EXHIBIT 99.1

Exhibit 99.1


Kimco Realty Corporation Reports Record High Results for the First
Quarter 2007 with a 47 Percent Increase in FFO Per Share


NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--May 3, 2007--Kimco Realty
Corporation (NYSE: KIM), reported results for the quarter ending March
31, 2007.

Net income available to common shareholders was $150.9 million up
61.7 percent from $93.3 million in the first quarter of 2006 or $0.59
per diluted share for the quarter, an increase of 47.5 percent from
$0.40 for the same period in 2006.

Funds from operations (FFO), a widely accepted supplemental
measure of REIT performance, grew to $202.8 million for the first
quarter 2007, an increase of 62.7 percent from $124.6 million in the
same period a year ago. Funds from operations per diluted share
increased by 47.2 percent to $0.78 from $0.53 in the first quarter of
2006. A reconciliation of net income to FFO is provided in the
attached tables.

Highlights for the first quarter 2007

-- Increased FFO per diluted share by 47.2 percent over the first
quarter of 2006;

-- Achieved growth in same-store net operating income for the
quarter of 4.0 percent;

-- At quarter end, posted a record high 95.6 percent of space
leased in the core holdings portfolio, a 100 basis point
increase from the first quarter of 2006;

-- More than doubled FFO contribution from investment management
business to $49.1 million compared to the same period a year
ago;

-- Acquired 37 properties plus an additional equity interest in
seven currently owned centers that together total 5.1 million
square feet for $1.1 billion for the company's core holdings
and its investment management programs; and

-- Recognized FFO of $0.21 per diluted share from its investment
in Albertson's.

The company's core holdings portfolio includes 509 properties
broken down as follows: 441 in the United States and Puerto Rico, 37
in Canada and 31 in Mexico.

For the quarter, the company signed a total of 223 leases totaling
1.2 million square feet in its core holdings: 84 new leases for
386,000 square feet and 139 lease renewals for 863,000 square feet.
The average increase in contractual base rent on new leases signed for
the same space was approximately 16.4 percent on a cash basis.

Corporate Financing Activities

On April 23, Kimco completed an offering of $300 million, 5.70
percent senior unsecured notes due May 1, 2017. The notes were issued
without financial covenants but provided for change of control
protection and coupon step ups for ratings below investment grade. The
notes were priced to yield 5.702 percent, representing a 105 basis
point spread over the 10-year Treasury rate. Net proceeds of
approximately $297.8 million were used to repay the outstanding
balance on the U.S. line of credit and to partially fund refinancing
requirements of $250 million of bonds maturing during 2007. Ratings
for the bonds from both S&P and Moody's were A- and Baa1,
respectively, consistent with the company's other bonds.

Portfolio Activity

United States

During the quarter the company acquired five shopping centers
totaling 570,000 square feet for $108.2 million in its U.S. core
holdings. Subsequent to the quarter end, the company acquired four
additional shopping centers for $185.4 million, including Flagler Park
in Miami Fla. with 350,000 square feet for $95 million.

Kimco disposed of five properties totaling 324,000 square feet for
$29.7 million from the U.S. core holdings during the quarter. These
dispositions were consistent with the company's strategy of disposing
of properties with limited growth potential or in non-core markets.

U.S. Preferred Equity Investments

Kimco recognized $12.5 million of income from preferred equity
investments including $3.3 million in profit participation from the
disposition of four investments. The company closed nine new preferred
equity investments in the U.S. totaling $26.0 million during the
quarter and one additional investment of $31.5 million subsequent to
the quarter close.

Canada

Canadian Preferred Equity

During the quarter, the company funded an $8.2 million preferred
equity investment in a portfolio of nine properties located in Ottawa,
Canada. Kimco continues to grow its preferred equity portfolio in
Canada and currently has approximately $120 million invested in 88
properties and an additional $57 million invested in development
properties.

Mexico

During the quarter, the company purchased a portfolio of 17
existing properties located in northern Mexico for $51.5 million. The
portfolio, which totaled 488,000 square feet, is 100 percent leased.

Development

During the quarter, the company purchased land for two new
development projects which together will total 550,000 square feet.
Ciudad del Carmen is a 427,000 square foot project which will be
anchored by Chedraui Grocery and Plaza Soriana is a 126,000 square
foot project anchored by Coppel. Three additional development projects
were approved during the quarter totaling over 1.2 million square
feet. Two projects will be anchored by both Walmart and Home Depot,
and one by Home Depot and Suburbia. Additionally, Multiplaza
Arboledas, a 399,000 square foot development in Mexico anchored by
Walmart was completed.

