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, 2004

Pretax earnings from continuing operations before adjustment for
minority interests or income loss from equity investees	$	212,702,553
Add:
Interest on indebtedness (excluding capitalized interest)		107,772,945
Amortization of debt related expenses		2,247,702
Portion of rents representative of the
interest factor		5,250,441
		327,973,641
Distributed income from equity investees		94,994,050
Pretax earnings from continuing operations, as adjusted	$	422,967,691
Combined fixed charges and preferred stock dividends -
Interest on indebtedness (including capitalized interest)	$	116,504,453
Preferred stock dividends		11,637,500
Amortization of debt related expenses		1,223,385
Portion of rents representative of the
interest factor		5,250,441
Combined fixed charges and preferred stock dividends	$	134,615,779
Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends		3.1

129