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<SEC-DOCUMENT>0001398432-09-000354.txt : 20090917
<SEC-HEADER>0001398432-09-000354.hdr.sgml : 20090917
<ACCEPTANCE-DATETIME>20090917091011
ACCESSION NUMBER:		0001398432-09-000354
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090917
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090917
DATE AS OF CHANGE:		20090917

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KIMCO REALTY CORP
		CENTRAL INDEX KEY:			0000879101
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				132744380
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10899
		FILM NUMBER:		091073505

	BUSINESS ADDRESS:	
		STREET 1:		3333 NEW HYDE PARK RD
		STREET 2:		PO BOX 5020
		CITY:			NEW HYDE PARK
		STATE:			NY
		ZIP:			11042
		BUSINESS PHONE:		5168699000

	MAIL ADDRESS:	
		STREET 1:		3333 NEW HYDE PARK ROAD
		STREET 2:		PO BOX 5020
		CITY:			NEW HYDE PARKQ
		STATE:			NY
		ZIP:			11042
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>i10591.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Thomas R Harrington">
<META NAME="date" CONTENT="08/15/2009">
</HEAD>
<BODY leftmargin="25" topmargin="25" style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000" LINK=#000000 VLINK=#000000 ALINK=#000000>
<DIV style="width:720px"><P style="margin-top:0px; margin-bottom:8.867px; padding-bottom:4px; border-bottom:12px double #000000" align=right><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:18pt; margin:0px; font-size:16pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:18pt; margin:0px; font-size:16pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>WASHINGTON, D.C. 20549</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:18pt; margin:0px; font-size:16pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF</B></P>
<P style="margin:0px" align=center><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Date of Report (Date of earliest event reported): September 17, 2009</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:20pt; margin:0px; font-family:Times New Roman Bold; font-size:18pt" align=center><B><U>KIMCO REALTY CORPORATION</U></B></P>
<P style="margin:0px" align=center>&nbsp;(Exact Name of Registrant as Specified in Charter)</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=313.667></TD><TD width=123.733></TD><TD width=146.267></TD></TR>
<TR><TD valign=top width=313.667><P style="margin:0px" align=center><B><U>Maryland</U></B></P>
</TD><TD valign=top width=123.733><P style="margin:0px" align=center><B><U>1-10899</U></B></P>
</TD><TD valign=top width=146.267><P style="margin:0px" align=center><B><U>13-2744380</U></B></P>
</TD></TR>
<TR><TD valign=top width=313.667><P style="margin:0px" align=center>(State or Other Jurisdiction of</P>
</TD><TD valign=top width=123.733><P style="margin:0px" align=center>(Commission </P>
</TD><TD valign=top width=146.267><P style="margin:0px" align=center>(I.R.S. Employer</P>
</TD></TR>
<TR><TD valign=top width=313.667><P style="margin:0px" align=center>Incorporation or Organization)</P>
</TD><TD valign=top width=123.733><P style="margin:0px" align=center>File Number)</P>
</TD><TD valign=top width=146.267><P style="margin:0px" align=center>Identification No.)</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=313.667></TD><TD width=123.733></TD><TD width=146.267></TD></TR>
<TR><TD valign=top width=313.667><P style="margin:0px" align=center><B>3333 New Hyde Park Road</B></P>
<P style="margin:0px" align=center><B><U>New Hyde Park, NY</U></B></P>
</TD><TD valign=top width=123.733><P>&nbsp;</P></TD><TD valign=bottom width=146.267><P style="margin:0px" align=center><B><U>11042-0020</U></B></P>
</TD></TR>
<TR><TD valign=top width=313.667><P style="margin:0px" align=center>(Address of Principal Executive Offices)</P>
</TD><TD valign=top width=123.733><P>&nbsp;</P></TD><TD valign=top width=146.267><P style="margin:0px" align=center>(Zip Code)</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B><U>(516) 869-9000</U></B></P>
<P style="margin:0px" align=center>&nbsp;(Registrant&#146;s telephone number, including area code)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B><U>Not applicable</U></B></P>
<P style="margin:0px" align=center>(Former name of former address, if changed since last report.)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P style="margin-top:13.333px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)</P>
