Exhibit 12.1

Kimco Realty Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

For the six months ended June 30, 2008

Pretax earnings from continuing operations before adjustment for

  minority interests or income loss from equity investees

 $  125,974,497 

Add:

   Interest on indebtedness (excluding capitalized interest)

107,814,431 

   Amortization of debt related expenses

2,617,889 

   Portion of rents representative of the

     interest factor

3,825,601 

240,232,418 

Distributed income from equity investees

123,354,662 

       Pretax earnings from continuing operations, as adjusted

 $  363,587,080 

Fixed charges -

   Interest on indebtedness (including capitalized interest)

 $  122,225,471 

   Amortization of debt related expenses

1,216,450 

   Portion of rents representative of the

     interest factor

3,825,601 

        Fixed charges

 $  127,267,522 

Ratio of earnings to fixed charges

2.9