Press Release

Kimco Realty Corporation (NYSE: KIM) announced today the Company has entered into a partnership agreement with Westlake Development Company, Inc. to own and redevelop Westlake Shopping Center. Westlake Shopping Center is a 562,000 square foot retail complex located in Daly City, California. The partnership is structured as a downREIT with Kimco issuing approximately 2.4 million downREIT units.

Westlake Shopping Center tenants include Safeway, Burlington Coat Factory, Walgreens and Trader Joe's. The Company believes the property is well suited for redevelopment due to its infill location and current tenant mix. In addition, the center, with its excellent demographics - over 500,000 people living within five miles of the site and few retail alternatives - present an opportunity for Kimco to create value. Retail sales at the site are strong with several existing tenants reporting annual sales in excess of $700 per square foot.

Milton Cooper, Kimco Realty Chairman and CEO, said, "Westlake Shopping Center has all the earmarks of a successful redevelopment for Kimco's core portfolio - great demographics, limited competition, critical mass and high tenant interest. We look forward to establishing a strong partnership with William Chang and the Westlake team that could lead to other exciting opportunities.”

William H.C. Chang, Chairman and CEO of Westlake Development Company, Inc. commented, “we were pleased with the offers we received from multiple bidders, including other REITs. We accepted Kimco's proposal because we liked their stock and we believed that Kimco will be a great steward of this asset due to its established redevelopment expertise, tenant relationships, financial strength and most importantly, its strong management team. We are confident that Kimco will continue with their excellent management track record and look forward to building a strong partnership with Kimco."

Citicorp Trust, N.A., a member of Citigroup, and Grubb & Ellis were investment advisors to Westlake.

About Kimco

Kimco, a publicly-traded real estate investment trust, has specialized in shopping center acquisitions, development and management for over 35 years. The company owns and operates the nation's largest portfolio of neighborhood and community shopping centers with interests in 567 properties comprising approximately 75.0 million square feet of leasable space. Kimco shopping centers are located throughout 41 states and Canada.

About Westlake

Westlake Development Company, Inc., is a privately held diversified investment company with operations in the United States, China and Japan. Its investments include real estate, private and public equity, manufacturing and technology. Westlake Development Company, Inc. has been in business since 1972.

For more information contact:

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

Westlake Development Company, Inc.
Claire Chang
(650)579-1010 x170
claire@westlakegroup.net