NAREIT

June 2008

NAREIT

June 2008

2

Kimco Realty CorporationKimco Realty Corporation

Largest owner, operator and manager of neighborhood & community shopping centers

3

OverviewOverview

Largest owner, operator and manager of neighborhood & community shopping centersLargest owner, operator and manager of neighborhood & community shopping centers

Equity interest in 1,948 properties; 180 million square feet

944 shopping center properties; 141 million square feet

Located in 45 states, Puerto Rico, Canada, Mexico and Chile

$15 billion total market capitalization

Strong financial returns and positionStrong financial returns and position

Consistent, strong earnings growth

Stable dividend - increased every year since IPO

Added to the S&P 500 Index on March 31, 2006

Investment Grade: A-/Baa1 - Standard & Poor’s/Moody’s

4

Consistent Earnings and Dividend GrowthConsistent Earnings and Dividend Growth

* Based upon Company guidance for operating results on a diluted basis and expected dividend distributions. All amounts adjusted for 3:2 stock splits on December 1995 and December 2001 and 2:1 stock split on August 2005. See note in appendix regarding management’s use of non-GAAP financial measures. 2008 dividend based on current dividend distribution rate.

** Through actual results for 2007

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Dividends Funds from Operations

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Dividends Funds from Operations

Since Kimco’s IPO**• FFO CAGR 11.1% • Dividend CAGR 9.3%

Since Kimco’s IPO**• FFO CAGR 11.1% • Dividend CAGR 9.3% $2.70

$2.78*$2.70$2.78*

$1.60*$1.60*

$0.39$0.39

$0.54$0.54

5

20.3%

11.0%

13.5%

24.0%

12.8%

18.2%

5 Years Since IPO

NAREIT Equity Index S&P 500 KIM

20.3%

11.0%

13.5%

24.0%

12.8%

18.2%

5 Years Since IPO

NAREIT Equity Index S&P 500 KIM

Annualized Total ReturnAnnualized Total Return

Results - Significant OutperformanceResults - Significant Outperformance

Source: Bloomberg and NAREIT Equity Index.Total return on investment including reinvestment of dividends through December 31, 2007. Statistics for return since IPO are based on closing prices as of November 30, 1991.

6

Conservative Capital StructureConservative Capital Structure

March 2008Debt to book capital 0.53:1

Debt to market capital 0.30:1

Debt service coverage 3.8x

Fixed charge coverage 3.1x

Payout Ratio* 58.4%

392 unencumbered properties$635

$9,926

$847$3,429

$262

Preferred Stock Unsecured Debt

Mortgage Debt Construction Loans

Common Stock

Key Ratios Remain StrongKey Ratios Remain Strong

S&P/Moody’s ratings: A-/Baa1

Ratio calculations based on common stock price of $39.17 per share at March 31, 2008. *Using midpoint range of projected FFO diluted and current dividend of $1.60 per common share.

($millions)($millions)

7

Kimco Business PlatformKimco Business Platform

Shopping Center

Business 80%

Shopping Center

Business 80%

Development 5%

20%

Direct Holdings 55%

Funds Management

20%

Kimco

Capital Services

Kimco

Capital Services

Percentages based on estimated earnings before interest, depreciation and amortization (EBIDA) after allocating expenses and taxes.

8

Kimco Portfolio OverviewKimco Portfolio Overview

TOTALUnited States Canada Mexico Chile Properties Sq. Ft. (M)

Stabilized Retail Properties

Consolidated 391 - 23 - 414 52

Funds Mgmt/UJV 415 39 11 4 469 72

Development Properties 37 - 24 - 61 17

Subtotal - Shopping Center Operations 843 39 58 4 944 141

Preferred Equity 136 102 - - 238 21

Retailer Services/ Kimco Select 675 7 84 - 766 18

TOTAL PROPERTIES 1,654 148 142 4 1,948

TOTAL SQUARE FEET (M) 141 18 21 0.1 180

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Kimco Shopping Center BusinessKimco Shopping Center Business

Shopping Center

Business 80%

Shopping Center

Business 80%Funds

Management 20%

Direct Holdings 55%

20%

Development 5%

Kimco

Capital Services

Kimco

Capital Services

Percentages based on estimated earnings before interest, depreciation and amortization (EBIDA) after allocating expenses and taxes.

