Exhibit 12.2
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends
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
-------------
309,473,434
Distributed income from equity investees 54,304,603
-------------
Pretax earnings from continuing operations, as adjusted $ 363,778,037
==============
Combined fixed charges and preferred stock dividends -
Interest on indebtedness (including capitalized interest) $ 108,883,362
Preferred stock dividends 14,668,698
Amortization of debt related expenses 3,851,301
Portion of rents representative of the
interest factor 5,697,237
-------------
Combined fixed charges and preferred stock dividends $ 133,100,598
=============
Ratio of earnings to combined fixed charges
and preferred stock dividends 2.7
=============