<SUBMISSION>
<ACCESSION-NUMBER>0001157523-09-003205
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20090430
<ITEMS>2.02
<FILING-DATE>20090430
<DATE-OF-FILING-DATE-CHANGE>20090430
<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>09781185
</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>a5952695.htm
<DESCRIPTION>KIMCO REALTY CORP. 8-K
<TEXT>
<html>
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    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported)</font><br><font style="font-size: 10pt; font-family: Times New Roman">April
      30, 2009</font><br><br><u><font style="font-size: 18pt; font-family: Times New Roman"><b>Kimco
      Realty Corporation</b></font></u><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      Name of Registrant as Specified in its Charter)</font><br><br>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Maryland</u>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 34%; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>1-10899</u>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 33%; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>13-2744380</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            of Incorporation)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 34%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="text-align: center; width: 41%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            3333 New Hyde Park Road
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Suite 100
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>New Hyde Park, NY</u>
          </p>
        </td>
        <td style="width: 26%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; width: 33%; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>11042</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; width: 41%; padding-left: 0.0px">
          <font style="font-family: Times New Roman; font-size: 10pt">(Address
          of Principal Executive Offices)</font>
        </td>
        <td style="width: 26%">

        </td>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      Registrant&#8217;s telephone number, including area code: (212) 869-9000<br><br><b>No
      Change</b><br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      Name or Former Address, if Changed Since Last Report)</font><br><br>
    </p>
    <p>
      <!--end_optional_former-->
      <font style="font-family: Times New Roman; font-size: 10pt">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:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Item
      2.02.&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition</b></font><br>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      The information contained in this Item 2.02 of the Current Report on
      Form 8-K of Kimco Realty Corporation (the &#8220;Company&#8221;) is being furnished
      pursuant to &#8220;Item 2.02 &#8211; Results of Operations and Financial Condition&#8221;
      and &#8220;Item 7.01 &#8211; Regulation FD Disclosure&#8221; of Form 8-K.
    </p>
    <p>

    </p>
    <p style="text-align: left; text-indent: 30.0px">
      On April 30, 2009, Kimco Realty Corporation issued a press release
      announcing its financial results for the first quarter ended March 31,
      2009.&#160;&#160;A copy of the press release is furnished as Exhibit 99.1 to this
      report.
    </p>
    <p>

    </p>
    <p style="text-align: left; text-indent: 30.0px">
      A copy of the Company&#8217;s press release is an exhibit to this Current
      Report on Form 8-K and is not being filed for purposes of Section 18 of
      the Securities Exchange Act of 1934, as amended.&#160;&#160;The information in
      this Current Report on Form 8-K, including the exhibit, shall not be
      deemed to be incorporated by reference into any filing of the Company,
      whether made before or after the date hereof, regardless of any general
      incorporation language in such filing.
    </p>
    <p>

    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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.</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td valign="top" colspan="6" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>KIMCO REALTY CORPORATION</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td colspan="3">

        </td>
        <td valign="top" style="text-align: left; width: 17%; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 6%; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 44%; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 3%; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>By:</i>
          </p>
        </td>
        <td valign="top" colspan="2" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>/s/ Michael V. Pappagallo</i>
          </p>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; width: 5%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Name:</i>
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 25%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Michael V. Pappagallo</i>
          </p>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; width: 5%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Title:</i>
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 25%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Executive Vice President,</i>
          </p>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: left; width: 25%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Chief Financial Officer</i>
          </p>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: left; width: 25%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>and Chief Administrative Officer</i>
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 17%; padding-left: 0.0px">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 17%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td valign="top" style="text-align: left; width: 17%; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 6%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 44%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            April 30, 2009
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 17%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <u><font style="font-family: Times New Roman; font-size: 10pt"><b>EXHIBIT
      INDEX</b></font></u>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td valign="top" style="text-align: left; width: 12%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="bottom" style="text-align: left; width: 88%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="width: 88%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 12%; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          99.1
        </td>
        <td valign="top" style="text-align: left; width: 88%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release, dated April 30, 2009 issued by Kimco Realty
            Corporation
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5952695ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Kimco
      Realty Corporation Announces First Quarter 2009 FFO In Line With
      Consensus</b></font>
    </p>
    <p>
      NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--April 30, 2009--Kimco Realty
      Corporation (NYSE: KIM) today reported results for the quarter ended
      March 31, 2009.
