10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

Form 10-Q

☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

or

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to                

Commission File Number:   1-10899

Kimco Realty Corporation

(Exact name of registrant as specified in its charter)

Maryland	13-2744380
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3333 New Hyde Park Road, New Hyde Park, NY 11042

(Address of principal executive offices) (Zip Code)

(516) 869-9000

(Registrant’s telephone number, including area code)

        N/A        

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.)    Yes ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer, “accelerated filer” and “smaller reporting company” in Rule 12-b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b-2 of the Exchange Act). Yes ☐ No ☒

As of July 24, 2013, the registrant had 409,639,452 shares of common stock outstanding.

PART I FINANCIAL INFORMATION
Item 1.	Financial Statements of Kimco Realty Corporation and Subsidiaries
Condensed Consolidated Financial Statements -
	Condensed Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012	3
	Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2013 and 2012	4
	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2013 and 2012	5
	Condensed Consolidated Statements of Changes in Equity for the Six Months Ended June 30, 2013 and 2012	6
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2013 and 2012	7
Notes to Condensed Consolidated Financial Statements		8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	33
PART II OTHER INFORMATION
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 4.	Mine Safety Disclosures	33
Item 6.	Exhibits	34
Signatures		35

2

KIMCO REALTY CORPORATION AND SUBSIDIARIES  

CONDENSED CONSOLIDATED BALANCE SHEETS  

(Unaudited) 

(in thousands, except share information)  

	June 30, 2013			December 31, 2012
Assets:
Operating real estate, net of accumulated depreciation of $1,835,280 and $1,745,462, respectively	$	7,284,151		$	7,104,562
Investments and advances in real estate joint ventures		1,392,418			1,428,155
Real estate under development		96,950			97,263
Other real estate investments		316,043			317,557
Mortgages and other financing receivables		74,088			70,704
Cash and cash equivalents		156,450			141,875
Marketable securities		71,009			36,541
Accounts and notes receivable		160,398			171,540
Other assets		436,964			383,037
Total assets	$	9,988,471		$	9,751,234
Liabilities:
Notes payable	$	3,284,014		$	3,192,127
Mortgages payable		1,180,760			1,003,190
Dividends payable		98,326			96,518
Other liabilities		473,604			445,843
Total liabilities		5,036,704			4,737,678
Redeemable noncontrolling interests		85,486			81,076
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 5,961,200 shares, 102,000 shares issued and outstanding (in series) Aggregate liquidation preference $975,000		102			102
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 409,616,877 and 407,782,102 shares, respectively		4,096			4,078
Paid-in capital		5,685,943			5,651,170
Cumulative distributions in excess of net income		(906,070	)		(824,008	)
Accumulated other comprehensive income		(61,798	)		(66,182	)
Total stockholders' equity		4,722,273			4,765,160
Noncontrolling interests		144,008			167,320
Total equity		4,866,281			4,932,480
Total liabilities and equity	$	9,988,471		$	9,751,234

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

KIMCO REALTY CORPORATION AND SUBSIDIARIES  

CONDENSED CONSOLIDATED STATEMENTS OF INCOME  

(Unaudited)  

(in thousands, except per share data)  

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Revenues
Revenues from rental properties	$	237,079		$	217,809		$	467,371		$	429,892
Management and other fee income		9,049			8,710			17,442			18,136
Total revenues		246,128			226,519			484,813			448,028
Operating expenses
Rent		3,380			2,924			6,705			6,187
Real estate taxes		28,858			27,985			58,306			55,592
Operating and maintenance		31,445			26,756			59,567			52,413
General and administrative expenses		31,420			30,908			65,535			65,314
Provision for doubtful accounts		3,266			2,551			5,199			5,624
Impairment charges		35,366			92			35,764			325
Depreciation and amortization		63,409			59,731			125,136			118,299
Total operating expenses		197,144			150,947			356,212			303,754
Operating income		48,984			75,572			128,601			144,274
Other income/(expense)
Mortgage financing income		1,430			1,985			2,416			3,991
Interest, dividends and other investment income		6,500			350			9,163			512
Other (expense)/income, net		(2,526	)		538			(6,002	)		(3,058	)
Interest expense		(55,423	)		(56,776	)		(108,970	)		(113,757	)
Income from other real estate investments		555			416			958			1,143
Income/(loss) from continuing operations before income taxes, equity in income of joint ventures, gain/(loss) on change in control of interests and equity in income from other real estate investments		(480	)		22,085			26,166			33,105
Benefit/(provision) for income taxes, net		11,830			(3,302	)		(3,937	)		(8,089	)
Equity in income of joint ventures, net		59,504			30,352			83,616			65,090
Gain/(loss) on change in control of interests, net		(1,459	)		12,147			21,711			14,156
Equity in income of other real estate investments, net		8,200			14,074			19,363			25,101
Income from continuing operations		77,595			75,356			146,919			129,363
Discontinued operations
Income/(loss) from discontinued operating properties, net of tax		1,652			(180	)		2,631			1,906
Impairment/loss on operating properties sold, net of tax		(27,844	)		(18,111	)		(30,675	)		(27,035	)
Gain on disposition of operating properties		1,869			11,263			4,365			23,242
Loss from discontinued operations		(24,323	)		(7,028	)		(23,679	)		(1,887	)
Gain on sale of operating properties, net of tax		-			4,059			540			4,059
Net income		53,272			72,387			123,780			131,535
Net income attributable to noncontrolling interests		(2,133	)		(3,275	)		(4,871	)		(8,785	)
Net income attributable to the Company		51,139			69,112			118,909			122,750
Preferred stock dividends		(14,573	)		(20,841	)		(29,147	)		(36,415	)
Net income available to the Company's common shareholders	$	36,566		$	48,271		$	89,762		$	86,335
Per common share:
Income from continuing operations:
-Basic	$	0.15		$	0.14		$	0.28		$	0.22
-Diluted	$	0.15		$	0.14		$	0.28		$	0.22
Net income attributable to the Company:
-Basic	$	0.09		$	0.12		$	0.22		$	0.21
-Diluted	$	0.09		$	0.12		$	0.22		$	0.21
Weighted average shares:
-Basic		407,640			405,560			407,154			405,916
-Diluted		408,831			406,476			408,163			406,827
Amounts attributable to the Company's common shareholders:
Income from continuing operations	$	60,889		$	55,394		$	113,458		$	90,615
Income from discontinued operations		(24,323	)		(7,123	)		(23,696	)		(4,280	)
Net income	$	36,566		$	48,271		$	89,762		$	86,335

The accompanying notes are an integral part of these condensed consolidated financial statements. 

4

KIMCO REALTY CORPORATION AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

(Unaudited) 

(in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Net income	$	53,272		$	72,387		$	123,780		$	131,535
Other comprehensive income:
Change in unrealized (loss)/gain on marketable securities, net		(540	)		(231	)		6,228			928
Change in unrealized gain on interest rate swaps, net		-			179			-			372
Change in foreign currency translation adjustment, net		(35,515	)		(44,606	)		(2,504	)		9,572
Other comprehensive(loss)/ income		(36,055	)		(44,658	)		3,724			10,872
Comprehensive income		17,217			27,729			127,504			142,407
Comprehensive income attributable to noncontrolling interests		(200	)		(3,109	)		(4,211	)		(11,886	)
Comprehensive income attributable to the Company	$	17,017		$	24,620		$	123,293		$	130,521

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

KIMCO REALTY CORPORATION AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY  

For the Six Months Ended June 30, 2013 and 2012 

(Unaudited) 

(in thousands) 

 

	Cumulative Distributions in Excess of Net			Accumulated Other Comprehensive			Preferred Stock				Common Stock						Paid-in			Total Stockholders'			Noncontrolling			Total
	Income			Income			Issued		Amount		Issued			Amount			Capital			Equity			Interests			Equity
Balance, January 1, 2012	$	(702,999	)	$	(107,660	)		954	$	954		406,938		$	4,069		$	5,492,022		$	4,686,386		$	193,757		$	4,880,143
Contributions from noncontrolling interests		-			-			-		-		-			-			-			-			1,201			1,201
Comprehensive income:
Net income		122,750			-			-		-		-			-			-			122,750			8,785			131,535
Other comprehensive income:
Change in unrealized gain on marketable securities		-			928			-		-		-			-			-			928			-			928
Change in unrealized gain on interest rate swaps		-			372			-		-		-			-			-			372			-			372
Change in foreign currency translation adjustment		-			6,471			-		-		-			-			-			6,471			3,101			9,572
Redeemable noncontrolling interests		-			-			-		-		-			-			-			-			(3,148	)		(3,148	)
Dividends ($0.38 per common share; $0.8312 per Class F Depositary Share, $0.9688 per Class G Depositary Share, $0.8625 per Class H Depositary Share, and $0.4208 per Class I Depositary Share, respectively)		(191,033	)		-			-		-		-			-			-			(191,033	)		-			(191,033	)
Distributions to noncontrolling interests		-			-			-		-		-			-			-			-			(8,823	)		(8,823	)
Issuance of common stock		-			-			-		-		1,093			11			18,055			18,066			-			18,066
Surrender of common stock		-			-			-		-		(84	)		-			(1,555	)		(1,555	)		-			(1,555	)
Repurchase of common stock		-			-			-		-		(1,536	)		(16	)		(28,942	)		(28,958	)		-			(28,958	)
Issuance of preferred stock		-			-			16		16		-			-			387,214			387,230			-			387,230
Exercise of common stock options		-			-			-		-		480			5			7,174			7,179			-			7,179
Acquisition of noncontrolling interests		-			-			-		-		-			-			(1,244	)		(1,244	)		(4,392	)		(5,636	)
Amortization of equity awards		-			-			-		-		-			-			8,016			8,016			-			8,016
Balance, June 30, 2012	$	(771,282	)	$	(99,889	)		970	$	970		406,891		$	4,069		$	5,880,740		$	5,014,608		$	190,481		$	5,205,089
Balance, January 1, 2013	$	(824,008	)	$	(66,182	)		102	$	102		407,782		$	4,078		$	5,651,170		$	4,765,160		$	167,320		$	4,932,480
Contributions from noncontrolling interests		-			-			-		-		-			-			-			-			858			858
Comprehensive income:
Net income		118,909			-			-		-		-			-			-			118,909			4,871			123,780
Other comprehensive income, net of tax:																					-						-
Change in unrealized gain on marketable securities		-			6,228			-		-		-			-			-			6,228			-			6,228
Change in foreign currency translation adjustment		-			(1,844	)		-		-		-			-			-			(1,844	)		(660	)		(2,504	)
																											-
Redeemable noncontrolling interests		-			-			-		-		-			-			-			-			(3,222	)		(3,222	)
Dividends ($0.42 per common share; $0.8625 per Class H Depositary Share and $0.7500 per Class I Depositary Share, and $0.6875 per Class J Depositary Share. and $0.7032 per Class K Depositary Share, respectively)		(200,971	)					-		-		-			-			-			(200,971	)		-			(200,971	)
Distributions to noncontrolling interests		-						-		-		-			-			-			-			(5,063	)		(5,063	)
Issuance of common stock		-						-		-		560			5			9,208			9,213			-			9,213
Surrender of restricted stock		-						-		-		(212	)		(2	)		(3,174	)		(3,176	)		-			(3,176	)
Exercise of common stock options		-						-		-		1,487			15			27,927			27,942			-			27,942
Acquisition of noncontrolling interests		-						-		-		-			-			(5,430	)		(5,430	)		(20,096	)		(25,526	)
Amortization of equity awards		-						-		-		-			-			6,242			6,242			-			6,242
Balance, June 30, 2013	$	(906,070	)	$	(61,798	)		102	$	102		409,617		$	4,096		$	5,685,943		$	4,722,273		$	144,008		$	4,866,281

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

KIMCO REALTY CORPORATION AND SUBSIDIARIES 

(Unaudited) 

(in thousands) 

 

	Six Months Ended June 30,
	2013			2012
Cash flow from operating activities:
Net income	$	123,780		$	131,535
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		127,042			131,191
Impairment charges		81,546			34,570
Gain on sale of operating properties		(5,446	)		(31,318	)
Equity in income of joint ventures, net		(83,616	)		(65,090	)
Gains on change in control of interests		(21,711	)		(14,156	)
Equity in income from other real estate investments, net		(19,363	)		(25,103	)
Distributions from joint ventures and other real estate investments		82,245			115,627
Change in accounts and notes receivable		11,142			18,320
Change in accounts payable and accrued expenses		6,755			114
Change in other operating assets and liabilities		(36,846	)		(20,258	)
Net cash flow provided by operating activities		265,528			275,432
Cash flow from investing activities:
Acquisition of operating real estate		(145,303	)		(267,427	)
Improvements to operating real estate		(49,497	)		(61,593	)
Improvements to real estate under development		(326	)		(1,749	)
Investment in marketable securities		(33,588	)		-
Proceeds from sale/repayments of marketable securities		10,758			118
Investments and advances to real estate joint ventures		(239,903	)		(121,242	)
Reimbursements of investments and advances to real estate joint ventures		295,186			80,023
Investment in other real estate investments		(23,227	)		(4,123	)
Reimbursements of investments and advances to other real estate investments		1,200			6,906
Investment in mortgage loans receivable		(11,017	)		(25	)
Collection of mortgage loans receivable		8,779			9,733
Investment in other investments		(21,366	)		(762	)
Reimbursements of other investments		463			9,151
Proceeds from sale of operating properties		110,389			206,107
Net cash flow used for investing activities		(97,452	)		(144,883	)
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(66,206	)		(200,312	)
Principal payments on rental property debt		(12,094	)		(11,651	)
Proceeds from mortgage/construction loan financings		17,374			6,276
Repayments under unsecured revolving credit facility, net		(62,966	)		(226,220	)
Borrowings under unsecured term loan/notes		428,118			400,000
Repayments under unsecured term loan/notes		(253,225	)		-
Financing origination costs		(6,096	)		(1,391	)
Redemption of/distributions to noncontrolling interests		(27,184	)		(7,548	)
Dividends paid		(199,164	)		(184,307	)
Proceeds from issuance of stock		27,942			394,409
Repurchase of common stock		-			(28,958	)
Net cash flow (used for) provided by financing activities		(153,501	)		140,298
Change in cash and cash equivalents		14,575			270,847
Cash and cash equivalents, beginning of period		141,875			112,882
Cash and cash equivalents, end of period	$	156,450		$	383,729
Interest paid during the period (net of capitalized interest of $579 and $926, respectively)	$	108,906		$	113,411
Income taxes paid during the period	$	798		$	1,584

The accompanying notes are an integral part of these condensed consolidated financial statements.

 7

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

1. Interim Financial Statements

Principles of Consolidation -

The accompanying Condensed Consolidated Financial Statements include the accounts of Kimco Realty Corporation and Subsidiaries, (the “Company”). The Company’s Subsidiaries includes subsidiaries which are wholly-owned, and all entities in which the Company has a controlling financial interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation.  The information furnished in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.  These Condensed Consolidated Financial Statements should be read in conjunction with the Company's 2012 Annual Report on Form 10-K for the year ended December 31, 2012 ("10-K"), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 that would duplicate those included in the 10-K are not included in these Condensed Consolidated Financial Statements.

Subsequent Events -

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements (see Footnote 9).

Income Taxes -

The Company elected status as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes beginning in its taxable year ended December 31, 1991 and operates in a manner that enables the Company to maintain its status as a REIT.  As a REIT, the Company must distribute at least 90 percent of its taxable income and will not pay federal income taxes on the amount distributed to its shareholders.  Therefore, the Company is not subject to federal income taxes if it distributes 100 percent of its taxable income.   Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs.  Certain subsidiaries have made a joint election with the Company to be treated as taxable REIT subsidiaries (“TRS”), which permit the Company to engage in certain business activities in which the REIT may not conduct directly.  A TRS is subject to federal and state income taxes on the income from these activities and the Company includes a provision for taxes in its condensed consolidated financial statements.  The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S.

