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





Funds from operations, available to common stockholders $295,871,432

Add:
Interest on indebtedness 87,629,198
Preferred stock dividends 24,553,136
Portion of rents representative of the
interest factor 6,005,312
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414,059,078

Adjustment for equity share in partnerships (31,253,212)
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Funds from operations, as adjusted $382,805,866
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Combined fixed charges and preferred stock dividends -
Interest on indebtedness $95,553,248
Preferred stock dividends 24,553,136
Portion of rents representative of the
interest factor 6,005,312
-------------


Combined fixed charges and preferred stock dividends $126,111,696
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Ratio of Funds from Operations to Combined Fixed Charges
and Preferred Stock Dividends 3.0
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