    </p>
    <p>
      <b>Net income available to common shareholders</b> was $26.6 million for
      first quarter of 2009 or $0.10 per diluted share compared to $86.6
      million or $0.34 per diluted share for the first quarter of 2008. The
      change in net income is related to a reduction in transaction-related
      income of approximately $46 million and miscellaneous income of $10
      million, foreign currency loss of $9 million, an increase in
      depreciation of $8 million and an increase in payroll related expense of
      $5 million reflecting lower capitalized costs and severance. The
      reductions in net income are partially offset by a reduction in tax
      expense of $11 million and a reduction in interest expense of $7 million.
    </p>
    <p>
      <b>Funds from operations (FFO)</b>, a widely accepted supplemental
      measure of REIT performance, were $117.8 million for the first quarter
      2009 compared to $164.4 million in the same period a year ago. FFO per
      diluted share were $0.43 for the first quarter of 2009 compared to $0.64
      in the first quarter of 2008. A reconciliation of net income to FFO is
      provided in the attached tables.
    </p>
    <p>
      <u><b>Highlights</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Ended the quarter with occupancy of 92.6 percent in its shopping
        center portfolio;
      </li>
      <li style="margin-bottom: 10.0px">
        Executed 477 leases totaling over 2.6 million square feet in the U.S.,
        a more than 30 percent increase on a square footage basis over the
        same period in the prior year;
      </li>
      <li style="margin-bottom: 10.0px">
        Reported increases in leasing spreads of 10.6 percent and 3.5 percent
        on new and renewal leases, respectively;
      </li>
      <li style="margin-bottom: 10.0px">
        In the consolidated portfolio, obtained approximately $212 million in
        secured debt commitments and currently negotiating term sheets for an
        additional $246 million;
      </li>
      <li style="margin-bottom: 10.0px">
        For the joint venture programs, closed $106 million in secured debt
        and currently negotiating term sheets for an additional $211 million;
      </li>
      <li style="margin-bottom: 10.0px">
        Subsequent to quarter close, completed public common equity offering
        of 105.2 million shares resulting in net proceeds of approximately
        $718 million;
      </li>
      <li style="margin-bottom: 10.0px">
        Closed a new $220 million unsecured term loan in April; and
      </li>
      <li style="margin-bottom: 10.0px">
        Currently maintain access to approximately $1.6 billion in immediate
        liquidity.
      </li>
    </ul>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Capital Structure and
      Dividend</b></font></u>
    </p>
    <p>
      Since the beginning of the year, the company obtained approximately $212
      million in secured debt commitments for the consolidated portfolio.
      These commitments were sourced from five different lenders for the
      financing of six individual properties. These loans are expected to have
      maturities ranging from three to 15 years with interest rates ranging
      from 5.95% to 7.625%. In addition, the company has received term sheets
      for financing secured by 17 properties that are expected to generate
      proceeds of approximately $246 million.
    </p>
    <p>
      Additionally in the first quarter of 2009, the company repaid $130
      million of its medium term notes that bore interest at 6.875%.
    </p>
    <p>
      In the joint venture programs, mortgage financing totaling $106 million
      for six properties were closed; term sheets totaling $211 million are
      under negotiation and extensions for $135 million were obtained.
    </p>
    <p>
      Subsequent to quarter close, the company (i) completed an equity
      offering of 105.2 million shares of common stock priced at $7.10 which
      resulted in net proceeds of approximately $718.0 million, and (ii)
      closed on a new $220.0 million unsecured term loan with a consortium of
      12 banks including one new bank. The loan, which bears interest at an
      annual rate of LIBOR (subject to a 2.00% LIBOR floor) plus 465 basis
      points, will mature in April 2011. Proceeds from these capital
      transactions were used to repay outstanding amounts under the company&#8217;s
      unsecured U.S. revolving credit facility. As a result of these
      repayments, the company maintains access to approximately $1.6 billion
      of immediate liquidity under its U.S. revolving credit facility ($1.5
      billion) and its Canadian revolving credit facility (CAD$250 million).
      These facilities have initial maturity dates in 2011, with one year
      extension options.
