<SUBMISSION>
<ACCESSION-NUMBER>0001398432-08-000083
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20080311
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20080311
<DATE-OF-FILING-DATE-CHANGE>20080311
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>KIMCO REALTY CORP
<CIK>0000879101
<ASSIGNED-SIC>6798
<IRS-NUMBER>132744380
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-10899
<FILM-NUMBER>08681570
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>3333 NEW HYDE PARK RD
<STREET2>PO BOX 5020
<CITY>NEW HYDE PARK
<STATE>NY
<ZIP>11042
<PHONE>5168699000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>3333 NEW HYDE PARK ROAD
<STREET2>PO BOX 5020
<CITY>NEW HYDE PARKQ
<STATE>NY
<ZIP>11042
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>kimco8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</TITLE>
<META content=pwestbrook name=author>
<META content=03/06/2008 name=date>
</HEAD>
<BODY
style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: 12pt; FONT-FAMILY: Times New Roman">
<DIV style="WIDTH: 681px">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 8px; PADDING-BOTTOM: 4px; BORDER-BOTTOM: #000000 12px double"
align=right><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="FONT-SIZE: 16pt; MARGIN: 0px; LINE-HEIGHT: 18pt"
align=center><B>UNITED STATES</B></P>
<P style="FONT-SIZE: 16pt; MARGIN: 0px; LINE-HEIGHT: 18pt"
align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="MARGIN: 0px" align=center><B>WASHINGTON, D.C. 20549</B></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 8px"
align=center><B><SUP>______________</SUP></B></P>
<P style="FONT-SIZE: 16pt; MARGIN: 0px; LINE-HEIGHT: 18pt" align=center><B>FORM
8-K</B></P>
<P style="MARGIN: 0px" align=center><B><SUP>______________</SUP></B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B>CURRENT REPORT</B></P>
<P style="MARGIN: 0px" align=center><B>PURSUANT TO SECTION 13 OR 15(d)
OF</B></P>
<P style="MARGIN: 0px" align=center><B>THE SECURITIES EXCHANGE ACT OF
1934</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>Date of Report (Date of earliest event
reported): March 11, 2008</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P
style="FONT-SIZE: 18pt; MARGIN: 0px; LINE-HEIGHT: 20pt; FONT-FAMILY: Times New Roman Bold"
align=center><B>Kimco Realty Corporation</B></P>
<P style="MARGIN: 0px" align=center>&nbsp;(Exact Name of Registrant as Specified
in Charter)</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=198></TD>
<TD width=123></TD>
<TD width=146></TD></TR>
<TR>
<TD vAlign=top width=198>
<P style="MARGIN: 0px" align=center><B><U>Maryland</U></B></P></TD>
<TD vAlign=top width=123>
<P style="MARGIN: 0px" align=center><B><U>1-10899</U></B></P></TD>
<TD vAlign=top width=146>
<P style="MARGIN: 0px" align=center><B><U>13-2744380</U></B></P></TD></TR>
<TR>
<TD vAlign=top width=198>
<P style="MARGIN: 0px" align=center>(State or Other Jurisdiction of</P></TD>
<TD vAlign=top width=123>
<P style="MARGIN: 0px" align=center>(Commission </P></TD>
<TD vAlign=top width=146>
<P style="MARGIN: 0px" align=center>(I.R.S. Employer</P></TD></TR>
<TR>
<TD vAlign=top width=198>
<P style="MARGIN: 0px" align=center>Incorporation or Organization)</P></TD>
<TD vAlign=top width=123>
<P style="MARGIN: 0px" align=center>File Number)</P></TD>
<TD vAlign=top width=146>
<P style="MARGIN: 0px" align=center>Identification
No.)</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=273></TD></TR>
<TR>
<TD vAlign=top width=273>
<P style="MARGIN: 0px" align=center><B>3333 New Hyde Park
Road</B></P></TD></TR>
<TR>
<TD vAlign=top width=273>
<P style="MARGIN: 0px" align=center><B><U>New Hyde Park, New York
11042-0020</U></B></P></TD></TR>
<TR>
<TD vAlign=top width=273>
<P style="MARGIN: 0px" align=center>(Address of Principal Executive
Offices)</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B><U>(516) 869-9000</U></B></P>
<P style="MARGIN: 0px" align=center>&nbsp;(Registrant&#146;s telephone number,
including area code)</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B><U>Not applicable</U></B></P>
<P style="MARGIN: 0px" align=center>(Former name of former address if changed
since last report.)</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: Times New Roman Bold"><B>[_]</B></P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P
style="MARGIN-TOP: 13px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: Times New Roman Bold"><B>[_]</B></P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17CFR 240.14a-12)</P>
<P
style="MARGIN-TOP: 13px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: Times New Roman Bold"><B>[_]</B></P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2b))</P>
<P
style="MARGIN-TOP: 13px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: Times New Roman Bold"><B>[_]</B></P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P
style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; PADDING-BOTTOM: 4px; BORDER-BOTTOM: #000000 12px double"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 624px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">TABLE OF CONTENTS</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">ITEM 8.01 OTHER EVENTS</P>
<P style="MARGIN: 0px">ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS</P>
<P style="MARGIN: 0px">SIGNATURES</P>
<P style="MARGIN: 0px">Exhibit Index</P>
<P style="MARGIN: 0px">EXHIBIT 23.1</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR>&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="MARGIN: 0px" align=center>2</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">ITEM 8.01. OTHER EVENTS </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>During 2007, Kimco Realty Corporation and
Subsidiaries (the &#147;Company&#148;) acquired in separate transactions, 56 operating
properties (referred to herein as the &#147;Acquisition Properties&#148;), which qualify
for the aggregate audit requirements under the United States Securities and
Exchange Commission (&#147;SEC&#148;) Rule 3-14 of Regulation S-X (&#147;Rule 3-14&#148;). &nbsp;The
Acquisition Properties comprise an aggregate of approximately 4.2 million square
feet of gross leasable area (&#147;GLA&#148;), and had an aggregate purchase price of
approximately $994.2 million including the assumption of approximately $95.6
million of non-recourse debt encumbering eight of the properties. &nbsp;The
aggregate purchase price of the properties exceeded 10% of the total assets of
the Company as of December 31, 2007. &nbsp;None of these acquisition
transactions constitute a &#147;significant subsidiary&#148;.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Details of the acquisitions are as follows (in
thousands):</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 width=675>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=162></TD>
<TD width=120></TD>
<TD width=81></TD>
<TD width=68></TD>
<TD width=15></TD>
<TD width=67></TD>
<TD width=15></TD>
<TD width=69></TD>
<TD width=15></TD>
<TD width=50></TD></TR>
<TR>
<TD vAlign=bottom width=162>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=120>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=7>
<P style="MARGIN: 0px" align=center>Purchase Price</P></TD></TR>
<TR>
<TD vAlign=bottom width=162>
<P style="MARGIN: 0px"><U>Property Name</U></P></TD>
<TD vAlign=bottom width=120>
<P style="MARGIN: 0px" align=center><U>Location</U></P></TD>
<TD vAlign=bottom width=81>
<P style="MARGIN: 0px" align=center><U>Acquisition</U></P>
<P style="MARGIN: 0px" align=center><U>Date</U></P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px" align=center><U>Cash</U></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px" align=center>Debt <U>Assumed (C)</U></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P style="MARGIN: 0px" align=center><U>Total</U></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="MARGIN: 0px" align=center><U>GLA</U></P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P>&nbsp;</P></TD>
<TD vAlign=top width=120>
<P>&nbsp;</P></TD>
<TD vAlign=top width=81>
<P>&nbsp;</P></TD>
<TD vAlign=top width=68>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Market at Haynes Bridge *</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Alpharetta, GA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Jan-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>$&nbsp;&nbsp;&nbsp; 10,315</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>$&nbsp;&nbsp;&nbsp; 15,700</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>$&nbsp;&nbsp; &nbsp;26,015</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;131</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Errol Plaza</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Orlando, FL</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Jan-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>6,200</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>6,200</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>72</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Southlake Oaks<BR>Phase I &amp; II</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Southlake, TX</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>&nbsp;Jan-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>&nbsp;6,020</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>3,780</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>9,800</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>37</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Embry Village</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Atlanta, GA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Feb-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>46,800</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>46,800</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>215</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Cranberry<BR>Commons Phase II</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Pittsburg, PA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Mar-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>1,431</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>3,108</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>4,539</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>17</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Park Place Shopping<BR>Center (A) *</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Morrisville, NC</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Mar-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>10,700</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>10,700</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>21,400</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>170</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Waldo's Mexico<BR>(17 cntrs)</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Various, Mexico</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Mar-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>51,500</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>51,500</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>488</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Chico Crossroads (B) *</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Chico, CA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Apr-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>38,500</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>38,500</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>265</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Auburn North (B) *</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Auburn, WA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Apr-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>24,300</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>24,300</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>171</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">1628 Walnut Street</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Philadelphia, PA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Apr-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>3,500</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>3,500</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>2</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Flagler Park Plaza</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Miami, FL</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Apr-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>95,000</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>95,000</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>350</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Lake Grove</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Lake Grove, NY</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Apr-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>31,500</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>31,500</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>158</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">D'Andrea Marketplace *</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Sparks, NV</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>May-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>21,240</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>16,800</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>38,040</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>120</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Black Mountain Village *</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">San Diego, CA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>May-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>15,561</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>15,561</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>49</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Suburban Square *</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Ardmore, PA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>May-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>215,000</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>215,000</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>359</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">1701 Walnut St</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Philadelphia, PA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>May-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>12,000</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>12,000</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>15</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Chatham Plaza</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Savannah, GA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Jun-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>&nbsp;44,600</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>44,600</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>199</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">111-115 Newbury St</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Boston, MA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Jun-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>14,000</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>14,000</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>16</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">120-122 Market St</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Philadelphia, PA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Jun-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>2,920</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>2,920</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>6</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">1401 Walnut St *</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Philadelphia, PA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>July-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>23,325</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>23,325</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>37</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">1831 Chestnut</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Philadelphia, PA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>July-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>7,607</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>7,607</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>28</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Birchwood *</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Mineola, NY</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>July-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>92,090</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>92,090</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>280</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">242-244 Market St</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Philadelphia, PA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>July-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>2,750</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>2,750</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>4</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Corona Hills Marketplace</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Corona, CA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Aug-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>32,000</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>32,000</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>149</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Highland Square</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Clearwater, FL</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Aug-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>4,531</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>4,531</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>76</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">127-129 Newbury St.</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Boston, MA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Oct-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>11,600</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>11,600</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>9</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Talavi</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Glendale, AZ</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Nov-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>12,500</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>12,500</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>100</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Wayne Plaza (A) *</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Chambersburg, PA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Nov-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>6,849</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>14,289</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>21,138</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>132</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Rockford Crossing</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Rockford, IL</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Dec-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>3,867</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>11,033</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>14,900</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>89</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Center at Westbank (A) *</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Harvey, LA</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Dec-07</P></TD>
