Exhibit 12.1
SECURITY CAPITAL GROUP INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(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
========= ======== ========= ======== ======== ========= =========
Fixed Charges:
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
--------- -------- --------- -------- -------- --------- ---------
Total Fixed Charges $ 64,146 $ 72,724 $ 141,663 $108,906 $174,317 $ 128,672 $ 108,208
========= ======== ========= ======== ======== ========= =========
Ratio of Earnings to Fixed Charges 0.9 (c) 0.5 1.4 0.8 0.8 0.8
========= ======== ========= ======== ======== ========= =========
</TABLE>
(a) The earnings as adjusted were insufficient to cover the fixed charges by
$7.8 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 earnings as adjusted were insufficient to cover the fixed charges by
$102.2 million. Excluding the $65.3 million Homestead special charge and
the $55.2 million provision for loss on investment, the ratio of earnings
to fixed charges would be 1.3.
