EXHIBIT 99.1

Exhibit 99.1

KIMCO REALTY REPORTS RECORD OPERATING RESULTS,
THIRD QUARTER FFO INCREASES 13.6 PERCENT TO $0.50 PER SHARE;
MANAGEMENT INCREASES EARNINGS GUIDANCE

Highlights:

- FFO Increased 14.4 Percent to $116.3 Million

- FFO Per Share Increased 13.6 Percent to $0.50

- Net Income Increased 8.7 Percent to $85.3 Million

- Net Income Per Share Increased 9.1 Percent to $0.36

- Company Increases 2005 Earnings Guidance: Anticipates 10.7 Percent
Growth in FFO Per Share

- Increases 2006 FFO Guidance

NEW HYDE PARK, N.Y., Oct. 25 /PRNewswire-FirstCall/ -- Kimco Realty
Corporation (NYSE: KIM) today announced net income for the third quarter ended
September 30, 2005 of $85.3 million compared to $78.5 million a year earlier, an
increase of 8.7 percent. On a per share basis, net income increased 9.1 percent
to $0.36 from $0.33 reported in the third quarter of 2004. All prior period
amounts presented have been adjusted to reflect the Company's 2-for-1 stock
split that was effective August 8, 2005.

Kimco's third quarter funds from operations ("FFO"), a widely accepted
supplemental measure of REIT performance, rose 14.4 percent to $116.3 million
from $101.6 million for the same period last year. On a per share basis, third
quarter FFO increased 13.6 percent to $0.50 from $0.44 a year ago. Quarterly FFO
excludes gains on dispositions of operating properties net of minority interests
and joint venture properties of approximately $5.6 million, or $0.02 per share,
in 2005 and approximately $8.0 million, or $0.03 per share, in 2004.

For the nine months ended September 30, 2005, net income increased 15.6
percent to $256.0 million from $221.3 million for the same period last year. Net
income per share increased 13.8 percent to $1.07 from $0.94 a year ago. Funds
from operations rose 11.8 percent to $337.2 million for the nine-month period
ended September 30, 2005 from $301.7 million in the year earlier period. On a
per share basis, FFO increased 9.8 percent to $1.45 from $1.32 reported a year
ago. Funds from operations for the nine months ended September 30, 2005 excludes
gains on dispositions and transfers of operating properties net of minority
interests and joint venture properties of approximately $26.3 million or $0.11
per share and approximately $14.9 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 94.2
percent from 94.1 percent at June 30, 2005 and 92.9 percent a year earlier.
Kimco's occupancy is the highest level in Company history. For the quarter,
Kimco signed 128 new leases in the portfolio totaling 690,500 square feet and 65
lease renewals totaling 415,300 square feet. Year to date the Company has signed
334 new leases in this portfolio totaling approximately 1.8 million square feet
and 254 lease renewals totaling 1.7 million square feet. The average increase in
base rent for new leases signed for same space leases was 11.4 percent and 10.6
percent for the quarter and nine months ended September 30, 2005, respectively.
Occupancy in the Company's combined operating portfolio encompassing
approximately 108.5 million square feet of gross leasable area was 94.8 percent,
90 basis points higher than a year ago.


Investment Activity

Kimco has acquired property interests totaling $544 million for the
Company's core portfolio, co-investment programs and international portfolios
since the end of the second quarter. A summary of the significant investments is
as follows:

- Kimco acquired all the shares of GDE Properties Corporation, a private
entity that owned a portfolio of three supermarket anchored properties
located in Southern and Central California for approximately $104.5
million. The properties are Marigold Center, Laband Village and Plaza di
Northridge. Marigold Center, located in San Luis Obispo, California,
contains 175,000 square feet of gross leasable area and is anchored by
Vons, Michaels and Sav-on Drug. Laband Village located in Chino Hills,
California, is a 73,000 square foot neighborhood shopping center anchored
by Stater Bros. Market, the largest privately owned supermarket chain in
Southern California. Plaza di Northridge in Northridge, California, is a
160,000 square foot, 100 percent leased shopping center anchored by
Gelson's supermarket, Linens-N-Things and DSW. These properties will
remain in Kimco's parent portfolio.

