EXHIBIT 99.1

Exhibit 99.1

KIMCO REALTY REPORTS a 12.5 PERCENT INCREASE IN FFO PER SHARE;
ANNOUNCES a 9.1 PERCENT DIVIDEND INCREASE

Highlights:

- Net Income Per Share Increased 22.9 Percent to $0.43

- FFO Per Share Increased 12.5 Percent to $0.54

- Company Increases 2006 FFO Guidance

- Portfolio Occupancy Increases to a Record High Level of 94.8 Percent

- Board of Directors Increases Quarterly Dividend to $0.36 Per Share, an
Increase of 9.1 Percent

NEW HYDE PARK, N.Y., July 25 /PRNewswire-FirstCall/ -- Kimco Realty
Corporation (NYSE: KIM) today announced that net income for the second quarter
ended June 30, 2006 was $108.7 million compared to $83.8 million a year earlier,
an increase of 29.7 percent. On a per share basis, net income increased 22.9
percent to $0.43 from $0.35 reported in the second quarter of 2005. All prior
period per share amounts contained herein have been adjusted for the Company's
2:1 stock split that was effective August 23, 2005.

Kimco's second quarter funds from operations ("FFO"), a widely accepted
supplemental measure of REIT performance, rose 18.6 percent to $133.3 million
from $112.4 million for the same period last year. On a per share basis, second
quarter FFO increased 12.5 percent to $0.54 from $0.48 a year ago. Quarterly FFO
excludes gains on dispositions and transfers of operating properties net of
minority interests and gains on dispositions of joint venture properties,
totaling approximately $24.8 million, or $0.10 per share, in 2006 and
approximately $8.4 million, or $0.04 per share, in 2005.

For the six months ended June 30, 2006, net income increased 20.1 percent to
$204.9 million from $170.6 million for the same period last year. Net income per
share increased 15.3 percent to $0.83 from $0.72 a year ago. Funds from
operations rose 16.7 percent to $257.9 million for the six-month period ended
June 30, 2006 from $221.0 million in the year earlier period. On a per share
basis, FFO increased 12.6 percent to $1.07 from $0.95 reported a year ago. Funds
from operations for the six months ended June 30, 2006 excludes gains on
dispositions and transfers of operating properties net of minority interests and
gains on dispositions of joint venture properties, totaling approximately $38.1
million or $0.16 per share and approximately $20.7 million or $0.09 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 94.8
percent from 94.6 percent at March 31, 2006 and 94.1 percent a year earlier. The
increase in occupancy, 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 120 new leases in the portfolio totaling 354,000 square feet and
104 renewals totaling 433,000 square feet. Over the past 12 months the Company
has signed 497 new leases in this portfolio totaling approximately 2.4 million
square feet and 362 renewals totaling 1.9 million square feet. The average
increase in base rent for new leases signed for same space leases was 22.9
percent and 14.4 percent for the quarter and trailing twelve months ended June
30, 2006, respectively. Occupancy in the Company's combined operating portfolio
encompassing approximately 116.5 million square feet of gross leasable area
increased to 95.1 percent from 94.9 percent in the prior quarter.


Dividend Increase

Consistent with the Company's continued strong operating results and
positive outlook, Kimco's Board of Directors has increased the quarterly
dividend 9.1 percent to $0.36 per share from $0.33 per share. This dividend
increase represents the 15th consecutive annual increase in Kimco's dividend,
which has grown at a compound annual rate of 9.3 percent since the Company's
initial public offering in 1991. In addition, the Board declared the fourth
quarter common stock dividend at the increased rate of $0.36 per share payable
on October 16, 2006 to shareholders of record on October 4, 2006.

Investment Activity

In addition to the Company's recently announced merger agreement with Pan
Pacific Retail Properties, Inc. (NYSE: PNP), the Company recently acquired
interests in 33 properties with a gross value of $537.0 million. Significant
recent transactions included the following:

U.S. Acquisitions

* The Company, in its co-investment program with UBS Wealth Management,
acquired two new shopping center investments, Airport Plaza, located in
Farmingdale, New York, and The Center at Hobbs Brook, located in
Sturbridge, Massachusetts. Airport Plaza, which was acquired for
approximately $95.1 million, is well positioned in a prime retail
corridor on Long Island and consists of 447,600 square feet of gross
leaseable area that is currently 97.9 percent leased. Anchor tenants
include Home Depot, Borders Books, Bed Bath & Beyond and Staples. The
231,000 square foot Center at Hobbs Brook is 95.7 percent leased to
tenants that include Marshall's, Stop & Shop, Old Navy and Staples. This
shopping center was acquired for $53.1 million.

* Kimco acquired a 50 percent interest in Great Northeast Plaza located in
Philadelphia, Pennsylvania. The property, anchored by Sears, is adjacent
to an existing Kimco center and the acquisition will facilitate the
redevelopment of the combined properties. The site was acquired for
approximately $36.5 million.

* Kimco acquired Mallside Plaza in Portland, Maine, for $23.1 million. The
91,000 square foot shopping center is 92.1 percent occupied and anchored
by Office Max and Dollar Tree.

* Kimco purchased a substantial portion of its partners' interest in the
remaining four properties in the Kimsouth venture for $22.7 million,
continuing the liquidation process of the former Konover Properties
Trust REIT. Kimco anticipates completing the liquidation and
transferring three of these properties to one of its co-investment
partners during the third quarter.