<TD vAlign=top width=68>
<P style="MARGIN: 0px" align=right>11,551</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>20,149</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px" align=right>31,700</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P style="MARGIN: 0px" align=right>182</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P style="MARGIN: 0px">Gran Plaza Cancun</P></TD>
<TD vAlign=top width=120>
<P style="MARGIN: 0px">Cancun, Mexico</P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center>Dec-07</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=68>
<P style="MARGIN: 0px" align=right>38,909</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=67>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=69>
<P style="MARGIN: 0px" align=right>&nbsp;38,909</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=50>
<P style="MARGIN: 0px" align=right>273</P></TD></TR>
<TR>
<TD vAlign=top width=162>
<P>&nbsp;</P></TD>
<TD vAlign=top width=120>
<P>&nbsp;</P></TD>
<TD vAlign=top width=81>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=68>
<P style="MARGIN: 0px" align=right>$&nbsp;&nbsp;&nbsp;&nbsp;
898,666</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=67>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95,559</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=69>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994,225</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=50>
<P style="MARGIN: 0px" align=right>4,199</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P>
<P style="MARGIN: 0px" align=center>3</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>* Properties were selected for audit under
Rule 3-14 (&#147;Selected Acquisition Properties&#148;). &nbsp;The aggregate purchase
price of the Selected Acquisition Properties was approximately $547.1 million or
approximately 55.0% of the aggregate purchase price of the Acquisition
Properties.</P>
<P style="MARGIN: 0px">(A) &nbsp;Properties purchased from a related party, the
Kimco Retail Opportunity Portfolio (&#147;KROP&#148;), a joint venture in which the
Company has a 20% non-controlling ownership interest, (&#147;KROP Acquisitions&#148;),
therefore requiring audits for three years under Rule 3-14.</P>
<P style="MARGIN: 0px">(B) &nbsp;Properties purchased from a related party, the
Kimco Prudential Joint Ventures (&#147;KimPru&#148;), joint ventures in which the Company
has 15% non-controlling ownership interests, (&#147;PNP Acquisitions&#148;), therefore
requiring audits for three years under Rule 3-14.</P>
<P style="MARGIN: 0px">(C) &nbsp;Mortgages assumed bear interest at fixed rates
ranging from 5.14% to 8.41% and maturities ranging from March 1, 2009 to July 1,
2030.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>4</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">FORWARD LOOKING STATEMENTS </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>Some of the information included in this
report contains forward-looking statements, such as those related to the
purchase price and financial statements of property acquisitions, which are made
pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange
Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as
amended. &nbsp;Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause our actual results
to differ materially from those in the forward-looking statements, and you
should not rely on the forward-looking statements as predictions of future
events. &nbsp;The events or circumstances reflected in forward-looking
statements might not occur. &nbsp;You can identify forward-looking statements by
the use of forward-looking terminology such as &#147;believes,&#148; &#147;expects,&#148; &#147;may,&#148;
&#147;will,&#148; &#147;should,&#148; &#147;seeks,&#148; &#147;approximately,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;pro forma,&#148;
&#147;estimates&#148; or &#147;anticipates&#148; or the negative of these words and phrases or
similar words or phrases. &nbsp;You can also identify forward-looking statements
by discussions of strategy, plans or intentions. &nbsp;Forward-looking
statements are necessarily dependent on assumptions, data or methods that may be
incorrect or imprecise and we may not be able to realize them. &nbsp;We caution
you not to place undue reliance on forward-looking statements, which reflect our
analysis only and speak only as of the date of this report or the dates
indicated in the statements. &nbsp;We assume no obligation to update or
supplement forward-looking statements. The following factors, among others,
could cause actual results and future events to differ materially from those set
forth or contemplated in the forward-looking statements: defaults on or
non-renewal of leases by tenants, increased interest rates and operating costs,
our failure to obtain necessary outside financing, difficulties in identifying
properties to acquire and in effecting acquisitions, our failure to successfully
integrate acquired properties and operations, our failure to divest properties
we have contracted to sell or to timely reinvest proceeds from any divestitures,
risks and uncertainties affecting property development and construction
(including construction delays, cost overruns, our inability to obtain necessary
permits and public opposition to these activities), our failure to qualify and
maintain our status as a real estate investment trust, environmental
uncertainties, risks related to natural disasters, financial market
fluctuations, changes in real estate and zoning laws, risks related to doing
business internationally and increases in real property tax rates. &nbsp;Our
success also depends upon economic trends generally, including interest rates,
income tax laws, governmental regulation, legislation, population changes and
certain other matters discussed under the heading &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations &#150; Business Risks&#148; and
elsewhere in our most recent annual report for the year ended December 31, 2007
Form 10-K. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>5</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. </P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=20></TD>
<TD width=36></TD>
<TD width=533></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P style="MARGIN: 0px">(a)&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=533>
<P style="MARGIN: 0px">Financial Statements of Selected Acquisition
Properties &nbsp;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P>&nbsp;</P></TD>
<TD vAlign=top width=533>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P style="MARGIN: 0px">-&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=533>
<P style="MARGIN: 0px">Audited Statements of Revenues and Certain Expenses
for the year ended December 31, 2006 for each of the Selected Acquisition
Properties (as well as for the years ended December 31, 2005 and December
31, 2004 for the PNP and KROP Acquisitions).</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P>&nbsp;</P></TD>
<TD vAlign=top width=533>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P style="MARGIN: 0px">-&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=533>
<P style="MARGIN: 0px" align=justify>Unaudited Statements of Revenues and
Certain Expenses for each of the Selected Acquisition Properties for the
period January 1, 2007 through the latest interim period prior to the date
of acquisition.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>Notes to Statements of Revenues and
Certain Expenses</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P>&nbsp;</P></TD>
<TD vAlign=top width=533>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P>&nbsp;</P></TD>
<TD vAlign=top width=533>
<P style="MARGIN: 0px">None of the Acquisition Properties constitute a
&#147;significant subsidiary&#148; pursuant to the Regulation S-X rules.
&nbsp;Audited and unaudited statements of revenues and certain expenses
for the year ended December 31, 2006 (as well as for the years ended
December 31, 2005 and December 31, 2004 for the PNP and KROP Acquisitions)
through the latest interim period prior to the date of the acquisition,
respectively, are presented herein only for the Selected Acquisition
Properties, which represent a majority of the Acquisition
Properties.</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P>&nbsp;</P></TD>
<TD vAlign=top width=533>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P style="MARGIN: 0px" align=justify>(b)&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=533>
<P style="MARGIN: 0px" align=justify>Pro Forma Financial Information for
Kimco Realty Corporation and Subsidiaries (Unaudited):</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P>&nbsp;</P></TD>
<TD vAlign=top width=533>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P style="MARGIN: 0px" align=justify>-</P></TD>
<TD vAlign=top width=533>
<P style="MARGIN: 0px" align=justify>Pro Forma Condensed Consolidated
Statement of Income of the Company for the year ended December 31,
2007.</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P>&nbsp;</P></TD>
<TD vAlign=top width=533>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P style="MARGIN: 0px" align=justify>-</P></TD>
<TD vAlign=top width=533>
<P style="MARGIN: 0px" align=justify>Notes and adjustments to Pro Forma
Condensed Consolidated Statement of Income of the Company for the year
ended December 31, 2007.</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P>&nbsp;</P></TD>
<TD vAlign=top width=533>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P style="MARGIN: 0px" align=justify>(c) </P></TD>
<TD vAlign=top width=533>
<P style="MARGIN: 0px" align=justify>Pro Forma Statement of Estimated
Taxable Operating Results and Cash to be Made Available by
Operations.</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P>&nbsp;</P></TD>
<TD vAlign=top width=533>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P style="MARGIN: 0px">(d)&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=533>
<P style="MARGIN: 0px" align=justify>Exhibits:</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P>&nbsp;</P></TD>
<TD vAlign=top width=533>
<P style="MARGIN: 0px">&nbsp;23.1 Consent of PricewaterhouseCoopers
LLP</P></TD></TR>
<TR>
<TD vAlign=top width=20>
<P>&nbsp;</P></TD>
<TD vAlign=top width=36>
<P>&nbsp;</P></TD>
<TD vAlign=top width=533>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>6</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center><B>Report of Independent Auditors</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">To the Board of Directors and Stockholders of Kimco
Realty Corporation:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>We have audited the accompanying Statement
of Revenues and Certain Expenses of Market at Haynes Bridge for the year ended
December 31, 2006. &nbsp;This Statement of Revenues and Certain Expenses is the
responsibility of management. &nbsp;Our responsibility is to express an opinion
on this financial statement based on our audit.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>We conducted our audit in accordance with
auditing standards generally accepted in the United States of America.
&nbsp;Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the Statement of Revenues and Certain
Expenses is free of material misstatement. &nbsp;An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the Statement
of Revenues and Certain Expenses. &nbsp;An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall presentation of the Statement of Revenues and Certain
Expenses. &nbsp;We believe that our audit provides a reasonable basis for our
opinion.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The accompanying Statement of Revenues and
Certain Expenses was prepared for the purpose of complying with the rules and
&nbsp;regulations of the United States Securities and Exchange &nbsp;Commission
(for inclusion in the Form 8-K of Kimco Realty Corporation) as described in Note
1 and is not intended to be a complete presentation of the property's revenues
and expenses.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>In our opinion, the Statement of Revenues
and Certain Expenses referred to above presents fairly, in all material
respects, the revenues and certain expenses described in Note 1 of Market at
Haynes Bridge for the year ended December 31, 2006, in conformity with
accounting principles generally accepted in the United States of America.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">/s/ PricewaterhouseCoopers LLP</P>
<P style="MARGIN: 0px">New York, New York </P>
<P style="MARGIN: 0px">February 28, 2008</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>7</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>Market at Haynes Bridge<BR>Statement of
Revenues and Certain Expenses</P>
<P style="MARGIN: 0px" align=center>(in thousands)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=377></TD>
<TD width=15></TD>
<TD width=129></TD></TR>
<TR>
<TD vAlign=top width=377>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=129>
<P style="MARGIN: 0px" align=center>For the Year Ended</P>
<P style="MARGIN: 0px" align=center>December 31, 2006</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=129>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P style="MARGIN: 0px">Revenues:</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=129>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P style="MARGIN: 0px">Rental revenue</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=129>
<P style="MARGIN: 0px">$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,999</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=129>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P style="MARGIN: 0px">Expenses:</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=129>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P style="MARGIN: 0px">Real estate taxes</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=129>
<P
style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P style="MARGIN: 0px">Operating and maintenance</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=129>
<P
style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P style="MARGIN: 0px">General and administrative</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=129>
<P
style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;93</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=129>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=129>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P style="MARGIN: 0px">Total expenses</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=129>
<P
style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=129>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=377>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=129>
<P>&nbsp;</P></TD></TR>
<TR>
<TD width=377>
<P style="MARGIN: 0px">Revenues in excess of certain expenses</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=129>
<P style="MARGIN: 0px">$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,448</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center>The accompanying notes are an integral part
of this financial statement.</P>
<P style="MARGIN: 0px" align=center><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>8</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>Market at Haynes Bridge</P>
<P style="MARGIN: 0px" align=center>Notes to Statement of Revenues and Certain
Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31,
2006</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>1. Background and Basis of Presentation</B> </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>Kimco Realty Corporation and Subsidiaries
(&#147;the Company&#148;) acquired Market at Haynes Bridge on January 12, 2007. &nbsp;The
accompanying statement of revenues and certain expenses (the &#147;Statement&#148;)
presents the results of operations of Market at Haynes Bridge for the year ended
December 31, 2006. &nbsp;&nbsp;The Statement has been prepared on the accrual
basis of accounting. &nbsp;The Statement has been prepared for the purpose of
complying with the rules and regulations of the United States Securities and
Exchange Commission, Regulation S-X, Rule 3-14 and for inclusion in this Current
Report on Form 8-K of the Company. &nbsp;The Statement is not intended to be a
complete presentation of the revenues and expenses of the Market at Haynes
Bridge as certain expenses, primarily depreciation and amortization, interest,
property management fees and other costs not directly related to the future
operations of the properties, have been excluded. &nbsp;The Company is not aware
of any material factors relating to Market at Haynes Bridge that would cause the
reported financial information not to be necessarily indicative of future
operating results. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>2. Summary of Significant Accounting
Policies</B> </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Revenue Recognition</B></P>
<P style="MARGIN: 0px" align=justify>Base rental revenues from the rental
property are recognized on a straight-line basis over the terms of the related
leases. &nbsp;Rental income may also include payments received in connection
with lease termination agreements. &nbsp;In addition, leases typically provide
for reimbursement to the Company of common area maintenance costs, real estate
taxes and other operating expenses. &nbsp;Operating expense reimbursements are
recognized as earned.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Property Operating Expenses</B></P>
<P style="MARGIN: 0px" align=justify>Property operating expenses represent the
direct expenses of operating the property and include maintenance, utilities,
and repair costs that are expected to continue in the ongoing operations of the
property. Expenditures for maintenance and repairs are charged to operations as
incurred. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Use of Estimates</B></P>
<P style="MARGIN: 0px" align=justify>The preparation of the Statement in
conformity with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect the
reported amounts of revenues and certain expenses during the reporting period.
