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<ACCESSION-NUMBER>0001398432-09-000459
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20091104
<ITEMS>1.01
<ITEMS>2.01
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20091104
<DATE-OF-FILING-DATE-CHANGE>20091104
<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>091158590
</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
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<FILENAME>i10675.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>Kimco 8-K</TITLE>
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<P style="line-height:18pt; margin:0px; font-size:16pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:18pt; margin:0px; font-size:16pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>WASHINGTON, D.C. 20549</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:18pt; margin:0px; font-size:16pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0px" align=center><B>PURSUANT TO SECTION 13 OR 15(d) OF</B></P>
<P style="margin:0px" align=center><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Date of Report (Date of earliest event reported): November 4, 2009</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:20pt; margin:0px; font-family:Times New Roman Bold; font-size:18pt" align=center><B><U>KIMCO REALTY CORPORATION</U></B></P>
<P style="margin:0px" align=center>&nbsp;(Exact Name of Registrant as Specified in Charter)</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=313.667></TD><TD width=123.733></TD><TD width=146.267></TD></TR>
<TR><TD valign=top width=313.667><P style="margin:0px" align=center><B><U>Maryland</U></B></P>
</TD><TD valign=top width=123.733><P style="margin:0px" align=center><B><U>1-10899</U></B></P>
</TD><TD valign=top width=146.267><P style="margin:0px" align=center><B><U>13-2744380</U></B></P>
</TD></TR>
<TR><TD valign=top width=313.667><P style="margin:0px" align=center>(State or Other Jurisdiction of</P>
</TD><TD valign=top width=123.733><P style="margin:0px" align=center>(Commission </P>
</TD><TD valign=top width=146.267><P style="margin:0px" align=center>(I.R.S. Employer</P>
</TD></TR>
<TR><TD valign=top width=313.667><P style="margin:0px" align=center>Incorporation or Organization)</P>
</TD><TD valign=top width=123.733><P style="margin:0px" align=center>File Number)</P>
</TD><TD valign=top width=146.267><P style="margin:0px" align=center>Identification No.)</P>
</TD></TR>
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<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=313.667></TD><TD width=123.733></TD><TD width=146.267></TD></TR>
<TR><TD valign=top width=313.667><P style="margin:0px" align=center><B>3333 New Hyde Park Road, Suite 100</B></P>
<P style="margin:0px" align=center><B><U>New Hyde Park, NY</U></B></P>
</TD><TD valign=top width=123.733><P>&nbsp;</P></TD><TD valign=bottom width=146.267><P style="margin:0px" align=center><B><U>11042</U></B></P>
</TD></TR>
<TR><TD valign=top width=313.667><P style="margin:0px" align=center>(Address of Principal Executive Offices)</P>
</TD><TD valign=top width=123.733><P>&nbsp;</P></TD><TD valign=top width=146.267><P style="margin:0px" align=center>(Zip Code)</P>
</TD></TR>
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<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B><U>(516) 869-9000</U></B></P>
<P style="margin:0px" align=center>&nbsp;(Registrant&#146;s telephone number, including area code)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B><U>Not applicable</U></B></P>
<P style="margin:0px" align=center>(Former name of former address, if changed since last report.)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P style="margin-top:13.333px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)</P>
<P style="margin-top:13.333px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="margin-top:13.333px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
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<P style="margin:0px"><B>Item 1.01 Entry into a Material Definitive Agreement.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">On November 4, 2009, Kimco Realty Corporation (the &#147;Company&#148;), through its subsidiary, Kimco PL Retail, Inc., entered into an Entity Purchase and Sale Agreement (the &#147;Agreement&#148;) with DRA PL Retail Real Estate Investment Trust (&#147;DRA Trust&#148;) pursuant to which the Company has purchased the remaining 85 percent interest in PL Retail LLC (&#147;PL Retail&#148;), an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers in which the Company indirectly held a 15 percent interest prior to this transaction. &nbsp;DRA Trust is a subsidiary of DRA Growth and Income Fund IV, LLC (&#147;DRA&#148;).