03.10.2007 12:45:00

Kimco Announces $400 Million 7.75% Preferred Stock Offering

Kimco Realty Corporation (NYSE: KIM) today announced the offering of 16,000,000 depositary shares, each representing a 1/100 fractional interest in a share of the company’s 7.75% Class G Cumulative Redeemable Preferred Stock, $1.00 par value per share. These depositary shares, priced at $25.00, entitle holders to a 7.75% cumulative dividend, or $1.9375 per annum, are not convertible into common stock and are redeemable at par at the option of the company on and after October 10, 2012. The company granted the underwriters of the offering a 30-day option to purchase up to an additional 2,400,000 depositary shares to cover over-allotments, if any. The preferred stock issuance is rated BBB+/Baa2 by S&P and Moody's, respectively. The net proceeds received from the offering will be used for general corporate purposes, which may include funding property acquisitions, investments in the company’s institutional management programs and other investment activities as suitable opportunities arise. Pending use for the company’s investment activities, the company will partially repay amounts outstanding under its U.S. revolving credit facility. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, and Wachovia Capital Markets, LLC are the joint book-running managers. RBC Dain Rauscher Inc. is the joint lead manager and Deutsche Bank Securities Inc., Raymond James & Associates, Inc. and Stifel, Nicolaus & Company, Incorporated are the co-managers for the offering. The offering is expected to be completed October 10, 2007, and is subject to customary closing conditions. Copies of the preliminary prospectus supplement and the prospectus supplement relating to the offering may be obtained from (i) Citigroup Global Markets Inc. by phone at 1-877-858-5407, (ii) Merrill Lynch, Pierce, Fenner & Smith Incorporated by phone at 1-866-500-5408, (iii) UBS Securities LLC by phone at 1-888-722-9555, ext. 1088, or (iv) Wachovia Capital Markets, LLC by phone at 1-866-289-1262. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Kimco Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates the nation's largest portfolio of neighborhood and community shopping centers. As of June 30, 2007, the company owned interests in approximately 1,519 properties comprising 180 million square feet of leaseable space across 45 states, Puerto Rico, Canada, Mexico and Chile. Publicly traded on the NYSE under the symbol KIM and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 45 years. For further information, visit the company's web site at www.kimcorealty.com. Safe Harbor Statement The statements in this release state the company's and management's hopes, intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) local real estate conditions, (iv) increases in interest rates, (v) increases in operating costs and real estate taxes. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's SEC filings, including but not limited to the company's report on Form 10-K for the year ended December 31, 2006. Copies of each filing may be obtained from the company or the Securities and Exchange Commission. The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2006, as may be updated or supplemented in the company’s Form 10-Q filings, which discuss these and other factors that could adversely affect the company's results.

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