Exhibit 99.2
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
For the six months ended June 30, 2004
Pretax earnings from continuing operations before adjustment for
minority interests or income loss from equity investees $ 113,697,162
Add:
Interest on indebtedness (excluding capitalized interest) 56,142,350
Amortization of debt related expenses 706,361
Portion of rents representative of the
interest factor 2,832,875
---------------
173,378,748
Distributed income from equity investees 44,242,754
---------------
Pretax earnings from continuing operations, as adjusted $217,621,502
===============
Fixed charges -
Interest on indebtedness (including capitalized interest) $60,747,480
Amortization of debt related expenses 221,033
Portion of rents representative of the
interest factor 2,832,875
---------------
Fixed charges $63,801,388
===============
Ratio of earnings to fixed charges 3.4
===============
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends
For the six months ended June 30, 2004
Pretax earnings from continuing operations before adjustment for
minority interests or income loss from equity investees $ 113,697,162
Add:
Interest on indebtedness (excluding capitalized interest) 56,142,350
Amortization of debt related expenses 706,361
Portion of rents representative of the
interest factor 2,832,875
---------------
173,378,748
Distributed income from equity investees 44,242,754
---------------
Pretax earnings from continuing operations, as adjusted $217,621,502
===============
Combined fixed charges and preferred stock dividends -
Interest on indebtedness (including capitalized interest) $60,747,480
Preferred stock dividends 5,818,750
Amortization of debt related expenses 221,033
Portion of rents representative of the
interest factor 2,832,875
---------------
Combined fixed charges and preferred stock dividends $69,620,138
===============
Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends 3.1
===============