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 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 ============ 72