10

Shopping Center Portfolio CharacteristicsShopping Center Portfolio Characteristics

Kimco’s shopping center portfolio isKimco’s shopping center portfolio is

Located in densely populated markets,

With severe supply constraints,

Anchored by retailers generating sales in the top 25% of their chain,

With rent growth potential and/or leases aging out of options,

Redevelopment and expansion potential.

Focus on maximizing portfolio value through redeveloping and recycling

Focus on maximizing portfolio value through redeveloping and recycling

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Geographic StrengthGeographic Strength

Chart represents Kimco’s revenue exposure geographically on a combined portfolio basis.Joint Venture properties are included at their proportionate amount.Latin America includes the net leased industrial properties.

HIGH GROWTH 16.6%

LATIN AMERICA 6.5%

CANADA 7.6%

PUERTO RICO 3.9%

PENNSYLVANIA 5.3%

NEW YORK 8.6%

ILLINOIS 4.6%

CALIFORNIA 13.9%

FLORIDA 9.0%

OTHER 24.0%

HIGH GROWTH 16.6%

LATIN AMERICA 6.5%

CANADA 7.6%

PUERTO RICO 3.9%

PENNSYLVANIA 5.3%

NEW YORK 8.6%

ILLINOIS 4.6%

CALIFORNIA 13.9%

FLORIDA 9.0%

OTHER 24.0%

Revenue Percentage by LocationRevenue Percentage by Location

International

14.1%

International

14.1%

(TX, NJ, MD, NC, WA, AZ, NV)

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Strong Relationships with High Quality TenantsStrong Relationships with High Quality Tenants

Percentages based on estimated earnings before interest, depreciation and amortization (EBIDA) after allocating expenses and taxes.

Home Depot

TJX Companies

Sears Holdings

Kohl's

Wal-Mart

Best Buy

Linens

Royal Ahold

Bed Bath & Beyond

Costco

PetSmart

Staples

Michaels

Safeway

Office Max

Gr. Atlantifc & Pac.

Office Depot

Burlington Coat

Dollar Tree

Ross Stores

Other

Top 20 Tenants (Ranked by percent of revenue)

Top 20 Tenants (Ranked by percent of revenue)

Home Depot Home Depot 3.3%3.3%TJX CompaniesTJX Companies 2.7%2.7%Sears Holdings Sears Holdings 2.3%2.3%KohlKohl’’ss 2.2%2.2%WalWal--MartMart 1.8%1.8%Best BuyBest Buy 1.5%1.5%LinensLinens--NN--ThingsThings 1.5%1.5%Royal AholdRoyal Ahold 1.3%1.3%Bed Bath & BeyondBed Bath & Beyond 1.2%1.2%CostcoCostco 1.1%1.1%PetSmartPetSmart 1.1%1.1%StaplesStaples 1.1%1.1%MichaelsMichaels 1.1%1.1%SafewaySafeway 1.0%1.0%Office DepotOffice Depot 0.9%0.9%Office MaxOffice Max 0.9%0.9%Great Atlantic & PacificGreat Atlantic & Pacific 0.9%0.9%Burlington Coat FactoryBurlington Coat Factory 0.8%0.8%Ross StoresRoss Stores 0.8%0.8%Dollar TreeDollar Tree 0.8%0.8%

72%72%

Chart represents Kimco’s revenue exposure to tenants on a combined portfolio basis. Joint Venture properties are included at their proportionate amount.

Chart represents Kimco’s revenue exposure to tenants on a combined portfolio basis. Joint Venture properties are included at their proportionate amount.

Credit Diversity from approximately 13,300 leases to 7,100 retailers

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Consistently Above Average Same Store GrowthConsistently Above Average Same Store Growth

Same Site NOI GrowthSame Site NOI Growth

3.3%

4.1%4.2%4.0%4.0%

6.1%

4.3%

5.5%5.5%

3.3%

3.8%

4.4%

3.7%3.5%

4.5%4.0%

3.5%

1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08

3.3%

4.1%4.2%4.0%4.0%

6.1%

4.3%

5.5%5.5%

3.3%

3.8%

4.4%

3.7%3.5%

4.5%4.0%

3.5%

1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08

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Kimco’s US Shopping Center PortfolioKimco’s US Shopping Center Portfolio