8

Earnings Per Share -

The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Computation of Basic Earnings Per Share:
Income from continuing operations	$	77,595		$	75,356		$	146,919		$	129,363
Gain on sale of operating properties, net of tax		-			4,059			540			4,059
Net income attributable to noncontrolling interests		(2,133	)		(3,275	)		(4,871	)		(8,785	)
Discontinued operations attributable to noncontrolling interests		-			95			17			2,393
Preferred stock dividends		(14,573	)		(20,841	)		(29,147	)		(36,415	)
Income from continuing operations available to the common shareholders		60,889			55,394			113,458			90,615
Earnings attributable to unvested restricted shares		(352	)		(313	)		(705	)		(627	)
Income from continuing operations attributable to common shareholders		60,537			55,081			112,753			89,988
Loss from discontinued operations attributable to the Company		(24,323	)		(7,123	)		(23,696	)		(4,280	)
Net income attributable to the Company’s common shareholders for basic earnings per share	$	36,214		$	47,958		$	89,057		$	85,708
Weighted average common shares outstanding		407,640			405,560			407,154			405,916
Basic Earnings Per Share Attributable to the Company’s Common Shareholders:
Income from continuing operations	$	0.15		$	0.14		$	0.28		$	0.22
Loss from discontinued operations		(0.06	)		(0.02	)		(0.06	)		(0.01	)
Net income	$	0.09		$	0.12		$	0.22		$	0.21
Computation of Diluted Earnings Per Share:
Income from continuing operations attributable to common shareholders	$	60,537		$	55,081		$	112,753		$	89,988
Loss from discontinued operations attributable to the Company		(24,323	)		(7,123	)		(23,696	)		(4,280	)
Net income attributable to the Company’s common shareholders for diluted earnings per share	$	36,214		$	47,958		$	89,057		$	85,708
Weighted average common shares outstanding – basic		407,640			405,560			407,154			405,916
Effect of dilutive securities (a):
Equity awards		1,191			916			1,009			911
Shares for diluted earnings per common share		408,831			406,476			408,163			406,827
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders:
Income from continuing operations	$	0.15		$	0.14		$	0.28		$	0.22
Loss from discontinued operations		(0.06	)		(0.02	)		(0.06	)		(0.01	)
Net income	$	0.09		$	0.12		$	0.22		$	0.21

(a)  For the three and six months ended June 30, 2013 and 2012, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share.  Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations.  Additionally, there were 9,070,328 and 14,343,058 stock options that were not dilutive at June 30, 2013 and 2012, respectively. 

The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.

New Accounting Pronouncements -

In February 2013, the FASB issued new guidance regarding liabilities, Accounting Standards Update ("ASU") 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU 2013-04”), effective retrospectively for fiscal years beginning after December 15, 2013 and interim periods within those years. The amendments require an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. In addition, the amendments require an entity to disclose the nature and amount of the obligation, as well as other information about the obligations. The adoption of ASU 2013-04 is not expected to have a material impact on the Company’s financial position or results of operations.

In January 2013, the FASB released ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This guidance is the culmination of the board’s redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., the release due to cash flow hedges from interest rate contracts) and the income statement line items affected by the reclassification (e.g., interest income or interest expense). If a component is not required to be reclassified to net income in its entirety (e.g., the net periodic pension cost), companies would instead cross reference to the related footnote for additional information (e.g., the pension footnote). The new requirements were effective for public companies in interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on the Company’s financial statement presentation or disclosures.

9

In December 2011, the FASB released ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires companies to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU 2011-11 are effective for reporting periods beginning on or after January 1, 2013, and are required to be applied retrospectively. The adoption of ASU 2011-11 did not have a material impact on the Company’s financial statement disclosures.

Reclassifications –

Certain reclassifications have been made to previously recorded amounts to conform to the current year presentation, Specifically, the Company is presenting on its Condensed Consolidated Statements of Income its Provision for doubtful accounts as a separate line item included in Operating expenses, which during 2012 was included in Revenues from rental properties. Additionally, the Company made certain other immaterial reclassifications to the Company’s Condensed Consolidated Balance Sheets as of December 31, 2012 to conform to the current year presentation.

2. Operating Property Activities

Acquisitions -

During the six months ended June 30, 2013, the Company acquired the following properties, in separate transactions (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash			Debt Assumed	Other		Total			GLA*
Santee Trolley Square(1)	Santee, CA	Jan-13	$	26,863	$	48,456	$	22,681	$	98,000	311
Shops at Kildeer (2)	Kildeer, IL	Jan-13		-		32,724		-		32,724	168
Village Commons S.C.	Tallahassee, FL	Jan-13		7,100		-		-		7,100	125
Putty Hill Plaza (3)	Baltimore, MD	Jan-13		4,592		9,115		489		14,196	91
Columbia Crossing II S.C.	Columbia, MD	Jan-13		21,800		-		-		21,800	101
Roseville Plaza (Parcel)	Roseville, MN	Jan-13		5,143		-		-		5,143	80
Wilton River Park (4)	Wilton, CT	Mar-13		777		36,000		5,223		42,000	187
Canyon Square (5)	Santa Clarita, CA	Apr-13		1,950		13,800		-		15,750	97
JTS Portfolio (6)	Baton Rouge, LA	Apr-13		-		43,267		11,733		55,000	520
Factoria Mall (7)	Bellevue, WA	May-13		37,283		56,000		37,467		130,750	510
6 Out-parcels	Various	Jun-13		13,053		-		-		13,053	97
			$	118,561	$	239,362	$	77,593	$	435,516	2,287

* Gross leasable area ("GLA")

(1)	This property was acquired from a joint venture in which the Company had a 45% noncontrolling interest.  The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $22.7 million, before income tax, from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other.
(2)	This property was acquired from a joint venture in which the Company had a 19% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.
(3)	The Company acquired the remaining 80% interest in an operating property from an unconsolidated joint venture in which the Company had a 20% noncontrolling interest.  The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $0.5 million from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other.
(4)	The acquisition of this property included the issuance of $5.2 million of redeemable units, which are redeemable at the option of the holder after one year and earn a yield of 6% per annum, which is included in the purchase price above in Other. In connection with this transaction, the Company provided the sellers a $5.2 million loan at a rate of 6.5%, which is secured by the redeemable units.
(5)	This property was acquired from a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.
(6)	The Company acquired the remaining interest in a portfolio of office properties from a preferred equity investment in which the Company held a noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a change in control loss of $9.6 million from the fair value adjustment associated with the Company’s original ownership, which is reflected in the purchase price above in Other. The debt assumed in connection with this transaction of $43.3 million was repaid in April 2013.
(7)	The Company acquired an additional 49% interest in this operating property from an unconsolidated joint venture in which the Company had a 50% noncontrolling interest. As such the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $8.2 million from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other.

10

The aggregate purchase price of the properties acquired during the six months ended June 30, 2013 has been allocated as follows (in thousands):

Land	$	128,048
Buildings		226,155
Above Market Rents		10,403
Below Market Rents		(14,178	)
In-Place Leases		19,497
Building Improvements		57,884
Tenant Improvements		11,466
Mortgage Fair Value Adjustment		(3,884	)
Other Assets		1,405
Other Liabilities		(1,280	)
	$	435,516

During the six months ended June 30, 2013, the Company acquired the remaining ownership interest in FNC Realty Corporation (“FNC”) of 17.3% for $20.3 million. As a result of this transaction the Company now owns 100% of FNC. The Company had previously and continues to consolidate FNC. Since there was no change in control from this transaction, the purchase of the additional interest resulted in a decrease in noncontrolling interest of $19.6 million and a decrease in the Company’s Paid-in capital of $0.7 million during 2013.

Additionally, during the six months ended June 30, 2013, the Company acquired the remaining interest in three previously consolidated joint ventures for $6.5 million. The Company continues to consolidate these entities as there was no change in control from these transactions. The purchase of the remaining partnership interests resulted in an aggregate decrease in noncontrolling interest of $0.4 million and an aggregate decrease of $4.8 million, after income taxes, to the Company’s Paid-in capital, during the six months ended June 30, 2013.

Dispositions –

During the six months ended June 30, 2013, the Company disposed of 13 operating properties, in separate transactions, for an aggregate sales price of $100.8 million. These transactions, which are included in Discontinued Operations, resulted in an aggregate gain of $4.4 million and impairment charges of $20.8 million, after income taxes.

Additionally, during the six months ended June 30, 2013, the Company disposed of two land parcels for an aggregate sales price of $10.9 million and recognized impairment charges of $0.3 million related to these transactions.

Impairment Charges -

During the six months ended June 30, 2013, the Company recognized aggregate impairment charges of $35.5 million, which are included in Impairment charges under Operating expenses on the Company’s Condensed Consolidated Statements of Income, relating to (i) two land parcels and four operating properties based upon purchase price offers aggregating $39.5 million, and (ii) a cost method investment, based upon a fair value estimate of $7.0 million using a discounted cash flow model (see Footnote 12). The operating property impairments resulted from the Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions. The impairment of the cost method investment was based upon a review of the underlying cause of the decline in value, as well as the severity and duration of the decline. As a result of such review, the Company determined that the decline was deemed to be other-than-temporary.

3. Discontinued Operations

The Company reports as discontinued operations, properties held-for-sale as of the end of the current period and assets sold during the period. The results of these discontinued operations are included as a separate component of income on the Condensed Consolidated Statements of Income under the caption Discontinued operations.  This reporting has resulted in certain reclassifications of 2012 financial statement amounts.

11

The components of income and expense relating to discontinued operations for the three and six months ended June 30, 2013 and 2012 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2013 and 2012 and the operations for the applicable period for those assets classified as held-for-sale as of June 30, 2013 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Discontinued operations:
Revenues from rental property	$	2,597		$	11,648		$	5,468		$	26,186
Rental property expenses		(969	)		(4,623	)		(2,121	)		(10,651	)
Depreciation and amortization		(861	)		(6,575	)		(1,907	)		(12,892	)
Provision for doubtful accounts		(15	)		(568	)		(298	)		(922	)
Interest income/(expense)		744			(637	)		667			(1,149	)
Other income/(expense), net		3			(94	)		(12	)		(201	)
Income/(loss) from discontinued operating properties, before income taxes		1,499			(849	)		1,797			371
Impairment of property carrying value, net, before income taxes		(42,951	)		(24,915	)		(45,783	)		(34,245	)
Gain on disposition of operating properties, net		1,869			11,263			4,365			23,242
Benefit for income taxes, net		15,260			7,473			15,942			8,745
Loss from discontinued operating properties		(24,323	)		(7,028	)		(23,679	)		(1,887	)
Net income attributable to noncontrolling interests		-			(95	)		(17	)		(2,393	)
Loss from discontinued operations attributable to the Company	$	(24,323	)	$	(7,123	)	$	(23,696	)	$	(4,280	)

During the six months ended June 30, 2013, the Company classified as held-for-sale five operating properties, comprising 163,381 square feet of GLA.  The aggregate book value of these properties was $38.1 million, net of accumulated depreciation of $5.4 million.   The Company recognized impairment charges of $9.9 million, after income taxes, on three of these properties. The book value of the other properties did not exceed their estimated fair value, less costs to sell, and as such no impairment charges were recognized. The Company’s determination of the fair value of these properties, aggregating $27.6 million, was based upon executed contracts of sale with a third parties (see Footnote 12).   In addition, the Company completed the sale of two held-for-sale operating properties during the six months ended June 30, 2013, one of which was classified as held-for-sale during 2012 (these dispositions are included in Footnote 2 above).  At June 30, 2013, the Company had four operating properties classified as held-for-sale at a carrying amount of $21.4 million, net of accumulated depreciation of $4.5 million, which are included in Other assets on the Company’s Condensed Consolidated Balance Sheets.

4. Investments and Advances in Real Estate Joint Ventures

The Company and its subsidiaries have investments in and advances to various real estate joint ventures.  These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations.  As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting.  The table below presents joint venture investments for which the Company held an ownership interest at June 30, 2013 and December 31, 2012 (in millions, except number of properties):

	As of June 30, 2013											As of December 31, 2012
Venture	Average Ownership Interest			Number of Properties		GLA		Gross Real Estate		The Company's Investment		Average Ownership Interest			Number of Properties		GLA		Gross Real Estate		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (10)		15.0	%		60		10.6	$	2,716.4	$	169.4		15.0	%		61		10.7	$	2,744.9	$	170.1
Kimco Income Opportunity Portfolio (“KIR”) (2) (13)		48.6	%		58		12.4		1,514.0		189.0		45.0	%		58		12.4		1,543.2		140.3
UBS Programs (“UBS”) (2) (7) (14)*		-	%		-		-		-		0.9		17.9	%		40		5.7		1,260.1		58.4
Kimstone (2) (14)		33.3	%		39		5.6		1,085.6		107.1		0.0	%		-		-		-		-
BIG Shopping Centers (2) (9)*		37.9	%		21		3.4		519.0		30.8		37.7	%		22		3.6		547.7		31.3
The Canada Pension Plan Investment Board (“CPP”) (2)		55.0	%		6		2.4		436.0		148.7		55.0	%		6		2.4		436.1		149.5
Kimco Income Fund (2)(6)		39.5	%		12		1.5		288.1		51.0		15.2	%		12		1.5		287.0		12.3
SEB Immobilien (2)		15.0	%		13		1.8		361.3		1.2		15.0	%		13		1.8		361.2		1.5
Other Institutional Programs (2) (8)	Various				56		2.1		452.8		17.0	Various				58		2.6		499.2		21.3
RioCan		50.0	%		45		9.3		1,306.1		136.5		50.0	%		45		9.3		1,379.3		111.0
Intown (3)		-			-		-		-		-		-			138	N/A			841.0		86.9
Latin America (12)	Various				124		15.4		1,010.5		274.8	Various				131		18.0		1,198.1		334.2
Other Joint Venture Programs (4) (5)	Various				82		12.5		1,646.4		266.0	Various				87		13.2		1,846.7		311.4
Total					516		77.0	$	11,336.2	$	1,392.4					671		81.2	$	12,944.5	$	1,428.2

*   Ownership % is a blended rate

12

The table below presents the Company’s share of net income/(loss) for the above investments which is included in the Company’s Condensed Consolidated Statements of Income in Equity in income of joint ventures, net for the six months ended June 30, 2013 and 2012 (in millions):

	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013		2012
KimPru and KimPru II (10)	$	2.3		$	2.1		$	4.2	$	4.1
KIR		7.4			5.9			14.5		11.9
UBS Programs (14)		0.7			0.6			1.6		0.4
BIG Shopping Centers (9)		(0.5	)		(0.8	)		1.5		(1.4	)
CPP		1.6			1.3			3.0		2.5
Kimco Income Fund		0.9			0.2			1.5		1.0
SEB Immobilien		0.3			0.2			0.5		0.3
Other Institutional Programs (16) (18)		0.5			1.2			0.9		4.2
RioCan (17)		6.6			12.5			12.7		17.8
Intown		1.6			0.3			1.4		0.8
Latin America (12)		30.5			3.9			32.1		6.5
Other Joint Venture Programs (11) (15)		7.6			3.0			9.7		17.0
Total	$	59.5		$	30.4		$	83.6	$	65.1

(1) This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors (“PREI”), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

(2) The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

(3) The Company’s share of this investment was subject to fluctuation and dependent upon property cash flows. During June 2013, the Intown portfolio was sold for a sales price of $735.0 million which included the assignment of $609.2 million in debt. This transaction resulted in a deferred gain to the Company of $21.7 million. The Company continues to maintain its guarantee of $145.2 million of outstanding debt assumed by the buyer. The guarantee is collateralized by the buyer’s ownership interest in the portfolio. The Company is entitled to a guarantee fee, for the initial term of the loan, which is scheduled to mature in December 2015. The guarantee fee is calculated based upon the difference between LIBOR plus 1.15% and 5.0% per annum multiplied by the outstanding amount of the loan. Additionally, the Company has entered into a commitment to provide financing up to $145.2 million for five years past the date of maturity. This commitment can be in the form of extensions with the current lender or a new lender or financing directly from the Company to the buyer. Due to this continued involvement, the Company deferred its gain until such time that the guarantee and commitment expire.

(4) During the six months ended June 30, 2013, the Company amended one of its Canadian preferred equity investment agreements to restructure the investment as a pari passu joint venture in which the Company holds a noncontrolling interest. As a result of this transaction, the Company continues to account for its investment in this joint venture under the equity method of accounting and includes this investment in Investments and advances to real estate joint ventures within the Company’s Condensed Consolidated Balance Sheets.

