COMPUTATION OF RATIO OF EARNINGS
Published on July 21, 2005
Exhibit 12(a)
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
| For the year ended December 31, | ||||||||||||||||||
| For the three | ||||||||||||||||||
| months ended | ||||||||||||||||||
| March 31, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||
Pretax earnings from continuing operations before adjustment for minority interests or income/loss from equity investees |
$ | 54,869,587 | $ | 211,693,553 | $ | 197,216,020 | $ | 218,268,903 | $ | 214,336,266 | $ | 176,050,236 | ||||||
Add: |
||||||||||||||||||
Interest on indebtedness (excluding capitalized interest) |
28,505,203 | 107,772,945 | 99,996,284 | 85,771,695 | 87,629,198 | 90,290,264 | ||||||||||||
Amortization of debt related expenses |
834,231 | 2,247,702 | 4,642,201 | 3,060,946 | 2,593,442 | 2,394,189 | ||||||||||||
Portion of rents representative of the interest factor |
1,261,487 | 5,250,441 | 5,697,237 | 5,910,534 | 6,005,312 | 5,679,310 | ||||||||||||
| 85,470,508 | 326,964,641 | 307,551,742 | 313,012,078 | 310,564,218 | 274,413,999 | |||||||||||||
Distributed income from equity investees |
33,815,457 | 94,994,050 | 67,712,364 | 40,274,767 | 36,376,934 | 13,841,549 | ||||||||||||
Pretax earnings from continuing operations, as adjusted |
$ | 119,285,965 | $ | 421,958,691 | $ | 375,264,106 | $ | 353,286,845 | $ | 346,941,152 | $ | 288,255,548 | ||||||
Fixed charges |
||||||||||||||||||
Interest on indebtedness (including capitalized interest) |
$ | 30,952,516 | $ | 116,504,453 | $ | 108,883,362 | $ | 94,860,415 | $ | 95,553,248 | $ | 94,840,265 | ||||||
Amortization of debt related expenses |
543,976 | 1,223,385 | 3,851,301 | 2,504,105 | 2,243,817 | 2,158,792 | ||||||||||||
Portion of rents representative of the interest factor |
1,261,487 | 5,250,441 | 5,697,237 | 5,910,534 | 6,005,312 | 5,679,310 | ||||||||||||
Fixed charges |
$ | 32,757,979 | $ | 122,978,279 | $ | 118,431,900 | $ | 103,275,054 | $ | 103,802,377 | $ | 102,678,367 | ||||||
Ratio of earnings to fixed charges |
3.6 | 3.4 | 3.2 | 3.4 | 3.3 | 2.8 | ||||||||||||
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends
| For the year ended December 31, | ||||||||||||||||||
| For the three | ||||||||||||||||||
| months ended | ||||||||||||||||||
| March 31, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||
Pretax earnings from continuing operations before adjustment for minority interests or income/loss from equity investees |
$ | 54,869,587 | $ | 211,693,553 | $ | 197,216,020 | $ | 218,268,903 | $ | 214,336,266 | $ | 176,050,236 | ||||||
Add: |
||||||||||||||||||
Interest on indebtedness (excluding capitalized interest) |
28,505,203 | 107,772,945 | 99,996,284 | 85,771,695 | 87,629,198 | 90,290,264 | ||||||||||||
Amortization of debt related expenses |
834,231 | 2,247,702 | 4,642,201 | 3,060,946 | 2,593,442 | 2,394,189 | ||||||||||||
Portion of rents representative of the interest factor |
1,261,487 | 5,250,441 | 5,697,237 | 5,910,534 | 6,005,312 | 5,679,310 | ||||||||||||
| 85,470,508 | 326,964,641 | 307,551,742 | 313,012,078 | 310,564,218 | 274,413,999 | |||||||||||||
Distributed income from equity investees |
33,815,457 | 94,994,050 | 67,712,364 | 40,274,767 | 36,376,934 | 13,841,549 | ||||||||||||
Pretax earnings from continuing operations, as adjusted |
$ | 119,285,965 | $ | 421,958,691 | $ | 375,264,106 | $ | 353,286,845 | $ | 346,941,152 | $ | 288,255,548 | ||||||
Fixed charges |
||||||||||||||||||
Interest on indebtedness (including capitalized interest) |
$ | 30,952,516 | $ | 116,504,453 | $ | 108,883,362 | $ | 94,860,415 | $ | 95,553,248 | $ | 94,840,265 | ||||||
Preferred stock dividends |
2,909,375 | 11,637,500 | 14,668,698 | 18,437,700 | 24,553,136 | 26,328,281 | ||||||||||||
Amortization of debt related expenses |
543,976 | 1,223,385 | 3,851,301 | 2,504,105 | 2,243,817 | 2,158,792 | ||||||||||||
Portion of rents representative of the interest factor |
1,261,487 | 5,250,441 | 5,697,237 | 5,910,534 | 6,005,312 | 5,679,310 | ||||||||||||
Combined fixed charges and preferred stock dividends |
$ | 35,667,354 | $ | 134,615,779 | $ | 133,100,598 | $ | 121,712,754 | $ | 128,355,513 | $ | 129,006,648 | ||||||
Ratio of earnings to combined fixed charges and preferred stock dividends |
3.3 | 3.1 | 2.8 | 2.9 | 2.7 | 2.2 | ||||||||||||