843 properties with 120 million SF843 properties with 120 million SF

806 Operating Properties: 391 Consolidated, 415 in Joint Venture

37 Development Properties: 32 Consolidated, 5 in Joint Venture

Villages at UrbanaFrederick County, MD

Suburban SquareArdmore, PA

Fremont HubFremont, CA

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Kimco’s Canadian Shopping Center PortfolioKimco’s Canadian Shopping Center Portfolio

“RioKim” Portfolio“RioKim” Portfolio

Partnered with RioCan in 2001 to capture opportunities in the marketplace– Largest REIT in Canada – total market capitalization of approx $7.9 billion

From 2001-2003: Acquired or developed 35 properties comprising 8.1 million square feet across five provinces

Strong tenant mix: Winner’s, Zeller’s, Famous Players, Safeway and London Drugs

Gross investment – approximately $1 billion

21 Ontario, 9 British Columbia, 5 Alberta, 3 Quebec and 1 Prince Edward Island

98.0% Occupied

39 properties with 8.3 million SF39 properties with 8.3 million SF

39 Operating Properties: 39 in Joint Venture

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Kimco’s Mexico Shopping Center PortfolioKimco’s Mexico Shopping Center Portfolio

34 Operating Properties: 23 Consolidated, 11 in Joint Venture24 Development Properties: 11 Consolidated, 13 in Joint Venture

58 properties with 12.8 million SF58 properties with 12.8 million SF

* Does not include net leased industrial properties

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Kimco’s Mexico PortfolioKimco’s Mexico Portfolio

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Kimco’s Re-Development ProgramKimco’s Re-Development Program

Maximize value in existing centers through aggressive analysis of highest and best use with focus on:Maximize value in existing centers through aggressive analysis of highest and best use with focus on:

First ring suburban assets

Re-sculpting aging buildings

Adding density to existing sites

Re-tenanting for current demographics

More than 20 active projects under redevelopment totaling approximately $325 millionMore than 20 active projects under redevelopment totaling approximately $325 million

Marketplace at Factoria (Bellevue, Washington)

Partial de-malling of a 1970's shopping center resulting in a Main Street redevelopment, including the addition of 150K retail sf and 400 residential units developed by a National residential developer. ($53M)

Cupertino Village (Cupertino, California)Plan to add approximately 25k square feet of retail space, structured parking and outdoorplaza areas to the center. ($12.4M)

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Redevelopment Case StudyRedevelopment Case Study

Purchase Dec 2004 Purchase Dec 2004 $102M$102MRedev. InvestRedev. Invest $53M$53MStabilized Market ValueStabilized Market Value $195M$195M

Value createdValue created $40M$40M

Marketplace at FactoriaBellevue, Washington

Marketplace at FactoriaBellevue, Washington

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Kimco’s Shopping Center Business –Investment/Funds ManagementKimco’s Shopping Center Business –Investment/Funds Management

Shopping Center

Business 80%

Shopping Center

Business 80%Funds

Management 20%

Direct Holdings 55%

20%

Development 5%

Kimco

Capital Services

Kimco

Capital Services

Percentages based on estimated earnings before interest, depreciation and amortization (EBIDA) after allocating expenses and taxes.

21

Investment/Funds ManagementInvestment/Funds Management

In current environment, Kimco acquires majority of properties with institutional partners.In current environment, Kimco acquires majority of properties with institutional partners.

Competition for simple fee ownership of real estate has driven investment returns below Kimco’s cost of capital.

Kimco can deliver after fee returns that are above institutional investors cost of capital.

Fee revenue boosts Kimco’s ROE to an attractive level.

Fee stream is long term, recurring and contractual.

Income from investment management is consistent and growing as rents and NOI grow.

22

Investment/ Funds Management ProgramsInvestment/ Funds Management Programs

Name/PartnerKimco

Ownership# of

PropertiesGLA

(000) OccupancyRentPSF Inception

Prudential Real Estate Investors 15% 126 19,664 94.0% $14.40 2006

Kimco Income REIT (KIR)/NY State Common Fund 45% 63 13,137 95.9% 12.76 1998

UBS Wealth Management (KUBS) 15% - 20% 43 6,166 95.2% 15.32 2005

PL Retail LLC/DRA Advisors 15% 22 5,578 97.3% 13.07 2004

Kimco Income Fund (KIF) Co-mingled fund (Insurance cos.)

