KIMCO REALTY CORPORATION AND SUBSIDIARIES

Exhibit 99.4

KIMCO REALTY CORPORATION AND SUBSIDIARIES
PRO FORMA COMBINED FUNDS FROM OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996 AND THE
NINE MONTHS ENDED SEPTEMBER 30, 1997
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The following unaudited Pro Forma Combined Funds from Operations for the year
ended December 31, 1996 and the nine months ended September 30, 1997 give effect
to the proposed Merger as if the Merger had occurred January 1, 1996. In
addition, the Kimco Pro Forma columns for the year ended December 31, 1996 and
the nine months ended September 30, 1997 assumes the completion, as of January
1, 1996, of the acquisition of 14 shopping center properties as previously
reported in the Current Report on Form 8-K dated January 15, 1997, incorporated
by reference herein. The Price REIT Pro Forma columns for the year ended
December 31, 1996 and the nine months ended September 30,1997 assume the
completion, as of January 1, 1996, of the acquisition of 12 shopping center
properties as previously reported in the Current Report on Form 8-K/A dated
November 13, 1997, incorporated by reference herein.

Most industry analysts and equity real estate investment trusts ("REIT"),
including the Company, generally consider Funds from Operations to be an
appropriate supplemental measure of the performance of an equity REIT. Funds
from Operations is defined as net income applicable to common shares before
depreciation and amortization, extraordinary items, gains or losses on sales of
real estate, plus Funds from Operations of unconsolidated joint ventures
determined on a consistent basis. Funds from Operations does not represent cash
generated from operating activities in accordance with generally accepted
accounting principles and, therefore, should not be considered an alternative to
net income as a measure of results of operations, or for cash flows from
operations calculated in accordance with generally accepted accounting
principles as a measure of liquidity.





KIMCO REALTY CORPORATION AND SUBSIDIARIES
PRO FORMA COMBINED FUNDS FROM OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996

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(Unaudited)
(000's except per share data)