    </p>
    <p>
      Recognizing the need to maintain maximum financial flexibility in light
      of the current state of the capital markets, and considering the
      dividend requirements for the increased number of shares outstanding,
      the Board of Directors declared a regular quarterly cash dividend of
      $0.06 per common share in line with previous guidance. The dividend is
      payable on July 15, 2009 to shareholders of record on July 6, 2009,
      representing an ex-dividend date of July 1, 2009. Including prior
      dividends paid of $0.44 each in January and April, dividends declared
      year-to-date total $0.94 per common share. The company expects to pay a
      regular quarterly cash dividend of $0.06 per common share for the fourth
      quarter of 2009, subject to approval by the Board of Directors, which
      would bring total dividends paid for 2009 to $1.00 per common share.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Strategic Re-Alignment</b></font></u>
    </p>
    <p>
      Kimco&#8217;s vision is to be the premier owner and operator of retail
      shopping centers. This will entail a shift away from certain
      non-strategic assets that the company currently holds. These investments
      include non-retail preferred equity investments, marketable securities,
      mortgages on non-retail properties, several urban mixed-uses properties,
      as well as its joint venture investments from the former Kimco Select
      business. Kimco&#8217;s core business operations will focus on owning and
      operating neighborhood and community shopping centers through equity
      investments in North America. The Company intends that the capital
      structure to support this business will be targeted at conservative
      levels with leverage ratios more in line with historical averages.
    </p>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Core Business
      Operations</b></font></u>
    </p>
    <p>
      <u><b>Shopping Center Portfolio</b></u>
    </p>
    <p>
      Kimco&#8217;s shopping center portfolio includes 921 operating properties,
      comprised of 814 assets in the United States and Puerto Rico, 51 in
      Canada, 47 in Mexico and nine in Chile, as well as 21 development
      properties, consisting of five assets in the United States, 10 in Mexico
      and six in South America.
    </p>
    <p>
      For the quarter ended March 31, 2009, the company executed a total of
      569 leases totaling 2.8 million square feet in its shopping center
      holdings. These comprised 202 new leases for 680,000 square feet and 367
      lease renewals for 2.1 million square feet. Occupancy for the shopping
      center portfolio in its entirety was 92.6 percent and same-property NOI
      declined by 50 basis points from the same period last year.
    </p>
    <p>
      In the U.S. portfolio, the company executed 477 leases in the first
      quarter, representing a 30 percent increase on a square foot basis from
      the first quarter of 2008. Kimco signed 161 new leases for 543,000
      million square feet and 316 lease renewals for 2.1 million square feet.
      On new leases signed within the U.S. portfolio, the average increase in
      contractual base rent was approximately 10.6 percent on a cash basis for
      the quarter. Including renewals for the same space which averaged 3.5
      percent, the average increase was 5.1 percent. Occupancy for the U.S.
      portfolio was 92.2 percent at March 31, 2009.
    </p>
    <p>
      Kimco&#8217;s U.S. shopping center portfolio is well diversified by tenants as
      well as geography. Home Depot, a BBB+/Baa1 credit rated by S&amp;P and
      Moody&#8217;s respectively, is the REITs&#8217; single largest tenant and accounts
      for only 3.3 percent of the company&#8217;s annualized base rent. Occupancy in
      the U.S. shopping center portfolio declined by 120 basis points in the
      first quarter due primarily to the bankruptcy and subsequent vacates of
      Circuit City and Value City totaling approximately 70 basis points. The
      company&#8217;s leasing pipeline remains active with approximately 423 leases
      (176 new and 247 renewals) under negotiation.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Investment Management Programs</b></u>
    </p>
    <p>
      The company realized fee income of $9.9 million from its investment
      management business in the first quarter of 2009. This included $8.2
      million in management fees, $0.5 million in transaction-based fees and
      $1.2 million in other ongoing fees and excluding promoted income.
    </p>
    <p>
      At quarter-end, the company had a total of 337 properties in investment
      management funds with 14 institutional partners.
    </p>
    <p>
      <u><b>Other Core Business</b></u>
    </p>
    <p>
      Preferred Equity, which provides capital to certain owners and operators
      of real estate, is comprised of core investments (retail real estate)
      and non-core investments (non-retail real estate). During the quarter,
      the company recognized an aggregate of $7.0 million of recurring income
      from these preferred equity investments. Kimco currently has
      approximately $532.0 million invested in 632 properties in its preferred
      equity program (which includes its net lease portfolio): 537 properties
      in the U.S. and 95 properties in Canada.
