Exhibit 99.1

KIMCO REALTY REPORTS AN 11.5 PERCENT INCREASE IN FFO PER SHARE;
ANNOUNCES DIVIDEND INCREASE AND STOCK SPLIT

Highlights:

- Net Income Per Share Increased 14.8 Percent to $0.70
- FFO Per Share Increased 11.5 Percent to $0.97
- Company Increases 2005 FFO Guidance and Establishes Preliminary 2006
FFO Guidance
- Portfolio Occupancy Increases to a Record High Level of 94.1 Percent
- Board of Directors Announces 2 for 1 Stock Split and an 8.2 Percent
Dividend Increase

NEW HYDE PARK, N.Y., July 26 /PRNewswire-FirstCall/ -- Kimco Realty
Corporation (NYSE: KIM) today announced net income for the second quarter ended
June 30, 2005 of $83.8 million compared to $71.4 million a year earlier, an
increase of 17.4 percent. On a per share basis, net income increased 14.8
percent to $0.70 from $0.61 reported in the second quarter of 2004.

Kimco's second quarter funds from operations ("FFO"), a widely accepted
supplemental measure of REIT performance, rose 13.7 percent to $112.4 million
from $98.9 million for the same period last year. On a per share basis, second
quarter FFO increased 11.5 percent to $0.97 from $0.87 a year ago. Quarterly FFO
excludes gains on dispositions and transfers of operating properties net of
minority interests and joint venture properties of approximately $8.4 million,
or $0.07 per share, in 2005 and approximately $4.4 million, or $0.04 per share,
in 2004.

For the six months ended June 30, 2005, net income increased 19.5 percent
to $170.6 million from $142.8 million for the same period last year. Net income
per share increased 18.2 percent to $1.43 from $1.21 a year ago. Funds from
operations rose 10.4 percent to $221.0 million for the six-month period ended
June 30, 2005 from $200.1 million in the year earlier period. On a per share
basis, FFO increased 8.5 percent to $1.91 from $1.76 reported a year ago. Funds
from operations for the six months ended June 30, 2005 excludes gains on
dispositions and transfers of operating properties net of minority interests and
joint venture properties of approximately $20.7 million or $0.18 per share and
approximately $6.9 million or $0.06 per share for the same period last year.

FFO is a supplemental non-GAAP financial measure used as a standard in the
real estate industry to measure and compare the operating performance of real
estate companies. A complete reconciliation containing adjustments from GAAP net
income to FFO is included in this release.

During the quarter, Kimco's parent portfolio occupancy increased to 94.1
percent from 93.4 percent at March 31, 2005 and 92.4 percent a year earlier. The
increase in occupancy, to a historic high for Kimco as a public company, was the
result of new leasing, acquisition activity and property sales. For the quarter,
Kimco signed 105 new leases in the portfolio totaling 610,000 square feet and 85
renewals totaling 374,000 square feet. Year to date the Company has signed 207
new leases in this portfolio totaling approximately 1.2 million square feet and
189 renewals totaling 1.3 million square feet. The average increase in base rent
for new leases signed for same space leases was 13.2 percent and 10.2 percent
for the quarter and six-months ended June 30, 2005, respectively. Occupancy in
the Company's combined operating portfolio encompassing approximately 107
million square feet of gross leasable area increased to 94.8 percent from 94.3
percent in the prior quarter.

Stock Split and Dividend Increase
Kimco's Board of Directors declared a two-for-one split of the Company's
common stock to be effected in the form of a stock dividend payable on August
23, 2005 to shareholders of record on August 8, 2005. The Board, in taking this
action, indicated a desire to increase the number of shares outstanding and
thereby broaden the base of investors in the Company's common stock. The board
also approved a quarterly dividend increase of 8.2 percent, raising the
pre-split quarterly dividend payable per common share to $0.66 from the current
quarterly level of $0.61 per common share. Historically, the Board has increased
the dividend following the third quarter meeting; however, given the Company's
strong operating results and positive outlook, the Board accelerated the timing
of this year's increase. As a result, the Company's fourth quarter dividend
payment will be 15.8 percent greater than a year ago. In addition, the Board
declared the fourth quarter dividend payable at the increased split adjusted
rate of $0.33 per common share payable on October 17, 2005 to shareholders of
record on October 5, 2005.


