EXHIBIT 12A
KIMCO REALTY CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED ----------------------------------------------------------------
JUNE 30, 1997 1996 1995 1994 1993 1992
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Income before extraordinary items....... $ 41,649,156 $ 73,826,893 $51,921,799 $41,071,338 $35,159,112 $18,964,005
Add
Portion of rents representative of the
interest factor.................... 1,245,734 2,482,917 1,451,048 104,918 167,263 282,690
Interest and related debt expenses.... 13,224,235 27,343,211 27,375,415 22,032,025 18,998,491 20,239,772
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56,119,125 103,653,021 80,748,262 63,208,281 54,324,866 39,486,467
Adjustment for equity share in
partnerships.......................... (137,647) (349,642) 504,238 652,725 (2,067,263) 391,306
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Income before extraordinary items,
as adjusted...................... $ 55,981,478 $103,303,379 $81,252,500 $63,861,006 $52,257,603 $39,877,773
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Combined Fixed Charges and Preferred
Stock Dividend Requirements
Interest and related debt expenses.... $ 13,147,220 $ 27,189,181 $27,221,385 $21,877,995 $18,998,491 $20,239,772
Portion of rents representative of the
interest factor.................... 1,245,734 2,482,917 1,451,048 104,918 167,263 282,690
Preferred stock dividend
requirements....................... 9,218,850 16,134,475 7,630,556 5,812,500 1,582,125 0
------------- ------------ ----------- ----------- ----------- -----------
Combined Fixed Charges and
Preferred Stock Dividend
Requirements..................... $ 23,611,804 $ 45,806,573 $36,302,989 $27,795,413 $20,747,879 $20,522,462
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Ratio of Earnings to Combined Fixed
Charges and Preferred Stock Dividend
Requirements.......................... 2.4 2.3 2.2 2.3 2.5 1.9
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2
EXHIBIT 12A
KIMCO REALTY CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED ----------------------------------------------------------------
JUNE 30, 1997 1996 1995 1994 1993 1992
------------- ------------ ----------- ----------- ----------- -----------
Income before extraordinary items....... $ 41,649,156 $ 73,826,893 $51,921,799 $41,071,338 $35,159,112 $18,964,005
Add
Portion of rents representative of the
interest factor.................... 1,245,734 2,482,917 1,451,048 104,918 167,263 282,690
Interest and related debt expenses.... 13,224,235 27,343,211 27,375,415 22,032,025 18,998,491 20,239,772
------------- ------------ ----------- ----------- ----------- -----------
56,119,125 103,653,021 80,748,262 63,208,281 54,324,866 39,486,467
Adjustment for equity share in
partnerships.......................... (137,647) (349,642) 504,238 652,725 (2,067,263) 391,306
------------- ------------ ----------- ----------- ----------- -----------
Income before extraordinary items,
as adjusted...................... $ 55,981,478 $103,303,379 $81,252,500 $63,861,006 $52,257,603 $39,877,773
------------- ------------ ----------- ----------- ----------- -----------
------------- ------------ ----------- ----------- ----------- -----------
Fixed charges
Interest and related debt expenses.... $ 13,147,220 $ 27,189,181 $27,221,385 $21,877,995 $18,998,491 $20,239,772
Portion of rents representative of the
interest factor.................... 1,245,734 2,482,917 1,451,048 104,918 167,263 282,690
------------- ------------ ----------- ----------- ----------- -----------
Fixed charges................. $ 14,392,954 $ 29,672,098 $28,672,433 $21,982,913 $19,165,754 $20,522,462
------------- ------------ ----------- ----------- ----------- -----------
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Ratio of earnings to fixed charges...... 3.9 3.5 2.8 2.9 2.7 1.9
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3