    </p>
    <p>
      The company also provides loans to retailers, underwriting the value of
      the retailer&#8217;s underlying real estate as collateral. During the quarter,
      the company recognized approximately $4.0 million in recurring income
      and $2.0 million in transaction related income from these investments.
    </p>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Non-Core Business</b></font></u>
    </p>
    <p>
      Kimco realized approximately $8.0 million in recurring income during the
      quarter from investments in its non-core portfolio. The company realized
      approximately $1.0 million from its various investments with Westmont
      Hospitality and $7.0 million from its investments in marketable
      securities.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
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        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Portfolio Overview</b></font></u>
    </p>
    <p>
      As of March 31, 2009, Kimco owned equity interests in 1,476 shopping
      center properties totaling 155 million square feet in the United States,
      Puerto Rico, Canada, Mexico and South America. This portfolio
      encompasses 430 consolidated shopping centers, 337 shopping centers in
      investment management programs, 154 other joint venture shopping centers
      and 21 development properties that together total 942 properties and 140
      million square feet. This also includes 534 properties totaling 15
      million square feet in the company&#8217;s preferred equity program.
    </p>
    <p>
      At March 31, the company had interests in 125 retail properties totaling
      16.5 million square feet in Canada. This is comprised of 51 shopping
      centers and 74 preferred equity investments. In Mexico, the company
      owned interests in 57 shopping centers totaling 12.7 million square feet
      comprised of 47 shopping centers and 10 properties under development.
      The company also has investments in 11 properties in Chile, three
      development projects in Brazil and one project in Peru.
    </p>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>2009 Guidance</b></font></u>
    </p>
    <p>
      The company&#8217;s core business objectives for 2009 are principally centered
      on the following:
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
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        <td valign="top" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Source financing and execute select property and investment
          dispositions to minimize use of bank lines of credit;
        </td>
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          &#160;
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          2)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Focus on increasing long-term shareholder value through the
          ownership and management of neighborhood and community shopping
          centers; and
        </td>
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        </td>
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          &#160;
        </td>
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        </td>
        <td valign="top" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Actively engage in the disposition of its non-core assets.
        </td>
      </tr>
    </table>
    </div>
    <p>
      The company estimates FFO of $1.33 - $1.45 per diluted share for 2009.
      Estimated portfolio metrics include year-ending occupancy of
      approximately 90%, positive leasing spreads and same-property NOI
      between -2 to 0 percent. The guidance does not include any estimate for
      impairments. The company has provided further detail on guidance
      elements in its supplemental package available on its website.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Conference Call and Supplemental Materials</b>
    </p>
    <p>
      The company will hold its quarterly conference call today, Thursday,
      April 30 at 10:00 a.m. Eastern Time. The call will include a review of
      the company&#8217;s first quarter 2009 performance as well as a discussion of
      the company&#8217;s strategy and expectations for the future.
    </p>
    <p>
      To participate, dial 1-888-316-1364. A replay will be available for one
      week by dialing 1-888-203-1112; the Conference ID will be 5024939.
      Access to the live call and replay will be available through the
      company's website at <u>www.kimcorealty.com</u> under &#8220;Investor
      Relations: Presentations.&#8221;
    </p>
    <p>
      <b>About Kimco</b>
    </p>
    <p>
      Kimco Realty Corporation, a real estate investment trust (REIT), owns
      and operates North America&#8217;s largest portfolio of neighborhood and
      community shopping centers. As of March 31, 2009, the company owned
      interests in 1,476 retail properties comprising 155 million square feet
      of leasable space across 45 states, Puerto Rico, Canada, Mexico and
      South America. Publicly traded on the NYSE under the symbol KIM and
      included in the S&amp;P 500 Index, the company has specialized in shopping
      center acquisitions, development and management for 50 years. For
      further information, visit the company's web site at <u>www.kimcorealty.com</u>.
