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>
Nine Months Ended
September 30, Year Ended December 31,
--------------------- ------------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
-------- --------- ---------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings (loss) from Operations $321,275 $(133,574) $(134,135) $(156,351) $ 80,732 $ 84,128 $ (196,871)
Less: Equity in earnings from
equity investees (285,872) (58,376) (78,899) 71,950 (170,576) (168,473) (45,685)
Add: Dividends received from
equity investees 109,965 119,479 150,756 144,757 110,082 74,652 62,838
Other -- -- 2,612 7,124 18,003 -- 158,444(b)
--------- --------- -------- -------- -------- --------- ----------
Net Earnings (loss) from
Operations 145,368 (72,471) (59,666) 67,480 38,241 (9,693) (21,274)
Add:
Interest Expense 88,462 101,333 133,454 82,203 104,434 117,224 103,804
--------- --------- -------- -------- -------- --------- ----------
Earnings as Adjusted $ 233,830 $ 28,862 $ 73,788 $149,683 $142,675 $ 107,531 $ 82,530
========= ========= ======== ======== ======== ========= ==========
Combined Fixed Charges and
Preferred Share Dividends:
Interest Expense $ 88,462 $ 101,333 $133,454 $ 82,203 $104,434 $ 117,224 $ 103,804
Capitalized Interest 1,983 7,603 8,209 26,703 69,883 11,448 4,404
--------- --------- -------- -------- -------- --------- ----------
90,445 108,936 141,663 108,906 174,317 128,672 108,208
Preferred Share
Dividends(c)(d) 19,186 15,318 20,280 22,368(e) 15,416 12,352 --
--------- --------- --------- -------- -------- ---------- ---------
Combined Fixed Charges and
Preferred Share Dividends $ 109,631 $ 124,254 $ 161,943 $ 131,274 $189,733 $ 141,024 $ 108,208
========= ========= ========= ========= ======== ========= =========
Ratio of Earnings to Combined
Fixed Charges and Preferred
Share Dividends 2.1 0.2(a) 0.5 1.1 0.8 0.8 0.8
========= ========= ========= ========= ======== ========= =========
</TABLE>
(a) The earnings as adjusted were insufficient to cover the fixed charges by
$95.4 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 1.2.
(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.