&nbsp;Actual results may differ from those estimates. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>3. Commitments</B></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The Market at Haynes Bridge leases premises
to tenants pursuant to lease agreements, which provide for terms ranging from
one to seven years. The future minimum revenues from the rental property under
the terms of all non-cancellable tenant leases, assuming no new or renegotiated
leases are executed for such premises, for the future years are approximately as
follows (in thousands):</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=118></TD>
<TD width=59></TD>
<TD width=70></TD></TR>
<TR>
<TD vAlign=top width=118>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=70>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2007</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,751&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2008</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;1,679&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2009</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;1,450&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2010</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;1,173&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2011</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">Thereafter</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922&nbsp;</P></TD></TR>
<TR>
<TD width=118>
<P style="MARGIN: 0px">Total</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=70>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,927&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>9</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>Market at Haynes Bridge</P>
<P style="MARGIN: 0px" align=center>Notes to Statement of Revenues and Certain
Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31,
2006</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>4. &nbsp;Tenant Concentrations</B></P>
<P style="MARGIN: 0px">One tenant accounted for more than 10% of the property&#146;s
total rental revenue for the year ended December 31, 2006. &nbsp;The Kroger Co.
constituted approximately 29% of the property&#146;s total rental revenue during the
year ended December 31, 2006. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR><BR>&nbsp;</P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>10</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B>Report of Independent Auditors</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">To the Board of Directors and Stockholders of Kimco
Realty Corporation:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>We have audited the accompanying Combined
Statements of Revenues and Certain Expenses of Chico Crossroads and Auburn North
(the "PNP Acquisitions") for the three years ended December 31, 2006, 2005, and
2004. &nbsp;These Combined Statements of Revenues and Certain Expenses are the
responsibility of PNP Acquisitions' management. &nbsp;Our responsibility is to
express an opinion on these financial statements based on our audits. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>We conducted our audits in accordance with
auditing standards generally accepted in the United States of America.
&nbsp;Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the Combined Statements of Revenues and
Certain Expenses are free of material misstatement. &nbsp;An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the Combined Statements of Revenues and Certain Expenses. &nbsp;An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the Combined
Statements of Revenues and Certain Expenses. &nbsp;We believe that our audits
provide a reasonable basis for our opinion.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The accompanying Combined Statements of
Revenues and Certain Expenses were prepared for the purpose of complying with
the rules and &nbsp;regulations of the United States Securities and Exchange
&nbsp;Commission (for inclusion in the Form 8-K of Kimco Realty Corporation) as
described in Note 1 and are not intended to be a complete presentation of the
properties' revenues and expenses.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>In our opinion, the Combined Statements of
Revenues and Certain Expenses referred to above present fairly, in all material
respects, the revenues and certain expenses described in Note 1 of PNP
Acquisitions for each of the three years ended December 31, 2006, 2005, and,
2004, in conformity with accounting principles generally accepted in the United
States of America.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">/s/ PricewaterhouseCoopers LLP</P>
<P style="MARGIN: 0px">New York, New York </P>
<P style="MARGIN: 0px">February 28, 2008</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>11</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>PNP Acquisitions<BR>Combined Statements of
Revenues and Certain Expenses</P>
<P style="MARGIN: 0px" align=center>(in thousands)</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=169></TD>
<TD width=99></TD>
<TD width=15></TD>
<TD width=92></TD>
<TD width=20></TD>
<TD width=96></TD>
<TD width=15></TD>
<TD width=92></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P style="MARGIN: 0px" align=center>For the Year Ended </P>
<P style="MARGIN: 0px" align=center>December 31, 2006</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px" align=center>For the Year Ended December 31,
2005</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px" align=center>For the Year Ended December 31,
2004</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px" align=center>For the Three <BR>Months Ended</P>
<P style="MARGIN: 0px" align=center>March 31, 2007</P>
<P style="MARGIN: 0px" align=center>(unaudited)</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Revenues:</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Rental revenue</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,772&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,731&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,413&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,197&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Expenses:</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Real estate taxes</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;464&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>430&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px" align=right>401&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>124&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Operating and maintenance</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=right>556&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>391&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px" align=right>376&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>106&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">General and administrative</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;10&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;38&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Total expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;1,030&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;824&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;778&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;268&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Revenues in excess of certain expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=99>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,742&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,907&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=96>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,635&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>The accompanying notes are an integral part
of these combined financial statements.</P>
<P style="MARGIN: 0px" align=center><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>12</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>PNP Acquisitions</P>
<P style="MARGIN: 0px" align=center>Notes to Combined Statements of Revenues and
Certain Expenses</P>
<P style="MARGIN: 0px" align=center>For the Years Ended December&nbsp;31, 2006,
2005, 2004 and </P>
<P style="MARGIN: 0px" align=center>the Three Months Ended March 31, 2007
(unaudited)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>1. Background and Basis of Presentation</B> </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>Kimco Realty Corporation and Subsidiaries
(&#147;the Company&#148;) acquired Chico Crossroads and Auburn North, the (&#147;PNP
Acquisitions&#148;) on April 5, 2007 and April 9, 2007, respectively. &nbsp;The
accompanying combined statements of revenues and certain expenses (the &#147;Combined
Statement&#148;) present the results of operations of the PNP Acquisitions for the
three years ended December 31, 2006, 2005, and 2004. &nbsp;&nbsp;The Combined
Statements have been prepared on the accrual basis of accounting and are
presented on a combined basis due to common ownership. &nbsp;The Combined
Statements have been prepared for the purpose of complying with the rules and
regulations of the United States Securities and Exchange Commission, Regulation
S-X, Rule 3-14 and for inclusion in this Current Report on Form 8-K of the
Company. &nbsp;The Combined Statements are not intended to be a complete
presentation of the revenues and expenses of the PNP Acquisitions as certain
expenses, primarily depreciation and amortization, interest, property management
fees and other costs not directly related to the future operations of the
properties, have been excluded. &nbsp;The Company is not aware of any material
factors relating to the PNP Acquisitions that would cause the reported financial
information not to be necessarily indicative of future operating results. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>2. Summary of Significant Accounting
Policies</B> </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Revenue Recognition</B></P>
<P style="MARGIN: 0px" align=justify>Base rental revenues from rental properties
are recognized on a straight-line basis over the terms of the related leases.
&nbsp;Certain of these leases also provide for percentage rents based upon the
level of sales achieved by the lessee. &nbsp;These percentage rents are
recognized once the required sales level is achieved. &nbsp;Rental income may
also include payments received in connection with lease termination agreements.
&nbsp;In addition, leases typically provide for reimbursement to the Company of
common area maintenance costs, real estate taxes and other operating expenses.
&nbsp;Operating expense reimbursements are recognized as earned.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Property Operating Expenses</B></P>
<P style="MARGIN: 0px" align=justify>Property operating expenses represent the
direct expenses of operating the properties and include maintenance, utilities,
and repair costs that are expected to continue in the ongoing operations of the
properties. Expenditures for maintenance and repairs are charged to operations
as incurred. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Use of Estimates</B></P>
<P style="MARGIN: 0px" align=justify>The preparation of the Combined Statements
in conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect the
reported amounts of revenues and certain expenses during the reporting period.
&nbsp;Actual results may differ from those estimates. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>3. Commitments</B></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The PNP Acquisitions lease premises to
tenants pursuant to lease agreements, which provide for terms ranging from one
to 12 years. The future minimum revenues from rental properties under the terms
of all non-cancellable tenant leases, assuming no new or renegotiated leases are
executed for such premises, for the future years are approximately as follows
(in thousands):</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=118></TD>
<TD width=59></TD>
<TD width=70></TD></TR>
<TR>
<TD vAlign=top width=118>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=70>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2007</P></TD>
<TD vAlign=top width=59>
<P align=right>$</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>3,967&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2008</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;3,950&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2009</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;3,195&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2010</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;1,972&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2011</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;1,814&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">Thereafter</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;3,701&nbsp;</P></TD></TR>
<TR>
<TD width=118>
<P style="MARGIN: 0px">Total</P></TD>
<TD vAlign=top width=59>
<P align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=70>
<P style="MARGIN: 0px" align=right>18,599&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>13</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>PNP Acquisitions </P>
<P style="MARGIN: 0px" align=center>Notes to Combined Statements of Revenues and
Certain Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31, 2006,
2005, 2004 and </P>
<P style="MARGIN: 0px" align=center>the Three Months Ended March 31, 2007
(unaudited)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify><B>4. &nbsp;Interim Unaudited Combined
Statement of Revenues and Certain Expenses</B></P>
<P style="MARGIN: 0px" align=justify>The accompanying interim combined statement
of revenues and certain expenses for the three months ended March 31, 2007, is
unaudited. &nbsp;However, in the opinion of the Company, the interim statement
includes all adjustments, consisting only of normal recurring adjustments,
necessary for a fair statement of the results for the interim period. &nbsp;The
results for the period presented are not necessarily indicative of the results
for the full year.</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR>&nbsp;</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>14</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B>Report of Independent Auditors</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">To the Board of Directors and Stockholders of Kimco
Realty Corporation:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>We have audited the accompanying Combined
Statement of Revenues and Certain Expenses of D'Andrea Marketplace and Black
Mountain Village for the year ended December 31, 2006. This Combined Statement
of Revenues and Certain Expenses is the responsibility of management. &nbsp;Our
responsibility is to express an opinion on this financial statement based on our
audit. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>We conducted our audit in accordance with
auditing standards generally accepted in the United States of America.
&nbsp;Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the Combined Statement of Revenues and
Certain Expenses is free of material misstatement. &nbsp;An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the Combined Statement of Revenues and Certain Expenses. &nbsp;An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the Combined
Statement of Revenues and Certain Expenses. &nbsp;We believe that our audit
provides a reasonable basis for our opinion.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The accompanying Combined Statement of
Revenues and Certain Expenses was prepared for the purpose of complying with the
rules and regulations of the United States Securities and Exchange Commission
(for inclusion in the Form 8-K of Kimco Realty Corporation) as described in Note
1 and is not intended to be a complete presentation of the properties' revenues
and expenses.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>In our opinion, the Combined Statement of
Revenues and Certain Expenses referred to above presents fairly, in all material
respects, the revenues and certain expenses described in Note 1 of D'Andrea
Marketplace and Black Mountain Village for the year ended December 31, 2006, in
conformity with accounting principles generally accepted in the United States of
America.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">/s/ PricewaterhouseCoopers LLP</P>
<P style="MARGIN: 0px">New York, New York </P>
<P style="MARGIN: 0px">February 28, 2008</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>15</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>D'Andrea Marketplace and Black Mountain
Village<BR>Combined Statements of Revenues and Certain Expenses</P>
<P style="MARGIN: 0px" align=center>(in thousands)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=260></TD>
<TD></TD>
<TD width=132></TD>
<TD width=15></TD>
<TD width=125></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px" align=center>For the Year Ended December 31,
2006</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px" align=center>For the Three <BR>Months Ended</P>
<P style="MARGIN: 0px" align=center>March 31, 2007</P>
<P style="MARGIN: 0px" align=center>(unaudited)</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Revenues:</P></TD>
<TD></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Rental revenue</P></TD>
<TD>&nbsp;$&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px" align=right>&nbsp;4,138&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P align=right>&nbsp;$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>&nbsp;1,080&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Expenses:</P></TD>
<TD></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Rent</P></TD>
<TD></TD>
<TD vAlign=bottom width=132>
<P style="MARGIN: 0px" align=right>3&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>1&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Real estate taxes</P></TD>
<TD></TD>
<TD vAlign=bottom width=132>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;110&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>43&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Operating and maintenance</P></TD>
<TD></TD>
<TD vAlign=bottom width=132>
<P style="MARGIN: 0px" align=right>514&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>127&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">General and administrative</P></TD>
<TD></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;47&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>14&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Total expenses</P></TD>
<TD></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px" align=right>&nbsp;674&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>185&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Revenues in excess of certain expenses</P></TD>
<TD>&nbsp;$&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=132>
<P style="MARGIN: 0px" align=right>&nbsp;3,464&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P align=right>&nbsp;$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>895&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center>The accompanying notes are an integral part
of these combined financial statements.</P>
<P style="MARGIN: 0px" align=center><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>16</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>D'Andrea Marketplace and Black Mountain
Village</P>
<P style="MARGIN: 0px" align=center>Notes to Combined Statements of Revenues and
Certain Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31, 2006
and </P>
<P style="MARGIN: 0px" align=center>the Three Months Ended March 31, 2007
(unaudited)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>1. Background and Basis of Presentation</B> </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>Kimco Realty Corporation and Subsidiaries
(&#147;the Company&#148;) acquired D'Andrea Marketplace and Black Mountain Village on May
1, 2007. &nbsp;The accompanying combined statements of revenues and certain
expenses (the &#147;Combined Statement&#148;) presents the results of operations of
D'Andrea Marketplace and Black Mountain Village for the year ended December 31,
2006. &nbsp;&nbsp;The Combined Statement has been prepared on the accrual basis
of accounting and is presented on a combined basis due to common ownership.