    </p>
    <p>
      <b>Safe Harbor Statement</b>
    </p>
    <p>
      The statements in this release state the company's and management's
      intentions, beliefs, expectations or projections of the future and are
      forward-looking statements. It is important to note that the company's
      actual results could differ materially from those projected in such
      forward-looking statements. Factors that could cause actual results to
      differ materially from current expectations include, but are not limited
      to, (i) general adverse economic and local real estate conditions,
      including the current economic recession, (ii) the inability of major
      tenants to continue paying their rent obligations due to bankruptcy,
      insolvency or a general downturn in their business, (iii) financing
      risks, such as the inability to obtain equity, debt, or other sources of
      financing or refinancing on favorable terms, (iv) the company&#8217;s ability
      to raise capital by selling its assets, (v) changes in governmental laws
      and regulations, (vi) the level and volatility of interest rates and
      foreign currency exchange rates, (vii) the availability of suitable
      acquisition opportunities, (viii) valuation of joint venture
      investments, (ix) valuation of marketable securities and other
      investments, (x) increases in operating costs, (xi) changes in the
      dividend policy for our common stock, (xii) the reduction in our income
      in the event of multiple lease terminations by tenants or a failure by
      multiple tenants to occupy their premises in a shopping center, and
      (xiii) impairment charges. Additional information concerning factors
      that could cause actual results to differ materially from those
      forward-looking statements is contained from time to time in the
      company's Securities and Exchange Commission filings, including but not
      limited to the company's Annual Report on Form 10-K for the year ended
      December 31, 2008. Copies of each filing may be obtained from the
      company or the Securities and Exchange Commission.
    </p>
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        </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The company refers you to the documents filed by the company from time
      to time with the Securities and Exchange Commission, specifically the
      section titled &quot;Risk Factors&quot; in the company's Annual Report on Form
      10-K for the year ended December 31, 2008, as may be updated or
      supplemented in the company&#8217;s Form 10-Q filings, which discuss these and
      other factors that could adversely affect the company's results.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
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        </div>
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          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
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        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="14">
          &#160;
        </td>
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      <tr>
        <td valign="top" colspan="14" style="text-align: center; padding-left: 0.0px">
          <b>KIMCO REALTY CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="14" style="text-align: center; padding-left: 0.0px">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
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        <td valign="top" colspan="14" style="text-align: center; padding-left: 0.0px">
          <b>(in thousands, except share information)</b>
        </td>
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        <td valign="top" colspan="14" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>(unaudited)</b>
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        </td>
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        </td>
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        </td>
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        </td>
        <td valign="top" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>Three Months Ended March 31,</b>
        </td>
        <td>

        </td>
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        </td>
      </tr>
      <tr>
        <td>

        </td>
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        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2009</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2008</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Revenues from Rental Properties
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          193,895
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          188,794
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Rental Property Expenses:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,286
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,211
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Real Estate Taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          24,353
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          23,359
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px">
          Operating and Maintenance
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          31,170
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          27,364
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          58,809
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          53,934
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <b>Net Operating Income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>135,086</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>134,860</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Income from Other Real Estate Investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          8,386
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          21,029
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Mortgage Financing Income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,125
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,896
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Management and Other Fee Income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,925
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          11,655
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Depreciation and Amortization
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (56,140
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (48,619
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>101,382</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>122,821</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Interest, Dividends and Other Investment Income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          7,921
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          21,989
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Other (Expense) / Income, Net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (4,215
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,882
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Interest Expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (46,516
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (53,961
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          General and Administrative Expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (29,923
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (24,756
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          28,649
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          69,975
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Benefit / (Provision) for Income Taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,653
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (9,410
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Equity in Income of Joint Ventures, Net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,642
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          39,057
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Gain on Sale of Development Properties,
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Net of Tax of $971 and $1,612, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,457
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,418
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px">
          <b>Income from Continuing Operations</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>41,401</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>102,040</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <b>Discontinued Operations:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Income from Discontinued Operating Properties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,716
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Loss on Operating Properties Held for Sale/Sold, Net of Tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (56
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px">
          Gain on Disposition of Operating Properties, Net of Tax
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          403
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          661
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px">
          <b>Income from Discontinued Operations</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>365</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>5,377</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Gain on Transfer of Operating Properties (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          26
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Gain on Sale of Operating Properties, Net of Tax (1)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          563
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          26
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          563
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          <b>Net Income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>41,792</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>107,980</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Net Income Attributable to Noncontrolling Interests (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (3,368
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (9,513
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          <b>Net Income Attributable to the Company</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>38,424</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>98,467</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px">
          Preferred Dividends
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (11,822
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (11,822
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 25.0px">
          <b>Net Income Available to Common Shareholders</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>26,602</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>86,645</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Per Common Share:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Income from Continuing Operations: (3)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 45.0px">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.10</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.33</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 45.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.10</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px">
          <b>(2)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.32</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px">
          <b>(2)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Net Income:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 45.0px">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.10</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.34</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 45.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.10</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px">
          <b>(2)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.34</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px">
          <b>(2)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Weighted Average Shares Outstanding for Net Income Calculations:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 25.0px">
          Basic
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>271,083</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>252,932</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 25.0px">
          Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>271,158</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>255,916</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>(1)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Included in the calculation of income from continuing operations per
          common share in accordance with SEC guidelines.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>(2)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          The impact of the conversion would have an anti-dilutive effect on
          net income and therefore have not been included.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>(3)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Includes the net income attributable to noncontrolling interests
          related to discontinued operations of
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          $0 and $1,132 for the quarters ended March 31, 2009 and March 31,
          2008, respectively.