<P style="margin-top:13.333px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="margin-top:13.333px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P style="margin-top:8.867px; margin-bottom:0px; padding-bottom:4px; border-bottom:12px double #000000"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 9.01. Financial Statements and Exhibits.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:57.2px">The Company is filing as an exhibit to this Current Report on Form 8-K, and incorporating herein by reference, the figures used to calculate the Company&#146;s ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends for the quarter ended June 30, 2009.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:57.2px">For purposes of determining the ratio of earnings to total fixed charges, &#147;earnings&#148; consist of loss from continuing operations before income taxes and noncontrolling interest, (income) loss related to equity method investees, distributed income of equity method investees, noncontrolling interest in pre-tax (income) loss, amortization of interest capitalized and fixed charges. &nbsp;&#147;Total fixed charges&#148; consist of interest expense (including interest costs capitalized) and other financial charges and an interest factor attributable to rentals. &nbsp;The interest factor attributable to rentals consists of one-third of rental charges, which we deem to be representative of the interest factor inherent in rents.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:57.2px">For the purposes of determining the ratio of earnings to combined fixed charges and preferred stock dividends, &#147;earnings&#148; consist of loss from continuing operations before income taxes and noncontrolling interest, (income) loss related equity method investees, distributed income of equity method investees, noncontrolling interest in pre-tax (income) loss, amortization of interest capitalized and fixed charges. &nbsp;&#147;Combined fixed charges&#148; consist of interest expense (including interest costs capitalized) and other financial charges, preferred dividends (including tax effect factor) and an interest factor attributable to rentals. &nbsp;The interest factor attributable to rentals consists of one-third of rental charges, which we deem to be representative of the interest factor inherent in rents.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR></P>
<P style="margin:0px" align=center>2</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>SIGNATURES</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; text-indent:48px">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:288px">KIMCO REALTY CORPORATION</P>
<P style="margin:0px">Date: &nbsp;September 17, 2009</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:288px">By:</P>
<P style="margin:0px; padding-left:288px; text-indent:48px"><U>/s/ &nbsp;&nbsp;&nbsp;Michael V. Pappagallo</U></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:288px">Name:</P>
<P style="margin:0px; padding-left:288px; text-indent:48px">Michael V. Pappagallo</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:288px">Title: </P>
<P style="margin:0px; padding-left:288px; text-indent:48px">Executive Vice President, </P>
<P style="margin:0px; padding-left:288px; text-indent:48px">Chief Financial Officer and </P>
<P style="margin:0px; padding-left:288px; text-indent:48px">Chief Administrative Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>3</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>EXHIBIT INDEX</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=84.267></TD><TD width=35.6></TD><TD width=552.133></TD></TR>
<TR><TD width=84.267><P>&nbsp;</P></TD><TD valign=bottom width=35.6><P>&nbsp;</P></TD><TD width=552.133><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=84.267><P style="margin:0px"><B>Exhibit&nbsp;No.</B></P>
</TD><TD valign=bottom width=35.6><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=552.133><P style="margin:0px"><B>Description of Exhibit</B></P>
</TD></TR>
<TR><TD valign=top width=84.267><P style="margin:0px" align=center>99.1</P>
</TD><TD valign=bottom width=35.6><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=552.133><P style="margin:0px">Calculation of ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>4</P>
<P style="margin:0px"><BR></P>
</DIV></BODY>
<!-- EDGAR Validation Code: 966230FF -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh99_1.htm
<DESCRIPTION>CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 99</TITLE>
<META NAME="author" CONTENT="Thomas R Harrington">
<META NAME="date" CONTENT="08/15/2009">
</HEAD>
<BODY leftmargin="25" topmargin="25" style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000" LINK=#000000 VLINK=#000000 ALINK=#000000>
<DIV style="width:720px"><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=right><B>Exhibit 99.1</B></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=center><B>Kimco Realty Corporation and Subsidiaries</B></P>
<P style="margin:0px" align=center><B>Computation of Ratio of Earnings to Fixed Charges</B></P>
<P style="margin:0px" align=center><B>For the quarter ended June 30, 2009</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center>
  <TR height=0 style="font-size:0"><TD width=410.4></TD><TD width=21.067></TD><TD width=112.733></TD></TR>
<TR bgcolor="#CCFFFF"><TD width=410.4 valign=bottom><P style="margin:0px">Pretax loss from continuing operations before adjustment for </P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom><P>&nbsp;</P></TD></TR>
<TR bgcolor="#CCFFFF"><TD width=410.4 valign=bottom><P style="margin:0px">&nbsp;&nbsp;noncontrolling interests or income loss from equity investees (1)</P>
</TD><TD width=21.067 valign=bottom><P style="margin:0px" align=right>$</P>
</TD><TD width=112.733 valign=bottom><P style="margin:0px" align=right>(100,193,636)</P>
</TD></TR>
