Exhibit 12.1

Kimco Realty Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
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
Fixed charges -
Interest on indebtedness (including capitalized interest)	$	116,504,453
Amortization of debt related expenses		1,223,385
Portion of rents representative of the
interest factor		5,250,441
Fixed charges	$	122,978,279
Ratio of earnings to fixed charges		3.4

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