Exhibit 12.2

Kimco Realty Corporation and Subsidiaries

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

For the nine months ended September 30, 2008

Pretax earnings from continuing operations before adjustment for

  minority interests or income loss from equity investees

 $ 155,135,741 

Add:

   Interest on indebtedness (excluding capitalized interest)

160,639,331 

   Amortization of debt related expenses

3,935,452 

   Portion of rents representative of the

     interest factor

5,772,057 

325,482,581 

Distributed income from equity investees

208,043,861 

       Pretax earnings from continuing operations, as adjusted

 $ 533,526,442 

Combined fixed charges and preferred stock dividends -

   Interest on indebtedness (including capitalized interest)

 $ 182,918,966 

   Preferred dividend factor

39,693,487 

   Amortization of debt related expenses

1,762,344 

   Portion of rents representative of the

     interest factor

5,772,057 

        Combined fixed charges and preferred stock dividends

 $ 230,146,854 

Ratio of Earnings to Combined Fixed Charges

   and Preferred Stock Dividends

2.3