 11,448 4,404
--------- -------- ---------- ---------- ---------- ---------- ---------
64,146 72,724 141,663 108,906 174,317 128,672 108,208
Preferred Share Dividends(c)(d) 11,964 9,090 20,280 22,368(e) 15,416 12,352 --
--------- -------- ---------- ---------- ---------- ---------- ---------
Combined Fixed Charges and
Preferred Share Dividends $ 76,110 $ 81,814 $ 161,943 $ 131,274 $ 189,733 $ 141,024 $ 108,208
========= ======== ========== ========== ========== ========== =========
Ratio of Earnings to Combined Fixed
Charges and Preferred Share
Dividends 0.7 (f) 0.5 1.1 0.8 0.8 0.8
========= ======== ========== ========== ========== ========== =========
</TABLE>
(a) The earnings as adjusted were insufficient to cover the fixed charges by
$19.8 million.
(b) Excludes a one-time non-cash expense item ($158.4 million) incurred in
acquiring the Financial Services Division from a related party.
(c) The preferred dividends have been increased to show a pretax basis.
(d) Security Capital had no preferred dividends prior to 1996.
(e) Excludes a one-time non-cash dividend of $19.8 million incurred in
conjunction with the exchange of Series A Preferred Shares for Series B
Preferred Shares.
(f) The earnings as adjusted were insufficient to cover the fixed charges by
$111.3 million. Excluding the $65.3 million Homestead special charge and
the $55.2 million provision for loss on investment, the ratio of earnings
to combined fixed charges and preferred dividends would be 1.1.
