EXHIBIT 99.1

Exhibit 99.1

KIMCO REALTY REPORTS RECORD OPERATING RESULTS,
THIRD QUARTER FFO PER SHARE INCREASES 12.0 PERCENT TO $0.56

Highlights:

- FFO Increased 19.2 Percent to $138.6 Million

- FFO Per Share Increased 12.0 Percent to $0.56

- Net Income Increased 7.1 Percent to $91.4 Million, or $0.36 Per Share

- Occupancy Increased to 95.0 Percent

- Increased Earnings Guidance for 2006 and Established Earnings Guidance
for 2007

NEW HYDE PARK, N.Y., Oct. 30 /PRNewswire-FirstCall/ -- Kimco Realty
Corporation (NYSE: KIM) today announced net income for the third quarter ended
September 30, 2006 of $91.4 million compared to $85.3 million a year earlier, an
increase of 7.1 percent. On a per share basis, net income for the quarter was
$0.36 equal to the amount reported in the third quarter of 2005. All prior
period per share 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 19.2 percent to $138.6 million
from $116.3 million for the same period last year. On a per share basis, third
quarter FFO increased 12.0 percent to $0.56 from $0.50 a year ago. Quarterly FFO
excludes gains on dispositions of operating properties net of minority interests
and joint venture properties of approximately $5.4 million, or $0.02 per share,
in 2006 and approximately $5.6 million, or $0.02 per share, in 2005.

For the nine months ended September 30, 2006, net income increased 15.8
percent to $296.4 million from $256.0 million for the same period last year. Net
income per share increased 11.2 percent to $1.19 from $1.07 a year ago. FFO rose
17.6 percent to $396.5 million for the nine-month period ended September 30,
2006 from $337.2 million in the year earlier period. On a per share basis, FFO
increased 12.4 percent to $1.63 from $1.45 reported a year ago. FFO for the nine
months ended September 30, 2006 excludes gains on dispositions and transfers of
operating properties net of minority interests and joint venture properties of
approximately $43.5 million or $0.18 per share and approximately $26.3 million
or $0.11 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, occupancy in the Company's core holdings increased to
95.0 percent from 94.8 percent at June 30, 2006 and 94.2 percent a year earlier.
Kimco's occupancy is the highest level in Company history. For the quarter,
Kimco signed 131 new leases in the portfolio totaling 485,417 square feet and
103 lease renewals totaling 271,365 square feet. Year to date the Company has
signed 361 new leases in this portfolio totaling approximately 1.3 million
square feet and 315 lease renewals totaling 1.3 million square feet. The average
increase in base rent for new leases signed for same space leases was 22.9
percent and 17.6 percent for the quarter and twelve months ended September 30,
2006, respectively.


Investment Activity

Pan Pacific Merger

Kimco anticipates completing its merger with Pan Pacific Retail Properties
on October 31, 2006. Pan Pacific shareholders will be entitled to receive the
$70 per share merger consideration in the form of $60 cash and $10 in newly
issued Kimco common stock. Kimco will also assume Pan Pacific's senior unsecured
notes totaling $630 million. In conjunction with Kimco's strategy to grow its
investment management business, the Company will be completing, its previously
announced arrangement with Prudential Real Estate Investors to own and operate
the Pan Pacific portfolio in which Kimco will maintain a 15 percent ownership
interest and clients of Prudential will maintain an 85 percent ownership
interest. Prudential, on behalf of institutional investors in three of its
portfolios, will invest approximately $1.1 billion in the venture. Kimco will
manage the portfolio and earn traditional fees, including leasing commissions,
property management fees and construction management fees from the portfolio.

U.S. Acquisitions

- Kimco, in its co-investment program with UBS Wealth Management, has
recently acquired interests in 15 shopping center properties totaling
$525.8 million, including the previously announced acquisition of Airport
Plaza for $95.1 million. The property acquisitions included a $158 million
portfolio consisting of ten shopping centers located throughout Florida,
nine of which are anchored by a Publix supermarket. The properties total
722,000 of gross leasable area and are approximately 97.2 percent leased.
The venture acquired The Shops at Kildeer, a 100 percent leased shopping
center located in Kildeer, Illinois, a growing suburb of Chicago. The
Shops at Kildeer was acquired for approximately $47.4 million. The venture
also acquired Riverwalk Marketplace in Duluth, Georgia, for $20.4 million.
Riverwalk Marketplace is a recently constructed 78,000 square foot
shopping center anchored by a 68,000 square foot Whole Foods grocery
store.

In addition, two properties were purchased from existing Kimco joint
ventures with other partners for the UBS Wealth Management program. Dulles
Town Crossing, a 100 percent leased 737,500 square foot shopping center
located in Sterling, Virginia, was acquired for $109.0 million and 280
Metro Center, located in Colma, California, also 100 percent leased and
totaling 214,000 square feet was acquired for $96.0 million.