(5) During the six months ended June 30, 2013, two joint ventures in which the Company held noncontrolling interests sold two operating properties to the Company, in separate transactions, for an aggregate sales price of $228.8 million. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance. As such, the Company recognized an aggregate gain of $30.9 million, before income tax, from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties.

(6) During the six months ended June 30, 2013, the Company purchased an additional 24.24% interest in Kimco Income Fund for $38.3 million.

(7) During the six months ended June 30, 2013, UBS sold an operating property to the Company for a sales price of $32.7 million, which was equal to the remaining debt balance.  The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. As such the Company recognized no gain or loss from a change in control and now consolidates this operating property.

(8) During the six months ended June 30, 2013, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $14.2 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. As such the Company recognized a gain of $0.5 million from the fair value adjustment associated with the Company’s original ownership due to a change in control and now consolidates this operating property.

(9) During the six months ended June 30, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company’s share of this gain was $2.4 million.

(10) During the six months ended June 30, 2013, the Company purchased the remaining interest in an operating property for a purchase price of $15.8 million. As a result of this transaction, KimPru recognized an impairment charge of $4.0 million, of which the Company’s share was $0.6 million.

13

(11) During the six months ended June 30, 2013, a joint venture in which the Company has a noncontrolling interest recognized an impairment charge of $1.8 million related to the pending sale of one property. The Company’s share of this impairment charge was $0.9 million.

(12) During the six months ended June 30, 2013, the Company sold nine operating properties located throughout Mexico for $274.0 million which were held in unconsolidated joint ventures in which the Company has noncontrolling interests. This transaction resulted in a net gain of $48.6 million, after tax, of which the Company’s share was $24.3 million.

(13) During the six months ended June 30, 2013, the Company purchased an additional 3.57% interest in KIR for $48.4 million.

(14) During June 2013, the Company increased its ownership interest in the UBS Programs to 33.3% and simultaneously UBS transferred its remaining 66.7% ownership interest in the UBS Programs to affiliates of Blackstone Real Estate Partners VII (“Blackstone”). Both of these transactions were based on a gross purchase price of $1.1 billion. Upon completion of these transactions, Blackstone and the Company entered into a new joint venture (Kimstone) under a new joint venture agreement in which the Company owns a 33.3% noncontrolling interest.

(15) During the six months ended June 30, 2012, three joint ventures in which the Company holds noncontrolling interests sold three properties, in separate transactions, for an aggregate sales price of $180.0 million.  The Company’s share of income related to these transactions was an aggregate gain of $8.3 million.

(16) During the six months ended June 30, 2012, a joint venture in which the Company holds a noncontrolling interest sold two encumbered operating properties to the Company for an aggregate sales price of $75.5 million.  As a result of this transaction, the Company recognized promote income of $2.6 million. Additionally, the Company evaluated these transactions pursuant to the FASB’s Consolidation guidance. As such, the Company recognized a gain of $2.0 million from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties.

(17) During the six months ended June 30, 2012, the Company recognized income of $7.5 million, before taxes of $1.5 million, from the sale of certain air rights at one of the properties in the RioCan portfolio.

(18) During the six months ended June 30, 2012, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $127.0 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $12.1 million from the fair value adjustment associated with its original ownership due to a change in control. In addition, the Company recognized promote income of $1.1 million in connection with this transaction.

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at June 30, 2013 and December 31, 2012 (dollars in millions):

	As of June 30, 2013							As of December 31, 2012
Venture	Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)**		Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)**
KimPru and KimPru II	$	994.4		5.54	%		38.6	$	1,010.2		5.54	%		44.5
KIR		897.0		5.05	%		81.2		914.6		5.22	%		78.6
UBS Programs		-		-	%		-		691.9		5.40	%		39.1
Kimstone		731.4		5.00	%		37.4		-		-	%		-
BIG Shopping Centers		406.1		5.52	%		39.6		443.8		5.52	%		45.5
CPP		140.0		5.18	%		25.0		141.5		5.19	%		31.0
Kimco Income Fund		159.7		5.45	%		14.8		161.4		5.45	%		20.7
SEB Immobilien		243.8		5.11	%		49.3		243.8		5.11	%		55.3
RioCan		799.4		4.84	%		51.3		923.2		5.16	%		41.2
Intown		-		-	%		-		614.4		4.46	%		46.1
Other Institutional Programs		273.9		5.32	%		37.1		310.5		5.24	%		39.0
Other Joint Venture Programs		1,468.1		5.65	%		58.6		1,612.2		5.70	%		57.8
Total	$	6,113.8						$	7,067.5

** Average Remaining Term includes extension options

5. Other Real Estate Investments

Preferred Equity Capital -

The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program. As of June 30, 2013, the Company’s net investment under the Preferred Equity program was $263.2 million relating to 492 properties, including 392 net leased properties.  During the six months ended June 30, 2013, the Company earned $17.3 million from its preferred equity investments, including $4.4 million in profit participation earned from one capital transaction.  During the six months ended June 30, 2012, the Company earned $16.6 million from its preferred equity investments, including $4.5 million in profit participation earned from eight capital transactions.

During the six months ended June 30, 2013, the Company amended one of its Canadian preferred equity agreements to restructure its investment, into a pari passu joint venture investment in which the Company holds a noncontrolling interest.  As a result of the amendment, the Company continues to account for this investment under the equity method of accounting and from the date of the amendment will include this investment in Investments and advances to real estate joint ventures within the Company’s Condensed Consolidated Balance Sheets.

14

During the six months ended June 30, 2013, a preferred equity investment in a portfolio of properties was acquired by the Company. As a result of this transaction, the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a change in control loss of $9.6 million, from the fair value adjustment associated with the Company’s original ownership.

Other –

During the six months ended June 30, 2013, the Company funded an aggregate $70.8 million as its participation in a transaction with Supervalu, Inc. (“SVU”) through a consortium led by Cerberus Capital Management, L.P. This investment includes a contribution of $22.3 million to acquire 414 Albertsons locations from SVU through the Company’s current joint venture in Albertsons which the Company now holds a 15.2% noncontrolling ownership interest. The Company recorded this additional investment in Other real estate investments on the Company’s Condensed Consolidated Balance Sheets and will continue to account for its investment in this joint venture under the equity method of accounting. Also included in this aggregate funding is the Company’s contribution of $14.9 million to fund its 15% noncontrolling investment in NAI Group Holdings Inc., a C-corporation, to acquire four grocery banners (Shaw’s, Jewel-Osco, Acme and Star Market) totaling 456 locations from SVU. The Company recorded this investment in Other assets on the Company’s Condensed Consolidated Balance Sheets and will account for its investment under the cost method of accounting. Additionally, as part of this overall funding, the Company acquired 8.2 million shares of SVU common stock for $33.6 million, which is recorded in Marketable securities on the Company’s Condensed Consolidated Balance Sheets.

6. Variable Interest Entities

Consolidated Ground-Up Development Projects

Included within the Company’s ground-up development projects at June 30, 2013, are two entities that are VIEs, for which the Company is the primary beneficiary. These entities were established to develop real estate property to hold as long-term investments.  The Company’s involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest.  

           At June 30, 2013, total assets of these ground-up development VIEs were $88.8 million and total liabilities were $0.3 million. The classification of these assets is primarily within Real estate under development and the classification of liabilities are primarily within accounts payable and accrued expenses, which is included in Other liabilities in the Company’s Condensed Consolidated Balance Sheets.

Substantially all of the projected development costs to be funded for these ground-up development VIEs, aggregating $33.2 million, will be funded with capital contributions from the Company and by the outside partners, when contractually obligated. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide.

Unconsolidated Ground-Up Development

Also included within the Company’s ground-up development projects at June 30, 2013, is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture is primarily established to develop real estate property for long-term investment and was deemed a VIE primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support.  The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period.  The Company determined that it was not the primary beneficiary of this VIE based on the fact that Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest.

The Company’s investment in this VIE was $17.5 million as of June 30, 2013, which is included in Real estate under development in the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is estimated to be $35.9 million, which primarily represents the Company’s current investment and estimated future funding commitments of $18.4 million.  The Company has not provided financial support to this VIE that it was not previously contractually required to provide.  All future costs of development will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages.

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Unconsolidated Redevelopment Investment

Included in the Company’s joint venture investments at June 30, 2013, is one unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was primarily established to develop real estate property for long-term investment and was deemed a VIE primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest.

As of June 30, 2013, the Company’s investment in this VIE was a negative $11.4 million, due to the fact that the Company had a remaining capital commitment obligation, which is included in Other liabilities in the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is estimated to be $11.4 million, which is the remaining capital commitment obligation. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of development will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages.

7. Mortgages and Other Financing Receivables:

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. The Company reviews payment status to identify performing versus non-performing loans. Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved against through current income. Interest income on non-performing loans is generally recognized on a cash basis. The following table presents performing and non-performing loans as of June 30, 2013 (in thousands):

	Number of Loans		Amount
Performing Loans		24	$	50,770
Non-Performing Loans		1		23,318
Total		25	$	74,088

As of June 30, 2013, the Company had one loan aggregating $23.3 million which was in default for nonpayment of principal and interest. The Company has placed this loan on non-accrual status with respect to the recognition of interest income starting from the loan’s nonperformance date in April 2008. The Company assessed this loan and determined that the estimated fair value of the underlying collateral exceeded its carrying value as of June 30, 2013. During June 2013, the Company commenced foreclosure proceedings on the underlying collateral of 427 acres of land located in Brantford, Ontario Canada relating to this loan.

During the six months ended June 30, 2013 the Company foreclosed on a $1.3 million loan that had been non-performing and as such acquired the 59.24 acres of undeveloped land located in Westbrook, Maine which was the collateral under the loan.

8. Marketable Securities and Other Investments

At June 30, 2013, the Company’s investment in marketable securities was $71.0 million which includes an aggregate unrealized gain of $25.5 million relating to marketable equity security investments.

During the six months ended June 30, 2013, the Company received $10.6 million in proceeds from the sale of certain marketable equity securities. In connection with this transaction, the Company recognized a gain of $5.3 million.

9. Notes Payable

During March 2013, the Company entered into a new five year 1.0 billion Mexican peso (“MXN”) term loan which matures in March 2018. This term loan bears interest at a rate equal to TIIE (Equilibrium Interbank Interest Rate) plus 1.35% (5.66% as of June 30, 2013). The Company has the option to swap this rate to a fixed rate at any time during the term of the loan.  The Company used these proceeds to repay its 1.0 billion MXN term loan, which matured in March 2013 and bore interest at a fixed rate of 8.58%.  As of June 30, 2013, the outstanding balance on this new term loan was MXN 1.0 billion (USD $76.8 million). 

During May 2013, the Company issued $350.0 million of 10-year Senior Unsecured Notes at an interest rate of 3.125% payable semi-annually in arrears which are scheduled to mature in May 2023. Net proceeds from the issuance were approximately $344.7 million, after related transaction costs of $0.5 million. The proceeds from this issuance were used for general corporate purposes including the partial reduction of borrowings under the Company’s revolving credit facility and the repayment of the $75.0 million senior unsecured notes which matured in June 2013.

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During the six months ended June 30, 2013, the Company repaid (i) its $100.0 million 6.125% senior unsecured notes, which matured in January 2013 and (ii) its $75.0 million 4.70% senior unsecured notes, which matured in June 2013.

During July 2013, a wholly-owned subsidiary of the Company issued $200.0 million Canadian denominated (“CAD”) Series 4 unsecured notes on a private placement basis in Canada. The notes bear interest at 3.855% and are scheduled to mature on August 4, 2020. Proceeds from the notes will be used to repay the Company’s CAD $200.0 million 5.180% unsecured notes maturing on August 16, 2013.

10. Mortgages Payable

During the six months ended June 30, 2013, the Company (i) assumed $243.3 million of individual non-recourse mortgage debt relating to the acquisition of eight operating properties, including an increase of $3.9 million associated with fair value debt adjustments (ii) obtained $17.4 million of individual non-recourse mortgage debt relating to two operating properties and (iii) paid off $66.2 million of mortgage debt that encumbered six properties.

11. Noncontrolling Interests

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling financial interest in accordance with the provisions of the FASB’s Consolidation guidance.  The Company identifies its noncontrolling interests separately within the equity section on the Company’s Condensed Consolidated Balance Sheets. Noncontrolling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions.  Partnership units which are determined to be mandatorily redeemable under the FASB’s Distinguishing Liabilities from Equity guidance are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Condensed Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Company’s Condensed Consolidated Statements of Income.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the six months ended June 30, 2013 and June 30, 2012 (amounts in thousands):

	2013			2012
Balance at January 1,	$	81,076		$	95,074
Issuance of redeemable units		5,223			-
Fair market value adjustment		(1,238	)		-
Fair market value amortization		338			-
Other		87			(15	)
Balance at June 30,	$	85,486		$	95,059

12. Fair Value Measurements

All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management’s estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed.  The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities.  The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales.  Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

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The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):

	June 30, 2013					December 31, 2012
	Carrying Amounts			Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Marketable securities (1)	$	71,009	$		71,277	$	36,541	$	36,825
Notes payable (2)	$	3,284,014	$		3,446,142	$	3,192,127	$	3,408,632
Mortgages payable (3)	$	1,180,760	$		1,238,727	$	1,003,190	$	1,068,616

(1) As of June 30, 2013 and December 31, 2012, the Company determined that $68.0 million and $33.4 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy.

(2) The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy. 

(3) The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. 

The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

The table below presents the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Balance at June 30, 2013		Level 1		Level 2		Level 3
Marketable equity securities	$	67,979	$	67,979	$	-	$	-

	Balance at December 31, 2012		Level 1		Level 2		Level 3
Marketable equity securities	$	33,428	$	33,428	$	-	$	-

Assets measured at fair value on a non-recurring basis at June 30, 2013 and December 31, 2012, are as follows (in thousands):

	Balance at June 30, 2013		Level 1		Level 2		Level 3
Real estate	$	39,506	$	-	$	-	$	39,506
Cost method investment	$	6,976	$	-	$	-	$	6,976

	Balance at December 31, 2012		Level 1		Level 2		Level 3
Real estate	$	52,505	$	-	$	-	$	52,505

During the six months ended June 30, 2013, the Company recognized impairment charges of $81.5 million ($45.8 million of which is included in discontinued operations) of which $73.7 million related to adjustments to property carrying values and $7.8 million relating to a cost method investment. During the six months ended June 30, 2012, the Company recognized impairment charges of $34.6 million ($34.2 million of which is included in discontinued operations) relating to adjustments to property carrying values. The Company’s estimated fair values were primarily based upon estimated sales prices from third party offers relating to property carrying values and a discounted cash flow model relating to the Company’s cost method investment. The Company does not have access to the unobservable inputs used by the third parties to determine these estimated fair values.  The discounted cash flows model includes all estimated cash inflows and outflows over a specified holding period. These cash flows were comprised of unobservable inputs which include contractual revenues and forecasted revenues and expenses based upon market conditions and expectations for growth. The capitalization rate of 6.0% and discount rate of 9.5% which were utilized in this model were based upon observable rates that the Company believes to be within a reasonable range of current market rates for the respective investments. Based on these inputs the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy.

