Exhibit 12.1

Kimco Realty Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

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
Fixed charges - |  |
Interest on indebtedness (including capitalized interest) | $ | 241,850,328
Amortization of debt related expenses |  | 2,163,271
Portion of rents representative of the |  |
interest factor |  | 7,740,485
Fixed charges | $ | 251,754,084
Ratio of earnings to fixed charges |  | 2.1

397