&nbsp;The Combined Statement has been prepared for the purpose of complying with
the rules and regulations of the United States Securities and Exchange
Commission, Regulation S-X, Rule 3-14 and for inclusion in this Current Report
on Form 8-K of Company. &nbsp;The Combined Statement is not intended to be a
complete presentation of the revenues and expenses of D'Andrea Marketplace and
Black Mountain Village as certain expenses, primarily depreciation and
amortization, interest, property management fees and other costs not directly
related to the future operations of the properties, have been excluded.
&nbsp;The Company is not aware of any material factors relating to D'Andrea
Marketplace and Black Mountain Village that would cause the reported financial
information not to be necessarily indicative of future operating results. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>2. Summary of Significant Accounting
Policies</B> </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Revenue Recognition</B></P>
<P style="MARGIN: 0px" align=justify>Base rental revenues from rental properties
are recognized on a straight-line basis over the terms of the related leases.
&nbsp;Certain of these leases also provide for percentage rents based upon the
level of sales achieved by the lessee. &nbsp;These percentage rents are
recognized once the required sales level is achieved. &nbsp;Rental income may
also include payments received in connection with lease termination agreements.
&nbsp;In addition, leases typically provide for reimbursement to the Company of
common area maintenance costs, real estate taxes and other operating expenses.
&nbsp;Operating expense reimbursements are recognized as earned.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Property Operating Expenses</B></P>
<P style="MARGIN: 0px" align=justify>Property operating expenses represent the
direct expenses of operating the properties and include maintenance, utilities,
rent expense and repair costs that are expected to continue in the ongoing
operations of the properties. Expenditures for maintenance and repairs are
charged to operations as incurred. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Use of Estimates</B></P>
<P style="MARGIN: 0px" align=justify>The preparation of the Combined Statement
in conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect the
reported amounts of revenues and certain expenses during the reporting period.
&nbsp;Actual results may differ from those estimates. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>17</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>D'Andrea Marketplace and Black Mountain
Village</P>
<P style="MARGIN: 0px" align=center>Notes to Combined Statements of Revenues and
Certain Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31, 2006
and </P>
<P style="MARGIN: 0px" align=center>the Three Months Ended March 31, 2007
(unaudited)</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>3. Commitments</B></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px; LINE-HEIGHT: normal" align=justify>D'Andrea
Marketplace<FONT style="FONT-SIZE: 12pt"> </FONT>and<FONT
style="FONT-SIZE: 12pt"> </FONT>Black Mountain Village lease premises to tenants
pursuant to lease agreements, which provide for terms ranging from one to 48
years. The future minimum revenues from rental properties under the terms of all
non-cancellable tenant leases, assuming no new or renegotiated leases are
executed for such premises, for the future years are approximately as follows
(in thousands):</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=118></TD>
<TD></TD>
<TD width=59></TD>
<TD width=70></TD></TR>
<TR>
<TD vAlign=top width=118>
<P>&nbsp;</P></TD>
<TD></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=70>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2007</P></TD>
<TD></TD>
<TD vAlign=top width=59>
<P align=right>$</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>3,539&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2008</P></TD>
<TD></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;3,096&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2009</P></TD>
<TD></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,508&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2010</P></TD>
<TD></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,391&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2011</P></TD>
<TD></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,276&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">Thereafter</P></TD>
<TD></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;38,538&nbsp;</P></TD></TR>
<TR>
<TD width=118>
<P style="MARGIN: 0px">Total</P></TD>
<TD></TD>
<TD vAlign=top width=59>
<P align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=70>
<P style="MARGIN: 0px" align=right>52,348&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px"><B>4. &nbsp;Tenant Concentrations</B></P>
<P style="MARGIN: 0px" align=justify>Two tenants accounted for more than 10% of
the properties&#146; total rental revenue for the year ended December 31, 2006.
&nbsp;Safeway, Inc. and Longs Drug Stores Corporation constituted approximately
25% and 14% of the properties&#146; total rental revenue, respectively, for the year
ended December 31, 2006. &nbsp;Safeway, Inc. and Longs Drug Stores Corporation
also comprised 24% and 13% of the properties&#146; total rental revenue,
respectively, for the three months ended March 31, 2007.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>5. &nbsp;Interim Unaudited Combined
Statement of Revenues and Certain Expenses</B></P>
<P style="MARGIN: 0px" align=justify>The accompanying interim combined statement
of revenues and certain expenses for the three months ended March 31, 2007, is
unaudited. &nbsp;However, in the opinion of the Company, the interim statement
includes all adjustments, consisting only of normal recurring adjustments,
necessary for a fair statement of the results for the interim period. &nbsp;The
results for the period presented are not necessarily indicative of the results
for the full year.</P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>18</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B>Report of Independent Auditors</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">To the Board of Directors and Stockholders of Kimco
Realty Corporation:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>We have audited the accompanying Statement
of Revenues and Certain Expenses of Suburban Square for the year ended December
31, 2006. &nbsp;This Statement of Revenues and Certain Expenses is the
responsibility of management. Our responsibility is to express an opinion on
this financial statement based on our audit. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>We conducted our audit in accordance with
auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the Statement of Revenues and Certain Expenses is free
of material misstatement. &nbsp;An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the Statement of Revenues and
Certain Expenses. &nbsp;An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall presentation of the Statement of Revenues and Certain
Expenses. &nbsp;We believe that our audit provides a reasonable basis for our
opinion.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The accompanying Statement of Revenues and
Certain Expenses was prepared for the purpose of complying with the rules and
&nbsp;regulations of the United States Securities and Exchange &nbsp;Commission
(for inclusion in Form 8-K of Kimco Realty Corporation) as described in Note 1
and is not intended to be a complete presentation of the property's revenues and
expenses.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>In our opinion, the Statement of Revenues
and Certain Expenses referred to above presents fairly, in all material
respects, the revenues and certain expenses described in Note 1 of Suburban
Square for the year ended December 31, 2006, in conformity with accounting
principles generally accepted in the United States of America.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">/s/ PricewaterhouseCoopers LLP</P>
<P style="MARGIN: 0px">New York, New York </P>
<P style="MARGIN: 0px">February 28, 2008</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>19</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>Suburban Square <BR>Statements of Revenues
and Certain Expenses</P>
<P style="MARGIN: 0px" align=center>(in thousands)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD></TD>
<TD width=260></TD>
<TD width=132></TD>
<TD width=15></TD>
<TD width=125></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px" align=center>For the Year Ended December 31,
2006</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px" align=center>For the Three <BR>Months Ended</P>
<P style="MARGIN: 0px" align=center>March 31, 2007</P>
<P style="MARGIN: 0px" align=center>(unaudited)</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Revenues:</P></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Rental revenue</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,165&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,563&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Expenses:</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Rent</P></TD>
<TD vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Real estate taxes</P></TD>
<TD vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,251&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Operating and maintenance</P></TD>
<TD vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,608&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">General and administrative</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=125>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Total expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,052&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,060&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD></TD>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Revenues in excess of certain expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,113&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,503&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center>The accompanying notes are an integral part
of these financial statements.</P>
<P style="MARGIN: 0px" align=center><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>20</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>Suburban Square</P>
<P style="MARGIN: 0px" align=center>Notes to Statements of Revenues and Certain
Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31, 2006
and </P>
<P style="MARGIN: 0px" align=center>the Three Months Ended March 31, 2007
(unaudited)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>1. Background and Basis of Presentation</B> </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>Kimco Realty Corporation and Subsidiaries
(&#147;the Company&#148;) acquired Suburban Square on May 10, 2007. &nbsp;The accompanying
statements of revenues and certain expenses (the &#147;Statement&#148;) presents the
results of operations of Suburban Square for the year ended December 31, 2006.
&nbsp;&nbsp;The Statement has been prepared on the accrual basis of accounting.
&nbsp;The Statement has been prepared for the purpose of complying with the
rules and regulations of the United States Securities and Exchange Commission,
Regulation S-X, Rule 3-14 and for inclusion in this Current Report on Form 8-K
of the Company. &nbsp;The Statement is not intended to be a complete
presentation of the revenues and expenses of the Suburban Square as certain
expenses, primarily depreciation and amortization, interest, property management
fees and other costs not directly related to the future operations of the
property, have been excluded. &nbsp;The Company is not aware of any material
factors relating to Suburban Square that would cause the reported financial
information not to be necessarily indicative of future operating results. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>2. Summary of Significant Accounting
Policies</B> </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Revenue Recognition</B></P>
<P style="MARGIN: 0px" align=justify>Base rental revenues from the rental
property are recognized on a straight-line basis over the terms of the related
leases. &nbsp;Certain of these leases also provide for percentage rents based
upon the level of sales achieved by the lessee. &nbsp;These percentage rents are
recognized once the required sales level is achieved. &nbsp;Rental income may
also include payments received in connection with lease termination agreements.
&nbsp;In addition, leases typically provide for reimbursement to the Company of
common area maintenance costs, real estate taxes and other operating expenses.
&nbsp;Operating expense reimbursements are recognized as earned.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Rent Expense</B></P>
<P style="MARGIN: 0px" align=justify>Rent expense represents the direct expense
incurred by management for the lease of office space. &nbsp;This expense is
charged to operations as incurred. &nbsp;The Company&#146;s future obligations are as
follows: 2008, $17,130.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Property Operating Expenses</B></P>
<P style="MARGIN: 0px" align=justify>Property operating expenses represent the
direct expenses of operating the property and include maintenance, utilities,
and repair costs that are expected to continue in the ongoing operations of the
property. Expenditures for maintenance and repairs are charged to operations as
incurred. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Use of Estimates</B></P>
<P style="MARGIN: 0px" align=justify>The preparation of the Statement in
conformity with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect the
reported amounts of revenues and certain expenses during the reporting period.
