EXHIBIT 12
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
For the three
months ended For the year ended December 31,
March 31, 2003 2002 2001 2000
------------------- ---------------- ----------------- --------------------
Pretax earnings from continuing operations
before adjustment for minority
interests in consolidated subsidiaries or
income/loss from equity investees $ 56,102,494 $226,021,903 $226,445,266 $181,716,236
Add:
Interest on indebtedness 22,120,727 85,771,695 87,629,198 90,290,264
Amortization of debt related expenses 875,519 3,060,946 2,593,442 2,394,189
Portion of rents representative of the
interest factor 1,350,666 5,910,534 6,005,312 5,679,310
------------------- ---------------- ----------------- --------------------
80,449,406 320,765,078 322,673,218 280,079,999
Distributed income from equity investees 7,055,751 28,904,324 20,050,948 13,841,549
------------------- ---------------- ----------------- --------------------
Pretax earnings from continuing
operations, as adjusted $87,505,157 $349,669,402 $342,724,166 $293,921,548
=================== ================ ================= ====================
Fixed charges -
Interest on indebtedness $24,284,608 $94,860,415 $95,553,248 $94,840,265
Amortization of debt related expenses 732,196 2,504,105 2,243,817 2,158,792
Portion of rents representative of the
interest factor 1,350,666 5,910,534 6,005,312 5,679,310
------------------- ---------------- ----------------- --------------------
Fixed charges $26,367,470 $103,275,054 $103,802,377 $102,678,367
=================== ================ ================= ====================
Ratio of earnings to fixed charges 3.3 3.4 3.3 2.9
=================== ================ ================= ====================
1999 1998
--------------------- -------------------
Pretax earnings from continuing operations
before adjustment for minority
interests in consolidated subsidiaries or
income/loss from equity investees $159,584,432 $117,407,146
Add:
Interest on indebtedness 81,667,211 63,547,946
Amortization of debt related expenses 2,512,274 1,680,197
Portion of rents representative of the
interest factor 6,360,643 6,655,956
--------------------- -------------------
250,124,560 189,291,245
Distributed income from equity investees 9,057,646 1,520,898
--------------------- -------------------
Pretax earnings from continuing
operations, as adjusted $259,182,206 $190,812,143
===================== ===================
Fixed charges -
Interest on indebtedness $86,073,607 $64,723,874
Amortization of debt related expenses 2,351,649 1,564,883
Portion of rents representative of the
interest factor 6,360,643 6,655,956
--------------------- -------------------
Fixed charges $94,785,899 $72,944,713
===================== ===================
Ratio of earnings to fixed charges 2.7 2.6
===================== ===================
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends
For the three
months ended For the year ended December 31,
March 31, 2003 2002 2001 2000
------------------ ---------------- ---------------- -----------------
Pretax earnings from continuing operations
before adjustment for minority
interests in consolidated subsidiaries or
income/loss from equity investees $ 56,102,494 $226,021,903 $226,445,266 $181,716,236
Add:
Interest on indebtedness 22,120,727 85,771,695 87,629,198 90,290,264
Amortization of debt related expenses 875,519 3,060,946 2,593,442 2,394,189
Portion of rents representative of the
interest factor 1,350,666 5,910,534 6,005,312 5,679,310
------------------ ---------------- ---------------- -----------------
80,449,406 320,765,078 322,673,218 280,079,999
Adjustment for equity share in partnerships 7,055,751 28,904,324 20,050,948 13,841,549
------------------ ---------------- ---------------- -----------------
Pretax earnings from continuing
operations, as adjusted $87,505,157 $349,669,402 $342,724,166 $293,921,548
================== ================ ================ =================
Fixed charges -
Interest on indebtedness $24,284,608 $94,860,415 $95,553,248 $94,840,265
Preferred stock dividends 4,609,425 18,437,700 24,553,136 26,328,281
Amortization of debt related expenses 732,196 2,504,105 2,243,817 2,158,792
Portion of rents representative of the
interest factor 1,350,666 5,910,534 6,005,312 5,679,310
------------------ ---------------- ---------------- -----------------
Combined fixed charges and preferred
stock dividends $30,976,895 $121,712,754 $128,355,513 $129,006,648
================== ================ ================ =================
Ratio of earnings to combined fixed charges
and preferred stock dividends 2.8 2.9 2.7 2.3
================== ================ ================ =================
1999 1998
------------------- -------------------
Pretax earnings from continuing operations
before adjustment for minority
interests in consolidated subsidiaries or
income/loss from equity investees $159,584,432 $117,407,146
Add:
Interest on indebtedness 81,667,211 63,547,946
Amortization of debt related expenses 2,512,274 1,680,197
Portion of rents representative of the
interest factor 6,360,643 6,655,956
------------------- -------------------
250,124,560 189,291,245
Adjustment for equity share in partnerships 9,057,646 1,520,898
------------------- -------------------
Pretax earnings from continuing
operations, as adjusted $259,182,206 $190,812,143
=================== ===================
Fixed charges -
Interest on indebtedness $86,073,607 $64,723,874
Preferred stock dividends 26,478,323 24,653,847
Amortization of debt related expenses 2,351,649 1,564,883
Portion of rents representative of the
interest factor 6,360,643 6,655,956
------------------- -------------------
Combined fixed charges and preferred
stock dividends $121,264,222 $97,598,560
=================== ===================
Ratio of earnings to combined fixed charges
and preferred stock dividends 2.1 2.0
=================== ===================