Exhibit 12.1
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
For the twelve months ended December 31, 2003
Pretax earnings from continuing operations before adjustment for
minority interests or income loss from equity investees $ 199,137,712
Add:
Interest on indebtedness (excluding capitalized interest) 99,996,284
Amortization of debt related expenses 4,642,201
Portion of rents representative of the
interest factor 5,697,237
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309,473,434
Distributed income from equity investees 54,304,603
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Pretax earnings from continuing operations, as adjusted $ 363,778,037
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Fixed charges -
Interest on indebtedness (including capitalized interest) $ 108,883,362
Amortization of debt related expenses 3,851,301
Portion of rents representative of the
interest factor 5,697,237
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Fixed charges $ 118,431,900
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Ratio of earnings to fixed charges 3.1
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