EX-12.A 9 exh12a.htm CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Exhibit 12(a)



Exhibit 12(a)


Kimco Realty Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges


 

 

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

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

   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

 

 

273,475,765

 

343,446,524

 

416,564,896

 

359,169,379

 

317,014,484

 

 

 

 

 

 

 

 

 

 

 

Distributed income from equity investees

 

261,993,161

 

403,031,792

 

152,098,895

 

116,765,424

 

94,994,050

 

 

 

 

 

 

 

 

 

 

 

       Pretax earnings from continuing operations, as adjusted

$

535,468,926

$

746,478,316

$

568,663,791

$

475,934,803

$

412,008,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges -

 

 

 

 

 

 

 

 

 

 

   Interest on indebtedness (including capitalized interesst)

$

241,850,328

$

239,937,824

 

195,735,659

$

139,192,990

$

117,304,079

 

 

 

 

 

 

 

 

 

 

 

   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

 

 

 

 

 

 

 

 

 

 

     interest factor

 

7,740,485

 

7,182,492

 

6,836,053

 

6,004,270

 

5,250,441

 

 

 

 

 

 

 

 

 

 

 

        Fixed charges

$

251,754,084

$

248,191,149

$

204,389,196

$

148,225,379

$

122,963,495

 

 

 

 

 

 

 

 

 

 

 

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


 

 

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

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

   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

 

 

273,475,765

 

343,446,524

 

416,564,896

 

359,169,379

 

317,014,484

 

 

 

 

 

 

 

 

 

 

 

Distributed income from equity investees

 

261,993,161

 

403,031,792

 

152,098,895

 

116,765,424

 

94,994,050

 

 

 

 

 

 

 

 

 

 

 

      Pretax earnings from continuing operations, as adjusted

$

535,468,926

$

746,478,316

$

568,663,791

$

475,934,803

$

412,008,534

 

 

 

 

 

 

 

 

 

 

 

Fixed charges -

 

 

 

 

 

 

 

 

 

 

   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

 

 

 

 

 

 

 

 

 

 

 

   Portion of rents representative of the interest factor

 

7,740,485

 

7,182,492

 

6,836,053

 

6,004,270

 

5,250,441

 

 

 

 

 

 

 

 

 

 

 

        Combined fixed charges and preferred stock dividends

$

299,041,584

$

267,849,899

$

216,612,441

$

160,270,396

$

134,600,995

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and

preferred stock dividends

 

1.8

 

2.8

 

2.6

 

3.0

 

3.1