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13. Preferred Stock

The Company’s outstanding Preferred Stock is detailed below (in thousands, except share information and par values):

As of June 30, 2013 and December 31, 2012
Series of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value
Series H		70,000		70,000	$	175,000		6.90	%	$	1.72500	$	1.00
Series I		18,400		16,000		400,000		6.00	%	$	1.50000	$	1.00
Series J		9,000		9,000		225,000		5.50	%	$	1.37500	$	1.00
Series K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00
		105,450		102,000	$	975,000

14. Supplemental Schedule of Non-Cash Investing / Financing Activities

The following schedule summarizes the non-cash investing and financing activities of the Company for the six months ended June 30, 2013 and 2012 (in thousands):

	2013			2012
Acquisition of real estate interests by assumption of mortgage debt	$	36,716		$	116,735
Acquisition of real estate interests by issuance of redeemable units	$	3,985		$	-
Issuance of restricted common stock	$	9,213		$	18,066
Surrender of restricted common stock	$	(3,176	)	$	(1,555	)
Disposition of real estate interests by assignment of debt	$	-		$	13,655
Disposition of real estate through the issuance of an unsecured obligation	$	3,513		$	1,750
Declaration of dividends paid in succeeding period	$	98,326		$	98,883
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	228,200		$	-
Increase in mortgages payable	$	206,489		$	-

15. Incentive Plans

The Company maintains two equity participation plans, the Second Amended and Restated 1998 Equity Participation Plan (the “Prior Plan”) and the 2010 Equity Participation Plan (the “2010 Plan”) (collectively, the “Plans”).  The Prior Plan provides for a maximum of 47,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified stock options and restricted stock grants.  Effective May 1, 2012, the 2010 Plan provides for a maximum of 10,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified stock options and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are not thereafter issued under the Prior Plan, subject to certain conditions.  Unless otherwise determined by the Board of Directors at its sole discretion, stock options granted under the Plans generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant.  Restricted stock grants generally vest (i) 100% on the fourth or fifth anniversary of the grant, (ii) ratably over three or four years, (iii) over three years, at 50% after two years and 50% after the third year or (iv) over ten years at 20% per year commencing after the fifth year.  Performance share awards may provide a right to receive shares of restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors.  In addition, the Plans provide for the granting of certain stock options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

The Company recognized expenses associated with its equity awards of $10.9 million and $11.7 million for the six months ended June 30, 2013 and 2012, respectively.  As of June 30, 2013, the Company had $37.2 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans.  That cost is expected to be recognized over a weighted average period of approximately 3.8 years.

16. Taxable REIT Subsidiaries (“TRS”)

The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include wholly owned subsidiaries of the Company, Kimco Realty Services ("KRS"), which due to a merger on April 1, 2013 includes FNC Realty Corporation (“FNC”), and the consolidated entity Blue Ridge Real Estate Company/Big Boulder Corporation.  On April 2, 2013, the Company contributed its interest in FNC to KRS and KRS acquired all of the outstanding stock of FNC in a reverse cash merger. The Company is also subject to local non-U.S. taxes on certain investments located outside the U.S.

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Income taxes have been provided for on the asset and liability method as required by the FASB’s Income Taxes guidance.  Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of the taxable assets and liabilities.

The Company’s deferred tax assets and liabilities, which are included in the caption Other assets and Other liabilities on the accompanying Condensed Consolidated Balance Sheets, at June 30, 2013 and December 31, 2012, were as follows (in thousands):

	June 30, 2013			December 31, 2012
Deferred tax assets:
Tax/GAAP basis differences	$	59,145		$	68,623
Net operating losses		68,890			43,483
Related party deferred loss		6,214			6,214
Tax credit carryforwards		3,815			3,815
Capital loss carryforwards		647			647
Charitable contribution carryforward		3			3
Non-U.S. tax/GAAP basis differences		65,469			62,548
Valuation allowance – U.S.		(25,045	)		(33,783	)
Valuation allowance – Non-U.S.		(40,381	)		(38,129	)
Total deferred tax assets		138,757			113,421
Deferred tax liabilities – U.S.		(19,235	)		(9,933	)
Deferred tax liabilities – Non-U.S.		(14,039	)		(13,263	)
Net deferred tax assets	$	105,483		$	90,225

As of June 30, 2013, the Company had net deferred tax assets of $105.5 million comprised of (i) $94.4 million primarily related to KRS (including $20.3 million related to FNC) and (ii) $11.1 million related to its foreign investments. During the six months ended June 30, 2013, the Company determined that a reduction of $8.7 million of the valuation allowance against the FNC deferred tax assets was deemed appropriate based on expected future taxable income. The Company determined that no additional valuation allowance was needed against the remaining net deferred tax asset as future earnings are anticipated to be sufficient to more likely than not realize its net deferred tax asset. The Company based its determination on an analysis of both positive and negative evidence. If future income projections do not occur as forecasted and future taxable earnings are insufficient, the Company will reevaluate the need for an additional valuation allowance.

Uncertain Tax Positions:

The Company is subject to income tax in certain jurisdictions outside the U.S., principally Canada and Mexico.  The statute of limitations on assessment of tax varies from three to seven years depending on the jurisdiction and tax issue. Tax returns filed in each jurisdiction are subject to examination by local tax authorities.  The Company is currently under audit by the Canadian Revenue Agency, Mexican Tax Authority and the U.S. Internal Revenue Service (“IRS”).  In October 2011, the IRS issued a notice of proposed adjustment, which proposes pursuant to Section 482 of the Code, to disallow a capital loss claimed by KRS on the disposition of common shares of Valad Property Ltd., an Australian publicly listed company.  Because the adjustment is being made pursuant to Section 482 of the Code, the IRS may assert a 100 percent “penalty” tax pursuant to Section 857(b)(7) of the Code in lieu of disallowing the capital loss deduction. The notice of proposed adjustment indicates the IRS’ intention to impose the 100 percent penalty tax on the Company in the amount of $40.9 million and disallowing the capital loss claimed by KRS.  The Company strongly disagrees with the IRS’ position on the application of Section 482 of the Code to the disposition of the shares, the imposition of the 100 percent penalty tax and the simultaneous assertion of the penalty tax and disallowance of the capital loss deduction. The Company received a Notice of Proposed Assessment and filed a written protest and requested an IRS Appeals Office conference, which has yet to be scheduled.  The Company intends to vigorously defend its position in this matter and believes it will prevail. Resolutions of these audits are not expected to have a material effect on the Company’s financial statements.

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17. Accumulated Other Comprehensive Income (“AOCI”)

The following table displays the change in the components of accumulated other comprehensive income for the six months ended June 30, 2013:

	Foreign Currency Translation Adjustments			Unrealized Gains on Available-for-Sale Investments			Total
Balance as of December 31, 2012	$	(85,404	)	$	19,222		$	(66,182	)
Other comprehensive income before reclassifications		(1,844	)		13,422			11,578
Amounts reclassified from AOCI (1)		-			(7,194	)		(7,194	)
Net current-period other comprehensive income		(1,844	)		6,228			4,384
Balance as of June 30, 2013	$	(87,248	)	$	25,450		$	(61,798	)

(1) Amounts were reclassified to Interest, dividends and other investment income on the Company’s Condensed Consolidated Statements of Income.

18. Pro Forma Financial Information

As discussed in Note 2, the Company and certain of its affiliates acquired and disposed of interests in certain operating properties during the six months ended June 30, 2013. The pro forma financial information set forth below is based upon the Company’s historical Condensed Consolidated Statements of Income for the six months ended June 30, 2013 and 2012, adjusted to give effect to these transactions at the beginning of 2012.

The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of each year, nor does it purport to represent the results of future operations (amounts presented in millions, except per share figures). 

	Six Months Ended June 30,
	2013		2012
Revenues from rental property	$	472.9	$	431.1
Net income	$	173.7	$	133.9
Net income available to the Company’s common shareholders	$	140.3	$	88.7
Net income available to the Company’s common shareholders per common share:
Basic	$	0.34	$	0.22
Diluted	$	0.34	$	0.22

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Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q, together with other statements and information publicly disseminated by the Company contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions.  Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performances or achievements.  Factors which may cause actual results to differ materially from current expectations include, but are not limited to (i) general adverse economic and local real estate conditions, (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 for the Company, (iv) the Company’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) risks related to our international operations, (viii) the availability of suitable acquisition and disposition opportunities, (ix) valuation and risks related to our joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the Company’s common stock, (xiii) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity and the risk factors discussed in Part II, Item 1A. included in this Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2012, Accordingly, there is no assurance that the Company’s expectations will be realized.

The following discussion should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and Notes thereto.  These unaudited financial statements include all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.

Executive Summary

Kimco Realty Corporation is one of the nation’s largest publicly-traded owners and operators of neighborhood and community shopping centers.  As of June 30, 2013, the Company had interests in 874 shopping center properties (the “Combined Shopping Center Portfolio”) aggregating 128.0 million square feet of gross leasable area (“GLA”) and 682 other property interests, primarily through the Company’s preferred equity investments, other real estate investments and non-retail properties, totaling 25.4 million square feet of GLA, for a grand total of 1,556 properties aggregating 153.4 million square feet of GLA, located in 43 states, Puerto Rico, Canada, Mexico, Chile, Brazil and Peru.

The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company.

The Company’s vision is to be the premier owner and operator of shopping centers with its core business operations focusing on owning and operating neighborhood and community shopping centers through investments in North America.  This vision has entailed a shift away from non-retail assets that the Company currently holds. These investments include non-retail preferred equity investments, marketable securities, mortgages on non-retail properties and several urban mixed-use properties.  The Company has been actively selling its non-retail assets and investments. As of June 30, 2013, these investments had a book value of $212.9 million, which represents less than 1.9% of the Company’s total assets, before depreciation. In addition, the Company has an active capital recycling program of selling retail assets deemed non-strategic. If the Company accepts sales prices for these non-retail and/or non-strategic assets that are less than their net carrying values, the Company would be required to take impairment charges. In order to execute the Company’s vision, the Company’s strategy is to continue to strengthen its balance sheet by pursuing deleveraging efforts over time, providing it the necessary flexibility to invest opportunistically and selectively, primarily focusing on neighborhood and community shopping centers.  In addition, the Company has an institutional management business with domestic and foreign institutional partners for the purpose of investing in neighborhood and community shopping centers.

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Results of Operations

Comparison of the three months ended June 30, 2013 to 2012

	Three Months Ended June 30, (amounts in millions)
	2013		2012		Increase		% change
Revenues from rental property (1)	$	237.1	$	217.8	$	19.3		8.9	%
Rental property expenses: (2)
Rent	$	3.4	$	2.9	$	0.5		17.2	%
Real estate taxes		28.9		28.0		0.9		3.2	%
Operating and maintenance		31.4		26.8		4.6		17.2	%
	$	63.7	$	57.7	$	6.0		10.4	%
Depreciation and amortization (3)	$	63.4	$	59.7	$	3.7		6.2	%

Comparison of the six months ended June 30, 2013 to 2012

	Six Months Ended June 30,  (amounts in millions)
	2013		2012		Increase		% change
Revenues from rental property (1)	$	467.4	$	429.9	$	37.5		8.7	%
Rental property expenses: (2)
Rent	$	6.7	$	6.2	$	0.5		8.1	%
Real estate taxes		58.3		55.6		2.7		4.9	%
Operating and maintenance		59.6		52.4		7.2		13.7	%
	$	124.6	$	114.2	$	10.4		9.1	%
Depreciation and amortization (3)	$	125.1	$	118.3	$	6.8		5.7	%

(1) Revenues from rental property increased primarily from the combined effect of (i) the acquisition of operating properties during 2013 and 2012, providing incremental revenues for the three and six months ended June, 2013 of $16.5 million and $31.7 million, respectively, as compared to the corresponding periods in 2012, (ii) an overall increase in the consolidated shopping center portfolio occupancy to 93.3% at June 30, 2013, as compared to 92.8% at June 30, 2012, (iii) the completion of certain development and redevelopment projects, tenant buyouts and net growth in the current portfolio, providing incremental revenues for the three and six months ended June 30, 2013 of $1.4 million and $2.5 million, respectively, as compared to the corresponding periods in 2012, and (iv) an increase in revenues relating to the Company’s Latin America portfolio of $1.4 million and $3.3 million, respectively, for the three and six months ended June 30, 2013, as compared to the corresponding periods in 2012.

(2) Rental property expenses include (i) rent expense relating to ground lease payments for which the Company is the lessee; (ii) real estate tax expense for consolidated properties for which the Company has a controlling ownership interest and (iii) operating and maintenance expense, which consists of property related costs including repairs and maintenance costs, roof repair, landscaping, parking lot repair, snow removal, utilities, property insurance costs, security and various other property related expenses. Rental property expenses increased for the three months ended June 30, 2013, as compared to the corresponding period in 2012, primarily due to (i) an increase in real estate taxes of $0.9 million, primarily due to acquisitions of properties during 2013 and 2012, (ii) an increase in repairs and maintenance costs of $2.7 million, primarily due to acquisitions of properties during 2013 and 2012, (iii) an increase in snow removal costs of $1.3 million and (iv) an increase in utilities expense of $0.5 million. Rental property expenses increased for the six months ended June 30, 2013, as compared to the corresponding period in 2012, primarily due to (i) an increase in real estate taxes of $2.7 million, primarily due to acquisitions of properties during 2013 and 2012, (ii) an increase in repairs and maintenance costs of $3.7 million, primarily due to acquisitions of properties during 2013 and 2012, (iii) an increase in snow removal costs of $2.1 million, (iv) an increase in utilities expense of $0.8 million and (v) an increase in insurance premiums of $0.6 million.

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(3) Depreciation and amortization increased for the three and six months ended June 30, 2013, as compared to the corresponding period in 2012, primarily due to (i) operating property acquisitions during 2013 and 2012 and (ii) expensing of unamortized tenant costs related to tenant vacancies prior to their lease expiration, partially offset by (iii) certain operating property dispositions during 2013 and 2012.

During the six months ended June 30, 2013, the Company recognized impairment charges of $81.5 million ($45.8 million of which is included in discontinued operations) of which $73.7 million related to adjustments to property carrying values and $7.8 million relating to a cost method investment. During the six months ended June 30, 2012, the Company recognized impairment charges of $34.6 million ($34.2 million of which is included in discontinued operations) relating to adjustments to property carrying values. The Company’s estimated fair values were primarily based upon estimated sales prices from third party offers relating to property carrying values and a discounted cash flow model relating to the Company’s cost method investment. Based on the usage of estimated sales prices and discounted cash flow model as inputs to determine fair value the Company determined that its valuation of these investments was classified within Level 3 of the FASB’s fair value hierarchy. The property carrying value impairment charges resulted from the Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions.

Interest, dividends and other investment income increased $6.2 million and $8.7 million for the three and six months ended June 30, 2013, as compared to the corresponding periods in 2012. These increases are primarily due to an increase in realized gains of $5.3 million resulting from the sale of certain marketable securities during 2013 and an increase in cash distributions related to cost method investments of $0.7 million and $2.8 million for the three and six months ended June 30, 2013, respectively, as compared to the corresponding periods in 2012.

Other (expense)/income, net changed $3.0 million to $2.5 million of expense for the three months ended June 30, 2013, as compared to $0.5 million of income for the three months ended June 30, 2012. Additionally, Other (expense)/income, net changed $2.9 million to $6.0 million of expense for the six months ended June 30, 2013, as compared to $3.1 million of expense for the six months ended June 30, 2012. These changes are primarily due to decreases in gains on land sales of $2.4 million and $3.2 million for the three and six months ended June 30, 2013, respectively, as compared to the corresponding periods in 2012.

Interest expense decreased $4.8 million for the six months ended June 30, 2013, as compared to the corresponding period in 2012.  This decrease is primarily related to lower interest rates on borrowings during the six months ended June 30, 2013, as compared to the corresponding period in 2012.

Benefit/(provision) for income taxes, net changed $15.1 million to a benefit of $11.8 million for the three months ended June 30, 2013, as compared to a provision of $3.3 million for the corresponding period in 2012. This change is primarily due to (i) an increase in income tax benefit of $6.7 million related to impairments taken during the three months ended June 30, 2013, as compared to the corresponding period in 2012, (ii) a partial release of the deferred tax valuation allowance of $8.7 million related to FNC Realty Corporation (“FNC”) based on the Company’s estimated future earnings of FNC and (iii) a decrease in tax provision of $2.8 million resulting from a decrease in equity in income recognized in connection with the Albertson’s investment during 2013, as compared to 2012, partially offset by (iv) an increase in foreign taxes of $1.7 million primarily relating to changes in foreign currency exchange rates.

Benefit/(provision) for income taxes, net changed $4.2 million to a provision of $3.9 million for the six months ended June 30, 2013, as compared to a provision of $8.1 million for the corresponding period in 2012. This change is primarily due to (i) an increase in income tax benefit of $6.7 million related to impairments taken during the six months ended June 30, 2013, as compared to the corresponding period in 2012, (ii) a partial release of the deferred tax valuation allowance of $8.7 million related to FNC based on the Company’s estimated future earnings of FNC and (iii) a decrease in tax provision of $2.6 million resulting from a decrease in equity in income recognized in connection with the Albertson’s investment during 2013, as compared to 2012, partially offset by (iv) an increase in income tax expense of $9.1 million relating to a change in control gain resulting from the purchase of a partner’s noncontrolling interest in an unconsolidated joint venture, (v) an increase in foreign taxes of $1.3 million primarily relating to changes in foreign currency exchange rates and (vi) an increase in tax provision of $1.5 million for the six months ended June 30, 2013, as compared to the corresponding period in 2012, resulting from incremental earnings due to increased profitability from properties within the Company’s taxable REIT subsidiaries.

