

<PAGE>


                      SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549

                                  ----------

                                   FORM T-1

                           STATEMENT OF ELIGIBILITY
                  UNDER THE TRUST INDENTURE ACT OF 1939 OF A
                   CORPORATION DESIGNATED TO ACT AS TRUSTEE

                     CHECK IF AN APPLICATION TO DETERMINE
                     ELIGIBILITY OF A TRUSTEE PURSUANT TO
                              SECTION 305(b)(2) / /

                                  ----------

                      IBJ SCHRODER BANK & TRUST COMPANY
              (Exact name of trustee as specified in its charter)

         New York                                           13-5375195
 (Jurisdiction of incorporation                         (I.R.S. employer
    or organization if not a                            identification No.)
       U.S. national bank)

 One State Street, New York, New York                       10004
 (Address of principal executive offices)                   (Zip Code)

                 STEPHEN GIURLANDO, ASSISTANT VICE PRESIDENT
                      IBJ SCHRODER BANK & TRUST COMPANY
                               One State Street
                           New York, New York 10004
                                (212) 858-2000
          (Name, address and telephone number of agent for service)

                           Kimco Realty Corporation
             (Exact names of obligor as specified in its charter)

          Maryland                                       13-2744380
(State or other jurisdiction of             (I.R.S. employer identification No.)
incorporation or organization)              

3333 New Hyde Park Road, Suite 100                            
New Hyde Park, N.Y. 11042                                     11576
(Address of principal executive offices)                   (Zip Code)

                               Debt Securities
                                 ----------- 
                       (Title of indenture securities)
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Item 1.  General information

          Furnish the following information as to the trustee:

    (a)   Name and address of each examining or supervising
          authority to which it is subject.

               New York State Banking
               Department
               Two Rector Street
               New York, New York

               Federal Deposit Insurance
               Corporation
               Washington, D.C.

               Federal Reserve Bank of New York
               Second District
               33 Liberty Street
               New York, New York

    (b)   Whether it is authorized to exercise corporate
          trust powers.

                              Yes

Item 2.   Affiliations with the Obligor.

               If the obligor is an affiliate of the trustee, describe
               each such affiliation.

               The obligor is not an affiliate of the trustee.

Item 13.  Defaults by the Obligor.

          (a)   State whether there is or has been a default with
                respect to the securities under this indenture.
                Explain the nature of any such default.

                              None

                                      2
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          (b)    If the trustee is a trustee under another indenture under
                 which any other securities, or certificates of interest or
                 participation in any other securities, of the obligors are
                 outstanding, or is trustee for more than one outstanding
                 series of securities under the indenture, state whether there
                 has been a default under any such indenture or series,
                 identify the indenture or series affected. and explain the
                 nature of any such default.

                              None

Item 16.         List of exhibits.

                 List below all exhibits filed as part of this statement of
                 eligibility.

     *1          A copy of the Charter of IBJ Schroder Bank & Trust Company as
                 amended to date. (See Exhibit 1A to Form T-1, Securities and
                 Exchange Commission File No. 22-18460).

     *2          A copy of the Certificate of Authority of the trustee to
                 Commence Business (Included in Exhibit 1 above).

     *3          A copy of the Authorization of the trustee to exercise
                 corporate trust powers, as amended to date (See Exhibit 4 to
                 Form T-1, Securities and Exchange Commission File No.
                 22-19146).

     *4          A copy of the existing By-Laws of the trustee, as amended to
                 date (See Exhibit 4 to Form T-1, Securities and Exchange
                 Commission File No 22-19146).

      5          Not Applicable

      6          The consent of United States institutional trustee required
                 by Section 321(b) of the Act.

      7.         A copy of the latest report of condition of the trustee
                 published pursuant to law or the requirements of its
                 supervising or examining authority.

*     The Exhibits thus designated are incorporated herein by reference as
      exhibits hereto. Following the description of such Exhibits is a
      reference to the copy of the Exhibit heretofore filed with the
      Securities and Exchange Commission, to which there have been no
      amendments or changes.

                                      3
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                                     NOTE
                                     ----

     In answering any item in this Statement of Eligibility which relates to
     matters peculiarly within the knowledge of the obligor and its directors
     or officers, the trustee has relied upon information furnished to it by
     the obligor.

     Inasmuch as this Form T-1 is filed prior to the ascertainment by the
     trustee of all facts on which to base responsive answers to Item 2, the
     answer to said Item is based on incomplete information.

     Item 2, may, however, be considered as correct unless amended by an
     amendment to this Form T-1.

     Pursuant to General Instruction B, the trustee has responded to Items 1,
     2 and 16 of this form since to the best knowledge of the trustee as
     indicated in Item 13, the obligor is not in default under any indenture
     under which the applicant is trustee.

                                      4
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                                  SIGNATURE
                                  ---------

              Pursuant to the requirements of the Trust Indenture Act of 1939,
the trustee, IBJ Schroder Bank & Trust Company, a corporation organized and
existing under the laws of the State of New York, has duly caused this
statement of eligibility & qualification to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of New York, and State
of New York, on the 13th day of August, 1998.

                                   IBJ SCHRODER BANK & TRUST COMPANY



                                   By: /s/Stephen Giurlando
                                       -------------------------------
                                       Stephen Giurlando
                                       Assistant Vice President
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                                  Exhibit 6

                              CONSENT OF TRUSTEE


              Pursuant to the requirements of Section 321(b) of the Trust
Indenture Act of 1939, as amended, in connection with one or more issuance by
Kimco Realty Corporation of its Debt Securities, we hereby consent that
reports of examinations by Federal, State, Territorial, or District
authorities may be furnished by such authorities to the Securities and
Exchange Commission upon request therefor.

                                   IBJ SCHRODER BANK & TRUST COMPANY


                                   By: /s/Stephen Giurlando
                                       ------------------------------
                                       Stephen Giurlando
                                       Assistant Vice President

Dated: August 31, 1998