&nbsp;Actual results may differ from those estimates. </P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>21</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>Suburban Square</P>
<P style="MARGIN: 0px" align=center>Notes to Statements of Revenues and Certain
Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31, 2006
and </P>
<P style="MARGIN: 0px" align=center>the Three Months Ended March 31, 2007
(unaudited)</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>3. Commitments</B></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>Suburban Square leases premises to tenants
pursuant to lease agreements, which provide for terms ranging from one to 17
years. The future minimum revenues from the rental property under the terms of
all non-cancellable tenant leases, assuming no new or renegotiated leases are
executed for such premises, for the future years are approximately as follows
(in thousands):</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=118></TD>
<TD width=59></TD>
<TD width=70></TD></TR>
<TR>
<TD vAlign=top width=118>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=70>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2007</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,317</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2008</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;9,137</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2009</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;7,356</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2010</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;6,502</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2011</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;5,966</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">Thereafter</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>19,020</P></TD></TR>
<TR>
<TD width=118>
<P style="MARGIN: 0px">Total</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,298</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px"><B>4. &nbsp;Interim Unaudited Statement of Revenues and
Certain Expenses</B></P>
<P style="MARGIN: 0px" align=justify>The accompanying interim statement of
revenues and certain expenses for the three months ended March 31, 2007, is
unaudited. &nbsp;However, in the opinion of the Company, the interim statement
includes all adjustments, consisting only of normal recurring adjustments,
necessary for a fair statement of the results for the interim period. &nbsp;The
results for the period presented are not necessarily indicative of the results
for the full year.</P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>22</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B>Report of Independent Auditors</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">To the Board of Directors and Stockholders of Kimco
Realty Corporation:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>We have audited the accompanying Statement
of Revenues and Certain Expenses of 1401 Walnut Street for the year ended
December 31, 2006. &nbsp;This Statement of Revenues and Certain Expenses is the
responsibility of management. Our responsibility is to express an opinion on
this financial statement based on our audit.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>We conducted our audit in accordance with
auditing standards generally accepted in the United States of America.
&nbsp;Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the Statement of Revenues and Certain
Expenses is free of material misstatement. &nbsp;An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the Statement
of Revenues and Certain Expenses. &nbsp;An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall presentation of the Statement of Revenues and Certain
Expenses. &nbsp;We believe that our audit provides a reasonable basis for our
opinion.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The accompanying Statement of Revenues and
Certain Expenses was prepared for the purpose of complying with the rules and
regulations of the United States Securities and Exchange &nbsp;Commission (for
inclusion in the Form 8-K of Kimco Realty Corporation) as described in Note 1
and is not intended to be a complete presentation of the property's revenues and
expenses.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>In our opinion, the Statement of Revenues
and Certain Expenses referred to above presents fairly, in all material
respects, the revenues and certain expenses described in Note 1 of 1401 Walnut
Street for the year ended December 31, 2006, in conformity with accounting
principles generally accepted in the United States of America.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">/s/ PricewaterhouseCoopers LLP</P>
<P style="MARGIN: 0px">New York, New York </P>
<P style="MARGIN: 0px">February 28, 2008</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>23</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>1401 Walnut Street<BR>Statements of Revenues
and Certain Expenses</P>
<P style="MARGIN: 0px" align=center>(in thousands)</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=260></TD>
<TD width=132></TD>
<TD width=15></TD>
<TD width=125></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px" align=center>For the Year Ended December 31,
2006</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px" align=center>For the Six <BR>Months Ended</P>
<P style="MARGIN: 0px" align=center>June 30, 2007</P>
<P style="MARGIN: 0px" align=center>(unaudited)</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Revenues:</P></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Rental revenue</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Expenses:</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Real estate taxes</P></TD>
<TD vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Operating and maintenance</P></TD>
<TD vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>45&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">General and administrative</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=125>
<P style="MARGIN: 0px" align=right>11&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Total expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>97&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Revenues in excess of certain expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=132>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center>The accompanying notes are an integral part
of these financial statements.</P>
<P style="MARGIN: 0px" align=center><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>24</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>1401 Walnut Street</P>
<P style="MARGIN: 0px" align=center>Notes to Statements of Revenues and Certain
Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31, 2006
and </P>
<P style="MARGIN: 0px" align=center>the Six Months Ended June 30, 2007
(unaudited)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>1. Background and Basis of Presentation</B> </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>Kimco Realty Corporation and Subsidiaries
(&#147;the Company&#148;) acquired 1401 Walnut Street on July 16, 2007. &nbsp;The
accompanying statements of revenues and certain expenses (the &#147;Statement&#148;)
presents the results of operations of 1401 Walnut Street for the year ended
December 31, 2006. &nbsp;&nbsp;The Statement has been prepared on the accrual
basis of accounting. &nbsp;The Statement has been prepared for the purpose of
complying with the rules and regulations of the United States Securities and
Exchange Commission, Regulation S-X, Rule 3-14 and for inclusion in this Current
Report on Form 8-K of the &nbsp;Company. &nbsp;The Statement is not intended to
be a complete presentation of the revenues and expenses of the 1401 Walnut
Street as certain expenses, primarily depreciation and amortization, interest,
property management fees and other costs not directly related to the future
operations of the property, have been excluded. &nbsp;The Company is not aware
of any material factors relating to 1401 Walnut Street that would cause the
reported financial information not to be necessarily indicative of future
operating results. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>2. Summary of Significant Accounting
Policies</B> </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Revenue Recognition</B></P>
<P style="MARGIN: 0px" align=justify>Base rental revenues from the rental
property are recognized on a straight-line basis over the terms of the related
leases. &nbsp;Rental income may also include payments received in connection
with lease termination agreements. &nbsp;In addition, leases typically provide
for reimbursement to the Company of common area maintenance costs, real estate
taxes and other operating expenses. &nbsp;Operating expense reimbursements are
recognized as earned.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Property Operating Expenses</B></P>
<P style="MARGIN: 0px" align=justify>Property operating expenses represent the
direct expenses of operating the property and include maintenance, utilities,
and repair costs that are expected to continue in the ongoing operations of the
property. Expenditures for maintenance and repairs are charged to operations as
incurred. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Use of Estimates</B></P>
<P style="MARGIN: 0px" align=justify>The preparation of the Statement in
conformity with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect the
reported amounts of revenues and certain expenses during the reporting period.
&nbsp;Actual results may differ from those estimates. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>3. Commitments</B></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The 1401 Walnut Street property leases
premises to tenants pursuant to lease agreements, which provide for terms
ranging from two to four years. The future minimum revenues from the rental
property under the terms of all non-cancellable tenant leases, assuming no new
or renegotiated leases are executed for such premises, for the future years are
approximately as follows (in thousands):</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=118></TD>
<TD width=59></TD>
<TD width=70></TD></TR>
<TR>
<TD vAlign=top width=118>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=70>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2007</P></TD>
<TD vAlign=top width=59>
<P align=right>&nbsp;$&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;738</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2008</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;377</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2009</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;344</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2010</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;172</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2011</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">Thereafter</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P></TD></TR>
<TR>
<TD width=118>
<P style="MARGIN: 0px">Total</P></TD>
<TD vAlign=top width=59>
<P align=right>&nbsp;$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=70>
<P style="MARGIN: 0px" align=right>&nbsp;1,631</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>25</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>1401 Walnut Street</P>
<P style="MARGIN: 0px" align=center>Notes to Statements of Revenues and Certain
Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31, 2006
and </P>
<P style="MARGIN: 0px" align=center>the Six Months Ended June 30, 2007
(unaudited)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>4. &nbsp;Tenant Concentrations</B></P>
<P style="MARGIN: 0px">The property&#146;s total rental revenue is derived from two
separate tenants with one having contributed 53% of the total rental revenue
while the other contributed 47% for the year end December 31, 2006 and the six
months ended June 30, 2007.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>5. &nbsp;Interim Unaudited Statement of
Revenues and Certain Expenses</B></P>
<P style="MARGIN: 0px" align=justify>The accompanying interim statement of
revenues and certain expenses for the six months ended June 30, 2007, is
unaudited. &nbsp;However, in the opinion of the Company, the interim statement
includes all adjustments, consisting only of normal recurring adjustments,
necessary for a fair statement of the results for the interim period. &nbsp;The
results for the period presented are not necessarily indicative of the results
for the full year.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>26</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B>Report of Independent Auditors</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">To the Board of Directors and Stockholders of Kimco
Realty Corporation:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>We have audited the accompanying Combined
Statement of Revenues and Certain Expenses of Birchwood for the year ended
December 31, 2006. &nbsp;This Combined Statement of Revenues and Certain
Expenses is the responsibility of management. &nbsp;Our responsibility is to
express an opinion on this financial statement based on our audit.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>We conducted our audit in accordance with
auditing standards generally accepted in the United States of America.
&nbsp;Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the Combined Statement of Revenues and
Certain Expenses is free of material misstatement. &nbsp;An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the Combined Statement of Revenues and Certain Expenses. &nbsp;An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the Combined
Statement of Revenues and Certain Expenses. &nbsp;We believe that our audit
provides a reasonable basis for our opinion.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The accompanying Combined Statement of
Revenues and Certain Expenses was prepared for the purpose of complying with the
rules and regulations of the United States Securities and Exchange Commission
(for inclusion in the Form 8-K of Kimco Realty Corporation) as described in Note
1 and is not intended to be a complete presentation of the properties' revenues
and expenses.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>In our opinion, the Combined Statement of
Revenues and Certain Expenses referred to above presents fairly, in all material
respects, the revenues and certain expenses described in Note 1 of Birchwood for
the year ended December 31, 2006, in conformity with accounting principles
generally accepted in the United States of America.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">/s/ PricewaterhouseCoopers LLP</P>
<P style="MARGIN: 0px">New York, New York </P>
<P style="MARGIN: 0px">February 28, 2008</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>27</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>Birchwood<BR>Combined Statements of Revenues
and Certain Expenses</P>
<P style="MARGIN: 0px" align=center>(in thousands)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=260></TD>
<TD width=132></TD>
<TD width=15></TD>
<TD width=125></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px" align=center>For the Year Ended December 31,
2006</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px" align=center>For the Six <BR>Months Ended</P>
<P style="MARGIN: 0px" align=center>June 30, 2007</P>
<P style="MARGIN: 0px" align=center>(unaudited)</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Revenues:</P></TD>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Rental revenue</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,201&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,037&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Expenses:</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Rent</P></TD>
<TD vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>33&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Real estate taxes</P></TD>
<TD vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,935&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,081&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Operating and maintenance</P></TD>
<TD width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,747&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>845&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">General and administrative</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=132>
<P style="MARGIN: 0px" align=right>70&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=125>
<P style="MARGIN: 0px" align=right>61&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Total expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,820&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>2,020&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P>&nbsp;</P></TD>
<TD width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD width=125>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=260>
<P style="MARGIN: 0px">Revenues in excess of certain expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=132>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,381&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,017&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center>The accompanying notes are an integral part
of these combined financial statements.</P>
<P style="MARGIN: 0px" align=center><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>28</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>Birchwood</P>
<P style="MARGIN: 0px" align=center>Notes to Combined Statements of Revenues and
Certain Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31, 2006
and </P>
<P style="MARGIN: 0px" align=center>the Six Months Ended June 30, 2007
(unaudited)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>1. Background and Basis of Presentation</B> </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>Kimco Realty Corporation and Subsidiaries
(&#147;the Company&#148;) acquired Birchwood on July 31, 2007. &nbsp;The accompanying
combined statements of revenues and certain expenses (the &#147;Combined Statement&#148;)
presents the results of operations of Birchwood for the year ended December 31,
2006. &nbsp;&nbsp;The Combined Statement has been prepared on the accrual basis
of accounting and is presented on a combined basis due to common ownership.
&nbsp;The Combined Statement has been prepared for the purpose of complying with
the rules and regulations of the United States Securities and Exchange
Commission, Regulation S-X, Rule 3-14 and for inclusion in this Current Report
on Form 8-K of the Company. &nbsp;The Combined Statement is not intended to be a
complete presentation of the revenues and expenses of Birchwood as certain
expenses, primarily depreciation and amortization, interest, property management
fees and other costs not directly related to the future operations of the
properties, have been excluded. &nbsp;The Company is not aware of any material
factors relating to Birchwood that would cause the reported financial
information not to be necessarily indicative of future operating results. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>2. Summary of Significant Accounting
Policies</B> </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Revenue Recognition</B></P>
<P style="MARGIN: 0px" align=justify>Base rental revenues from rental properties
are recognized on a straight-line basis over the terms of the related leases.
