

<PAGE>
                    Kimco Realty Corporation and Subsidiaries
                  Computation of Ratio of Funds from Operations
             to Combined Fixed Charges and Preferred Stock Dividends
                      For the Year Ended December 31, 2000

<TABLE>
<CAPTION>


<S>                                                                                              <C>
Funds from Operations, Available to Common Stockholders                                          $254,141,242

Add:
   Interest on indebtedness                                                                        90,290,264
   Preferred stock dividends                                                                       26,328,281
   Portion of rents representative of the
     interest factor                                                                                5,679,310
                                                                                                 ------------
                                                                                                  376,439,097

Adjustment for equity share in partnerships                                                       (20,793,210)
                                                                                                 ------------

       Funds from Operations, as adjusted                                                        $355,645,887
                                                                                                 ============


Combined fixed charges and preferred stock dividends-
   Interest on indebtedness                                                                       $94,840,265
   Preferred stock dividends                                                                       26,328,281
   Portion of rents representative of the
     interest factor                                                                                5,679,310
                                                                                                 ------------


        Combined fixed charges and preferred stock dividends                                     $126,847,856
                                                                                                 ============

Ratio of Funds from Operations to Combined Fixed Charges
   and Preferred Stock Dividends                                                                          2.8
                                                                                                 ============

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