Equity in income of joint ventures, net increased $29.2 million for the three months ended June 30, 2013, as compared to the corresponding period in 2012. This increase is primarily the result of (i) an increase in gains of $29.5 million resulting from the sale of properties within various joint venture investments during the three months ended June 30, 2013, as compared to the corresponding period in 2012, (ii) an increase in equity in income of $1.3 million from the Company’s InTown Suites investment primarily resulting from increased operating profitability, (iii) an increase in equity in income from two joint ventures of $0.6 million due to the Company’s increase in ownership percentage and (iv) incremental earnings due to increased profitability from properties within the Company’s joint venture program, partially offset by (v) the recognition of $7.5 million in income on the sale of certain air rights at a property within one of the Company’s joint venture investments in Canada during 2012.

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Equity in income of joint ventures, net increased $18.5 million for the six months ended June 30, 2013, as compared to the corresponding period in 2012. This increase is primarily the result of (i) an increase in gains of $20.3 million resulting from the sale of properties within various joint venture investments during 2013 as compared to 2012, (ii) an increase in equity in income of $0.6 million from the Company’s InTown Suites investment primarily resulting from increased operating profitability, (iii) an increase in equity in income from two joint ventures of $0.4 million due to the Company’s increase in ownership percentage, (iv) incremental earnings due to increased profitability from properties within the Company’s joint venture program, partially offset by (v) the recognition of $7.5 million in income on the sale of certain air rights at a property within one of the Company’s joint venture investments in Canada during 2012.

During June 2013, the Intown portfolio was sold for a sales price of $735.0 million which included the assignment of $609.2 million in debt. This transaction resulted in a deferred gain to the Company of $21.7 million. The Company continues to maintain its guarantee of $145.2 million of outstanding debt assumed by the buyer. The guarantee is collateralized by the buyer’s ownership interest in the portfolio. The Company is entitled to a guarantee fee, for the initial term of the loan, which is scheduled to mature in December 2015. The guarantee fee is calculated based upon the difference between LIBOR plus 1.15% and 5.0% per annum multiplied by the outstanding amount of the loan. Additionally, the Company has entered into a commitment to provide financing up to $145.2 million for five years past the date of maturity. This commitment can be in the form of extensions with the current lender or a new lender or financing directly from the Company to the buyer. Due to this continued involvement, the Company deferred its gain until such time that the guarantee and commitment expire.

During the six months ended June 30, 2013, the Company acquired four properties from joint ventures in which the Company had noncontrolling interests.  The Company recorded an aggregate net gain on change in control of interests of $21.7 million related to the fair value adjustment associated with its original ownership of these properties.

During the six months ended June 30, 2012, the Company acquired three properties from a joint venture in which the Company had a noncontrolling interest.  The Company recorded an aggregate gain on change in control of interests of $14.2 million related to the fair value adjustment associated with its original ownership of these properties.

During the six months ended June 30, 2013, the Company disposed of 13 operating properties, in separate transactions, for an aggregate sales price of $100.8 million. These transactions, which are included in Discontinued Operations, resulted in an aggregate gain of $4.4 million and impairment charges of $20.8 million, after income taxes.

Additionally, during the six months ended June 30, 2013, the Company disposed of two land parcels for a sales price of $10.9 million and recognized aggregate impairment charges of $0.3 million related to these transactions, which are recorded as Impairment charges in the Company’s Condensed Consolidated Statements of Income.

During the six months ended June 30, 2012, the Company (i) disposed of 23 operating properties and two outparcels, in separate transactions, for an aggregate sales price of $157.2 million. These transactions, which are included in Discontinued Operations, resulted in an aggregate gain of $23.2 million and impairment charges of $34.2 million, before income taxes.

During the six months ended June 30, 2012, the Company sold an operating property to a newly formed unconsolidated joint venture in which the Company has a noncontrolling interest for a sales price of $55.5 million. This transaction resulted in a pre-tax gain of $10.0 million, before income taxes, of which the Company deferred $2.0 million due to its continued involvement. This gain has been recorded as Gain on sale of operating properties, net of tax in the Company’s Condensed Consolidated Statements of Income.

Net income attributable to the Company was $51.1 million and $118.9 million for the three and six months ended June 30, 2013, respectively. Net income attributable to the Company for the three and six months ended June 30, 2012 was $69.1 million and $122.8 million, respectively. On a diluted per share basis, net income was $0.09 and $0.22 for the three and six month period ended June 30, 2013, as compared to $0.12 and $0.21 for the three and six month period ended June 30, 2012. These changes are primarily attributable to (i) incremental earnings due to increased profitability from the Company’s operating properties and the acquisition of operating properties during 2013 and 2012, (ii) an increase in gains on change in control of interests (iii) an increase in equity in income of joint ventures, net, and (iv) an increase in tax benefit resulting from impairment charges taken in 2013 as well as a partial release of a deferred tax valuation allowance in FNC, partially offset by, (v) an increase in impairment charges recognized.

 Tenant Concentration

The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties, avoiding dependence on any single property, and a large tenant base.  At June 30, 2013, the Company’s five largest tenants were TJX Companies, The Home Depot, Wal-Mart, Sears Holdings and Bed Bath & Beyond, which represented 3.0%, 2.9%, 2.5%, 1.8% and 1.8%, respectively, of the Company’s annualized base rental revenues including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.

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Liquidity and Capital Resources

The Company’s capital resources include accessing the public debt and equity capital markets, mortgage and construction loan financing and immediate access to an unsecured revolving credit facility with aggregate bank commitments of $1.75 billion.

The Company’s cash flow activities are summarized as follows (in millions):

	Six Months Ended June 30,
	2013			2012
Net cash flow provided by operating activities	$	265.5		$	275.4
Net cash flow used for investing activities	$	(97.5	)	$	(144.9	)
Net cash flow (used for)/provided by financing activities	$	(153.5	)	$	140.3

Operating Activities

The Company anticipates that cash on hand, borrowings under its revolving credit facility, issuance of equity and public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company.  Net cash flow provided by operating activities for the six months ended June 30, 2013, was primarily attributable to (i) cash flow from the diverse portfolio of rental properties, (ii) the acquisition of operating properties during 2013 and 2012, (iii) new leasing, expansion and re-tenanting of core portfolio properties and (iv) distributions from the Company’s joint venture programs.

Cash flows provided by operating activities for the six months ended June 30, 2013, were $265.5 million, as compared to $275.4 million for the comparable period in 2012.  This decrease of $9.9 million is primarily attributable to (i) decreased distributions from joint ventures and other real estate investments and (ii) changes in accounts and notes receivable, other operating assets and liabilities, and accounts payable and accrued expenses due to timing of receipts and payments, partially offset by, (iii) higher operational income from operating properties including properties acquired during 2013 and 2012.

Investing Activities

Cash flows used for investing activities for the six months ended June 30, 2013, was $97.5 million, as compared to $144.9 million for the comparable period in 2012. This change of $47.4 million resulted primarily from (i) an increase in reimbursements of investments and advances to real estate joint ventures of $215.2 million, (ii) a decrease in acquisition of operating real estate of $122.1 million, (iii) an increase in proceeds from the sale of marketable securities of $10.6 million, partially offset by, (iv) an increase in investments and advances to real estate joint ventures of $118.7 million, (v) a decrease in proceeds from the sale of operating properties of $95.7 million, (vi) an increase in investment in marketable securities of $33.6 million, (vii) an increase in other investments of $20.6 million, (viii) an increase in other real estate investments of $19.1 million, (ix) increase in investment in mortgage loan receivable of $11.0 million, and (x) a decrease in reimbursements of investments and advances to other real estate investments and other investments of $14.4 million.

Improvements to Operating Real Estate -

During the six months ended June 30, 2013 and 2012, the Company expended $49.5 million and $61.6 million, respectively, towards improvements to operating real estate. These amounts are made up of the following (in thousamds):

	The Six Months Ended June 30,
	2013		2012
Redevelopment/renovations	$	12,970	$	28,690
Tenant improvements/tenant allowances		30,407		24,693
Other		6,120		8,210
Total	$	49,497	$	61,593

This decrease is primarily related to decreased spending in the Latin American portfolio relating to fewer tenant improvements during the six months ended June 30, 2013, as compared to the corresponding period in 2012.

Additionally, during the six months ended June 30, 2013 and 2012 the Company capitalized interest of $0.6 million and $0.9 million, respectively, and capitalized payroll of $0.4 million and $0.6 million, respectively, in connection with the Company’s improvements of real estate.

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The Company has an ongoing program to reformat and re-tenant its properties to maintain or enhance its competitive position in the marketplace.  The Company anticipates its total capital commitment toward these reformatting and re-tenanting efforts and other redevelopment projects during 2013 will be approximately $90 million to $100 million.  The funding of these capital requirements will be provided by cash flow from operating activities and availability under the Company’s revolving line of credit.

Investments and Advances to Joint Ventures -

During the six months ended June 30, 2013, the Company expended $239.9 million for investments and advances to real estate joint ventures, which is primarily related to the Company’s acquisition of additional ownership interest in certain joint ventures and the acquisition of and improvements to properties within the joint ventures, and received $295.2 million from reimbursements of investments and advances to real estate joint ventures.

Improvements to Real Estate Under Development -

The Company is engaged in ground-up development projects which will be held as long-term investments by the Company.  The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of June 30, 2013, the Company had a total of three ground-up development projects, consisting of two projects located in the U.S. and one project located in Peru.

The Company anticipates its total capital commitment during 2013 toward these development projects will be approximately $5 million to $10 million.  The proceeds from availability under the Company’s revolving line of credit are expected to be sufficient to fund these anticipated capital requirements.

Dispositions and Transfers-

During the six months ended June 30, 2013, the Company received net proceeds of $110.4 million relating to the sale of various operating properties.

Financing Activities

Cash flows used for financing activities for the six months ended June 30, 2013, were $153.5 million, as compared to cash provided by financing activities $140.3 million for the comparable period in 2012.  This change of $293.8 million resulted primarily from (i) an increase in net repayments under unsecured term loan/notes of $225.1 million, (ii) a decrease in proceeds from issuance of stock of $366.5 million, (iii) an increase in redemption of noncontrolling interests of $19.6 million due to the Company’s acquisition of the remaining shares of FNC, and (iv) an increase in dividends paid of $14.9 million, partially offset by, (v) an increase in repayments under the Company’s unsecured revolving credit facility of $163.3 million, (vi) a decrease in principal payments of $133.7 million, (vii) a decrease in repurchases of common stock of $29.0 million, and (viii) an increase in proceeds from mortgage/construction loan financing of $11.1 million

Debt maturities for the remainder of 2013 consist of: $359.2 million of consolidated debt; $131.3 million of unconsolidated joint venture debt and $91.7 million of debt on properties included in the Company’s preferred equity program, assuming the utilization of extension options where available.  The 2013 consolidated debt maturities are anticipated to be repaid with operating cash flows, borrowings from the Company’s credit facility (which at June 30, 2013, had $1.56 billion available) and debt refinancing.  The 2013 unconsolidated joint venture and preferred equity debt maturities are anticipated to be repaid through debt refinancing and partner capital contributions, as deemed appropriate.

The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintain its investment-grade debt ratings.  The Company plans to continue strengthening its balance sheet by pursuing deleveraging efforts over time.  The Company may, from time-to-time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings and/or mortgage/construction loan financings and other capital alternatives.

Since the completion of the Company’s IPO in 1991, the Company has utilized the public debt and equity markets as its principal source of capital for its expansion needs. Since the IPO, the Company has completed additional offerings of its public unsecured debt and equity, raising in the aggregate over $9.3 billion.  Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in neighborhood and community shopping centers, funding ground-up development projects, expanding and improving properties in the portfolio and other investments.

The Company has a $1.75 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which is scheduled to expire in October 2015 and has a one-year extension option.  This credit facility provides funds to finance general corporate purposes, including (i) property acquisitions, (ii) investments in the Company’s institutional management programs, (iii) development and redevelopment costs and (iv) any short-term working capital requirements. Interest on borrowings under the Credit Facility accrues at LIBOR plus 1.05% and fluctuates in accordance with changes in the Company’s senior debt ratings and has a facility fee of 0.20% per annum.  As part of this Credit Facility, the Company has a competitive bid option whereby the Company could auction up to $875.0 million of its requested borrowings to the bank group.  This competitive bid option provides the Company the opportunity to obtain pricing below the currently stated spread.  In addition, as part of the Credit Facility, the Company has a $500.0 million sub-limit which provides it the opportunity to borrow in alternative currencies such as Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios.  As of June 30, 2013, the Credit Facility had a balance of $186.6 million outstanding and $3.8 million appropriated for letters of credit.

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Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to maintenance of various covenants.  The Company is currently not in violation of these covenants.  The financial covenants for the Credit Facility are as follows:

Covenant	Must Be	As of 6/30/13
Total Indebtedness to Gross Asset Value (“GAV”)	<60%	45%
Total Priority Indebtedness to GAV	<35%	11%
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense	>1.75x	3.57x
Fixed Charge Total Adjusted EBITDA to Total Debt Service	>1.50x	2.40x

For a full description of the Credit Facility’s covenants refer to the Credit Agreement dated as of October 27, 2011, filed as Exhibit 10.1to the Company’s Current Report on Form 8-K dated November 2, 2011.

During March 2013, the Company entered into a new five year 1.0 billion a Mexican peso (“MXN”) term loan which matures in March 2018. This term loan bears interest at a rate equal to TIIE (Equilibrium Interbank Interest Rate) plus 1.35% (5.66% as of June 30, 2013). The Company has the option to swap this rate to a fixed rate at any time during the term of the loan.  The Company used these proceeds to repay its 1.0 billion MXN term loan, which matured in March 2013 and bore interest at a fixed rate of 8.58%.  As of June 30, 2013, the outstanding balance on this new term loan was MXN 1.0 billion (USD $76.8 million).  The Mexican term loan covenants are similar to the Credit Facility covenants described above.

During April 2012, the Company filed a shelf registration statement on Form S-3, which is effective for a term of three years, for the future unlimited offerings, from time-to-time, of debt securities, preferred stock, depositary shares, common stock and common stock warrants. The Company, pursuant to this shelf registration statement may, from time-to-time, offer for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company’s debt maturities.

The Company’s supplemental indenture governing its senior notes contains the following covenants, all of which the Company is compliant with:

Covenant	Must Be	As of 6/30/13
Consolidated Indebtedness to Total Assets	<60%	39%
Consolidated Secured Indebtedness to Total Assets	<40%	10%
Consolidated Income Available for Debt Service to Maximum Annual Service Charge	>1.50x	4.3x
Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness	>1.50x	2.8x

For a full description of the various indenture covenants refer to the Indenture dated September 1, 1993; First Supplemental Indenture dated August 4, 1994; the Second Supplemental Indenture dated April 7, 1995; the Third Supplemental Indenture dated June 2, 2006; the Fifth Supplemental Indenture dated as of September 24, 2009; the Fifth Supplemental Indenture dated as of October 31, 2006; the Sixth Supplemental Indenture dated as of May 23, 2013 filed in the Company's Current Report on Form 8-K dated May 23, 2013 and First Supplemental Indenture dated October 31, 2006, as filed with the U.S. Securities and Exchange Commission.

During May 2013, the Company issued $350.0 million of 10-year Senior Unsecured Notes at an interest rate of 3.125% payable semi-annually in arrears and are scheduled to mature in May 2023. Net proceeds from the issuance were approximately $344.7 million, after related transaction costs of $0.5 million. The proceeds were used for general corporate purposes including the partial reduction of borrowings under the Company’s revolving credit facility and the repayment of the $75.0 million senior unsecured notes which matured in June 2013.