Subsequent to quarter end, the company established a new $300
million co-mingled fund with institutional partners, including a $50
million commitment from Kimco, to purchase land and develop retail
centers in Mexico.

Chile

Last quarter, the company announced its new joint venture in
Chile. Subsequent to quarter end, the transaction closed and Kimco and
its partners acquired four existing retail properties in Chile for
$16.5 million.

Kimco Investment Management Programs

Fees from Kimco's investment management business increased by 130
percent to $17.0 million from $7.4 million in the first quarter 2006,
including $8.2 million in management fees, $7.3 million in acquisition
and other transaction-based fees and $1.5 million in other on-going
fees.

The company acquired 21 shopping centers totaling 4.0 million
square feet for $975.0 million during the quarter in its various
investment management programs. Included in the acquisition total were
certain assets from the former Crow Holdings portfolio which was
purchased for $822 million in a new joint venture between Kimco and
Prudential and currently totals 3.3 million square feet of gross
leasable space (GLA).

During the quarter, the company sold ten shopping centers totaling
1.5 million square feet for $212.3 million. Dispositions include five
properties from the Kimco Retail Opportunity Portfolio (KROP), a joint
venture with GE Real Estate. Sales of these five assets generated
proceeds of $104.3 million including promote income to Kimco of $6.7
million.

Subsequent to quarter close, the company sold five former Pan
Pacific properties from its joint venture with Prudential totaling
728,000 square feet for $110.4 million. Year-to-date, the company has
sold nine former Pan Pacific properties totaling 1.3 million square
feet from the joint venture with Prudential.

Kimco Capital Services

Kimco Developers (KDI)

Kimco Developers Inc., (KDI) sold various assets, including three
pad sites generating sales proceeds of $37.6 million and net gain
after tax of approximately $2.2 million for the quarter.

The company acquired five land parcels for development for $46.3
million, including land for Harmon Town Crossing, a 330,000 square
foot shopping center in North Fort Worth, Texas and Union Crescent
Marketplace a 233,000 square foot center anchored by Target in Union,
N.J.

Kimco Select (KSI) & Retailer Services

Retailer Services, Kimco's business which provides capital to
retailers with significant real estate holdings, realized
approximately $122 million in proceeds from its investment in
Albertson's during the quarter resulting in profits and FFO of
approximately $56.5 million or $0.21 per diluted share.

Portfolio Overview

As of March 31, 2007, Kimco owned equity interests in 1,360
properties in the United States, Puerto Rico, Canada and Mexico
totaling 175 million square feet as follows: 509 core holdings
properties and 366 investment management properties that together
total 875 retail properties aggregating 122.9 million square feet.
Also included in the 1,360 total are 50 properties under development,
237 preferred equity investments, 19 retail store leases and 179 other
real estate related investments all of which aggregate 51.8 million
square feet.

The company continues to expand internationally. At March 31, the
company had interests in 149 properties totaling 17.9 million square
feet in Canada comprised of 37 core properties, 104 preferred equity
investments and eight other real estate related investments. In
Mexico, the company owned interests in 110 properties totaling 16.0
million square feet comprised of 31 core properties, 17 properties
under development and 62 other real estate investments.

2007 Guidance

-- FFO: $2.49 - $2.59 per diluted share;

-- Growth in same-store net operating income of approximately 4.0
percent;

-- Gross property, asset management and other ongoing fees (for
in-place agreements) of $38 - $42 million;

-- Total acquisitions for the year of $2.5 billion including $920
million for the Crow portfolio and approximately $150 million
of dispositions for the year;

-- Total gains on sales, net of tax, from KDI of approximately
$20 - $25 million; and

-- Aggregate contribution, net of tax, from Kimco Preferred
Equity, Retailer Services and Kimco Select of approximately
$125 million for the remainder of the year.

Conference Call and Supplemental Materials

The company will hold its quarterly conference call today,
Thursday May 3, at 9:00 a.m. Eastern Time. The call will include a
review of the company's first quarter 2007 performance as well as a
discussion of the company's strategy and expectations for the future.

To participate, dial 1-866-564-7444. A replay will be available
for one week by dialing 1-888-203-1112; the Conference ID will be
3191414 Access to the live call and a replay will be available through
the company's website at www.kimcorealty.com under "Investor
Relations: Presentations."