15% 12 1,524 98.0% 16.84 2004

SEB Immobilien 15% 10 1,329 96.7% 14.09 2007

Kimco Real Estate Opp. Port. (KROP)/GE Real Estate

19% 5 1,123 92.6% 11.37 2002

Other Institutional Programs incl: GE Pension Trust (49), DRA (3) La Salle Investors (8), Crow (1)

10% - 30% 61 3,563 98.3% 13.52 2004

TOTAL INVESTMENT MANAGEMENT PROGRAMS * 342 52,084 95.4% $13.89

*Excludes 127 other unconsolidated joint venture properties.

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Kimco’s Shopping Center Business –DevelopmentKimco’s Shopping Center Business –Development

Shopping Center

Business 80%

Shopping Center

Business 80%Funds

Management 20%

Direct Holdings 55%

20%

Development 5%

Kimco

Capital Services

Kimco

Capital Services

Percentages based on estimated earnings before interest, depreciation and amortization (EBIDA) after allocating expenses and taxes.

24

Kimco’s Development ActivitiesKimco’s Development Activities

Merchant Building (Develops high quality open- air shopping centers, usually with a local development partner for sale to third parties)

Merchant Building (Develops high quality open- air shopping centers, usually with a local development partner for sale to third parties)

United States:

- 28 projects with 6.3 million square feet under development

- $915 million of estimated project costs

- $750 million of Net costs to date

Develop and Hold PropertiesDevelop and Hold Properties

United States:

- 9 properties with 1.7 million square feet under development

- Estimated project costs of $300M

Mexico:

- 24 properties with 8.9 million square feet under development

- Estimated project costs of $755M

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Kimco Capital ServicesKimco Capital Services

Shopping Center

Business 80%

Shopping Center

Business 80%

Development 5%

20%

Direct Holdings 55%

Funds Management

20%

Kimco

Capital Services

Kimco

Capital Services

Percentages based on estimated earnings before interest, depreciation and amortization (EBIDA) after allocating expenses and taxes.

26

Leveraging Kimco’s Core ExpertiseLeveraging Kimco’s Core Expertise

Preferred Equity – Provide capital to strong regional property owners and developers to acquire, build, recapitalize, or renovate retail properties.

Retailer Services - Provide real estate rich retailers with capital.

Kimco Select - Invest in real estate related securities and opportunistic non- retail property transactions.

Kimco Operates Businesses that Capitalize on the Company’s 45 year history:

Kimco Operates Businesses that Capitalize on the Company’s 45 year history:

Long-standing Expertise

Owning and Managing Shopping Centers

Long-standing Expertise

Owning and Managing Shopping Centers

PreferredEquity

PreferredEquity

Kim

co

SelectKim

co

Select Ret

aile

rSe

rvic

es

Ret

aile

rSe

rvic

es

Kimco Capital Services

Kimco Capital Services

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Preferred Equity PortfolioPreferred Equity Portfolio

Current portfolio has 238 properties:

- United States 136 properties with 12.6M s.f.

- Canada 102 properties with 8.4M s.f.

Recognized approximately $24M in residual participation for 2007

Estimated quarterly recurring flow - $8M

Estimated value of future profit participation ($100 - $125 million)

Preferred Equity ($465 M invested as of March 31, 2008)Partner with strong regional property owners and developers to acquire, build, recapitalize, renovate or redevelop properties.

Preferred Equity ($465 M invested as of March 31, 2008)Partner with strong regional property owners and developers to acquire, build, recapitalize, renovate or redevelop properties.

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Retailer Services & Kimco SelectRetailer Services & Kimco Select

Retailer Services ($255M invested as of March 31, 2008)Retailer Services ($255M invested as of March 31, 2008)

Provide financing for retailers (Penn Traffic)

Underwriting the real estate for retail operators (Recognized approximately $76M in 2007 from Albertsons)

Utilizing Kimco’s strong balance sheet to help retailers (Frank’s Nursery)

Kimco Select ($1,130 M invested as of March 31, 2008)Kimco Select ($1,130 M invested as of March 31, 2008)

Invest opportunistically with previous JV partner in large InTown suites portfolio (Westmont Hospitality)

Capture opportunity in large NNN portfolio

Invest in selected marketable securities

Non traditional consolidated real estate assets (redevelopment properties in CBD’s and other non-retail)

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Kimco Capital ServicesQ1 08 Statement of Income AnalysisKimco Capital ServicesQ1 08 Statement of Income Analysis

