Profile: Kimco Realty Corporation (KIM)

Kimco Realty Corporation (Kimco) is an owner and operator of neighborhood and community shopping centers. The Company is a self-administered real estate investment trust (REIT) and its management has owned and operated neighborhood and community shopping centers. The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. As of December 31, 2008, the Company had interests in 1,950 properties, totaling approximately 182.2 million square feet of gross leasable area (GLA) located in 45 states, Puerto Rico, Canada, Mexico, Chile, Brazil and Peru. The Company’s ownership interests in real estate consist of its consolidated portfolio and in portfolios where the Company owns an economic interest, such as properties in the Company’s investment management programs, where the Company partners with institutional investors and also retains management. In November 2009, the Company completed the purchase of the remaining 85% interest in PL Retail LLC.

During the year ended December 31, 2008, the Company acquired, in separate transactions, eight operating properties. During 2008, the Company disposed of seven operating properties and a portion of four operating properties, in separate transactions.

The Company’s joint venture, Kimco Prudential Joint Venture (KimPru), in connection with the Pan Pacific Retail Properties Inc. (Pan Pacific) merger transaction, with Prudential Real Estate Investors (PREI). As such, the Company, through its taxable REIT subsidiaries, is engaged in various retail real estate related opportunities, including merchant building through its wholly owned taxable REIT subsidiaries, which are primarily engaged in the ground-up development of neighborhood and community shopping centers and subsequent sale thereof upon completion, retail real estate advisory and disposition services, which primarily focus on leasing and disposition strategies for real estate property interests of both healthy and distressed retailers, and acting as an agent or principal in connection with tax-deferred exchange transactions.

The Company provides preferred equity capital for real estate entrepreneurs and provides real estate capital and advisory services to both healthy and distressed retailers. The Company also makes selective investments in secondary market opportunities where a security or other investment is, in management’s judgment, priced below the value of the underlying assets.

During 2008, the Company acquired interests in two shopping center properties in Brazil through a joint venture. The Company is engaged in ground-up development projects, which consist of merchant building through its wholly owned taxable REIT subsidiaries, which develop neighborhood and community shopping centers and the subsequent sale thereof upon completion; United States ground-up development projects, which will be held as long-term investments by the Company. As of December 31, 2008, it had in progress a total of 47 ground-up development projects including 11 merchant building projects, one United States ground-up development project, 29 ground-up development projects located throughout Mexico, three ground-up development projects located in Chile, two ground-up development projects located in Brazil and one ground-up development project located in Peru.