CALCULATION OF RATIO OF EARNINGS
Published on May 20, 2004
Exhibit 99.2
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
For the three months ended March 31, 2004
Pretax earnings from continuing operations before adjustment for
minority interests or income loss from equity investees $ 61,294,575
Add:
Interest on indebtedness (excluding capitalized interest) 27,572,231
Amortization of debt related expenses 383,575
Portion of rents representative of the
interest factor 1,422,222
------------
90,672,603
Distributed income from equity investees 16,558,271
------------
Pretax earnings from continuing operations, as adjusted $107,230,874
============
Fixed charges -
Interest on indebtedness (including capitalized interest) $ 30,186,674
Amortization of debt related expenses 149,291
Portion of rents representative of the
interest factor 1,422,222
------------
Fixed charges $ 31,758,187
============
Ratio of earnings to fixed charges 3.4
============
Exhibit 99.2
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, 2004
Pretax earnings from continuing operations before adjustment for
minority interests or income loss from equity investees $ 61,294,575
Add:
Interest on indebtedness (excluding capitalized interest) 27,572,231
Amortization of debt related expenses 383,575
Portion of rents representative of the
interest factor 1,422,222
------------
90,672,603
Distributed income from equity investees 16,558,271
------------
Pretax earnings from continuing operations, as adjusted $107,230,874
============
Combined fixed charges and preferred stock dividends -
Interest on indebtedness (including capitalized interest) $ 30,186,674
Preferred stock dividends 2,909,375
Amortization of debt related expenses 149,291
Portion of rents representative of the
interest factor 1,422,222
------------
$ 34,667,562
============
Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends 3.1
============