Exhibit 12.2

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

Pretax earnings from continuing operations before adjustment for |  |
minority interests or income loss from equity investees | $ | 47,418,852
Add: |  |
Interest on indebtedness (excluding capitalized interest) |  | 213,156,103
Amortization of debt related expenses |  | 5,160,325
Portion of rents representative of the |  |
interest factor |  | 7,740,485
|  | 273,475,765
Distributed income from equity investees |  | 261,993,161
Pretax earnings from continuing operations, as adjusted | $ | 535,468,926
Combined fixed charges and preferred stock dividends - |  |
Interest on indebtedness (including capitalized interest) | $ | 241,850,328
Preferred dividend factor |  | 47,287,500
Amortization of debt related expenses |  | 2,163,271
Portion of rents representative of the |  |
interest factor |  | 7,740,485
Combined fixed charges and preferred stock dividends | $ | 299,041,584
Ratio of Earnings to Combined Fixed Charges |  |
and Preferred Stock Dividends |  | 1.8

398