Kimco Completes Depositary Offering

Kimco Realty Corp., New Hyde Park, N.Y., has completed the sale of 7.0 million depositary shares, each representing a one-tenth interest in a share of the company's 6.65% class F cumulative redeemable preferred stock.The depositary shares, priced at $25, entitle holders to a 6.65% cumulative dividend ($1.6625 per year) and are not convertible into common stock, Kimco said. They are redeemable at par at the option of the company on and after June 5, 2008. Kimco said it will use the proceeds to redeem all 2.0 million outstanding depositary shares of the company's 8 1/2% class B cumulative redeemable preferred stock and all 4.0 million outstanding depositary shares of its 8 3/8% class C cumulative redeemable preferred stock at the redemption price of $25 per share plus accrued and unpaid dividends. Kimco, a real estate investment trust that specializes in shopping centers, can be found online at http://www.kimcorealty.com.