Kimco Realty Corporation prices offering of ten million shares of common stock

NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--

Kimco Realty Corporation (NYSE: KIM) announced the pricing of its public offering of 10,000,000 newly issued shares of common stock at $37.10 per share. The offering was increased in size from 9,000,000 shares in response to investor demand. The company has granted the underwriters an option to purchase up to an additional 1,500,000 shares during the next 30 days to cover over-allotments, if any. The company estimates that the net proceeds from this offering will be approximately $356.5 million or approximately $410.0 million if the underwriters' over-allotment option is exercised in full. The offering is expected to close on September 15, 2008, subject to customary closing conditions.

The joint book-running managers for this offering are UBS Investment Bank, Citi and Wachovia Securities. Deutsche Bank Securities, Morgan Stanley, Raymond James and RBC Capital Markets are acting as joint lead managers. Banc of America Securities LLC, JP Morgan, Merrill Lynch & Co., ABN AMRO Incorporated, BNY Mellon Capital Markets, LLC and Morgan Keegan & Company, Inc. are acting as co-managers.

Kimco intends to use the net proceeds from the sale for general corporate purposes, which may include funding property acquisitions and development costs, investments in its institutional management programs and other investment activities as such opportunities arise. Pending such use, the company will partially repay amounts outstanding under its U.S. revolving credit facility.

Copies of the prospectus supplement relating to these securities may be obtained from UBS Investment Bank, Prospectus Department, 299 Park Avenue, New York, NY 10171 or by calling 1-(888) 827-7275 or from Citi, Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 or by calling 1-(800) 831-9146 or from Wachovia Capital Markets, LLC, 375 Park Avenue, New York, NY 10152-4077, equity.syndicate@wachovia.com or by calling 1-(800) 326-5897.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Kimco

Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates the nation's largest portfolio of neighborhood and community shopping centers. As of June 30, 2008, the company owned interests in 1,928 properties comprising 180 million square feet of leasable space across 45 states, Puerto Rico, Canada, Mexico, Chile, Brazil and Peru. Publicly traded on the NYSE under the symbol KIM and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 50 years. For further information, visit 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, and (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, 2007. Copies of each filing may be obtained from the company or the Securities & Exchange Commission.

The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2007, as may be updated or supplemented in the company's Form 10-Q filings, which discuss these and other factors that could adversely affect the company's results.

Source: Kimco Realty Corporation

Released September 9, 2008