During the six months ended June 30, 2013, the Company repaid (i) its $100.0 million 6.125% senior unsecured notes, which matured in January 2013 and (ii) its $75.0 million 4.70% senior unsecured notes, which matured in June 2013.

During July 2013 a wholly-owned subsidiary of the Company issued $200.0 million Canadian denominated (“CAD”) Series 4 unsecured notes on a private placement basis in Canada. The notes bear interest at 3.855% and are scheduled to mature on August 4, 2020. Proceeds from these notes will be used to repay the Company’s CAD $200.0 million 5.180% unsecured notes maturing on August 16, 2013.

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The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common shares in connection with the exercise of stock options or the issuance of restricted stock awards. These repurchases may occur in open market purchases, privately negotiated transactions or otherwise, subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors.  During the six months ended June 30, 2013, the Company did not repurchase shares of its common stock.

In addition to the public equity and debt markets as capital sources, the Company may, from time-to-time, obtain mortgage financing on selected properties and construction loans to partially fund the capital needs of its ground-up development projects.  As of June 30, 2013, the Company had over 390 unencumbered property interests in its portfolio.

During the six months ended June 30, 2013, the Company (i) assumed $243.3 million of individual non-recourse mortgage debt relating to the acquisition of eight operating properties, including an increase of $3.9 million associated with fair value debt adjustments, (ii) obtained $17.4 million of individual non-recourse mortgage debt relating to two operating properties and (ii) paid off $66.2 million of mortgage debt that encumbered six properties.

In connection with its intention to continue to qualify as a REIT for federal income tax purposes, the Company expects to continue paying regular dividends to its stockholders. These dividends will be paid from operating cash flows. The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as the Board of Directors monitors sources of capital and evaluates the impact of the economy and capital markets availability on operating fundamentals.  Since cash used to pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a conservative dividend payout ratio, reserving such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors as the Board of Directors considers appropriate.  Cash dividends paid for the six months ended June 30, 2013 and 2012 were $199.2 million and $184.3 million, respectively.

Although the Company receives substantially all of its rental payments on a monthly basis, it generally intends to continue paying dividends quarterly.  Amounts accumulated in advance of each quarterly distribution will be invested by the Company in short-term money market or other suitable instruments.  The Company’s Board of Directors declared a quarterly cash dividend of $0.21 per common share payable to shareholders of record on July 3, 2013, which was paid on July 15, 2013. The Board of Directors declared a quarterly cash dividend of $0.21 per common share payable to shareholders of record on October 3, 2013, which is scheduled to be paid on October 15, 2013.

Funds from Operations

Funds From Operations (“FFO”) is a supplemental non-GAAP measure utilized to evaluate the operating performance of real estate companies. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income/(loss) attributable to common shareholders computed in accordance with generally accepted accounting principles (“GAAP”), excluding (i) gains or losses from sales of operating real estate assets and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties and (iv) impairment of depreciable real estate and in substance real estate equity investments and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis.

The Company presents FFO as it considers it an important supplemental measure of our operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

The Company also presents FFO as adjusted as an additional supplemental measure as it believes it is more reflective of the Company’s core operating performance. The Company believes FFO as adjusted provides investors and analysts an additional measure in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. FFO as adjusted is generally calculated by the Company as FFO excluding certain transactional income and expenses and non-operating impairments which management believes are not reflective of the results within the Company’s operating real estate portfolio.

FFO is a supplemental non-GAAP financial measure of real estate companies’ operating performances, which does not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered an alternative for net income as a measure of liquidity.  Our method of calculating FFO and FFO as adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

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The Company’s reconciliation of net income available to common shareholders to FFO and FFO as adjusted for the three and six months ended June 30, 2013 and 2012, is as follows (in thousands, except per share data):

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2013				2012				2013				2012
Net income available to common shareholders	$	36,566			$	48,271			$	89,762			$	86,335
Gain on disposition of operating property, net of noncontrolling interests		(1,869	)			(15,332	)			(4,904	)			(24,722	)
Gain on disposition of joint venture operating properties		(37,454	)			(11,948	)			(50,756	)			(22,372	)
Depreciation and amortization - real estate related		62,514				64,873				123,297				128,537
Depreciation and amortization - real estate joint ventures, net of noncontrolling interests		32,089				33,643				65,050				67,685
Impairment of operating properties, net of tax and noncontrolling interests		49,796				18,482				54,073				28,775
FFO		141,642				137,989				276,522				264,238
Transactional (income)/expense:
Profit participation from other real estate investments		(155	)			(5,239	)			(4,091	)			(8,888	)
Promote income from real estate joint ventures		-				(1,065	)			-				(3,921	)
Gains from land sales		(312	)			(7,780	)			(165	)			(8,295	)
Acquisition costs		1,040				2,240				2,795				6,169
Executive severance costs		-				-				-				2,472
Excess distribution from a cost method investment		(686	)			-				(1,965	)			-
Impairment of other investments		15,679				-				16,028				-
Gain on sale of marketable securities		(5,329	)			-				(5,329	)			-
Deferred tax valuation allowance release		(9,126	)			-				(9,126	)			-
Other (income) /expense, net		(631	)			98				(366	)			356
Total transactional charges/(income), net		480				(11,746	)			(2,219	)			(12,107	)
FFO as adjusted	$	142,122			$	126,243			$	274,303			$	252,131
Weighted average shares outstanding for FFO calculations:
Basic		407,640				405,560				407,154				405,916
Units		1,519				1,524				1,524				1,532
Dilutive effect of equity awards		2,780				2,260				2,598				2,255
Diluted		411,939		(1)		409,344		(1)		411,276		(1)		409,703		(1)
FFO per common share – basic	$	0.35			$	0.34			$	0.68			$	0.65
FFO per common share – diluted	$	0.35		(1)	$	0.34		(1)	$	0.68		(1)	$	0.65		(1)
FFO as adjusted per common share – basic	$	0.35			$	0.31			$	0.67			$	0.62
FFO as adjusted per common share – diluted	$	0.35		(1)	$	0.31		(1)	$	0.67		(1)	$	0.62		(1)

(1) Reflects the potential impact if certain units were converted to common stock at the beginning of the period, which would have a dilutive effect on FFO. FFO would be increased by $625 and $520 for the three months ended June 30, 2013 and 2012, respectively, and $1,249 and $1,039 for the six months ended June 30, 2013 and 2012, respectively. The effect of other certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share.  Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations. 

Same Property Net Operating Income

Same Property Net Operating Income (“Same Property NOI”) is a supplemental non-GAAP financial measure of real estate companies’ operating performance. Same Property NOI is considered by management to be an important performance measure of the Company’s operations and management believes that it is helpful to investors as a measure of the Company’s operating performance because it includes only the net operating income of properties that have been owned for the entire current and prior year reporting periods and excludes properties under development and pending stabilization. As such, Same Property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the Company's properties.

Same Property NOI is calculated using revenues from rental properties (excluding straight-line rents, lease termination fees and above/below market rents) less operating and maintenance expense, real estate taxes and rent expense, plus the Company’s proportionate share of Same Property NOI from unconsolidated real estate joint ventures, calculated on the same basis. Same Property NOI includes all  properties that are owned for the entire current and prior year reporting periods and excludes properties under development and properties pending stabilization. Properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a projects inclusion in operating real estate (two years for Latin American properties).

30

Same Property NOI is a supplemental non-GAAP financial measure of real estate companies’ operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity.  Our method of calculating Same Property NOI may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The following is a reconciliation of the Company’s Net income from continuing operations to Same Property NOI (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Income from continuing operations	$	77,595		$	75,356		$	146,919		$	129,363
Adjustments:
Management and other fee income		(9,049	)		(8,710	)		(17,442	)		(18,136	)
General and administrative expenses		31,420			30,908			65,535			65,314
Impairment of property carrying values		35,366			92			35,764			325
Depreciation and amortization		63,409			59,731			125,136			118,299
Other expense, net		49,464			53,487			102,435			111,169
(Benefit)/provision for income taxes, net		(11,830	)		3,302			3,937			8,089
(Loss)/gain on change in control of interests		1,459			(12,147	)		(21,711	)		(14,156	)
Equity in income of other real estate investments, net		(8,200	)		(14,074	)		(19,363	)		(25,101	)
Non same property net operating income		(33,426	)		(26,867	)		(66,083	)		(55,105	)
Non-operational expense from joint ventures, net		42,370			68,363			118,915			135,869
Same Property NOI	$	238,578		$	229,441		$	474,042		$	455,930

Same Property NOI increased by $9.1 million or 4.0% for the three months ended June 30, 2013, as compared to the corresponding period in 2012. This increase is primarily the result of (i) an increase of $5.7 million related to lease-up and rent commencements in the U.S. and Latin America, (ii) an increase of $3.5 million in other property income and (iii) the impact from changes in foreign currency exchange rates of $0.1 million. Same Property NOI increased by $18.1 million or 4.0% for the six months ended June 30, 2013, as compared to the corresponding period in 2012. This increase is primarily the result of (i) an increase of $12.1 million related to lease-up and rent commencements in the U.S. and Latin America, (ii) an increase of $5.7 million in other property income and (iii) the impact from changes in foreign currency exchange rates of $0.3 million.

Leasing Activity

During the six months ended June 30, 2013, the Company executed 490 leases totaling over 3.9 million square feet in the Company's consolidated operating portfolio comprised of 195 new leases and 295 renewals and options. The leasing costs associated with these leases are anticipated to aggregate $23.8 million or $28.68 per square foot. These costs include $19.7 million of tenant improvements and $4.1 million of leasing commissions. 

Tenant Lease Expirations

The following table sets forth the aggregate lease expirations for each of the next ten years, assuming no renewal options are exercised. For purposes of the table, the Total Annual Base Rent Expiring represents annualized rental revenue, for each lease that expires during the respective year. Amounts in thousands except for number of lease data:

Year Ending December 31,	Number of Leases Expiring		Square Feet Expiring		Total Annual Base Rent Expiring		% of Gross Annual Rent
(1)		224		797	$	12,729		2.0	%
2013		270		1,099	$	17,779		2.8	%
2014		735		4,999	$	63,930		10.0	%
2015		697		4,730	$	62,967		9.8	%
2016		670		5,234	$	68,007		10.6	%
2017		737		7,353	$	91,234		14.2	%
2018		610		5,744	$	73,206		11.4	%
2019		239		3,253	$	38,299		6.0	%
2020		192		2,623	$	32,413		5.1	%
2021		181		2,462	$	29,575		4.6	%
2022		192		2,295	$	29,754		4.6	%
2023		162		2,076	$	26,827		4.2	%

(1) Leases currently under month to month lease or in process of renewal

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company’s primary market risk exposure is interest rate risk and fluctuations in foreign currency exchange rate risk.  The following table presents the Company’s aggregate fixed rate and variable rate domestic and foreign debt obligations outstanding as of June 30, 2013, with corresponding weighted-average interest rates sorted by maturity date.  The table does not include extension options where available. The information is presented in U.S. dollar equivalents, which is the Company’s reporting currency.  The instruments’ actual cash flows are denominated in U.S. dollars, Canadian dollars (CAD), Mexican pesos (MXN) and Chilean pesos (CLP) as indicated by geographic description (amounts are USD equivalent in millions).

	2013			2014			2015			2016			2017			Thereafter			Total			Fair Value
U.S. Dollar Denominated
Secured Debt
Fixed Rate	$	66.9		$	239.3		$	171.3		$	294.7		$	181.0		$	155.1		$	1,108.3		$	1,161.4
Average Interest Rate		5.92	%		6.30	%		5.29	%		6.50	%		6.14	%		5.36	%		6.02	%
Variable Rate	$	-		$	-		$	6.0		$	-		$	2.0		$	21.2		$	29.2		$	28.5
Average Interest Rate		-			-			0.16	%		-			4.00	%		3.05	%		2.52	%
Unsecured Debt
Fixed Rate	$	100.0		$	294.7		$	350.0		$	300.0		$	290.9		$	950.0		$	2,285.6		$	2,452.0
Average Interest Rate		5.19	%		5.20	%		5.29	%		5.78	%		5.70	%		4.68	%		5.14	%
Variable Rate	$	2.3		$	400.0		$	181.9		$	-		$	-		$	-		$	584.2		$	570.6
Average Interest Rate		5.50	%		1.24	%		1.24	%		-			-			-			1.26	%
Canadian Dollar Denominated
Unsecured Debt
Fixed Rate	$	190.1		$	-		$	-		$	-		$	-		$	142.5		$	332.	6	$	337.8
Average Interest Rate		5.18	%		-			-			-			-			5.99	%		5.92	%
Variable Rate	$	-		$	-		$	4.8		$	-		$	-		$	-		$	4.8		$	4.6
Average Interest Rate		-			-			2.27	%		-			-			-			2.27	%
Mexican Pesos Denominated
Unsecured Debt
Variable Rate	$	-		$	-		$	-		$	-		$	-		$	76.8		$	76.8		$	81.1
Average Interest Rate		-			-			-			-			-			5.66	%		5.66	%
Chilean Pesos Denominated
Secured Debt
Variable Rate	$	-		$	-		$	-		$	-		$	-		$	43.3		$	43.3		$	48.9
Average Interest Rate		-			-			-			-			-			5.66	%		5.66	%

Based on the Company’s variable-rate debt balances, interest expense would have increased by $3.7 million for the six months ended June 30, 2013, if short-term interest rates were 1% higher.

32

The following table presents the Company’s foreign investments as of June 30, 2013.  Investment amounts are shown in their respective local currencies and the U.S. dollar equivalents:

Foreign Investment (in millions)
Country	Local Currency		US Dollars
Mexican real estate investments (MXN)	8,010.0	$	614.8
Canadian real estate joint venture and marketable securities investments (CAD)	425.8	$	404.6
Chilean real estate investments (CLP)	37,575.9	$	74.6
Brazilian real estate investments (Brazilian Real)	41.1	$	18.6
Peruvian real estate investments (Peruvian Nuevo Sol)	15.3	$	5.5

The foreign currency exchange risk has been partially mitigated, but not eliminated, through the use of local currency denominated debt.  The Company has not, and does not plan to, enter into any derivative financial instruments for trading or speculative purposes.

Item 4.              Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective.

There have not been any changes in the Company’s internal control over financial reporting during the fiscal quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1.  Legal Proceedings

The following information supplements and amends our discussion set forth under Part I, Item 3 "Legal Proceedings" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

On January 28, 2013, the Company received a subpoena from the Enforcement Division of the SEC in connection with an investigation, In the Matter of Wal-Mart Stores, Inc. (FW-3678), that the SEC Staff is currently conducting with respect to possible violations of the Foreign Corrupt Practices Act. The Company is responding to the subpoena and intends to cooperate fully with the SEC in this matter. The U.S. Department of Justice (“DOJ”) is conducting a parallel investigation, and the Company is cooperating with the DOJ investigation. At this point, we are unable to predict the duration, scope or result of the SEC or DOJ investigation. 

The Company is not presently involved in any litigation, nor to its knowledge is any litigation threatened against the Company or its subsidiaries, that in management's opinion, would result in any material adverse effect on the Company's ownership, management or operation of its properties taken as a whole, or which is not covered by the Company's liability insurance.

Item 1A.  Risk Factors

There are no material changes from risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2012. 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 4. Mine Safety Disclosures

None.

33

Item 6.   Exhibits

Exhibits –

4.1 Agreement to File Instruments

Kimco Realty Corporation (the “Registrant”) hereby agrees to file with the Securities and Exchange Commission, upon request of the Commission, all instruments defining the rights of holders of long-term debt of the Registrant and its consolidated subsidiaries, and for any of its unconsolidated subsidiaries for which financial statements are required to be filed, and for which the total amount of securities authorized thereunder does not exceed 10 percent of the total assets of the Registrant and its subsidiaries on a consolidated basis.