&nbsp;Certain of these leases also provide for percentage rents based upon the
level of sales achieved by the lessee. &nbsp;These percentage rents are
recognized once the required sales level is achieved. &nbsp;Rental income may
also include payments received in connection with lease termination agreements.
&nbsp;In addition, leases typically provide for reimbursement to the Company of
common area maintenance costs, real estate taxes and other operating expenses.
&nbsp;Operating expense reimbursements are recognized as earned.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Rent Expense</B></P>
<P style="MARGIN: 0px" align=justify>Rent expense represents the direct expense
relating to a ground lease on which one of the properties resides. &nbsp;These
expenses are charged to operations as incurred. &nbsp;The Company&#146;s future
obligations are as follows: 2008, $61,426; 2009, $61,426; 2010, $61,426; and
2011, $51,188.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Property Operating Expenses</B></P>
<P style="MARGIN: 0px" align=justify>Property operating expenses represent the
direct expenses of operating the properties and include maintenance, utilities,
and repair costs that are expected to continue in the ongoing operations of the
properties. Expenditures for maintenance and repairs are charged to operations
as incurred. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Use of Estimates</B></P>
<P style="MARGIN: 0px" align=justify>The preparation of the Combined Statement
in conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect the
reported amounts of revenues and certain expenses during the reporting period.
&nbsp;Actual results may differ from those estimates. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>29</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>Birchwood</P>
<P style="MARGIN: 0px" align=center>Notes to Combined Statements of Revenues and
Certain Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31, 2006
and </P>
<P style="MARGIN: 0px" align=center>the Six Months Ended June 30, 2007
(unaudited)</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>3. Commitments</B></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>Birchwood leases premises to tenants
pursuant to lease agreements, which provide for terms ranging from one to 19
years. The future minimum revenues from rental properties under the terms of all
non-cancellable tenant leases, assuming no new or renegotiated leases are
executed for such premises, for the future years are approximately as follows
(in thousands):</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=118></TD>
<TD width=59></TD>
<TD width=70></TD></TR>
<TR>
<TD vAlign=top width=118>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=70>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2007</P></TD>
<TD vAlign=top width=59>
<P align=right>&nbsp;$&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;5,985</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2008</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;5,774</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2009</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;5,376</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2010</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;4,955</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2011</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;3,140</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">Thereafter</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;18,360</P></TD></TR>
<TR>
<TD width=118>
<P style="MARGIN: 0px">Total</P></TD>
<TD vAlign=top width=59>
<P align=right>&nbsp;$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=70>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;43,590</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px"><B>4. &nbsp;Tenant Concentrations</B></P>
<P style="MARGIN: 0px" align=justify>One tenant accounted for more than 10% of
the properties&#146; total rental revenue for the year ended December 31, 2006 and
the six months ended June 30, 2007. &nbsp;Whole Foods Market, Inc constituted
approximately 15.9% and 14.6% of the properties&#146; total rental revenue during the
year ended December 31, 2006 and the six months ended June 30, 2007,
respectively. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify><B>5. &nbsp;Interim Unaudited Combined
Statement of Revenues and Certain Expenses</B></P>
<P style="MARGIN: 0px" align=justify>The accompanying interim combined statement
of revenues and certain expenses for the six months ended June 30, 2007, is
unaudited. &nbsp;However, in the opinion of the Company, the interim statement
includes all adjustments, consisting only of normal recurring adjustments,
necessary for a fair statement of the results for the interim period. &nbsp;The
results for the period presented are not necessarily indicative of the results
for the full year.</P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center><FONT
style="FONT-SIZE: 10pt">30</FONT></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B>Report of Independent Auditors</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">To the Board of Directors and Stockholders of Kimco
Realty Corporation:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>We have audited the accompanying Combined
Statements of Revenues and Certain Expenses of Park Place, Wayne Plaza, and
Center at Westbank (the "KROP Acquisitions") for the three years ended December
31, 2006, 2005, and 2004. &nbsp;These Combined Statements of Revenues and
Certain Expenses are the responsibility of KROP Acquisitions' management.
&nbsp;Our responsibility is to express an opinion on these financial statements
based on our audits. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>We conducted our audits in accordance with
auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the Combined Statements of Revenues and Certain Expenses
are free of material misstatement. &nbsp;An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the Combined
Statements of Revenues and Certain Expenses. &nbsp;An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the Combined
Statements of Revenues and Certain Expenses. &nbsp;We believe that our audits
provide a reasonable basis for our opinion.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The accompanying Combined Statements of
Revenues and Certain Expenses were prepared for the purpose of complying with
the rules and &nbsp;regulations of the United States Securities and Exchange
&nbsp;Commission (for inclusion in the Form 8-K of Kimco Realty Corporation) as
described in Note 1 and is not intended to be a complete presentation of the
properties' revenues and expenses.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>In our opinion, the Combined Statements of
Revenues and Certain Expenses referred to above present fairly, in all material
respects, the revenues and certain expenses described in Note 1 of KROP
Acquisitions for the three years ended December 31, 2006, 2005, and 2004, in
conformity with accounting principles generally accepted in the United States of
America.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">/s/ PricewaterhouseCoopers LLP</P>
<P style="MARGIN: 0px">New York, New York </P>
<P style="MARGIN: 0px">February 28, 2008</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>31</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>KROP Acquisitions<BR>Combined Statements of
Revenues and Certain Expenses</P>
<P style="MARGIN: 0px" align=center>(in thousands)</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=169></TD>
<TD width=99></TD>
<TD width=15></TD>
<TD width=92></TD>
<TD width=20></TD>
<TD width=96></TD>
<TD width=15></TD>
<TD width=92></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P style="MARGIN: 0px" align=center>For the Year Ended </P>
<P style="MARGIN: 0px" align=center>December 31, 2006</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px" align=center>For the Year Ended December 31,
2005</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px" align=center>For the Year Ended </P>
<P style="MARGIN: 0px" align=center>December 31, 2004</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px" align=center>For the Nine <BR>Months Ended</P>
<P style="MARGIN: 0px" align=center>September 30, 2007</P>
<P style="MARGIN: 0px" align=center>(unaudited, see Note 5)</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Revenues:</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Rental revenue</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P style="MARGIN: 0px"
align=right>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,449&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,164&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,778&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,188&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Expenses:</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Real estate taxes</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>599&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>315&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Operating and maintenance</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=right>619&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>530&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>364&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">General and administrative</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Total expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,245&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;1,132&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px" align=right>1,065&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;681&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=169>
<P style="MARGIN: 0px">Revenues in excess of certain expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=99>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,204&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,032&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=96>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,713&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,507&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center>The accompanying notes are an integral part
of these combined financial statements.</P>
<P style="MARGIN: 0px" align=center><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>32</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>KROP Acquisitions</P>
<P style="MARGIN: 0px" align=center>Notes to Combined Statements of Revenues and
Certain Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31, 2006,
2005, 2004 and </P>
<P style="MARGIN: 0px" align=center>the Nine Months Ended September 30, 2007
(unaudited)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>1. Background and Basis of Presentation</B> </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>Kimco Realty Corporation and Subsidiaries
(&#147;the Company&#148;) acquired Park Place, Wayne Plaza, and Center at Westbank on
March 27, 2007, November 27, 2007 and December 28, 2007, respectively. &nbsp;The
accompanying combined statements of revenues and certain expenses (the &#147;Combined
Statements&#148;) presents the results of operations for the KROP Acquisitions, which
consist of Park Place, Wayne Plaza, and Centre at Westbank, for the years ended
December 31, 2006, 2005 and 2004. &nbsp;The Combined Statements have been
prepared on the accrual basis of accounting and is presented on a combined basis
due to common ownership. &nbsp;The Combined Statements have been prepared for
the purpose of complying with the rules and regulations of the United States
Securities and Exchange Commission, Regulation S-X, Rule 3-14 and for inclusion
in this Current Report on Form 8-K of the Company. &nbsp;The Combined Statements
are not intended to be a complete presentation of the revenues and expenses of
the KROP Acquisitions as certain expenses, primarily depreciation and
amortization, interest, property management fees and other costs not directly
related to the future operations of the properties, have been excluded.
&nbsp;The Company is not aware of any material factors relating to the KROP
Acquisitions that would cause the reported financial information not to be
necessarily indicative of future operating results. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>2. Summary of Significant Accounting
Policies</B> </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Revenue Recognition</B></P>
<P style="MARGIN: 0px" align=justify>Base rental revenues from rental properties
are recognized on a straight-line basis over the terms of the related leases.
&nbsp;Certain of these leases also provide for percentage rents based upon the
level of sales achieved by the lessee. &nbsp;These percentage rents are
recognized once the required sales level is achieved. &nbsp;Rental income may
also include payments received in connection with lease termination agreements.
&nbsp;In addition, leases typically provide for reimbursement to the Company of
common area maintenance costs, real estate taxes and other operating expenses.
&nbsp;Operating expense reimbursements are recognized as earned.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Property Operating Expenses</B></P>
<P style="MARGIN: 0px" align=justify>Property operating expenses represent the
direct expenses of operating the Portfolio and include maintenance, utilities,
and repair costs that are expected to continue in the ongoing operations of the
properties. Expenditures for maintenance and repairs are charged to operations
as incurred. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>Use of Estimates</B></P>
<P style="MARGIN: 0px" align=justify>The preparation of the Combined Statement
in conformity with accounting principles generally accepted in the United States
of America require management to make estimates and assumptions that affect the
reported amounts of revenues and certain expenses during the reporting period.
