<PAGE>
 
                                                                    EXHIBIT 12.2
                                                                                
                        SECURITY CAPITAL PACIFIC TRUST
          COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                         AND PREFERRED SHARE DIVIDENDS

                         (Dollar amounts in thousands)

                                  (Unaudited)

<TABLE>
<CAPTION>
                                                         Three Months Ended
                                                              March 31,                Twelve Months Ended December 31,
                                                         -------------------   -----------------------------------------------
                                                          1998        1997     1997 (1)    1996       1995     1994      1993
                                                         -------     -------   -------   --------   --------  -------  -------
<S>                                                      <C>         <C>       <C>       <C>        <C>       <C>      <C>
Earnings from operations.................................$29,299     $20,276   $24,686   $ 94,089   $ 81,696  $46,719  $23,191
Add:
  Interest expense....................................... 15,623      13,961    61,153     35,288     19,584   19,442    3,923
                                                         -------     -------   -------   --------   --------  -------  -------
Earnings as adjusted.....................................$44,922     $34,237   $85,839   $129,377   $101,280  $66,161  $27,114
                                                         =======     =======   =======   ========   ========  =======  =======
Combined fixed charges and Preferred Share dividends:
  Interest expense.......................................$15,623     $13,961   $61,153   $ 35,288   $ 19,584  $19,442  $ 3,923
  Capitalized interest...................................  5,214       4,427    17,606     16,941     11,741    6,029    2,818
                                                         -------     -------   -------   --------   --------  -------  -------
    Total fixed charges..................................$20,837     $18,388   $78,759   $ 52,229   $ 31,325  $25,471  $ 6,741
                                                         =======     =======   =======   ========   ========  =======  =======
  Preferred Share dividends..............................  4,712       5,035    19,384     24,167     21,823   16,100    1,341
                                                         -------     -------   -------   --------   --------  -------  -------
Combined fixed charges and Preferred Share dividends.....$25,549     $23,423   $98,143   $ 76,396   $ 53,148  $41,571  $ 8,082
                                                         =======     =======   =======   ========   ========  =======  =======
Ratio of earnings to combined fixed charges and
  Preferred Share dividends..............................    1.8         1.5       0.9        1.7        1.9      1.6      3.4
                                                         =======     =======   =======   ========   ========  =======  =======
</TABLE>

--------------

(1)  Earnings from operations for 1997 includes a one-time, non-cash charge of
     $71.7 million associated with costs incurred in acquiring the management
     companies from an affiliate.  Accordingly, earnings from operations were
     insufficient to cover combined fixed charges and Preferred Share dividends
     by $12.3 million.  Excluding this charge, the ratio of earnings to combined
     fixed charges and Preferred Share dividends for the year ended December 31,
     1997 would be 1.6.

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