Income Statement Line Item DetailsRecurring Income

TransactionalIncome

Q1 Ended2008

Net Operating Income Retailer Services & Select Consolidated Assets

$3 $1 $4

Income from Other Real Estate Investments Preferred Equity, Net Leased Portfolio and Retail Store Leases

$12 $9 $21

Mortgage Financing Income Retailer Services $4 - $4

Interest, Dividends and Other Invest. Income Select Investments $9 $11 $20

(Provision) for Income Taxes

Equity in Income of Joint Ventures, Net

Minority Interests in Income, Net

Discontinued Operations:Income from Discontinued Operations

Retailer Services: Albertsons

Select Investments, Intown, Westmont Hotel and OtherRetailer Services: Albertsons

Select Investments: FNC, Blue RidgeRetailer Services: Albertsons

Select Investments

-

($3)

-

--

-

($7)

$1

$15

($1)($1)

$2

($7)

($2)

$15

($1)($1)

$2

Note: Amounts are in millions and does not include overhead costs and interest expense

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Kimco Capital ServicesValuationKimco Capital ServicesValuation

Details

Kimco Book Value

AdjustmentTo

Book Value

Estimated Gross

Value

I. Preferred Equity- Other RE Investments $ 465,000 $ 125,000 $ 590,000

II. Retailer ServicesA) Consolidated (FNC Realty, Blue Ridge)B) Other RE Investments (Retail Store Leases, Other)C) Mortgage Financing ReceivablesD) Joint Ventures (Albertsons)E) Other AssetsF) Estimated value of future profit participation–Misc.

$ 130,00010,000

105,0005,0005,000-

-----

175,000

$ 255,000 $ 175,000 $ 430,000

III. Select InvestmentsA) Consolidated

- Redevelopment Properties in CBD’s, Other- Other Non-Retail

B) Joint Ventures *- Westmont Portfolio (including Intown)- Other Joint Venture Investments

C) Other RE investments (Net Leased Portfolio, Other)D) Marketable SecuritiesE) Other AssetsF) Estimated value not captured through NOI

$ 240,00060,000

160,00070,000

105,000395,000100,000

-

30,00045,000

675,000----

55,000

$ 1,130,000 $ 805,000 $1,935,000

Total Kimco Capital Services $1,850,000 $1,105,000 $2,955,000

(1)

(2)

(3)

(1) Approximately $125M of estimated residual profit participation(2) Approximately $2.1M of quarterly NOI is included in the Consolidated NOI of the Reconciliation of Certain Non-GAAP Financial Measures

(3) Approximately $70.0M of Westmont/Intown Annualized NOI @ 8.4%

(amounts in 000’s)

* JV amounts represent gross assets before related joint venture debt of $620 million.

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APPENDIXAPPENDIX

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Kimco Business FocusKimco Business Focus

• Aggressively position shopping center portfolio with acquisitions in key markets and dispositions of low growth properties

• Intensify asset management focus and identify redevelopment candidates within the portfolio

• Expand funds management business • Grow internationally in Puerto Rico, Canada, Mexico, Chile,

and other Latin American countries• Take advantage of opportunities in Kimco Capital Services

businesses • Maintain conservative balance sheet • Target 10%+ average annual growth in FFO• Increase dividend commensurate with historical track record

33

QUESTIONS? QUESTIONS?

34

Reconciliation Of Projected And Targeted Diluted Net Income Per Common Share To Projected Funds From Operations Per Common Share

Reconciliation Of Projected And Targeted Diluted Net Income Per Common Share To Projected Funds From Operations Per Common Share

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 and US - Mexico rates), 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’s estimate of results based upon these assumptions as of the date of this presentation.

Projected Range Full Year 2008

Low High

Projected diluted earnings per common share $1.63 $1.71

Projected depreciation and amortization including projected depreciation and amortization from real estate joint ventures, net of minority interests 1.20 1.26

Projected gain on disposition/transfer of operating properties and gain on disposition of joint Venture operating properties, net of minority interests (0.13) (0.19)

Projected FFO per diluted common share $2.70 $2.78

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Safe Harbor StatementSafe Harbor Statement

The statements in this presentation, including targets and assumptions, state the Company’s and management’s hopes, 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 the key assumptions contained with this presentation, general economic conditions, local real estate conditions, increases in interest rates, foreign currency exchange rates, increases in operating costs and real estate taxes. 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 SEC filings, including but not limited to the Company’s report on Form 10-K. Copies of each filing may be obtained from the Company or the SEC.