Kimco Realty Corporation Announces the Acquisition of Twelve West Coast Shopping Centers

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

Kimco Realty Corporation (NYSE: KIM) announced the acquisition of twelve shopping centers totaling approximately 1.1 million square feet in California and Nevada for $342.9 million. The properties are 98.7 percent occupied.

D'Andrea Marketplace in Sparks, Nev. with approximately 120,000 square feet and Black Mountain Village in San Diego, Calif. totaling approximately 49,000 square feet were both acquired directly by Kimco. The total purchase price for the two properties was $53.6 million including the assumption of $17.1 million in mortgage debt. Major tenants include, Safeway, Longs Drugs, Bank of America and Starbucks.

The remaining ten shopping centers, six in California totaling approximately 428,500 square feet and four in Nevada with 484,500 square feet were acquired as part of Kimco's investment management program with UBS Wealth Management. The aggregate purchase price of the ten properties was $289.3 million including the assumption of approximately $70.1 million of mortgage debt. Major tenants in the properties include Safeway, Bed, Bath & Beyond, Cost Plus, Borders, Raley's, Longs Drugs and Starbucks.

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 April 23, 2007, the company owned interests in approximately 1,365 properties comprising 175 million square feet of leaseable space across 45 states, Puerto Rico, Canada, Mexico and Chile. 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 more than 45 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, (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, 2006. 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, 2006, 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 June 4, 2007