COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Published on November 22, 2004
EXHIBIT 99.2
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
For the nine months ended September 30, 2004
Pretax earnings from continuing operations
before adjustment for minority interests
or income loss from equity investees $168,725,212
Add:
Interest on indebtedness
(excluding capitalized interest) 81,884,619
Amortization of debt related expenses 1,357,699
Portion of rents representative of the
interest factor 3,429,298
------------
255,396,828
Distributed income from equity investees 64,384,388
------------
Pretax earnings from continuing
operations, as adjusted $319,781,216
============
Fixed charges -
Interest on indebtedness
(including capitalized interest) $ 88,265,107
Amortization of debt related expenses 608,567
Portion of rents representative of the
interest factor 3,429,298
------------
Fixed charges $ 92,302,972
============
Ratio of earnings to fixed charges 3.5
============
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Combined
Fixed Charges and Preferred Stock Dividends
For the nine months ended September 30, 2004
Pretax earnings from continuing operations
before adjustment for minority interests or
income loss from equity investees $168,725,212
Add:
Interest on indebtedness
(excluding capitalized interest) 81,884,619
Amortization of debt related expenses 1,357,699
Portion of rents representative of the
interest factor 3,429,298
------------
255,396,828
Distributed income from equity investees 64,384,388
------------
Pretax earnings from continuing
operations, as adjusted $319,781,216
============
Combined fixed charges and preferred stock dividends -
Interest on indebtedness
(including capitalized interest) $ 88,265,107
Preferred stock dividends 8,728,125
Amortization of debt related expenses 608,567
Portion of rents representative of the
interest factor 3,429,298
------------
$101,031,097
============
Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends 3.2
============