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company obtained its indirect 15 percent interest in PL Retail in August 2004 when two of the Company&#146;s subsidiaries entered into a joint venture with DRA Trust by forming PL Retail. &nbsp;Pursuant to this joint venture, these two subsidiaries of the Company held an aggregate 15 percent interest in PL Retail and DRA held the remaining 85 percent interest in PL Retail.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Pursuant to the terms of the Agreement, which contains customary representations and warranties, the price we paid for the remaining 85 percent interest in PL Retail was approximately $175 million, after customary adjustments and closing prorations, which is equivalent to 85 percent of PL Retail&#146;s gross asset value, as defined in the Agreement, which currently equals approximately $825 million, less $564 million of non-recourse mortgage debt and $50 million of perpetual preferred stock. &nbsp;We expect to extinguish approximately $269 million of mortgage debt that matures in January 2010 that we assumed in connection with this acquisition. &nbsp;PL Retail&#146;s gross asset value includes approximately $20 million for the purchase of development rights for the Pentagon Centre shopping center in Arlington, Virginia.&nbsp; We funded the purchase using our $1.5 billion unsecured revolving credit facility described in our Current Report on Form 8-K filed on October 29, 2007.<I>&nbsp; </I>Upon consummation of the transaction, which occurred simultaneously with the execution of the Agreement, we through our subsidiaries own 100 percent of the common stock of PL Retail, with shares of Series 1 Preferred Stock and Series A-1 Preferred Stock issued by a wholly-owned subsidiary of PL Retail remaining outstanding and held by third parties.&nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 2.01 Completion of Acquisition or Disposition of Assets.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The information set forth under Item 1.01 above is incorporated by reference into this Item 2.01.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 7.01 Regulation FD Disclosure</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company&#146;s press release issued in connection with the acquisition described in Item 1.01 above is furnished as Exhibit 99.1 to this report.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The information in this item shall not be deemed &#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to the company, except to the extent, if any, expressly set forth by specific reference in such filing.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px"><B>Item 9.01</B></P>
<P style="margin:0px; text-indent:75px"><B>Financial Statements and Exhibits</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(c) Exhibits</P>
<P style="margin:0px"><BR></P>
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<TR><TD valign=bottom width=74><P style="line-height:11pt; margin:0px; font-size:9pt"><u><B>Exhibit No.</B></u></P>
</TD><TD valign=bottom width=13><P>&nbsp;</P></TD><TD valign=bottom width=605><P style="line-height:11pt; margin:0px; font-size:9pt"><u><B>Description</B></u></P>
</TD></TR>

<TR><TD valign=top width=74><P>&nbsp;</P></TD><TD valign=bottom width=13><P>&nbsp;</P></TD><TD valign=bottom width=605><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">99.1</P>
</TD><TD valign=bottom width=13><P>&nbsp;</P></TD><TD valign=bottom width=605><P style="margin:0px">Press Release, dated November 4, 2009, issued by Kimco Realty Corporation.</P>
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<P style="margin:0px" align=center><B>SIGNATURES</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:288px">KIMCO REALTY CORPORATION</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:288px">By:</P>
<P style="margin:0px; padding-left:288px; text-indent:48px"><U>/s/ Michael V. Pappagallo</U></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:288px">Name:</P>
<P style="margin:0px; padding-left:288px; text-indent:48px">Michael V. Pappagallo</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:288px">Title: </P>
<P style="margin:0px; padding-left:288px; text-indent:48px">Executive Vice President, </P>
<P style="margin:0px; padding-left:288px; text-indent:48px">Chief Financial Officer, and </P>
<P style="margin:0px; padding-left:288px; text-indent:48px">Chief Administrative Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date: &nbsp;November 4, 2009</P>
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<P style="margin:0px" align=center><B>EXHIBIT INDEX</B></P>
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<TR><TD valign=bottom width=74><P style="line-height:11pt; margin:0px; font-size:9pt"><u><B>Exhibit No.</B></u></P>
</TD><TD valign=bottom width=13><P>&nbsp;</P></TD><TD valign=bottom width=605><P style="line-height:11pt; margin:0px; font-size:9pt"><u><B>Description</B></u></P>
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<TR><TD valign=top width=74><P>&nbsp;</P></TD><TD valign=bottom width=13><P>&nbsp;</P></TD><TD valign=bottom width=605><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">99.1</P>