<TR><TD valign=bottom width=410.4><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=410.4><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=410.4><P style="margin:0px">Add:</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD width=410.4 valign=bottom bgcolor="ffffff"><P style="margin:0px">&nbsp;&nbsp;&nbsp;Interest on indebtedness (excluding capitalized interest)</P>
</TD><TD width=21.067 valign=bottom bgcolor="ffffff"><P>&nbsp;</P></TD><TD width=112.733 valign=bottom bgcolor="ffffff"><P style="margin:0px" align=right>97,467,045 </P>
</TD></TR>
<TR bgcolor="ccffff"><TD width=410.4 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;Amortization of debt related expenses</P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom><P style="margin:0px" align=right>3,760,623 </P>
</TD></TR>
<TR bgcolor="ffffff"><TD width=410.4 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;Portion of rents representative of the</P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom><P>&nbsp;</P></TD></TR>
<TR bgcolor="ffffff"><TD width=410.4 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest factor</P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom style="border-bottom:1px solid #000000"><P style="margin:0px" align=right>3,783,998 </P>
</TD></TR>
<TR bgcolor="ccffff"><TD width=410.4 valign=bottom><P>&nbsp;</P></TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom><P style="margin:0px" align=right>4,818,030 </P>
</TD></TR>
<TR><TD valign=bottom width=410.4><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR bgcolor="ffffff"><TD width=410.4 valign=bottom><P style="margin:0px">Distributed income from equity investees</P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom style="border-bottom:1px solid #000000"><P style="margin:0px" align=right>55,959,718 </P>
</TD></TR>
<TR><TD valign=bottom width=410.4><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR bgcolor="ccffff"><TD width=410.4 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax earnings from continuing operations, as adjusted</P>
</TD><TD width=21.067 valign=bottom><P style="margin:0px" align=right>$</P>
</TD><TD width=112.733 valign=bottom style="border-bottom:3px double #000000"><P style="margin:0px" align=right>60,777,748 </P>
</TD></TR>
<TR><TD valign=bottom width=410.4><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=410.4><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=410.4><P style="margin:0px">Fixed charges -</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR bgcolor="ffffff"><TD width=410.4 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;Interest on indebtedness (including capitalized interest)</P>
</TD><TD width=21.067 valign=bottom><P style="margin:0px" align=right>$</P>
</TD><TD width=112.733 valign=bottom><P style="margin:0px" align=right>109,044,444 </P>
</TD></TR>
<TR bgcolor="ccffff"><TD width=410.4 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;Amortization of debt related expenses</P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom><P style="margin:0px" align=right>1,996,207 </P>
</TD></TR>
<TR bgcolor="ffffff"><TD width=410.4 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;Portion of rents representative of the </P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom><P>&nbsp;</P></TD></TR>
<TR bgcolor="ffffff"><TD width=410.4 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest factor</P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom style="border-bottom:1px solid #000000"><P style="margin:0px" align=right>3,783,998 </P>
</TD></TR>
<TR><TD valign=bottom width=410.4><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR bgcolor="ccffff"><TD width=410.4 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed charges</P>
</TD><TD width=21.067 valign=bottom><P style="margin:0px" align=right>$</P>
</TD><TD width=112.733 valign=bottom style="border-bottom:3px double #000000"><P style="margin:0px" align=right>114,824,649 </P>
</TD></TR>
<TR><TD valign=bottom width=410.4><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR bgcolor="ffffff"><TD width=410.4 valign=bottom><P style="margin:0px">Ratio of earnings to fixed charges</P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom style="border-bottom:3px double #000000"><P style="margin:0px" align=right>0.5 </P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px">(1)</P>
<P style="margin:0px; padding-left:24px">Pretax loss from continuing operations before adjustment for noncontrolling interests or income loss from equity investees includes impairment charges of approximately $176.5 million that are discussed in our Quarterly Report on Form 10-Q for the period ended June 30, 2009. Due to these impairment charges, our fixed charges exceed our pretax earnings from continuing operations, as adjusted by approximately $54.0 million.</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Kimco Realty Corporation and Subsidiaries</B></P>
<P style="margin:0px" align=center><B>Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends</B></P>
<P style="margin:0px" align=center><B>For the quarter ended June 30, 2009</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center>