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 April 23, 2007, the company owned
interests in approximately 1,365 properties comprising 175 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 & 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.


KIMCO REALTY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
- ----------------------------------------------------------------------

Three Months Ended March 31,
2007 2006
----------- ----------

Revenues from Rental Properties $ 158,277 $137,156
----------- ----------

Rental Property Expenses:
Rent 2,884 2,849
Real Estate Taxes 18,736 16,994
Operating and Maintenance 20,963 17,153
----------- ----------
42,583 36,996
----------- ----------

Net Operating Income 115,694 100,160

Income from Other Real Estate Investments 14,519 18,317
Mortgage Financing Income 3,138 4,194
Management and Other Fee Income 17,046 7,395
Depreciation and Amortization (41,790) (28,206)
----------- ----------
108,607 101,860

Interest, Dividends and Other Investment
Income 6,243 12,290
Other (Expense)/Income, Net (3,707) 11,934

Interest Expense (46,258) (39,554)
General and Administrative Expenses (22,698) (16,731)
----------- ----------
42,187 69,799

Benefit/(Provision) for Income Taxes 30,114 (1,577)

Equity in Income of Joint Ventures, Net 30,160 16,751
Minority Interests in Income, Net (4,134) (5,742)
Gain on Sale of Development Properties
Net of Tax of $1,602 and $1,209,
respectively 2,403 1,813
----------- ----------
Income from Continuing Operations 100,730 81,044
----------- ----------

Discontinued Operations:
Income from Discontinued Operating
Properties 8,045 3,598
Minority Interest in Income (157) (73)
Gain on Disposition of Operating
Properties 2,794 11,626
----------- ----------
Income from Discontinued Operations 10,682 15,151
----------- ----------

Gain on Sale of Operating Properties, Net
of Tax (1) 727 -
----------- ----------
727 -
----------- ----------

Income before Extraordinary Item 112,139 96,195

Extraordinary Gain from Joint Venture
Investment Resulting from Purchase Price
Allocation, Net of Income Tax of $30,000
and Minority Interest 41,625 -

----------- ----------
Net Income 153,764 96,195

Preferred Dividends (2,909) (2,909)
----------- ----------

Net Income Available to Common
Shareholders $ 150,855 $ 93,286
=========== ==========

Weighted Average Shares Outstanding for
Net Income Calculations:
Basic 251,365 228,674
=========== ==========
Diluted 257,422 (2) 233,620 (2)
========== ========

Per Common Share:
Income from Continuing Operations:
Basic $ 0.39 $ 0.34
=========== ==========
Diluted $ 0.38 (2) $ 0.33 (2)
=========== ==========
Net Income:
Basic $ 0.60 $ 0.41
=========== ==========
Diluted $ 0.59 (2) $ 0.40 (2)
=========== ==========


(1) Included in the calculation of Income from continuing operations
per share in accordance with SEC guidelines.

(2) Reflects the potential impact if certain units were converted to
common stock at the beginning of the period.
The impact of the conversion would have an anti-dilutive effect on
Net Income and therefore have not been included.



KIMCO REALTY CORPORATION
FUNDS FROM OPERATIONS
(in thousands, except per share data)
(unaudited)
- ----------------------------------------------------------------------

Three Months Ended March 31,
2007 2006
----------- ----------
Funds From Operations

Net Income $ 153,764 $ 96,195

Gain on Disposition of Operating
Properties, Net of Minority
Interests (2,794) (11,626)

Gain on Disposition of Joint Venture
Operating Properties (12,172) (1,732)

Depreciation and Amortization 42,142 29,677

Depreciation and Amortization - Real
Estate JV's, Net of Minority
Interests 24,753 15,009

Preferred Stock Dividends (2,909) (2,909)
----------- ----------

Funds From Operations $ 202,784 $ 124,614
=========== ==========

Weighted Average Shares Outstanding for
FFO Calculations:
-Basic 251,365 228,674
=========== ==========
-Diluted 263,254 (3) 238,386 (3)
=========== ==========

Per Common Share - Basic $ 0.81 $ 0.54
=========== ==========

- Diluted $ 0.78 (3) $ 0.53 (3)
=========== ==========

(3) Reflects the potential impact if certain units were converted to
common stock at the beginning of the period Funds from Operations
would be increased by $2,410 and $1,739 for the three months
ended March 31, 2007 and 2006, respectively.