</TD><TD valign=bottom width=13><P>&nbsp;</P></TD><TD valign=bottom width=605><P style="margin:0px">Press Release, dated November 4, 2009, issued by Kimco Realty Corporation.</P>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>PRESS RELEASE, DATED NOVEMBER 4, 2009, ISSUED BY KIMCO REALTY CORPORATION
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<DIV style="width:700px"><P style="margin:0px" align=right><B>Exhibit 99.1</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:19.2px" align=center><B>Kimco Realty Corporation announces acquisition of remaining interest in 21 properties in PL Retail portfolio</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">NEW HYDE PARK, NY, November 4, 2009 &#150; Kimco Realty Corporation announced today that it has completed the purchase of the remaining 85 percent interest in PL Retail LLC, an entity comprising 21 shopping centers that the company manages and in which the company previously held a 15 percent interest. &nbsp;The price for the 85% interest of approximately $175 million was based on an enterprise price of $825 million, less the assumption of approximately $564 million in non-recourse mortgage debt and $50 million of perpetual preferred stock. The company funded the acquisition from its existing credit facility.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&#147;This is a new beginning,&#148; stated Milton Cooper, Kimco&#146;s chairman and chief executive officer. &#147;These are high-quality assets in strong markets which are currently 94 percent leased. &nbsp;Costco is the largest tenant in this portfolio and this transaction continues Kimco&#146;s position as Costco&#146;s largest landlord. &nbsp;&nbsp;Kimco will continue to pursue purchases of shopping centers to leverage our existing infrastructure and enhance shareholder value.&#148; &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The 21 shopping centers comprising approximately 5.2 million square feet of gross leasable area (GLA) are located in California (8 assets; 27% of GLA), Florida (6 assets; 42% of GLA), Phoenix AZ metro area (2 assets; 7.3% of GLA), metro NJ (2), Long Island, NY (1), metro Washington DC (1) and Greenville, SC (1). &nbsp;&nbsp;Costco represents more than 10 percent of the GLA and Home Depot, Ross, the TJX stores, Wal-Mart, Lowe&#146;s, Petsmart, BJ&#146;s Wholesale and Best Buy together constitute an additional 25 percent of GLA.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Kimco previously held a 15 percent interest in the entity and purchased the remaining 85 percent interest from a fund managed by DRA Advisors LLC. &nbsp;The $825 million enterprise price includes approximately $805 million for existing assets, which represents a 7.6 percent cap rate on underwritten net operating income (NOI) of approximately $61 million annually, or approximately $156 per square foot, plus $20 million for the development rights at Pentagon Centre. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:19.2px"><B><U>About Kimco</U></B></P>
<P style="margin:0px; padding-right:19.2px">Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates North America&#146;s largest portfolio of neighborhood and community shopping centers. &nbsp;As of September 30, 2009, the company owned interests in 1,462 retail properties comprising 153 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 style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:19.2px"><B><U>Safe Harbor Statement</U></B></P>
<P style="margin:0px">The statements in this release state the company&#146;s and management&#146;s intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company&#146;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&#146;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, (xiii) impairment charges and (xiv) unanticipated changes in the Company&#146;s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. 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&#146;s Securities and Exchange Commission filings, including but not limited to the company&#146;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>
<P style="margin:0px; padding-right:19.2px">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 &#147;Risk Factors&#148; in the company&#146;s Annual Report on Form 10-K for the year ended December 31, 2008, as may be updated or supplemented in the company&#146;s Form 10-Q filings, which discuss these and other factors that could adversely affect the company&#146;s results.</P>
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<P style="margin:0px; padding-right:19.2px" align=center>- # # # -</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; padding-right:19.2px">CONTACT: Barbara Pooley, senior vice president, finance &amp; investor relations, 1-866-831-4297</P>
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