* Kimco completed the previously announced acquisition of Western Plaza
located in Mayaguez, Puerto Rico, for $34.9 million. Sam's Club anchors
the 226,000 square foot shopping center.

* Also as previously announced, Kimco completed the acquisition of six
properties, including two on Long Island, two in Texas, one in
Riverside, California and one in Palm Aire, Florida. The properties
were acquired in separate transactions during April totaling
approximately $185.0 million.


U.S. Preferred Equity Investments

During the quarter, Kimco invested approximately $35.4 million in preferred
equity transactions that consisted of 13 properties. The significant
transactions are as follows:

* The Company invested $14.7 million in a preferred equity position in the
Foothills Mall with Feldman Mall Properties. Foothills Mall is a 501,000
square foot discount and entertainment complex anchored by Barnes &
Noble, Linen's N Things, Ross Stores and Nike Factory Outlet.

* Kimco invested $8.4 million in a portfolio of three buildings comprising
a total of 387,885 square feet located in suburban Boston,
Massachusetts. The properties were recently acquired by Everest
Partners, which owns and operates more than 3.2 million square feet in
the New England market.

* In a separate transaction with Everest Partners, Kimco invested $5.3
million in Porter Square, a 56,625 square foot property anchored by Pier
One located in a supply constrained market in Cambridge, Massachusetts.

* Kimco made a $3.9 million preferred equity investment in a development
project located adjacent to Republic Airport on Long Island.

* Kimco made a $2.5 million preferred equity investment in five retail
centers comprising 252,800 square feet located in Northern New
Hampshire. Three of the shopping centers are anchored by Shaw's grocery
stores, one is anchored by Rite Aid and one by Staples.

Mexico Investments

* Kimco commenced a $5.7 million ground up development project in Puerto
Vallarta. The 83,000 square foot development is expected to be completed
in the first quarter of 2007 and will be anchored by an 72,000 square
foot Soriana grocery store. Soriana, with 202 stores throughout Mexico,
is one of the country's largest grocery store chains.

* As previously announced, Kimco acquired a 20 acre site in Guadalajara,
Mexico, for the ground up development of a 767,400 square foot shopping
center. The property is located in a highly sought after in-fill
location in Mexico's second largest city where there is strong demand
from anchor tenants. Kimco has initially invested $31.6 million and the
total project cost is expected to be approximately $83 million upon
completion.

* The Company funded a $1.8 million expansion of a building net leased to
Werner Co. in its joint venture with American Industries and, as
previously announced, acquired a building net leased to Cessna for
approximately $2.1 million.

* Kimco recently completed a $5.2 million development project, Plaza Magno
Deco, a 39,000 square foot shopping center located in Mexico City,
Mexico.

Canadian Investments

* Kimco funded a $45.1 million preferred equity interest in the $183
million Faubourg Boisbriand Retail Development, a new development
project that will consist of 1.2 million square feet. In partnership
with Sterling Centrecorp and Cherokee Canada, Kimco is redeveloping the
former General Motors plant located in Montreal, Quebec. Anchor tenants
will include Sobey's, Zellers and Home Outfitters. In addition, the
project is shadow anchored by Costco.

* As previously announced, Kimco made a $3.0 million investment in a
portfolio of three grocery anchored neighborhood shopping centers
located in La Malbai, St-Augustin-de-Desmaures and Laurier Station,
Quebec.


In addition, Kimco participated with an investment group to complete the
purchase of certain businesses of Albertson's, Inc. The group has acquired 661
operating stores that operate under the Albertson's and Super Saver banners and
also include the combo-store pharmacies under the Osco and Sav-on banners.
Subsequently, the group acquired the fee simple interest in 50 properties which
included leases to Albertson's, Inc. and Supervalu from Newkirk Realty Trust,
Inc.

Development Activities

During the quarter, Kimco's merchant building business, Kimco Developers
Inc. (KDI), commenced a ground up development in Anchorage, Alaska. Kimco's
initial investment to acquire the land at Glenn Square shopping center was $3.3
million. The project is a 256,000 square foot shopping center to be anchored by
Petco, Michaels, Bed Bath & Beyond and several other national retailers. Total
project costs are expected to be approximately $31.1 million and tenants will
begin opening in 2007.

In addition, KDI completed the sale of two shopping centers and sold
portions of eight additional projects generating proceeds of $65.2 million.
These property sales resulted in gains on sales of approximately $6.6 million,
net of tax.

Kimco's current pipeline of development projects in the U.S., Canada and
Mexico consists of 48 shopping centers totaling $1.6 billion of investment and
approximately 15.4 million square feet of gross leasable area.

Earnings Guidance

As a result of the Company's continued strong operating results, Kimco's
management increased its range of guidance for full year 2006 FFO per share to
$2.16 - $2.18 from the prior guidance range of $2.12 - $2.16.

Kimco Realty Corporation was added to the Standard & Poor's 500 Index on
March 31, 2006, a benchmark used by over 97 percent of U.S. money managers. The
Company 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 1,118
properties comprising approximately 143.6 million square feet of leasable space
located throughout 45 states, Canada, Mexico and Puerto Rico. For further
information refer to 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, 2005. 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)