Kimco Realty Corporation and Subsidiaries Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends For the Year Ended December 31, 2000 Income before extraordinary items $205,024,840 Add: Interest on indebtedness 90,290,264 Amortization of debt related expenses 2,394,189 Portion of rents representative of the interest factor 5,679,310 ------------ 303,388,603 Adjustment for equity share in partnerships (12,515,764) ------------ Income before extraordinary items, as adjusted $290,872,839 ============ Combined fixed charges and preferred stock dividends-- Interest on indebtedness 94,840,265 Preferred stock dividends 26,328,281 Amortization of debt related expenses 2,158,792 Portion of rents representative of the interest factor 5,679,310 ------------ Combined fixed charges and preferred stock dividends $129,006,648 ============ Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 2.3 ============ 71