Investment Activity
During the quarter, the Company acquired interests in properties with a
gross value of $276.8 million. Significant transactions included the following:

-- The Company acquired a 25 percent interest in the Fremont Hub shopping
center located in Fremont, California. The $123.2 million property is
the dominant shopping center in the Fremont central business district.
Several national retailers including Target, Safeway, Bed, Bath &
Beyond, Marshall's, and Borders anchor the project. The center is
currently undergoing a major redevelopment and renovation which is
approximately 75 percent complete. Prior to acquiring this interest,
Kimco managed the property on behalf of a partnership where the
Company held a small ownership percentage. This transaction increases
Kimco's ownership interest to 32.8 percent.

-- As previously announced, the Company acquired a portfolio of 45 net
leased properties for approximately $85.3 million primarily located in
Fredricksburg, Richmond, and Stafford, Virginia. A 122,000 square foot
shopping center in Poway, California, was acquired for $19.5 million
and a 50 percent interest in a Kmart anchored property in
Hillsborough, New Jersey, was acquired for $4.0 million.

-- In Mexico, the Company invested $38.1 million in five properties,
including four retail development projects located in Alcapulco,
Pachuca (2) and Saltillo. Anchor tenants for the new developments will
be Walmart (2), Home Depot and H-E-B supermarket.

-- In Canada, Kimco in a joint venture with Capital Automotive REIT,
invested $5.1 million in two properties leased to auto dealerships in
the Toronto area.

Subsequent to quarter end, the Company acquired an additional shopping
center located in Lakeland, Florida, for approximately $8.0 million. In
addition, Kimco currently has pending shopping center acquisitions in excess of
$200 million.

In the Company's preferred equity program, Kimco invested approximately
$24.2 million in 16 properties. Kimco invested $8.4 million in two neighborhood
centers totaling 200,000 square feet in Southlake and Austin, Texas. The Company
invested $2.6 million in three neighborhood centers totaling 200,000 square feet
in Ridgeland, a suburb of Jackson, Mississippi. In Montreal, Canada, the Kimco
preferred equity program invested $3.4 million in two self storage properties
with its operating partner, Apple Self Storage. As previously announced during
the quarter, the Company invested $7.5 million of preferred equity in eight self
storage properties in Dallas, Texas, and Columbus, Ohio. Kimco currently has
preferred equity interests in approximately 74 operating properties and 18
properties under development with total investments of approximately $175.0
million.

In Kimco's co-investment programs, the Company transferred Temple Town
Center, a 275,000 square foot shopping center located in Temple, Texas, to its
joint venture with UBS Wealth Management, and Ingleside Shopping Center, a
113,000 square foot center located in Baltimore, Maryland, was transferred to
its joint venture with GE Real Estate. In addition, the Company transferred a 50
percent interest in a shopping center located in Reynosa, Mexico, to GE Real
Estate in July. Kimco will continue to manage the investments on behalf of the
ventures. Kimco currently has approximately $5.0 billion of assets under
management in the Company's co-investment programs.


The Company also sold 19 properties during the quarter for a gross selling
price of $138.4 million. Seven operating properties were sold from the Company's
parent portfolio resulting in gains of approximately $7.0 million. Two land
parcels and ten properties from the Company's co-investment programs were also
sold during the quarter. Additionally, a portion of a property in La Mirada,
California, was sold from the Parent portfolio for $9.4 million subsequent to
quarter end.