- Kimco acquired four shopping centers for the Company's co-investment
programs totaling $146 million. Stafford Marketplace, a 332,000 square
foot shopping center located in Stafford, Virginia, was purchased for
approximately $80.0 million. This shopping center is anchored by Shoppers
Food Warehouse, TJ Maxx, Pier 1 Imports, Borders and several other
national tenants. Yorkshire Plaza located in Aurora, Illinois, was also
acquired for approximately $29.7 million. Yorkshire Plaza is 362,000
square feet and anchored by Best Buy, Value City, Pier I Imports and
Sportsmart. The Company also acquired Greeley Commons in Greeley,
Colorado, and North Quincy Plaza in Quincy, Massachusetts. Greeley
Commons is a 139,000 square foot shopping center anchored by Bed Bath &
Beyond, Michaels, Petco and Circuit City and is currently 100 percent
leased. North Quincy Plaza is an 80,510 square foot in-fill neighborhood
center anchored by Victory Supermarket and Brooks Pharmacy. These
properties were acquired for an aggregate cost of approximately $36.0
million.

- In addition, Kimco formed a new joint venture with a new institutional
partner and transferred a previously acquired portfolio of 45 net leased
properties to the venture. Kimco is also under contract to purchase Doc
Stone Market located in Stafford, Virginia, for this venture. Doc Stone
Market is a 100,000 square foot center anchored by Giant Food, Petco and
Staples, valued at approximately $17.2 million.

- In Mexico, Kimco formed a strategic joint venture with American
Industries, a leading real estate owner and operator in Mexico. Kimco
invested approximately $55 million to acquire a 50 percent interest in
American Industries' portfolio of 57 net leased industrial, warehouse and
distribution facilities. The portfolio has a gross value of approximately
$277 million and the tenant leases are triple net, U.S. Dollar denominated
obligations of U.S. and multi-national tenants.

- Also in Mexico, Kimco invested $2.6 million to acquire an interest in a
development to be anchored by Walmart. The project will be a 105,000
square foot multi-tenant shopping center located in the city of Tuxtepec
in the State of Oaxaca. Kimco now has an ownership interest in 70
properties in Mexico with a gross real estate value of approximately $475
million.

In addition, Kimco made several opportunistic investments through its Kimco
Select Investment and Retail Property Solutions business lines. Kimco's Retail
Property Solutions team participated in the successful recapitalization and
emergence from bankruptcy of Frank's Nursery and Crafts, which has been renamed
FNC Realty. At emergence, FNC Realty consisted of 55 properties of which, eight
were subsequently sold. The remaining properties are being leased, redeveloped
or marketed for sale by Kimco. Kimco Select invested approximately $14 million
to purchase an interest in One City Center, an office building located in
Houston, Texas. The building is predominantly leased to credit tenants with long
term leases and was purchased well below replacement cost. Kimco Select, through
a joint venture, also purchased a 90 percent interest in a first mortgage
receivable with a principal amount due of $46.7 million at a significant
discount. The Company also agreed to provide up to $33 million of construction
financing for a 388,412 square foot Target-anchored retail center in Richland
Township, Pennsylvania. In addition to receiving interest income from the loan,
Kimco will receive an ownership position in the completed project.


Kimco's preferred equity investment program continued to provide a
meaningful contribution to FFO and growth in the Company's invested assets.
During the quarter, two preferred equity investments were redeemed and Kimco
realized profit participation of approximately $4.4 million. Five new preferred
equity investments were initiated during the quarter totaling approximately
$21.4 million of new investment, including one Canadian property in Kamloops,
British Columbia, and domestically in properties in San Marcos, Texas; Sarasota,
Florida; Lansing, Illinois; and Hamilton, New Jersey.

Kimco's merchant building business, Kimco Developers Inc. (KDI), completed
the sale of one shopping center and sold portions of five additional projects
generating proceeds of $59.6 million. These property sales resulted in gains on
sales of approximately $8.1 million, net of tax. Several pad sites and one
additional shopping center are currently under contract for sale in the fourth
quarter of 2005. In addition, KDI acquired land for six new projects for a total
of $67.9 million and invested an additional $87.6 million in its pipeline of 31
shopping center developments.

Increased Earnings Guidance

As a result of the Company's continued strong operating results, Kimco's
management increased its projection for FFO per share to $1.96 for the full year
ending December 31, 2005. This estimate is $0.02 per share above the high end of
the range of guidance management provided last quarter. Management also
increased guidance for FFO per share for the year ending December 2006 to
between $2.09 and $2.14, which represents growth in FFO of between 7.0 percent
and 9.0 percent. Management's increase was from prior guidance for 2006 of
between $2.07 per share to $2.10 per share.

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 946 properties comprising
approximately 127.0 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.

Contact:
Kimco Realty Corporation
Scott Onufrey
(516) 869-7190
sonufrey@kimcorealty.com


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