EX-12 6 b325361ex_12.txt STATEMENT RE: COMPUTATION OF RATIOS EXHIBIT 12 Kimco Realty Corporation and Subsidiaries Computation of Ratio of Earnings to Fixed Charges
For the three months ended For the year ended December 31, March 31, 2003 2002 2001 2000 ------------------- ---------------- ----------------- -------------------- Pretax earnings from continuing operations before adjustment for minority interests in consolidated subsidiaries or income/loss from equity investees $ 56,102,494 $226,021,903 $226,445,266 $181,716,236 Add: Interest on indebtedness 22,120,727 85,771,695 87,629,198 90,290,264 Amortization of debt related expenses 875,519 3,060,946 2,593,442 2,394,189 Portion of rents representative of the interest factor 1,350,666 5,910,534 6,005,312 5,679,310 ------------------- ---------------- ----------------- -------------------- 80,449,406 320,765,078 322,673,218 280,079,999 Distributed income from equity investees 7,055,751 28,904,324 20,050,948 13,841,549 ------------------- ---------------- ----------------- -------------------- Pretax earnings from continuing operations, as adjusted $87,505,157 $349,669,402 $342,724,166 $293,921,548 =================== ================ ================= ==================== Fixed charges - Interest on indebtedness $24,284,608 $94,860,415 $95,553,248 $94,840,265 Amortization of debt related expenses 732,196 2,504,105 2,243,817 2,158,792 Portion of rents representative of the interest factor 1,350,666 5,910,534 6,005,312 5,679,310 ------------------- ---------------- ----------------- -------------------- Fixed charges $26,367,470 $103,275,054 $103,802,377 $102,678,367 =================== ================ ================= ==================== Ratio of earnings to fixed charges 3.3 3.4 3.3 2.9 =================== ================ ================= ==================== 1999 1998 --------------------- ------------------- Pretax earnings from continuing operations before adjustment for minority interests in consolidated subsidiaries or income/loss from equity investees $159,584,432 $117,407,146 Add: Interest on indebtedness 81,667,211 63,547,946 Amortization of debt related expenses 2,512,274 1,680,197 Portion of rents representative of the interest factor 6,360,643 6,655,956 --------------------- ------------------- 250,124,560 189,291,245 Distributed income from equity investees 9,057,646 1,520,898 --------------------- ------------------- Pretax earnings from continuing operations, as adjusted $259,182,206 $190,812,143 ===================== =================== Fixed charges - Interest on indebtedness $86,073,607 $64,723,874 Amortization of debt related expenses 2,351,649 1,564,883 Portion of rents representative of the interest factor 6,360,643 6,655,956 --------------------- ------------------- Fixed charges $94,785,899 $72,944,713 ===================== =================== Ratio of earnings to fixed charges 2.7 2.6 ===================== ===================
Kimco Realty Corporation and Subsidiaries Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
For the three months ended For the year ended December 31, March 31, 2003 2002 2001 2000 ------------------ ---------------- ---------------- ----------------- Pretax earnings from continuing operations before adjustment for minority interests in consolidated subsidiaries or income/loss from equity investees $ 56,102,494 $226,021,903 $226,445,266 $181,716,236 Add: Interest on indebtedness 22,120,727 85,771,695 87,629,198 90,290,264 Amortization of debt related expenses 875,519 3,060,946 2,593,442 2,394,189 Portion of rents representative of the interest factor 1,350,666 5,910,534 6,005,312 5,679,310 ------------------ ---------------- ---------------- ----------------- 80,449,406 320,765,078 322,673,218 280,079,999 Adjustment for equity share in partnerships 7,055,751 28,904,324 20,050,948 13,841,549 ------------------ ---------------- ---------------- ----------------- Pretax earnings from continuing operations, as adjusted $87,505,157 $349,669,402 $342,724,166 $293,921,548 ================== ================ ================ ================= Fixed charges - Interest on indebtedness $24,284,608 $94,860,415 $95,553,248 $94,840,265 Preferred stock dividends 4,609,425 18,437,700 24,553,136 26,328,281 Amortization of debt related expenses 732,196 2,504,105 2,243,817 2,158,792 Portion of rents representative of the interest factor 1,350,666 5,910,534 6,005,312 5,679,310 ------------------ ---------------- ---------------- ----------------- Combined fixed charges and preferred stock dividends $30,976,895 $121,712,754 $128,355,513 $129,006,648 ================== ================ ================ ================= Ratio of earnings to combined fixed charges and preferred stock dividends 2.8 2.9 2.7 2.3 ================== ================ ================ ================= 1999 1998 ------------------- ------------------- Pretax earnings from continuing operations before adjustment for minority interests in consolidated subsidiaries or income/loss from equity investees $159,584,432 $117,407,146 Add: Interest on indebtedness 81,667,211 63,547,946 Amortization of debt related expenses 2,512,274 1,680,197 Portion of rents representative of the interest factor 6,360,643 6,655,956 ------------------- ------------------- 250,124,560 189,291,245 Adjustment for equity share in partnerships 9,057,646 1,520,898 ------------------- ------------------- Pretax earnings from continuing operations, as adjusted $259,182,206 $190,812,143 =================== =================== Fixed charges - Interest on indebtedness $86,073,607 $64,723,874 Preferred stock dividends 26,478,323 24,653,847 Amortization of debt related expenses 2,351,649 1,564,883 Portion of rents representative of the interest factor 6,360,643 6,655,956 ------------------- ------------------- Combined fixed charges and preferred stock dividends $121,264,222 $97,598,560 =================== =================== Ratio of earnings to combined fixed charges and preferred stock dividends 2.1 2.0 =================== ===================