&nbsp;Actual results may differ from those estimates. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><B>3. Commitments</B></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The KROP Acquisitions lease premises to
tenants pursuant to lease agreements, which provide for terms ranging from one
to 34 years. The future minimum revenues from rental properties under the terms
of all non-cancellable tenant leases, assuming no new or renegotiated leases are
executed for such premises, for the future years are approximately as follows
(in thousands):</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=118></TD>
<TD width=59></TD>
<TD width=70></TD></TR>
<TR>
<TD vAlign=top width=118>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=70>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2007</P></TD>
<TD vAlign=top width=59>
<P align=right>&nbsp;$&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;5,469</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2008</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;5,332</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2009</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;5,104</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2010</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;4,799</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">2011</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;4,349</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px">Thereafter</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;30,422</P></TD></TR>
<TR>
<TD width=118>
<P style="MARGIN: 0px">Total</P></TD>
<TD vAlign=top width=59>
<P align=right>&nbsp;$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=70>
<P style="MARGIN: 0px" align=right>&nbsp;55,475</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>33</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>KROP Acquisitions</P>
<P style="MARGIN: 0px" align=center>Notes to Combined Statements of Revenues and
Certain Expenses</P>
<P style="MARGIN: 0px" align=center>For the Year Ended December&nbsp;31, 2006,
2005, 2004 and </P>
<P style="MARGIN: 0px" align=center>the Nine Months Ended September 30, 2007
(unaudited)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>4. &nbsp;Tenant Concentrations</B></P>
<P style="MARGIN: 0px">During the nine months ended September 30, 2007 Giant
Food, Inc. accounted for approximately 13% of the properties' total rental
revenue.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify><B>5. &nbsp;Interim Unaudited Combined
Statement of Revenues and Certain Expenses</B></P>
<P style="MARGIN: 0px" align=justify>The accompanying interim combined
statements of revenues and certain expenses for the nine months ended September
30, 2007, are unaudited and pertain to the acquisitions of Wayne Plaza and
Center at Westbank. &nbsp;Park Place Shopping Center, which was acquired during
the first quarter of the fiscal year ended December 31, 2007, was excluded from
the Interim Combined Statement of Revenues and Certain Expenses for the nine
months ended September 30, 2007. &nbsp;As a result, the information below
represents the revenues and certain expenses of Park Place for the three years
ended December 31, 2006, 2005 and 2004 to allow for comparability of the audited
balances with the interim unaudited period. &nbsp;In the opinion of the Company,
the interim statement includes all adjustments, consisting only of normal
recurring adjustments, necessary for a fair statement of the results for the
interim period. &nbsp;The results for the period presented are not necessarily
indicative of the results for the full year.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=233></TD>
<TD width=73></TD>
<TD width=16></TD>
<TD width=69></TD>
<TD width=15></TD>
<TD width=75></TD></TR>
<TR>
<TD vAlign=top width=233>
<P style="MARGIN: 0px"><B><U>Park Place</U></B></P></TD>
<TD vAlign=top width=73>
<P>&nbsp;</P></TD>
<TD vAlign=top width=16>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=75>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=233>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=73>
<P style="MARGIN: 0px" align=center><B>12/31/06</B></P></TD>
<TD vAlign=top width=16>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=69>
<P style="MARGIN: 0px" align=center><B>12/31/05</B></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=75>
<P style="MARGIN: 0px" align=center><B>12/31/04</B></P></TD></TR>
<TR>
<TD vAlign=top width=233>
<P style="MARGIN: 0px" align=justify>Rental revenues</P></TD>
<TD vAlign=top width=73>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;1,499&nbsp;</P></TD>
<TD vAlign=top width=16>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;1,982&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=75>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,766&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=233>
<P style="MARGIN: 0px" align=justify>Total expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=73>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317)</P></TD>
<TD vAlign=top width=16>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=69>
<P style="MARGIN: 0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;(227)</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=75>
<P style="MARGIN: 0px" align=right>(367)</P></TD></TR>
<TR>
<TD vAlign=top width=233>
<P style="MARGIN: 0px" align=justify>Revenues in excess of certain
expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=73>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;1,182&nbsp;</P></TD>
<TD vAlign=top width=16>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=69>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;1,755&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=75>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,399&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>34</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>KIMCO REALTY CORPORATION AND
SUBSIDIARIES</P>
<P style="MARGIN: 0px" align=center>PRO FORMA FINANCIAL INFORMATION
INTRODUCTION</P>
<P style="MARGIN: 0px" align=center>(UNAUDITED)</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=justify>The accompanying unaudited pro forma
condensed consolidated statement of operations for the year ended December 31,
2007, has been prepared to reflect the effect of the Acquisition Properties
acquired by Kimco Realty Corporation and Subsidiaries (&#147;the Company&#148;), as if
such transactions had occurred on January 1, 2007.</P>
<P style="MARGIN: 0px" align=justify>&nbsp;</P>
<P style="MARGIN: 0px" align=justify>This unaudited pro forma condensed
consolidated statement should be read in connection with the historical
consolidated financial statements and notes thereto included in the Company&#146;s
Annual Report on Form 10-K for the year ended December 31, 2007. &nbsp;In the
opinion of management, the pro forma condensed consolidated financial
information provides for all adjustments necessary to reflect the effects of the
above transactions. &nbsp;&nbsp;</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The pro forma condensed consolidated
statement of operations is unaudited and is not necessarily indicative of the
consolidated results that would have occurred if the transactions and
adjustments reflected therein had been consummated on the date presented, nor
does it purport to represent the financial position, results of operations or
cash flows for future periods. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The Company, after reasonable inquiry, is
not aware of any material factors relating to the Acquisition Properties that
would cause the reported financial information not to be indicative of future
operating results. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>35</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 768px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B>KIMCO REALTY CORPORATION AND
SUBSIDIARIES</B></P>
<P style="MARGIN: 0px" align=center><B>PRO FORMA CONDENSED CONSOLIDATED
STATEMENT OF INCOME</B></P>
<P style="MARGIN: 0px" align=center><B>FOR THE YEAR ENDED DECEMBER 31,
2007</B></P>
<P style="MARGIN: 0px" align=center><B>(Unaudited)</B></P>
<P style="MARGIN: 0px" align=center><B>(in thousands, except per share
information)</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=33></TD>
<TD width=359></TD>
<TD width=82></TD>
<TD width=15></TD>
<TD width=102></TD>
<TD width=15></TD>
<TD width=70></TD>
<TD width=23></TD>
<TD width=77></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Company Historical (1)</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Acquisition Properties revenues and certain expenses
(2)</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Pro forma adjustments </B></P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Company<BR>pro forma</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Revenues from
rental property</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>$&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681,553&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,643&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;4,193&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>(3)</B></P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;722,389&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Rental property
expenses:</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;&nbsp;Rent</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,131)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(12,190)</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;&nbsp;Real
estate taxes</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83,571)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,847)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(87,418)</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;&nbsp;Operating
and maintenance </P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90,013)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,818)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(94,831)</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Mortgage and
other financing income</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,197&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;14,197&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Management and
other fee income</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,844&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,844&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Depreciation and
amortization</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;(189,650)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(12,924)</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>(4)</B></P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202,574)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">General and
administrative expenses</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;(103,882)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(104,105)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Interest,
dividends and other investment income</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,951&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;30,951&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other expense,
net</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;(10,590)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(10,590)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Interest
expense</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(213,674)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(23,739)</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>(5)</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;(237,413)</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Income from
continuing operations before income taxes, income from other real estate
investments, equity in income of joint ventures, minority interests in
income, gain on sale of operating properties, gain on sale of development
properties and adjustment of property carrying values</B></P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,034&nbsp;</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,696&nbsp;</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;(32,470)</B></P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,260&nbsp;</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Benefit for
income taxes</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,490&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;44,490&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Income from
other real estate investments</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,524&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;78,524&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Equity in income
of joint ventures, net</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173,363&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;173,363&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Minority
interests in income, net</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34,144)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(34,144)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Gain on sale of
operating properties, net of tax</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,708&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,708&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Gain on sale of
development properties, net of tax of $16,040</P></TD>
<TD vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,059&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;24,059&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Adjustment of
property carrying values net of tax of $3,400</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,100)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(5,100)</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;Income
from continuing operations</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361,934&nbsp;</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,696&nbsp;</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;(32,470)</B></P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;357,160&nbsp;</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Preferred stock
dividends</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,659)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,659)</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;Income
from continuing operations available to common shareholders</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;$ &nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342,275&nbsp;</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=102>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,696&nbsp;</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right><B>$
&nbsp;&nbsp;(32,470)</B></P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>$&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;337,501&nbsp;</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Per common
share:</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Income from
&nbsp;continuing operations:</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Basic</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;$ &nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36&nbsp;</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right><B>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;1.34&nbsp;</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Diluted</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33&nbsp;</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right><B>$
&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31&nbsp;</B></P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Weighted average
shares:</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Basic</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252,129&nbsp;</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;252,129&nbsp;</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Diluted</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=82>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257,058&nbsp;</B></P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>&nbsp;&nbsp;&nbsp;257,058&nbsp;</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>The
accompanying notes are an integral part of this pro forma condensed consolidated
statement of income.</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>36</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>KIMCO REALTY CORPORATION AND
SUBSIDIARIES</P>
<P style="MARGIN: 0px" align=center>NOTES AND ADJUSTMENTS TO PRO FORMA</P>
<P style="MARGIN: 0px" align=center>CONDENSED CONSOLIDATED STATEMENT OF INCOME
</P>
<P style="MARGIN: 0px" align=center>FOR THE YEAR ENDED DECEMBER 31, 2007</P>
<P style="MARGIN: 0px" align=center>(UNAUDITED, DOLLARS IN THOUSANDS)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>(1) &nbsp;Reflects the consolidated
operations of the Company related to continuing operations for the year ended
December&nbsp;31, 2007. Revenues and expenses related to discontinued operations
are not included. See the historical consolidated financial statements and notes
thereto included in the Company&#146;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2007.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>(2) &nbsp;Reflects the revenues and certain
expenses of the Acquisition Properties based on the operations of such
properties for the period beginning January 1, 2007, through the date of
acquisition by the Company. &nbsp;</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 width=750>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=153></TD>
<TD width=60></TD>
<TD width=72></TD>
<TD width=60></TD>
<TD width=60></TD>
<TD width=60></TD>
<TD width=72></TD>
<TD width=72></TD>
<TD width=60></TD>
<TD width=72></TD></TR>
<TR>
<TD vAlign=top width=153>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt"
align=center>Market at Haynes Bridge</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt"
align=center>PNP Properties</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt"
align=center>Suburban Square</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt"
align=center>D'Andrea and Black Mountain</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt"
align=center>1401 Walnut</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt"
align=center>Birchwood Portfolio</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt"
align=center>KROP Acquisitions</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt"
align=center>Other</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt"
align=center>Total</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt">Revenues
from rental property</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
&nbsp;64&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
1,197&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
5,107&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
1,441&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
&nbsp;457&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
4,710&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
5,536&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
18,131&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
36,643&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt">Rental
property expenses:</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt">Rent</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(14)</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(1)</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(40)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(4)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(59)</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt">Real estate
taxes</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(7)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(124)</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(543)</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(57)</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(41)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1,261)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(442)</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(1,372)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(3,847)</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt">Operating
and maintenance</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(8)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(106)</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(906)</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(169)</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(45)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(986)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(510)</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(2,088)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(4,818)</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt">General and
administrative expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(8)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(38)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(56)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(19)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(11)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(71)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;&nbsp;(9)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;&nbsp;(11)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>&nbsp;(223)</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="FONT-SIZE: 8.5pt; MARGIN: 0px; LINE-HEIGHT: 10.5pt">Total</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
&nbsp;41&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
&nbsp;&nbsp;&nbsp;&nbsp;929&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
3,588&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
1,195&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
360&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
2,352&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
4,575&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
14,656&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=72>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=right>$
27,696&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>(3) &nbsp;Reflects an adjustment to
straight-line rent to reset each tenant&#146;s beginning lease term to January 1,
2007 and one year of amortization of above-market and below-market leases (see
table below).</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>(4) &nbsp;Reflects the estimated
depreciation and amortization for the Acquisition Properties in accordance with
Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 141, Business
Combinations for the period beginning January 1, 2007, to the date of
acquisition by the Company, using the estimated useful lives of the real estate
investments and related intangibles based on the purchase price allocation.
