Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock
Dividends
For the Year Ended December 31, 1996
Income before extraordinary items $73,826,893
Add:
Interest on indebtedness 26,039,374
Amortization of debt related expenses 1,303,837
Portion of rents representative of the
interest factor 2,482,917
-------------------
103,653,021
Adjustment for equity share in partnerships (349,642)
-------------------
Income before extraordinary items, as adjusted $103,303,379
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Combined fixed charges and preferred stock dividends-
Interest on indebtedness $26,039,374
Preferred stock dividends 16,134,475
Amortization of debt related expenses 1,149,807
Portion of rents representative of the
interest factor 2,482,917
-------------------
Combined fixed charges and preferred stock dividends $45,806,573
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends 2.3
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