EXHIBIT 12
Published on February 26, 2018
Exhibit 12
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except for ratio)
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For the year ended December 31, |
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|
2017 |
2016 |
2015 |
2014 |
2013 |
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Pretax earnings from continuing operations before adjustment for noncontrolling interests or income (loss) from equity investees |
$ | 239,867 | $ | 305,361 | (1)(2) | $ | 675,657 | (3) | $ | 102,726 | $ | 62,370 | ||||||||
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Add: |
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Interest on indebtedness (excluding capitalized interest) |
191,483 | 190,636 | 222,542 | 212,081 | 215,233 | |||||||||||||||
|
Amortization of debt related expenses (including capitalized interest) |
13,326 | 16,759 | 21,974 | 2,025 | 7,263 | |||||||||||||||
|
Portion of rents representative of the interest factor |
7,287 | 7,076 | 7,877 | 8,435 | 7,888 | |||||||||||||||
| 451,963 | 519,832 | 928,050 | 325,267 | 292,754 | ||||||||||||||||
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Distributed income from equity investees |
58,189 | 90,589 | 126,263 | 255,532 | 258,050 | |||||||||||||||
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Pretax earnings from continuing operations, as adjusted |
$ | 510,152 | $ | 610,421 | $ | 1,054,313 | $ | 580,799 | $ | 550,804 | ||||||||||
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Fixed charges - |
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Interest on indebtedness (including capitalized interest) |
$ | 205,963 | $ | 199,883 | $ | 228,160 | $ | 213,370 | $ | 216,496 | ||||||||||
|
Amortization of debt related expenses |
8,118 | 11,837 | 17,228 | (2,631 | ) | 2,642 | ||||||||||||||
|
Portion of rents representative of the interest factor |
7,287 | 7,076 | 7,877 | 8,435 | 7,888 | |||||||||||||||
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Fixed charges |
$ | 221,368 | $ | 218,796 | $ | 253,265 | $ | 219,174 | $ | 227,026 | ||||||||||
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Ratio of earnings to fixed charges |
2.3 | 2.8 | 4.2 | 2.6 | 2.4 | |||||||||||||||
(1) Includes an aggregate gain on liquidation of real estate joint venture interests of $138.5 million.
(2) Includes early extinguishment of debt charges of $45.7 million.
(3) Includes an aggregate gain on liquidation of real estate joint venture interests of $373.8 million.
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except for ratio)
|
For the year ended December 31, |
||||||||||||||||||||
|
2017 |
2016 |
2015 |
2014 |
2013 |
||||||||||||||||
|
Pretax earnings from continuing operations before adjustment for noncontrolling interests or income (loss) from equity investees |
$ | 239,867 | $ | 305,361 | (1)(2) | $ | 675,657 | (3) | $ | 102,726 | $ | 62,370 | ||||||||
|
Add: |
||||||||||||||||||||
|
Interest on indebtedness (excluding capitalized interest) |
191,483 | 190,636 | 222,542 | 212,081 | 215,233 | |||||||||||||||
|
Amortization of debt related expenses (including capitalized interest) |
13,326 | 16,759 | 21,974 | 2,025 | 7,263 | |||||||||||||||
|
Portion of rents representative of the interest factor |
7,287 | 7,076 | 7,877 | 8,435 | 7,888 | |||||||||||||||
| 451,963 | 519,832 | 928,050 | 325,267 | 292,754 | ||||||||||||||||
|
Distributed income from equity investees |
58,189 | 90,589 | 126,263 | 255,532 | 258,050 | |||||||||||||||
|
Pretax earnings from continuing operations, as adjusted |
$ | 510,152 | $ | 610,421 | $ | 1,054,313 | $ | 580,799 | $ | 550,804 | ||||||||||
|
Combined fixed charges and preferred stock dividends - |
||||||||||||||||||||
|
Interest on indebtedness (including capitalized interest) |
$ | 205,963 | $ | 199,883 | $ | 228,160 | $ | 213,370 | $ | 216,496 | ||||||||||
|
Preferred dividend factor |
46,599 | 53,063 | 60,103 | 61,727 | 65,135 | |||||||||||||||
|
Amortization of debt related expenses |
8,118 | 11,837 | 17,228 | (2,631 | ) | 2,642 | ||||||||||||||
|
Portion of rents representative of the interest factor |
7,287 | 7,076 | 7,877 | 8,435 | 7,888 | |||||||||||||||
|
Combined fixed charges and preferred stock dividends |
$ | 267,967 | $ | 271,859 | 313,368 | 280,901 | 292,161 | |||||||||||||
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Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |
1.9 | 2.2 | 3.4 | 2.1 | 1.9 | |||||||||||||||
(1) Includes an aggregate gain on liquidation of real estate joint venture interests of $138.5 million.
(2) Includes early extinguishment of debt charges of $45.7 million.
(3) Includes an aggregate gain on liquidation of real estate joint venture interests of $373.8 million.