Exhibit 12.1
SECURITY CAPITAL GROUP INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(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
========= ========= ========= ========== ======== ========= =========
Fixed Charges:
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
--------- --------- --------- ---------- -------- --------- ---------
Total Fixed Charges $ 90,445 $ 108,936 $ 141,663 $ 108,906 $174,317 $ 128,672 $ 108,208
========= ========= ========= ========== ======== ========= =========
Ratio of Earnings to
Fixed Charges 2.6 0.3(a) 0.5 1.4 0.8 0.8 0.8
========= ========= ========= ========== ======== ========= =========
</TABLE>
(a) The earnings as adjusted were insufficient to cover the fixed charges by
$80.1 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 1.4.
(b) Excludes a one-time non-cash expense item ($158.4 million) incurred in
acquiring the Financial Services Division from a related party.
