Exhibit 12(a)
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
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| For the year ended December 31, | ||||||||
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| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
Pretax earnings from continuing operations before adjustment for minority interests or income/loss from equity investees | $ | 47,418,852 | $ | 118,449,649 | $ | 233,243,819 | $ | 222,264,768 | $ | 201,758,180 |
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Add: |
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Interest on indebtedness (excluding capitalized interest) |
| 213,156,103 |
| 214,432,386 |
| 172,994,940 |
| 126,606,366 |
| 108,572,571 |
Amortization of debt related expenses |
| 5,160,325 |
| 3,381,997 |
| 3,490,084 |
| 4,293,975 |
| 1,433,292 |
Portion of rents representative of the interest factor |
| 7,740,485 |
| 7,182,492 |
| 6,836,053 |
| 6,004,270 |
| 5,250,441 |
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| 273,475,765 |
| 343,446,524 |
| 416,564,896 |
| 359,169,379 |
| 317,014,484 |
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Distributed income from equity investees |
| 261,993,161 |
| 403,031,792 |
| 152,098,895 |
| 116,765,424 |
| 94,994,050 |
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Pretax earnings from continuing operations, as adjusted | $ | 535,468,926 | $ | 746,478,316 | $ | 568,663,791 | $ | 475,934,803 | $ | 412,008,534 |
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Fixed charges - |
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Interest on indebtedness (including capitalized interesst) | $ | 241,850,328 | $ | 239,937,824 |
| 195,735,659 | $ | 139,192,990 | $ | 117,304,079 |
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Amortization of debt related expenses |
| 2,163,271 |
| 1,070,833 |
| 1,817,484 |
| 3,028,119 |
| 408,975 |
Portion of rents representative of the |
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interest factor |
| 7,740,485 |
| 7,182,492 |
| 6,836,053 |
| 6,004,270 |
| 5,250,441 |
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Fixed charges | $ | 251,754,084 | $ | 248,191,149 | $ | 204,389,196 | $ | 148,225,379 | $ | 122,963,495 |
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Ratio of earnings to fixed charges |
| 2.1 |
| 3.0 |
| 2.8 |
| 3.2 |
| 3.4 |
Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
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| For the year ended December 31, | ||||||||
|
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
Pretax earnings from continuing operations before adjustment for minority interests or income/loss from equity investees | $ | 47,418,852 | $ | 118,449,649 | $ | 233,243,819 | $ | 222,264,768 | $ | 201,758,180 |
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Add: |
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Interest on indebtedness (excluding capitalized interest) |
| 213,156,103 |
| 214,432,386 |
| 172,994,940 |
| 126,606,366 |
| 108,572,571 |
Amortization of debt related expenses |
| 5,160,325 |
| 3,381,997 |
| 3,490,084 |
| 4,293,975 |
| 1,433,292 |
Portion of rents representative of the interest factor |
| 7,740,485 |
| 7,182,492 |
| 6,836,053 |
| 6,004,270 |
| 5,250,441 |
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| 273,475,765 |
| 343,446,524 |
| 416,564,896 |
| 359,169,379 |
| 317,014,484 |
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Distributed income from equity investees |
| 261,993,161 |
| 403,031,792 |
| 152,098,895 |
| 116,765,424 |
| 94,994,050 |
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Pretax earnings from continuing operations, as adjusted | $ | 535,468,926 | $ | 746,478,316 | $ | 568,663,791 | $ | 475,934,803 | $ | 412,008,534 |
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Fixed charges - |
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Interest on indebtedness (including capitalized interesst) | $ | 241,850,328 | $ | 239,937,824 | $ | 195,735,659 | $ | 139,192,990 | $ | 117,304,079 |
Preferred stock dividends |
| 47,287,500 |
| 19,658,750 |
| 12,223,245 |
| 12,045,017 |
| 11,637,500 |
Amortization of debt related expenses |
| 2,163,271 |
| 1,070,833 |
| 1,817,484 |
| 3,028,119 |
| 408,975 |
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Portion of rents representative of the interest factor |
| 7,740,485 |
| 7,182,492 |
| 6,836,053 |
| 6,004,270 |
| 5,250,441 |
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Combined fixed charges and preferred stock dividends | $ | 299,041,584 | $ | 267,849,899 | $ | 216,612,441 | $ | 160,270,396 | $ | 134,600,995 |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
| 1.8 |
| 2.8 |
| 2.6 |
| 3.0 |
| 3.1 |