- The Company's co-investment program with GE Pension Trust, acquired
Cypress Towne Center, located in Cypress, Texas, for $39.0 million.
Cypress Towne Center is a 196,000 square foot shopping center shadow
anchored by Target and developed by Kimco Developers, Inc. This recently
completed center is 96.0 percent leased to 19 tenants including TJ Maxx,
Ross Dress For Less, Pier 1 Imports and Petsmart.

- Kimco has completed the acquisition of six additional properties included
in the previously announced Puerto Rico portfolio acquisition of seven
shopping centers totaling $448 million. The Company expects to acquire the
final property during the fourth quarter.

- As previously announced, Kimco has agreed to acquire a high quality
portfolio of 19 shopping centers for a total of approximately $920 million
in conjunction with GE Real Estate's pending transaction with Crow
Holdings. The properties, which are 98.5 percent leased, total
approximately 3.6 million square feet of gross leasable area located in
major markets across the country, including New York, San Francisco, and
Washington, D.C. This portfolio is also targeted for the Company's co-
investment program.


U.S. Preferred Equity Investments

During the quarter, Kimco invested approximately $26.2 million in seven
preferred equity transactions that consisted of 14 properties. In addition, the
Company invested $4.7 million in two separate preferred equity transactions
subsequent to quarter end. The significant investments during the quarter were:

- A $10.1 million investment in a portfolio of eight properties located in
the Boston metro area totaling 752,990 square feet.

- A $5.1 million investment in a mixed use building in downtown New York
City.

- A $3.0 million investment in an 80,000 square foot shopping center located
in Shreveport, Louisiana.

Mexico Investments

Since the second quarter, Kimco has closed on three new development projects
in Mexico. Upon completion, the total cost of these projects will be
approximately $87.0 million. A summary of the new development activity is as
follows:

- Plaza San Juan del Rio, located in Queretaro, Mexico, is a 223,000 square
foot development that includes an existing ground leased WalMart shopping
center. Kimco will develop an additional 138,000 square feet in the second
phase of development. Total cost for this acquisition and development will
be approximately $17.0 million.

- Plaza Progresso located in Mexicali, Mexico, is a development consisting
of 421,000 square feet of retail space, to be anchored by WalMart,
Cinepolis and Dorians. Total cost upon completion of this project will be
approximately $29.0 million.

- Multiplaza Miguel Aleman, located in Monterrey, Mexico, is a 386,000
square foot shopping center development that will be anchored by a 97,000
square foot HEB Supermarket. Upon completion the project will cost
approximately $41.0 million.

In addition, Kimco provided a $5.3 million participating mortgage secured by
Pabellon Shopping Plaza located in Guadalajara, Mexico, and transferred a
recently completed HEB anchored development in Monterrey to Kimco's Mexican
joint venture with GE Real Estate. In Mexico, Kimco currently owns interests in
11 stabilized shopping centers totaling 2.0 million square feet and has 11
shopping center projects under development that will total 4.3 million square
feet upon completion. Five of the development projects are substantially
complete and will be open and operating by year end.

The Company, through its joint venture with American Industries, acquired a
186,000 square foot multi-tenant industrial facility anchored by International
Paper for $8.0 million. Kimco owns a 50 percent interest in the venture that now
owns a portfolio of 60 industrial properties.

Canadian Investments

As previously announced, during the quarter 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 other institutional investors, Kimco is redeveloping
the former General Motors plant located in Montreal, Quebec. Anchor retailers
will include Costco, Sobey's, Zellers and Home Outfitters.

The Company also recently acquired two additional self storage properties
totaling $4.1 million in its preferred equity joint venture with Apple Self
Storage. The Apple / Kimco joint venture currently owns and operates 12 self
storage facilities in Eastern Canada. In addition, Kimco has agreed to extend
and increase an existing secured financing arrangement with Whiterock REIT in
Canada to CDN$45.0 million from CDN$12.0 million, in order to enable them to
complete approximately CDN$100.0 miilion of acquisitions in their pipeline.

U.S. Development Activities

During the quarter, Kimco's merchant development business, Kimco Developers,
Inc. (KDI), sold one completed project and portions of three additional
projects, as well as realizing proceeds from three earn-out contracts, for gross
proceeds of approximately $62.5 million. In aggregate, these sales resulted in a
gain on sale of $6.4 million, net of taxes. In addition, KDI acquired a 39 acre
parcel for development in Frisco, Texas, a Northern Suburb of Dallas, for
approximately $13.6 million. When completed, this ground up development project
will be a 275,000 square foot retail center.


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 $2.18 - $2.20 for the
full year ending December 31, 2006. This estimate is a $0.02 increase from the
range of guidance management provided last quarter. Management also provided
initial guidance for FFO per share for the year ending December 31, 2007 between
$2.37 and $2.47.

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 1,138 properties comprising
approximately 149.5 million square feet of leasable space located throughout 44
states, Puerto Rico, 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, 2005. Copies of each filing
may be obtained from the Company or the SEC.

Contact:
Kimco Realty Corporation
Scott Onufrey
(516) 869-7190


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