Kimco Realty Completes Acquisition of Crow Holdings Retail Portfolio

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

Kimco Realty Corporation (NYSE: KIM) has completed the previously announced acquisition of the retail component of Crow Holdings Realty Partners III, L.P. in a transaction with a total value of $920 million. The balance of the Crow Holdings diversified portfolio was acquired by GE Real Estate (NYSE: GE) in a transaction with a total value of approximately $1.3 billion.

The Crow Holdings retail portfolio totals 3.6 million square feet and is comprised of 18 high quality shopping centers and one mixed use project under development. The properties in the portfolio are located in major metropolitan areas, including New York; Washington, D.C.; Dallas, Texas; Los Angeles, California; Austin, Texas; Atlanta, Georgia; Minneapolis, Minnesota; Fort Lauderdale, Florida; and Portland, Oregon. Sixteen of the nineteen assets with an allocated value of approximately $822.5 million will be held by a joint venture between Kimco and Prudential Real Estate Investors (PREI(R)), the real estate investment advisory business of Prudential Financial, Inc. (NYSE: PRU). Kimco will retain the mixed use development project located in Fairfax, Virginia, and two properties located in Atlanta, Georgia and Dallas, Texas. The Company previously maintained a minority position in seven of the acquired centers.

With the closing of the most recent joint venture with PREI on the Crow Portfolio, Kimco's institutional investment management business currently exceeds $14 billion of assets under management. Assets in Kimco's institutional investment management portfolio has increased by approximately 70% over the last twelve months.

About Kimco

Kimco Realty Corporation (NYSE: KIM) is a publicly traded real estate investment trust that has specialized in shopping center acquisitions, development and management for more than 45 years. The Company owns and operates neighborhood and community shopping centers with interests in 1,337 properties comprising approximately 174.7 million square feet of leasable space located throughout 45 states, Canada, Mexico and Puerto Rico.

About Prudential Real Estate Investors

PREI's specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia, and Latin America. The company's fund management operations, located in Parsippany, N.J.; Atlanta, Ga.; Munich, London, Mexico City and Singapore, are supported by a network of local offices throughout the world. As of September 30, 2006, PREI managed $32.9 billion of gross assets ($23.7 billion net) on behalf of more than 300 clients and is ranked among the largest real estate investment managers. For more information, visit www.prei.com.

Source: Kimco Realty Corporation

Released January 22, 2007