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="14" style="text-align: center; padding-left: 0.0px">
          <b>KIMCO REALTY CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="14" style="text-align: center; padding-left: 0.0px">
          <b>Reconciliation of Certain Non-GAAP Financial Measures</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="14" style="text-align: center; padding-left: 0.0px">
          <b>(in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="14" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>March 31,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2009</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2008</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <b>Funds From Operations - &quot;FFO&quot;</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Net Income
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          41,792
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          107,980
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Net Income Attributable to Noncontrolling Interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (3,368
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (9,513
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Gain on Disposition of Operating Prop., Net of Tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (429
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1,224
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Gain on Disposition of Joint Venture Operating Properties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1,911
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Depreciation and Amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          55,880
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          48,247
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Depr. and Amort. - Real Estate JV's, Net of Noncontrolling Interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          34,373
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          32,641
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Unrealized Remeasurement of Derivative Instrument
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Preferred Stock Dividends
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (11,822
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (11,822
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          <b>Funds From Operations</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>117,805</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>164,398</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Weighted Average Shares Outstanding for FFO Calculations:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Basic
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          271,083
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          252,932
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Units
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          978
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,969
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px">
          Dilutive Effect of Options
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          75
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,984
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px">
          Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          272,136
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          261,885
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          <b>FFO Per Common Share - Basic</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.43</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.65</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          <b>FFO Per Common Share - Diluted</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.43</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.64</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period. Funds from operations
          would be increased by $300 and $2,644 for the three months ended
          March 31, 2009 and 2008, respectively.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Pursuant to the definition of Funds from Operations (&quot;FFO&quot;) adopted
          by the Board of Governors of the National Association of Real Estate
          Investment Trusts (&quot;NAREIT&quot;), FFO is calculated by adjusting net
          income (loss) (computed in accordance with GAAP), excluding gains
          from sales of depreciated property, plus depreciation and
          amortization, and after adjustments for unconsolidated partnerships
          and joint ventures. Adjustments for unconsolidated partnerships and
          joint ventures are calculated to reflect FFO on the same basis.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Given the nature of the Company's business as a real estate owner
          and operator, the Company believes that FFO is helpful to investors
          as a measure of its operational performance and FFO is a widely
          recognized measure in the Company's industry. FFO does not represent
          cash generated from operating activities determined in accordance
          with GAAP, and should not be considered as an alternative to net
          cash flows from operating activities (determined in accordance with
          GAAP), as a measure of our liquidity, or as an indicator of our
          ability to make cash distributions. In addition, the comparability
          of the Company's FFO with the FFO reported by other REITs may be
          affected by the differences that exist regarding certain accounting
          policies relating to expenditures for repairs and other recurring
          items.
