Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Combined
Fixed Charges and Preferred Stock Dividends
For the Year Ended December 31, 2001



Pretax earnings from continuing operations $255,913,735

Add:
Interest on indebtedness 87,629,198
Amortization of debt related expenses 2,593,442
Portion of rents representative of the
interest factor 6,005,312
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352,141,687

Adjustment for equity share in partnerships (18,534,734)
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Pretax earnings from continuing operations, as adjusted $333,606,953
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Combined fixed charges and preferred stock dividends -
Interest on indebtedness $95,553,248
Preferred stock dividends 24,553,136
Amortization of debt related expenses 2,243,817
Portion of rents representative of the
interest factor 6,005,312
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Combined fixed charges and preferred stock dividends $128,355,513
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Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends 2.6
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