Development Activities
Kimco's merchant building business, Kimco Developers Inc. (KDI), completed
the sale of two shopping centers. Hope Valley Farms, located in Durham, North
Carolina, was sold for $18.5 million and Tomball Crossings, located in Houston,
Texas, was sold for $22.6 million. In addition, KDI sold portions of ten
additional projects generating gross proceeds of $22.4 million. In aggregate,
these property sales resulted in gains on sales of approximately $5.5 million,
net of tax. Two additional pad sites were sold after quarter end for
approximately $6.5 million.

During the quarter, Kimco, together with Vestar Development Company,
purchased approximately 59 acres of land for $23.0 million in Tustin,
California, within the former Tustin Marine Air Base. This new development, The
District at Tustin Legacy, will ultimately comprise 1.1 million square feet of
retail shops in an attractive lifestyle and power center format. Retailers that
have committed to the project include Target, Lowe's, Costco, Whole Foods, TJ
Maxx, and others. In addition, KDI recently invested approximately $49.0 million
to acquire five other land parcels for development and approximately $31.3
million in its pipeline of existing shopping center developments.

Capital Activities
The Company has finalized an $850 million unsecured revolving credit
facility from a group of banks led by JP Morgan Chase. This new credit facility,
which replaces the Company's $500 million unsecured credit facility, bears
interest at a rate of LIBOR plus 45 basis points and is scheduled to expire in
July 2008. Kimco increased its facility in order to provide continued
flexibility prior to determining the permanent capital structure or
co-investment program for its acquisitions. Kimco also established a MXP500
million unsecured Mexican Peso denominated credit facility that bears interest
at a rate of 100 basis points above the benchmark for the Mexican interbank
money market (TIIE) and is scheduled to expire in May 2008. This facility will
allow the Company to finance its growth in Mexico in a cost-efficient manner.

During the quarter Kimco completed the issuance of medium-term notes from
its shelf registration totaling $200 million due June 1, 2014 at an interest
rate of 4.82 percent. The notes were issued at par. The proceeds from the
issuance will be used to reduce indebtedness under the Company's existing
revolving credit facilities, to fund future capital needs and general corporate
purposes. As previously announced, Kimco North Trust III, a wholly-owned entity
of Kimco Realty Corporation, recently completed the issuance of $150 million
Canadian denominated senior unsecured notes. The notes bear interest at 4.45
percent and mature on April 21, 2010. Kimco Realty Corporation has provided a
fully and unconditional guarantee of the notes, which were rated A- and Baa1 by
Standard & Poor's and Moody's Investors Service, respectively. This represented
the first time a U.S. REIT had raised debt capital in the Canadian market. The
proceeds were used by Kimco North Trust III to pay down outstanding indebtedness
under existing credit facilities, to fund long-term investments in Canadian real
estate and for general corporate purposes.


Earnings Guidance
As a result of the Company's continued strong operating results, Kimco's
management increased its range of guidance for full year 2005 FFO per share to
$3.85 - $3.88 on a pre-split basis ($1.92 - $1.94, post-split) from the prior
guidance range of $3.78 - $3.83 ($1.89 - $1.92, post-split). Management also
provided an initial range of guidance for 2006 FFO per share on a pre-split
basis of $4.14 - $4.20 ($2.07 - $2.10, post-split) for the year ending December
31, 2006. The current First Call mean analyst estimate for Kimco's 2006 FFO is
$4.14 ($2.07 post-split).

Kimco, a publicly-traded real estate investment trust, has specialized in
shopping center acquisitions, development and management for over 45 years.
Kimco owns and operates the nation's largest portfolio of neighborhood and
community shopping centers with interests in 829 properties comprising
approximately 116.0 million square feet of leasable space located throughout 43
states, Canada and Mexico. For further information refer to the Company's web
site at http://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, 2004. Copies of each filing
may be obtained from the Company or the SEC.


Kimco Realty Corporation
Condensed Consolidated Statements of Income
(In thousands, except per share data)