10.1	First Amendment to Credit Agreement, dated as of June 3, 2013, among Kimco Realty Corporation, a Maryland corporation, the subsidiaries of Kimco party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (filed with the Company’s Current Report on Form 8-K on June 7, 2013)
12.1	Computation of Ratio of Earnings to Fixed Charges
12.2	Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
31.1	Certification of the Company’s Chief Executive Officer, David B. Henry, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of the Company’s Chief Financial Officer, Glenn G. Cohen, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of the Company’s Chief Executive Officer, David B. Henry, and the Company’s Chief Financial Officer, Glenn G. Cohen, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1	Agency Agreement, dated July 17, 2013, by and among Kimco North Trust III, Kimco Realty Corporation and Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc.
99.2	Fourth Supplemental Indenture, dated July 22, 2013, among Kimco North Trust III, Kimco Realty Corporation, as Guarantor and BNY Trust Company of Canada, as Trustee.
101.INS	XBRL  Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

34

SIGNATURES

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 thereunto duly authorized.

	KIMCO REALTY CORPORATION
August 2, 2013	/s/ David B. Henry
(Date)	David B. Henry
	Chief Executive Officer
August 2, 2013	/s/  Glenn G. Cohen
(Date)	Glenn G. Cohen
	Chief Financial Officer

35

EX-12

Exhibit 12.1

Kimco Realty Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

For the six months ended June 30, 2013

Pretax earnings from continuing operations before adjustment for noncontrolling interests or income loss from equity investees	$	27,247,051
Add:
Interest on indebtedness (excluding capitalized interest)		108,711,836
Amortization of debt related expenses		3,969,721
Portion of rents representative of the interest factor		3,550,810
		143,479,418
Distributed income from equity investees		82,244,688
Pretax earnings from continuing operations, as adjusted	$	225,724,106
Fixed charges -
Interest on indebtedness (including capitalized interest)	$	109,290,884
Amortization of debt related expenses		1,664,593
Portion of rents representative of the interest factor		3,550,810
Fixed charges	$	114,506,287
Ratio of earnings to fixed charges		2.0

EX-12

Exhibit 12.2

Kimco Realty Corporation and Subsidiaries

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

For the six months ended June 30, 2013

Pretax earnings from continuing operations before adjustment for noncontrolling interests or income loss from equity investees	$	27,247,051
Add:
Interest on indebtedness (excluding capitalized interest)		108,711,836
Amortization of debt related expenses		3,969,721
Portion of rents representative of the interest factor		3,550,810
		143,479,418
Distributed income from equity investees		82,244,688
Pretax earnings from continuing operations, as adjusted	$	225,724,106
Combined fixed charges and preferred stock dividends -
Interest on indebtedness (including capitalized interest)	$	109,290,884
Preferred dividend factor		30,031,920
Amortization of debt related expenses		1,664,593
Portion of rents representative of the interest factor		3,550,810
Combined fixed charges and preferred stock dividends	$	144,538,207
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		1.6

EX-31

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David B. Henry, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Kimco Realty Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 2, 2013

/s/ David B. Henry

David B. Henry      

Chief Executive Officer

EX-31

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Glenn G. Cohen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Kimco Realty Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 2, 2013

/s/ Glenn G. Cohen

Glenn G. Cohen

Chief Financial Officer

EX-32

Exhibit 32.1

Section 1350 Certification

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Kimco Realty Corporation (the “Company”) hereby certifies, to such officer’s knowledge, that:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 2, 2013

/s/ David B. Henry

David B. Henry

Chief Executive Officer

Date: August 2, 2013

/s/ Glenn G. Cohen

Glenn G. Cohen

Chief Financial Officer

EX-99

Exhibit 99.1

AGENCY AGREEMENT

July 17, 2013

Kimco North Trust III
3333 New Hyde Park Road
New Hyde Park, New York 11042-0020

Kimco Realty Corporation
3333 New Hyde Park Road
New Hyde Park, New York 11042-0020

Attention:	Glenn G. Cohen
	Executive Vice President – Chief Financial Officer and Treasurer

 

Dear Sirs/Mesdames:

Re:     Offering of Notes

The undersigned, Scotia Capital Inc. (“Scotia Capital”), RBC Dominion Securities Inc. (“RBC DS”), CIBC World Markets Inc. (“CIBC WM”) and National Bank Financial Inc. (“NBF”) (collectively, the “Agents” and each individually, an “Agent”) understand that Kimco North Trust III (the “Trust”), a trust benefiting Kimco Realty Corporation (“Kimco”), intends to create, issue and sell, by way of private placement, $200,000,000 principal amount of 3.855% Series 4 Notes due August 4, 2020 (the “Notes”) on the terms set out in Schedule A (the “Term Sheet”), and has agreed to appoint the Agents as exclusive agents of the Trust for that purpose. The Agents agree to act severally as exclusive agents of the Trust and to use their best efforts to arrange for the sale of the Notes. The Agents are not under any obligation to purchase Notes but may do so in their sole discretion. The Notes will be direct, unsubordinated unsecured obligations and will rank pari passu with all other present and future unsecured, unsubordinated indebtedness of the Trust. The Notes are to be issued pursuant to an indenture (the “Note Indenture”) dated April 21, 2005, as amended by a First Supplemental Indenture dated June 2, 2006, a Second Supplemental Indenture dated August 16, 2006, a Third Supplemental Indenture dated April 13, 2010 and a Fourth Supplemental Indenture to be dated as of the Closing Time, between the Trust, Kimco and BNY Trust Company of Canada, as trustee (the “Trustee”), as the same may be further amended or supplemented, including pursuant to the Note Indenture Supplement (defined below).

Kimco has provided a full and unconditional guarantee pursuant to that certain guarantee dated April 21, 2005 as amended on June 2, 2006 (the “Guarantee”) of the obligations of the Trust under the Note Indenture and all notes issued thereunder, including for greater certainty, the Notes. The Guarantee is a direct, unsubordinated unsecured obligation of Kimco and will rank pari passu with all other present and future unsecured, unsubordinated indebtedness of Kimco, including under the Kimco Indenture (as hereinafter defined).

The following are the additional terms and conditions of this Agreement between the Trust and the Agents:

1. Definitions 

Where used in this Agreement, the following terms shall have the following meanings:

“this Agreement”, “hereto”, “herein”, “hereby”, “hereunder”, “hereof” and similar expressions refer to the agreement of the parties set forth herein and not to any particular section or other portion of this Agreement;

“Agents’ Fee” means the fee to be paid to the Agents under this Agreement, set out in Section ;

“Agent Indemnified Party” has the meaning attributed thereto in Section ;

“Agent Indemnifiers” has the meaning attributed thereto in Section ;

“Applicable Laws” means any requirements under or prescribed by any federal, provincial or municipal laws, court orders or judgments, orders-in-council, by-laws, and, so long as governmental, any codes, orders, rules, policies, regulations or statutes affecting, applicable to or otherwise relating to the Notes, the Agents, the offering, the Trust or Kimco;

“Business Day” means a day other than Saturday, Sunday or a statutory holiday in the city of Toronto, Province of Ontario or the city of Montreal, Province of Québec;

“CDS” means CDS Clearing and Depository Services Inc., and its successors;

“Closing Date” means July 22, 2013 or such later date as may be agreed to by the Trust and the Agents;

“Closing Time” means 9:00 a.m. (Toronto time) on the Closing Date or such other time on the Closing Date as may be agreed to by the Trust and the Agents;

“Dealer” means a dealer as defined in Section 2(a)(12) of the U.S. Securities Act;

“Distribution” means a distribution of the Notes for the purposes of the Securities Laws or any of them;

“Distribution Compliance Period” means the 40-day period that begins on the later of: (i) the date the Notes and the Guarantee are first offered to persons other than Distributors in reliance on Regulation S or (ii) the Closing Date, except that all offers and sales by a Distributor of an unsold allotment or subscription of Notes shall be deemed to be made during the Distribution Compliance Period;

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“Distributor” means any Agent, Dealer, or other person who participates, pursuant to a contractual arrangement, in the distribution of the Notes and the Guarantee offered or sold in reliance on Regulation S;

“Documents” means this Agreement, the Note Indenture and the Note Indenture Supplement;

“Engagement” has the meaning attributed thereto in Section ;

“Global Certificate” means the global certificate representing the Notes;

“Guarantee” has the meaning attributed thereto on the first page of this Agreement;

“Investor Presentation” means the investor presentation describing the business and affairs of Kimco dated July 15, 2013 and attached as Schedule “A” to the Term Sheet;

“Kimco” has the meaning attributed thereto on the first page of this Agreement;

“Kimco Indemnified Party” has the meaning attributed thereto in Section ;

“Kimco Indemnifiers” has the meaning attributed thereto in Section ;

“Kimco Indenture” means the Indenture between Kimco and The Bank of New York (as successor by merger to IBJ Schroder Bank & Trust Company) dated September 1, 1993, as supplemented on August 4, 1994, April 7, 1995, June 2, 2006, April 26, 2007 and September 24, 2009, as further supplemented from time to time;

“Liabilities” has the meaning attributed thereto in Section ;

“Material Adverse Effect” means a material adverse change in or effect on the business, operations, property, assets, liabilities, financial position, operating results, business prospects or condition (financial or otherwise) of Kimco which, could reasonably be expected to materially and adversely affect (a) the ability of Kimco or the Trust to perform any of its obligations under this Agreement, the Note Indenture, the Notes or the Guarantee or (b) the validity or enforceability of this Agreement, the Note Indenture, the Notes, the Guarantee or of the rights and remedies of the Agents under this Agreement or of the Trustee or the Noteholders under the Note Indenture or the Notes;

“material change” has the meaning attributed thereto under the Securities Laws;

“material fact” has the meaning attributed thereto under the Securities Laws;

“Misrepresentation” has the meaning attributed thereto under the Securities Laws;

“Notes” has the meaning attributed thereto on the first page of this Agreement;

“Note Indenture” has the meaning attributed thereto on the first page of this Agreement;

“Note Indenture Supplement” means the supplement to the Note Indenture providing for the creation and issue of the Notes;

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“Offering” means the offering of Notes pursuant to this Agreement;

“Purchasers” has the meaning attributed thereto in Section ;

“Purchase Price” means 100% of the principal amount of the Notes;

“Qualifying Jurisdictions” means each of the Provinces of Canada;

“Securities Commissions” means, collectively, the securities commission or similar securities regulatory authority in each of the Qualifying Jurisdictions;

“Securities Laws” means the applicable securities laws of the Qualifying Jurisdictions and the respective regulations and rules made thereunder together with all applicable policy statements, instruments, notices, interpretation notes and blanket orders and rulings of the Securities Commissions;

“Term Sheet” has the meaning attributed thereto on the first page of this Agreement;

“Trust” has the meaning attributed thereto on the first page of this Agreement; and

“Trustee” means BNY Trust Company of Canada.

2. Nature of Transaction 

(a) For the purpose of the private placement of the Notes, the Trust and Kimco will prepare, with the assistance of the Agents, the Investor Presentation and the Term Sheet that satisfies the requirements of all Securities Laws, and is otherwise satisfactory to the Agents, acting reasonably.

(b) Each of the Trust and Kimco will make available to the Agents and Agents’ counsel any information, documents and records of the Trust and Kimco and the senior management, auditors and other advisors and consultants of the Trust and Kimco, as the Agents may reasonably request, to enable the Agents and their counsel to review and comment on each of the Investor Presentation and the Term Sheet and to exercise due diligence in connection with the Offering.  

(c) The Agents may not solicit offers to purchase or sell Notes outside of the Qualifying Jurisdictions unless such solicitation is made in accordance with Applicable Laws, and will not solicit offers to purchase or sell Notes so as to require the filing of a prospectus or any other document (other than Form 45-106F1 pursuant to National Instrument 45-106 or any equivalent form in any Offering Jurisdiction) or the registration of any person as a broker or investment dealer other than existing registrations of the Agents or their respective affiliates, with respect to the Distribution of Notes under the Applicable Laws of any jurisdiction.  

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(d) The Agents understand that the Notes and the Guarantee have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, any "U.S. person" as such terms are defined in Rule 902 of Regulation S under such act. Without limiting the generality of the foregoing, the Agents covenant and agree that all offers and sales of the Notes and the Guarantee will be made only in accordance with the provisions of Rule 903 of Regulation S. Accordingly, the Agents agree that no offer to sell or any solicitation of an offer to buy the Notes or the Guarantee will at any time be made to a person within the United States or to, or for the account or benefit of a U.S. Person and, at the time each buy order for the Notes or the Guarantee is originated, the buyer will be outside the United States or the Agents or any person acting on their behalf reasonably believe that the buyer is outside the United States and is not, and is not acting for the account or benefit of, a U.S. person. Furthermore, neither the Trust, Kimco, the Agents nor any of their respective Affiliates, any Distributor or any person acting on behalf of any of them, has engaged or shall engage in directed selling efforts (as such term is defined in Section 902(c) of Regulation S) with respect to the Notes or the Guarantee. In addition:

(i) each Agent shall send to each Distributor, Dealer or other person receiving a selling concession, fee or other remuneration to which it sells any Notes prior to the expiration of the Distribution Compliance Period a confirmation or other notice setting forth the restrictions on offers and sales of the Notes and the Guarantee in the United States or to or for the account or benefit of U.S. persons in compliance with Rule 903(b)(2)(iii) of Regulation S;

(ii) none of the Trust, Kimco or any of their respective Affiliates or any persons acting on its or their behalf (other than the Agents, their Affiliates and any person acting on their behalf, as to whom no representation is made) has offered or sold, or will offer or sell, any of the Notes or the Guarantee in the United States or to, or for the account or benefit of, U.S. persons;  

(iii) none of the Trust, Kimco, their respective Affiliates or any person acting on its or their behalf (other than the Agents, their Affiliates and any person acting on their behalf, as to whom no representation is made) has taken or will take any action that would cause the exclusion from the registration requirements of the U.S. Securities Act set forth in Rule 903 of Regulation S to become unavailable with respect to the offer and sale of the Notes and the Guarantee as contemplated in this Agreement; and  

(iv) for the purposes of this subsection , “Affiliate” means an “affiliate” as defined in Rule 405 under the U.S. Securities Act.  

(e)  Any reference in this Agreement to a “Purchaser” or the “Purchasers” shall be taken to be a reference to the ultimate purchasers of the Notes.

(f) The Agents shall conduct their activities in connection with the Offering in compliance with all applicable laws and regulatory requirements, including the Securities Laws, and, without limiting the foregoing, the Agents severally (and not jointly and severally) represent, warrant and covenant that:

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(i) all solicitation, offering and other selling efforts carried out by them in connection with the Offering have been and will be made in accordance with the provisions of the applicable exemptions from the prospectus requirements in a manner such that no prospectus need be filed or delivered by the Trust in connection therewith;

(ii) no advertising of the Notes has been or will be made by it in any media whatsoever (except as may be permitted under the Securities Laws); and  

(iii) no registration by Kimco as a broker or investment dealer will be required.  

(g) The Trust shall, following the Closing Time, file or cause to be filed all information and forms required under Securities Laws to be supplied or filed by it in connection with the offering of the Notes.

(h) The Agents shall provide an Internal Revenue Service Form W-8BEN and such other applicable W-8 form(s) and the instructions of the Trust regarding the return of such forms to each Purchaser and shall use commercially reasonable efforts to contact each Purchaser regarding the return of such form.  

(i) The Agents shall provide to each Purchaser of the Notes to whom they have provided copies of the Term Sheet and Investor Presentation with each of the Form 10-K of Kimco for the year ended December 31, 2012 and Form 10-Q of Kimco for the quarterly period ended March 31, 2013, each attached as an exhibit to the Investor Presentation and forming a part thereof, and all Form 8-Ks of Kimco filed since December 31, 2012, including the Form 8-Ks dated the following dates: June 3, 2013, May 23, 2013, May 17, 2013, May 14, 2013, May 13, 2013, May 1, 2013, April 30, 2013 and February 5, 2013.  

(j) The Trust and Kimco will cause to be delivered to each Agent a long form comfort letter from PriceWaterhouseCoopers LLP dated the date of this Agreement addressed to the Agents and acceptable in form and substance to the Agents, acting reasonably with respect to the financial information contained in the Investor Presentation and the Term Sheet and any document attached thereto.  

3. Creation and Issue of Notes 

(a) The Trust shall duly and validly create, authorize and issue the Notes. The Notes shall be created and issued under the Note Indenture pursuant to the Note Indenture Supplement, and shall be dated as of the date of delivery of the Notes.

