CALCULATION OF EARNINGS TO CHARGES
Published on May 8, 2003
Exhibit 99.2
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
For the three months ended March 31, 2003
Pretax earnings from continuing operations $ 69,319,084
Less: Income or loss from equity investees (13,216,590)
------------
Adjusted pretax earnings from continuing operations
56,102,494
Add:
Interest on indebtedness 22,120,727
Amortization of debt related expenses 875,519
Portion of rents representative of the
interest factor 1,350,666
------------
80,449,406
Distrubuted income from equity investees 7,055,751
------------
Pretax earnings from continuing operations, as adjusted $ 87,505,157
Fixed charges -
Interest on indebtedness $ 24,284,608
Amortization of debt related expenses 732,196
Portion of rents representative of the
interest factor 1,350,666
------------
Fixed charges $ 26,367,470
Ratio of earnings to fixed charges 3.3
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends
For the three months ended March 31, 2003
Pretax earnings from continuing operations $ 69,319,084
Less: Income or loss from equity investees
(13,216,590)
Adjusted pretax earnings from continuing operations
56,102,494
Add:
Interest on indebtedness (excluding capitalized interest) 22,120,727
Amortization of debt related expenses 875,519
Portion of rents representative of the
interest factor 1,350,666
------------
80,449,406
Distrubuted income from equity investees 7,055,751
------------
Pretax earnings from continuing operations, as adjusted $ 87,505,157
Combined fixed charges and preferred stock dividends -
Interest on indebtedness $ 24,284,608
Preferred stock dividends 4,609,425
Amortization of debt related expenses 732,196
Portion of rents representative of the
interest factor 1,350,666
------------
Combined fixed charges and preferred stock dividends $ 30,976,895
Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends 2.8