COMPUTATION OF EARNINGS
Published on March 26, 1998
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred
Stock Dividends For the Year Ended December 31, 1997
Income before extraordinary items $85,836,445
Add:
Interest on indebtedness 30,745,963
Amortization of debt related expenses 1,253,325
Portion of rents representative of the
interest factor 2,070,049
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119,905,782
Adjustment for equity share in partnerships (653,466)
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Income before extraordinary items, as adjusted $119,252,316
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Combined fixed charges and preferred stock dividends-
Interest on indebtedness $31,262,146
Preferred stock dividends 18,437,700
Amortization of debt related expenses 1,141,095
Portion of rents representative of the
interest factor 2,070,049
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Combined fixed charges and preferred stock dividends $52,910,990
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends 2.3
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127