  <TR height=0 style="font-size:0"><TD width=403.2></TD><TD width=21.067></TD><TD width=112.733></TD></TR>
<TR bgcolor="ccffff"><TD width=403.2 valign=bottom><P style="margin:0px">Pretax loss from continuing operations before adjustment for </P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom><P>&nbsp;</P></TD></TR>
<TR bgcolor="ccffff"><TD width=403.2 valign=bottom><P style="margin:0px">&nbsp;&nbsp;noncontrolling interests or income loss from equity investees</P>
</TD><TD width=21.067 valign=bottom><P style="margin:0px" align=right>$</P>
</TD><TD width=112.733 valign=bottom><P style="margin:0px" align=right>(100,193,636)</P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=403.2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0px">Add:</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;Interest on indebtedness (excluding capitalized interest)</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P style="margin:0px" align=right>97,467,045 </P>
</TD></TR>
<TR bgcolor="ccffff"><TD width=403.2 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;Amortization of debt related expenses</P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom><P style="margin:0px" align=right>3,760,623 </P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;Portion of rents representative of the</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest factor</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.733><P style="margin:0px" align=right>3,783,998 </P>
</TD></TR>
<TR bgcolor="ccffff"><TD width=403.2 valign=bottom><P>&nbsp;</P></TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom><P style="margin:0px" align=right>4,818,030 </P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0px">Distributed income from equity investees</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.733><P style="margin:0px" align=right>55,959,718 </P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR bgcolor="ccffff"><TD width=403.2 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax earnings from continuing operations, as adjusted</P>
</TD><TD width=21.067 valign=bottom><P style="margin:0px" align=right>$</P>
</TD><TD width=112.733 valign=bottom style="border-bottom:3px double #000000"><P style="margin:0px" align=right>60,777,748 </P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=403.2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0px">Combined fixed charges and preferred stock dividends -</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;Interest on indebtedness (including capitalized interest)</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=right>$</P>
</TD><TD valign=bottom width=112.733><P style="margin:0px" align=right>109,044,444 </P>
</TD></TR>
<TR bgcolor="ccffff"><TD width=403.2 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;Preferred dividend factor</P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom><P style="margin:0px" align=right>23,922,233 </P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;Amortization of debt related expenses</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P style="margin:0px" align=right>1,996,207 </P>
</TD></TR>
<TR bgcolor="ccffff"><TD width=403.2 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;Portion of rents representative of the </P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom><P>&nbsp;</P></TD></TR>
<TR bgcolor="ccffff"><TD width=403.2 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest factor</P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom style="border-bottom:1px solid #000000"><P style="margin:0px" align=right>3,783,998 </P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P style="margin:0px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Combined fixed charges and preferred stock dividends</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=right>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=112.733><P style="margin:0px" align=right>138,746,882 </P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0px">Ratio of Earnings to Combined Fixed Charges </P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=112.733><P>&nbsp;</P></TD></TR>
<TR bgcolor="ccffff"><TD width=403.2 valign=bottom><P style="margin:0px">&nbsp;&nbsp;&nbsp;and Preferred Stock Dividends</P>
</TD><TD width=21.067 valign=bottom><P>&nbsp;</P></TD><TD width=112.733 valign=bottom style="border-bottom:3px double #000000"><P style="margin:0px" align=right>0.4 </P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px">(1)</P>
<P style="margin:0px; padding-left:24px">Pretax loss from continuing operations before adjustment for noncontrolling interests or income loss from equity investees includes impairment charges of approximately $176.5 million that are discussed in our Quarterly Report on Form 10-Q for the period ended June 30, 2009. Due to these impairment charges, our combined fixed &nbsp;charges and preferred stock dividends exceed our pretax earnings from continuing operations, as adjusted by approximately $78.0 million.</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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