Pursuant to the definition of Funds from Operations ("FFO")
adopted by the Board of Governors of the National Association of
Real Estate Investment Trusts ("NAREIT"), FFO is calculated by
adjusting net income (loss) (computed in accordance with GAAP),
excluding gains from sales of depreciated property, plus
depreciation and amortization, and after adjustments for
unconsolidated partnerships and joint ventures. Adjustments for
unconsolidated partnerships and joint ventures are calculated to
reflect FFO on the same basis.

Given the nature of the Company's business as a real estate owner
and operator, the Company believes that FFO is helpful to
investors as a measure of its operational performance and FFO is
a widely recognized measure in the Company's industry. FFO does
not represent cash generated from operating activities determined
in accordance with GAAP, and should not be considered as an
alternative to net cash flows from operating activities
(determined in accordance with GAAP), as a measure of our
liquidity, or as an indicator of our ability to make cash
distributions. In addition, the comparability of the Company's
FFO with the FFO reported by other REITs may be affected by the
differences that exist regarding certain accounting policies
relating to expenditures for repairs and other recurring items.


KIMCO REALTY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share information)
(unaudited)
- ----------------------------------------------------------------------

March 31, December 31,
2007 2006
----------- ------------
Assets:
Operating Real Estate, Net of Accumulated
Depreciation of $844,240, and $806,670,
respectively $4,268,973 $ 4,156,667
Investments and Advances in Real Estate
Joint Ventures 1,107,255 1,067,918
Real Estate Under Development 1,128,432 1,037,982
Other Real Estate Investments 465,729 451,731
Mortgages and Other Financing Receivables 205,416 162,669
Cash and Cash Equivalents 120,044 345,065
Marketable Securities 219,836 202,659
Accounts and Notes Receivable 84,672 83,418
Other Assets 384,874 361,171
----------- ------------
Total Assets $7,985,231 $ 7,869,280
=========== ============

Liabilities:
Notes Payable $2,749,253 $ 2,748,345
Mortgages Payable 598,059 567,917
Construction Loans Payable 282,204 270,981
Dividends Payable 93,607 93,222
Other Liabilities 389,318 396,614
----------- ------------
4,112,441 4,077,079
----------- ------------
Minority Interests 427,278 425,242
----------- ------------


Stockholders' Equity:
Preferred Stock , $1.00 par value,
authorized 3,600,000 shares
Class F Preferred Stock, $1.00 par value,
authorized 700,000 shares
Issued and Outstanding 700,000 shares 700 700
Aggregate Liquidation Preference
$175,000
Common Stock, $.01 par value, authorized
300,000,000 shares
Issued 252,484,841, and 251,416,749,
Outstanding 251,938,261, and
250,870,169, respectively. 2,519 2,509
Paid-In Capital 3,203,877 3,178,016
Retained Earnings 200,666 140,509
----------- ------------
3,407,762 3,321,734
Accumulated Other Comprehensive Income 37,750 45,225
----------- ------------
3,445,512 3,366,959
----------- ------------
Total Liabilities and Equity $7,985,231 $ 7,869,280
=========== ============


Reconciliation of Projected Diluted Net Income Per Common Share to
Projected Funds From Operations Per Common Share

(Unaudited)
Projected Range
Full Year 2007
Low High
-------- -------
Projected diluted net income per common share 1.74 1.91

Projected depreciation & amortization 0.58 0.60
Projected depreciation & amortization real estate
joint ventures, net of minority interests 0.29 0.31

Gain on disposition of operating properties (0.05) (0.10)
Gain on disposition of joint venture operating
properties, net of minority interests (0.07) (0.13)
-------- -------

Projected FFO per diluted common share $2.49 $2.59
======== =======

Projections involve numerous assumptions such as rental income
(including assumptions on percentage rent), interest rates, tenant
defaults, occupancy rates, foreign currency exchange rates (such as
the US-Canadian rate), selling prices of properties held for
disposition, expenses (including salaries and employee costs),
insurance costs and numerous other factors. Not all of these factors
are determinable at this time and actual results may vary from the
projected results, and may be above or below the range indicated. The
above range represents management's estimate of results based upon
these assumptions as of the date of this press release.


CONTACT: Kimco Realty Corporation
Barbara M. Pooley, vice president, investor relations
1-516-869-2530