Depreciation and amortization expense is computed on a straight-line basis over
the estimated useful life of the assets or liabilities as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=151></TD>
<TD width=144></TD>
<TD width=144></TD>
<TD width=99></TD>
<TD width=67></TD></TR>
<TR>
<TD vAlign=bottom width=151>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=144>
<P style="MARGIN: 0px" align=center><U>Estimated Useful Life</U></P></TD>
<TD vAlign=bottom width=144>
<P style="MARGIN: 0px" align=center>Depreciation &amp; <U>Amortization
Expense</U></P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=center><U>Rental Revenue</U></P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px" align=center><U>Expense</U></P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P style="MARGIN: 0px">Building</P></TD>
<TD vAlign=top width=144>
<P style="MARGIN: 0px" align=center>50</P></TD>
<TD vAlign=top width=144>
<P style="PADDING-RIGHT: 40px; MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;4,679&nbsp;</P></TD>
<TD vAlign=top width=99>
<P style="PADDING-RIGHT: 8px; MARGIN: 0px" align=right>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px" align=right>$&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P style="MARGIN: 0px">Building Improvements</P></TD>
<TD vAlign=top width=144>
<P style="MARGIN: 0px" align=center>45</P></TD>
<TD vAlign=top width=144>
<P style="PADDING-RIGHT: 40px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,111&nbsp;</P></TD>
<TD vAlign=top width=99>
<P style="PADDING-RIGHT: 8px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P style="MARGIN: 0px">Tenant Improvements</P></TD>
<TD vAlign=top width=144>
<P style="MARGIN: 0px" align=center>(a)</P></TD>
<TD vAlign=top width=144>
<P style="PADDING-RIGHT: 40px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,501&nbsp;</P></TD>
<TD vAlign=top width=99>
<P style="PADDING-RIGHT: 8px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P style="MARGIN: 0px">Leases in Place</P></TD>
<TD vAlign=top width=144>
<P style="MARGIN: 0px" align=center>(a)</P></TD>
<TD vAlign=top width=144>
<P style="PADDING-RIGHT: 40px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,743&nbsp;</P></TD>
<TD vAlign=top width=99>
<P style="PADDING-RIGHT: 8px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P style="MARGIN: 0px">Other Intangibles</P></TD>
<TD vAlign=top width=144>
<P style="MARGIN: 0px" align=center>(a)</P></TD>
<TD vAlign=top width=144>
<P style="PADDING-RIGHT: 40px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890&nbsp;</P></TD>
<TD vAlign=top width=99>
<P style="PADDING-RIGHT: 8px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P style="MARGIN: 0px">Above Market Leases</P></TD>
<TD vAlign=top width=144>
<P style="MARGIN: 0px" align=center>(a)</P></TD>
<TD vAlign=top width=144>
<P style="PADDING-RIGHT: 40px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=top width=99>
<P style="PADDING-RIGHT: 8px; MARGIN: 0px"
align=right>&nbsp;&nbsp;1,104&nbsp;</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P style="MARGIN: 0px">Below Market Leases</P></TD>
<TD vAlign=top width=144>
<P style="MARGIN: 0px" align=center>(a)</P></TD>
<TD vAlign=top width=144>
<P style="PADDING-RIGHT: 40px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=top width=99>
<P style="PADDING-RIGHT: 8px; MARGIN: 0px"
align=right>&nbsp;(4,659)</P></TD>
<TD vAlign=top width=67>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P style="MARGIN: 0px">Net Mortgage Premium</P></TD>
<TD vAlign=top width=144>
<P style="MARGIN: 0px" align=center>4.8</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=144>
<P style="PADDING-RIGHT: 40px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=99>
<P style="PADDING-RIGHT: 8px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=67>
<P style="MARGIN: 0px" align=right>(324)</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P>&nbsp;</P></TD>
<TD vAlign=top width=144>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=144>
<P style="PADDING-RIGHT: 40px; MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,924&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=99>
<P style="PADDING-RIGHT: 8px; MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,555)</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=67>
<P style="MARGIN: 0px" align=right>$&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;
(324)</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">(a) &nbsp;Based on average remaining
lease term.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>37</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>(5) &nbsp;Reflects interest expense under
the Company&#146;s line of credit based on additional borrowings relating to the
Acquisition Properties for the period beginning January 1, 2007, to the date of
acquisition multiplied by the weighted average interest rate (5.58% for the
period beginning January 1, 2007 through December 31, 2007). &nbsp;Additionally,
includes the interest expense based on assumed mortgages related to the
Acquisition Properties for the period beginning January 1, 2007, to the date of
acquisition by the Company. Any mortgage premium or discount on existing debt
that is assumed is amortized into interest expense over the remaining term of
the related debt instrument (see table above). &nbsp;The calculation of pro
forma interest expense is as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=333></TD>
<TD width=29></TD>
<TD width=93></TD>
<TD width=15></TD>
<TD width=69></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px">Line of credit borrowing</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P style="MARGIN: 0px" align=right>$ 22,894&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px">Add:</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;Interest on assumed
mortgages</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($95.6 million total
assumed mortgages with interest</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rates
ranging from 5.14% to 8.41%)</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P style="MARGIN: 0px" align=right>3,797&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px">Less:</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;Interest expense adjustment
due to additional</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mortgages
obtained subsequent to date of acquisition</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P style="MARGIN: 0px" align=right>(2,628) &nbsp;&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;Debt premium
amortization</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=93>
<P style="MARGIN: 0px" align=right>(324) &nbsp;&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=69>
<P style="MARGIN: 0px" align=right>(2,952)</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px">Total interest expense adjustment</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=69>
<P style="MARGIN: 0px" align=right>$ 23,739&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>38</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>KIMCO REALTY CORPORATION AND
SUBSIDIARIES</P>
<P style="MARGIN: 0px" align=center>PRO FORMA STATEMENT OF ESTIMATED TAXABLE
OPERATING RESULTS AND CASH TO BE MADE AVAILABLE BY OPERATIONS</P>
<P style="MARGIN: 0px" align=center>(unaudited)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The following represents an estimate of the taxable
operating results and cash to be made available by operations of the Company
(including the Acquisition Properties) based upon the pro forma consolidated
statement of operations for the year ended December 31, 2007. &nbsp;These
estimated results do not purport to represent results of operations for the
Company in the future and were prepared based on the assumptions outlined in the
following note, which should be read in conjunction with this statement.</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=451></TD>
<TD></TD>
<TD width=97></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P>&nbsp;</P></TD>
<TD></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=center>Proforma</P>
<P style="MARGIN: 0px" align=center>(000&#146;s)</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px">Income from continuing operations</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357,160&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P>&nbsp;</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px">Net book depreciation in excess of tax
depreciation</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,843&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px">Deferred and prepaid rents</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,345)</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px">Exercise of non-qualified stock options</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,019)</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px">Book/tax differences from investments in real
estate joint ventures</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,965&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px">Valuation adjustment of foreign currency
contracts</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px">Other book/tax differences, net</P></TD>
<TD></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,892&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P>&nbsp;</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px">Estimated taxable operating income</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374,547&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P>&nbsp;</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px">Adjustments:</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px; TEXT-INDENT: 40px">Depreciation</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202,574&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px; TEXT-INDENT: 40px">Net book depreciation in excess
of tax depreciation</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30,843)</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px; TEXT-INDENT: 40px">Amortization of acquired
above-market and below market leases</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,555)</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px; TEXT-INDENT: 40px">Amortization of mortgage
premium/discount</P></TD>
<TD></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324)</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P>&nbsp;</P></TD>
<TD></TD>
<TD vAlign=bottom width=97>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=451>
<P style="MARGIN: 0px">Estimated cash to be made available by
operations</P></TD>
<TD></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=97>
<P style="MARGIN: 0px"
align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542,399&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>39</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>KIMCO REALTY CORPORATION AND
SUBSIDIARIES</P>
<P style="MARGIN: 0px" align=center>NOTE TO PRO FORMA STATEMENT OF ESTIMATED
TAXABLE OPERATING RESULTS AND CASH TO BE MADE AVAILABLE BY OPERATIONS</P>
<P style="MARGIN: 0px" align=center>(unaudited)</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">1. </P>
<P style="MARGIN: 0px; TEXT-INDENT: 19px">Basis of Presentation</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">The pro forma results for December 31, 2007 presented in
the Statement of Estimated Taxable Operating Results and Cash to be Made
Available by Operations summarize the adjustments made to the results of
operations of the Company for the year ended December 31, 2007. The pro forma
adjustments reflect activity as if the acquisition of the Selected Acquisition
Properties had been completed as of January 1, 2007.</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>40</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 576px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>SIGNATURE</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=143></TD>
<TD width=153></TD>
<TD width=52></TD>
<TD width=175></TD></TR>
<TR>
<TD vAlign=top width=143>
<P style="MARGIN: 0px">Date: &nbsp;March 11, 2008</P></TD>
<TD vAlign=top width=153>
<P>&nbsp;</P></TD>
<TD vAlign=top colSpan=2>
<P style="MARGIN: 0px">KIMCO REALTY CORPORATION</P></TD></TR>
<TR>
<TD vAlign=top width=143>
<P>&nbsp;</P></TD>
<TD vAlign=top width=153>
<P>&nbsp;</P></TD>
<TD vAlign=top colSpan=2>
<P style="MARGIN: 0px" align=center>(registrant)</P></TD></TR>
<TR>
<TD vAlign=top width=143>
<P>&nbsp;</P></TD>
<TD vAlign=top width=153>
<P>&nbsp;</P></TD>
<TD vAlign=top colSpan=2>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=143>
<P>&nbsp;</P></TD>
<TD vAlign=top width=153>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P style="PADDING-LEFT: 0px; MARGIN: 0px">By:</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=175>
<P style="MARGIN: 0px">/s/ Michael V. Pappagallo</P></TD></TR>
<TR>
<TD vAlign=top width=143>
<P>&nbsp;</P></TD>
<TD vAlign=top width=153>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P style="PADDING-LEFT: 0px; MARGIN: 0px">Name: </P></TD>
<TD vAlign=top width=175>
<P style="MARGIN: 0px">Michael V. Pappagallo</P></TD></TR>
<TR>
<TD vAlign=top width=143>
<P>&nbsp;</P></TD>
<TD vAlign=top width=153>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P style="PADDING-LEFT: 0px; MARGIN: 0px">Its: </P></TD>
<TD vAlign=top width=175>
<P style="MARGIN: 0px">Executive Vice President</P></TD></TR>
<TR>
<TD vAlign=top width=143>
<P>&nbsp;</P></TD>
<TD vAlign=top width=153>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P>&nbsp;</P></TD>
<TD vAlign=top width=175>
<P style="MARGIN: 0px">and Chief Financial Officer</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=105></TD>
<TD width=23></TD>
<TD width=396></TD></TR>
<TR>
<TD vAlign=top width=105>
<P style="MARGIN: 0px"><B>Exhibit&nbsp;Index</B> </P></TD>
<TD vAlign=top width=23>
<P>&nbsp;</P></TD>
<TD vAlign=top width=396>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=105>
<P>&nbsp;</P></TD>
<TD vAlign=top width=23>
<P>&nbsp;</P></TD>
<TD vAlign=top width=396>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px"><U>Exhibit Number</U></P></TD>
<TD vAlign=bottom width=23>
<P style="MARGIN: 0px"><U></U>&nbsp;</P></TD>
<TD vAlign=bottom width=396>
<P style="MARGIN: 0px"><U>Description</U></P></TD></TR>
<TR>
<TD vAlign=top width=105>
<P style="MARGIN: 0px" align=center>23.1</P></TD>
<TD vAlign=bottom width=23>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=top width=396>
<P style="MARGIN: 0px">Consent of PricewaterhouseCoopers
LLP</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center>41</P>
<P
style="MARGIN: 0px"><BR></P></DIV></BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>exh231.htm
<DESCRIPTION>AUDITOR'S CONSENT
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE>Exhibit 23</TITLE>
<META content="&nbsp;Tom Harrington" name=author>
<META content=03/06/2008 name=date>
</HEAD>
<BODY
style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: 12pt; FONT-FAMILY: Times New Roman">
<DIV style="WIDTH: 576px">
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right>Exhibit 23.1</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 26px" align=center><U>CONSENT OF
INDEPENDENT ACCOUNTANTS</U></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 13px" align=justify>We hereby consent
to the incorporation by reference in the Registration Statement on Form<FONT
style="COLOR: #ff0000"><B> </B></FONT>S-3 (No. 333-133908) and S-8 (Nos.
333-135087, 333-61323, 333-85659, 033-80729, 033-77670, 033-51864 and 333-62626)
of Kimco Realty Corporation and Subsidiaries of our reports dated February 28,
2008, relating to the combined statements of revenues and certain expenses of
PNP Acquisitions (for the years ended December 31, 2006, 2005, and 2004),
D'Andrea Marketplace and Black Mountain Village (for the year ended December 31,
2006), Birchwood (for the year ended December 31, 2006), and KROP Acquisitions
(for the years ended December 31, 2006, 2005, and 2004), and the statements of
revenues and certain expenses of Market at Haynes Bridge (for the year ended
December 31, 2006), Suburban Square (for the year ended December 31, 2006), and
1401 Walnut Street &nbsp;(for the year ended December 31, 2006), which appear in
this Current Report on Form 8-K of Kimco Realty Corporation and Subsidiaries
dated March 11, 2008. </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 13px"><BR></P>
<P style="MARGIN: 0px">/s/ PricewaterhouseCoopers LLP</P>
<P style="MARGIN: 0px">New York, New York</P>
<P style="MARGIN: 0px">February 28, 2008</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="MARGIN: 0px" align=center>42</P>
<P
style="MARGIN: 0px"><BR></P></DIV></BODY>
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</SUBMISSION>