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="text-align: center; padding-left: 0.0px">
          <b>KIMCO REALTY CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="text-align: center; padding-left: 0.0px">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="text-align: center; padding-left: 0.0px">
          <b>(in thousands, except share information)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: center; padding-left: 0.0px">
          <b>March 31,</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: center; padding-left: 0.0px">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2009</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2008</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 5.0px">
          Assets:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Operating Real Estate, Net of Accumulated Depreciation
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          of $1,208,258 and $1,159,664, Respectively
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,723,389
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,690,277
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Investments and Advances in Real Estate Joint Ventures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,219,056
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,161,382
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Real Estate Under Development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          870,252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          968,975
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Other Real Estate Investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          563,087
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          566,324
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Mortgages and Other Financing Receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          175,859
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          181,992
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Cash and Cash Equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          149,982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          136,177
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Marketable Securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          252,736
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          258,174
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Accounts and Notes Receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          109,141
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          97,702
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Other Assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          329,467
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          336,144
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 4.0px; padding-left: 5.0px">
          Total Assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,392,969
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,397,147
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 5.0px">
          Liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Notes Payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,507,137
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,440,818
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Mortgages Payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          877,967
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          847,491
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Construction Loans Payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          266,752
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          268,337
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Dividends Payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          131,097
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          131,097
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Other Liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          408,257
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          388,818
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Total Liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,191,210
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,076,561
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Redeemable Noncontrolling Interests
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          115,743
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          115,853
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 5.0px">
          Stockholders' Equity:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Preferred Stock, $1.00 Par Value, Authorized 3,232,000 Shares
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Class F Preferred Stock, $1.00 Par Value, Authorized 700,000 Shares
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 45.0px">
          Issued and Outstanding 700,000 Shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          700
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          700
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 45.0px">
          Aggregate Liquidation Preference $175,000
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Class G Preferred Stock, $1.00 Par Value, Authorized 184,000 Shares
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 45.0px">
          Issued and Outstanding 184,000 Shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          184
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          184
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 45.0px">
          Aggregate Liquidation Preference $460,000
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Common Stock, $.01 Par Value, Authorized 750,000,000 Shares
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 45.0px">
          Issued and Outstanding 271,080,433 and
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 45.0px">
          271,080,525 Shares, Respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,711
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,711
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Paid-In Capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,219,923
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,217,806
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Cumulative Distributions in Excess of Net Income
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (150,836
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (58,162
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,072,682
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,163,239
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Accumulated Other Comprehensive Income
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (210,663
          </p>
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (179,541
          </p>
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 5.0px">
          Total Stockholders' Equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            3,862,019
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            3,983,698
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Noncontrolling Interests
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            223,997
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            221,035
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Total Equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,086,016
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,204,733
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 4.0px; padding-left: 5.0px">
          Total Liabilities and Equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,392,969
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,397,147
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="9" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Reconciliation of Projected Diluted Net Income Per Common Share
            to Projected Diluted</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Funds From Operations Per Common Share</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(unaudited)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="7" style="text-align: center; padding-left: 0.0px">
          Projected Range
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="7" style="text-align: center; padding-left: 0.0px">
          Full Year 2009
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Low</u>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>High</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Projected diluted net income available to common shareholder
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 95.0px">
          per common share
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.42
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.53
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Unrealized remeasurement of derivative instrument
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0.01
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.01
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Projected depreciation &amp; amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.61
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.64
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Projected depreciation &amp; amortization real estate
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 90.0px">
          joint ventures, net of noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.40
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Gain on disposition of operating properties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0.04
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0.07
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Gain on disposition of joint venture operating properties,
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 85.0px">
          net of noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0.03
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0.06
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Projected FFO per diluted common share
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1.33
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1.45
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Projections involve numerous assumptions such as rental income
      (including assumptions on percentage rent), interest rates, tenant
      defaults, occupancy rates, foreign currency exchange rates (such as the
      US-Canadian rate), selling prices of properties held for disposition,
      expenses (including salaries and employee costs), insurance costs and
      numerous other factors. Not all of these factors are determinable at
      this time and actual results may vary from the projected results, and
      may be above or below the range indicated. The above range represents
      management&#8217;s estimate of results based upon these assumptions as of the
      date of this press release. The guidance does not include any estimate
      for impairments.
    </p>
    <p>
      CONTACT:<br>Kimco Realty Corporation<br>Barbara Pooley, 1-866-831-4297<br>senior
      vice president, finance &amp; investor relations
    </p>
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