(b) The Note Indenture Supplement and all other documentation establishing the attributes of the Notes, including the Investor Presentation and the Term Sheet, shall be satisfactory in all material respects to the Agents and to Agents' counsel, acting reasonably.

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4. Delivery by the Trust 

The Trust shall deliver to the Agents and to Agents' counsel, upon request, copies of any documents required to be signed and filed by the Trust under any Securities Laws in connection with the offering of the Notes, which shall be completed in form and substance as required by such Securities Laws. The execution and delivery of this Agreement by the Trust and Kimco shall constitute each of the Trust’s and Kimco’s consent to the Agents' use of the Investor Presentation and the Term Sheet in connection with the offering of the Notes in accordance with the provisions of this Agreement.

5. Material Change During Distribution 

During the period commencing the date hereof and ending on the earlier of (i) the termination of the Distribution of the Notes and (ii) 15 days following the Closing Date, the Trust and Kimco shall promptly notify the Agents in writing of the full particulars of:

(b) any Material Adverse Effect including any other material change (actual, anticipated, contemplated or threatened, financial or otherwise) in the business, financial condition, affairs, prospects, operations, assets, liabilities (absolute, accrued, contingent or otherwise) or capital of the Trust or Kimco;

(c) any change in any material fact contained in the Investor Presentation which change is or may be of such a nature as to result in a Misrepresentation therein;

(d) any material fact which arises subsequent to the date of any Investor Presentation which would have been required to have been stated in the Investor Presentation in order to avoid a Misrepresentation had such material fact been known on or prior to the date thereof; and

(e) any order of any securities commission limiting, preventing or suspending the use of the Investor Presentation or limiting, preventing or suspending the offering of the Notes.

The Trust and Kimco shall allow the Agents to conduct all due diligence investigations and examinations which the Agents may reasonably consider necessary or desirable in connection with the foregoing.

The Trust shall not file or distribute any documents relating to the offering of the Notes without first obtaining from the Agents the approval of the Agents (which shall not be unreasonably withheld or delayed), after consultation with the Agents with respect to the form and content thereof. The Trust and Kimco shall in good faith discuss with the Agents any fact or change in circumstances (actual, anticipated, contemplated or threatened, financial or otherwise) which is of such a nature that there is reasonable doubt whether written notice need be given under this Section .

6. Offering Documents 

(a) Each of the Trust and Kimco represents and warrants to each Agent and Purchaser that, as of the date of the Investor Presentation, all of the information and statements contained therein were true, accurate and correct in all material respects and contained no Misrepresentations.

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(b) The delivery by the Trust and Kimco to the Agents of any amendment to the Investor Presentation shall constitute the Trust’s and Kimco’s representation and warranty to the Agents and the Purchasers that, at the time of such delivery all of the information and statements contained therein are true and correct in all material respects and contain no Misrepresentations.  

7. Representations and Warranties of the Trust 

The Trust represents and warrants to the Agents that:

(a) each of this Agreement, the Note Indenture, the Note Indenture Supplement and the Guarantee has been duly executed and delivered by the Trust and/or Kimco, as the case may be, and is, or will be on the Closing Date, a legal, valid and binding contract of the Trust and/or Kimco, as the case may be, enforceable against each in accordance with its terms, subject to the general qualifications that enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights generally and that equitable remedies, including the remedies of specific performance and injunctive relief, are available only in the discretion of the applicable court;

(b) the Trust is a trust that has been duly settled under the laws of New York and has not been terminated or revoked and the trustee of the Trust has the power and capacity to execute and deliver this Agreement, the Note Indenture and the Notes, and to observe and perform its covenants and obligations thereunder, in each case as trustee of the Trust, and the completion of the transactions contemplated therein have been duly approved by the trustee of the Trust;  

(c) the assets of the Trust are held solely for the benefit of KRC North Holdings III, Inc., an indirect subsidiary of Kimco;  

(d) Kimco is a valid and subsisting company, has or had, as the case may be, the necessary corporate power and authority to execute and deliver the Indenture and the Guarantee, and to observe and perform its covenants and obligations thereunder and has taken all necessary corporate action in respect thereof;  

(e) the execution and delivery of, and the performance of and compliance with the terms of this Agreement, the Note Indenture, the Note Indenture Supplement, the Guarantee and the Notes by the Trust do not and will not result in any breach of, or constitute a default under, and do not and will not create a state of facts which, after notice or lapse of time or both, would result in a breach of or constitute a default under, any term or provision of the governing documents of the Trust;

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(f) the execution and delivery of, and the performance of and compliance with the terms of the Note Indenture and the Guarantee by Kimco do not and will not result in any breach of, or constitute a default under, and do not and will not create a state of facts which, after notice or lapse of time or both, would result in a breach of or constitute a default under, any term or provision of its articles, by-laws or resolutions of the board of directors of Kimco;  

(g) the Trust is in compliance with all covenants under, and no default on the part of the Trust exists under, any indenture, agreement or instrument by which the Trust is bound, except to the extent that all instances of such non-compliance therewith or default thereunder would not in the aggregate have a Material Adverse Effect on the Trust;  

(h) the Notes, the Note Indenture and the Note Indenture Supplement conform in all material respects to the respective statements relating thereto contained in the Term Sheet;  

(i) the Distribution of the Notes to the Purchasers at the Closing Time will be exempt from the registration and prospectus requirements under applicable Securities Laws, and no prospectus or other document will be required to be filed, any proceeding taken or any approval, permit, consent or authorization obtained under the Securities Laws to permit any such Distribution; however, the Trust will be required to file within the prescribed time periods for doing so, any required reports of such Distributions and the payment by the Trust of applicable fees related thereto as well as the Investor Presentation;  

(j) the Trustee has been duly appointed as trustee under the Note Indenture and as registrar and transfer agent for the Notes at its principal transfer office in the City of Toronto;  

(k) the form of the certificates representing the Notes have been duly approved by the Trust and comply with the provisions of the laws of the State of New York and will not conflict with the Note Indenture;  

(l) the Offering has not been accompanied by an advertisement by the Trust or Kimco, and no selling or promotional expenses have been paid or incurred by the Trust or Kimco in connection with the Offering except for professional services or for services performed by a registered dealer; and  

(m) to the knowledge of the Trust, there are no legal or administrative actions or proceedings pending in the Provinces of Québec or Ontario or in the United States to which the Trust or Kimco is a party, that seek to restrain, enjoin or otherwise challenge the transactions contemplated by this Agreement and no regulatory authority of any of the Provinces in Canada into which the Notes are being sold has issued any order preventing or suspending the use of the Investor Presentation or the offering or the sale of the Notes.  

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8. Representations and Warranties of Kimco 

Kimco hereby represents and warrants to the Agents (and acknowledges that the Agents are relying upon these representations and warranties in connection with the purchase of the Notes) that: 

(a) Each of this Agreement, the Note Indenture and the Guarantee has been duly executed and delivered by Kimco and is a legal, valid and binding contract of Kimco enforceable against it in accordance with its terms, subject to the general qualifications that enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights generally and that equitable remedies, including the remedies of specific performance and injunctive relief, are available only in the discretion of the applicable court;

(b) Kimco is a valid and subsisting company, has the necessary corporate power and authority to execute and deliver the Note Indenture and the Guarantee and to observe and perform its covenants and obligations thereunder and has taken all necessary corporate action in respect thereof;  

(c) Kimco is in compliance with all covenants under, and no default on the part of the Kimco exists under, any indenture, agreement or instrument by which Kimco is bound, including, without limitation, the Kimco Indenture, except to the extent that all instances of such non-compliance therewith or default thereunder would not in the aggregate have a Material Adverse Effect on Kimco;  

(d) the execution and delivery of, and the performance of and compliance with the terms of the Note Indenture and the Guarantee by Kimco do not and will not result in any breach of, or consider a default under, and do not and will not create a state of facts which, after notice or lapse of time or both, would result in a breach of or constitute a default under, any term or provision of its articles, by-laws or resolutions of the board of directors of Kimco;  

(e) since December 31, 2012, except as disclosed in Kimco’s Information Record (as defined below):  

(i) there has not been any material change in the assets, liabilities, obligations (absolute, accrued, contingent or otherwise), business, condition (financial or otherwise) or results of operations of Kimco and its subsidiaries, on a consolidated basis;

(ii) there has not been any material change in the capital stock or long-term debt of Kimco and its subsidiaries, on a consolidated basis; and  

(iii) Kimco and its subsidiaries have carried on their respective businesses in the ordinary course;  

(f) each of

(i) the audited consolidated financial statements of Kimco for the fiscal year ended December 31, 2012; and

(ii)	the unaudited consolidated financial statements of Kimco for the quarterly period ended March 31, 2013,
	present fairly, in all material respects, the financial condition of Kimco and its subsidiaries, on a consolidated basis, for the periods then ended;

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(g) the information and statements set forth in Kimco’s Information Record were accurate in all material respects and did not contain any misrepresentation as of the date of such information or statement; and

(h) to the knowledge of Kimco, there are no legal or administrative actions or proceedings pending in the Provinces of Québec or Ontario or in the United States to which the Trust or Kimco is a party, that seek to restrain, enjoin or otherwise challenge the transactions contemplated by this Agreement and no regulatory authority of the Province of Québec or Ontario has issued any order preventing or suspending the use of the Investor Presentation or the offering or the sale of the Notes.

In this Section , “Kimco’s Information Record” means all information contained in any press release, current report, financial statements or other document publicly filed after December 31, 2012 of Kimco including the 10-K and the management discussion and analysis for the year ended December 31, 2012 in relation to the financial statements presented in accordance with US GAAP and the 10-Q and the management discussion and analysis for the quarter ended March 31, 2013 in relation to the financial statements presented in accordance with US GAAP.

9. Representations and Warranties of Agents 

Each Agent hereby severally (and not jointly and severally) represents and warrants in favour of the Trust and Kimco that:

(a) this Agreement has been duly executed and delivered by it and is a legal, valid and binding contract of it, enforceable against it in accordance with its terms, subject to the general qualifications that enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights generally and that equitable remedies, including the remedies of specific performance and injunctive relief, are available only in the discretion of the applicable court;

(b) it is duly registered as a dealer in each of the Qualifying Jurisdictions in which Notes are to be sold in which such registration is required; and  

(c) it shall deliver to the Trust or the Trust's counsel any documents required to be filed by Agents under applicable Securities Laws in connection with the transactions contemplated by this Agreement, all of which shall be completed in form and substance as required by applicable Securities Laws.  

10. Closing Conditions 

The obligations of each Purchaser to purchase the Notes are conditional upon the following:

(a) the representations and warranties of the Trust and Kimco contained herein shall be true and correct as at the Closing Time with the same force and effect as if made at the Closing Time after giving effect to the transactions contemplated hereby and the Trust and Kimco shall have complied with all the covenants and shall have satisfied all the terms and conditions of this Agreement on its part to be complied with and satisfied at or prior to the Closing Time other than those which may have been waived by the Agents;

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(b) each of the Trust and Kimco shall have delivered to Scotia Capital (on the Agents’ and the Purchasers’ behalf) at the Closing Time a certificate dated the Closing Date, addressed to the Agents and signed by the sole trustee of the Trust or two senior officers of Kimco, as applicable, acceptable to the Agents, acting reasonably, in form and substance satisfactory to the Agents and Agents’ counsel, acting reasonably, certifying for and on behalf each of the Trust and Kimco that:  

(i) all of the representations and warranties of the Trust and Kimco contained herein are true and correct as at the Closing Time with the same force and effect as if made at and as of the Closing Time after giving effect to the transactions contemplated hereby;

(ii) the Trust and Kimco have complied with all the covenants and satisfied all the terms and conditions of this Agreement on its part to be complied with and satisfied at or prior to the Closing Time other than those which may have been waived by the Agents;  

(iii) except as disclosed in this Agreement, there has been no material change (actual, anticipated, contemplated or threatened) in the business, affairs, operations, assets, liabilities (contingent or otherwise) or prospects of the Trust or Kimco or capital of the Trust or Kimco since December 31, 2012; and  

(iv) no order to cease or suspend trading of any securities of the Trust or Kimco has been issued by any Securities Commission or other regulatory authority and is continuing in effect, and no proceedings for such purpose have been instituted and are continuing or are pending or, to the knowledge of such officers, contemplated or threatened;  

(c) the Trust and Kimco shall have delivered to Scotia Capital (on the Agents’ and the Purchasers’ behalf) at the Closing Time a legal opinion or opinions of the Trust’s and Kimco’s counsel dated the Closing Date and addressed to the Agents and Agents’ counsel (the benefit of which may be provided to Purchasers), in form and substance satisfactory to the Agents and Agents’ counsel, acting reasonably, with respect to such matters as the Agents and Agents’ counsel may reasonably request relating to the sale of the Notes to the Purchasers; in connection with such opinion, counsel may rely, to the extent appropriate in the circumstances, on the opinions of local counsel acceptable to them and as to matters of fact on certificates of officers of the Trust, Kimco the Trustee and others;

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(d) at Closing Time, the Notes shall be rated at least BBB+ by Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies, Inc., and Baa1 by Moody’s Investors Service Inc., and the Trust shall have delivered to Scotia Capital (on the Agents’ and the Purchasers’ behalf) a letter dated as of the Closing Time, satisfactory to the Agents and their counsel, from each such rating agency, or other evidence satisfactory to the Agents and its counsel, acting reasonably, confirming that the Notes have such ratings; and since the date of this Agreement, there shall not have occurred a downgrading of any such rating, and neither of the above-noted ratings organizations shall have publicly announced that it has under surveillance or review its rating of the Notes;  

(e) no order, ruling or determination having the effect of ceasing the trading or suspending the issuance or sale of the Notes or any other securities of the Trust shall have been issued by any Securities Commission or other regulatory authority, and no proceedings for such order, ruling or determination shall have been instituted or shall be contemplated or threatened;  

(f) all conditions precedent provided for in the Note Indenture relating to the creation, issuance, certification and delivery of the Notes shall have been satisfied and no event of default, or event which, with notice or lapse of time or both, would constitute an event of default, shall have occurred and be continuing;  

(g) no event of default, or event which, with notice or lapse of time or both, would constitute an event of default, shall have occurred and be continuing under the Kimco Indenture;  

(h) there shall have been delivered to Scotia Capital (on the Agents’ and the Purchasers’ behalf) evidence that the Trust has met all requirements of CDS necessary to make use of the book entry system (it being understood that the Trust shall obtain a CUSIP number for the Notes and complete all applicable forms to be entered into by the Trust in connection with the offering of the Notes); and  

(i) the Agents will have received a “bring-down” comfort letter dated the Closing Date, in form and substance satisfactory to the Agents, acting reasonably, addressed to the Agents from the auditors of Kimco, PricewaterhouseCoopers LLP, and based on agreed upon procedures being completed not more than two Business Days prior to the date of the letter, with respect to certain financial and accounting information relating to the Kimco.  

11. Closing 

(a) The purchase and sale of the Notes shall be completed at the Closing Time at the offices of Davies Ward Phillips & Vineberg LLP in Toronto, Ontario, or at such other place as the Trust and the Agents may agree upon.

(b) At the Closing Time on the Closing Date:

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(i) the Trust shall duly and validly deliver to Scotia Capital, on behalf of the Agents and the Purchasers, the Global Certificate representing the Notes registered in the name of CDS or its nominee or in such other name or names as shall be designated by Scotia Capital on behalf of the Agents not less than one Business Day prior to the Closing Time;

(ii) the Trust shall deliver or cause to be delivered to the Agents the requisite certificates, opinions and other documents as contemplated hereby;  

(iii) the Agents will cause to be sent to the Trust, or as directed by the Trust, by wire transfer or bank transfer, an amount representing the aggregate Purchase Price for the Notes being issued and sold by the Trust at the Closing Time under this Agreement net of (i) the fees payable by the Trust to the Agents as provided for herein and (ii) any reimbursable expenses payable by the Trust to the Agents as provided for herein.  

(c) It is understood and agreed that no charge will be made by the Trustee (other than to the Trust) in respect of any permitted transfer, exchange or registration of any of the Notes at any time after the Closing Time.

12. Termination 

(a) The obligations of an Agent hereunder may be terminated by written notice to that effect given to the Trust at or prior to the Closing Time, if:

(i) there shall occur or be discovered a material change (actual, contemplated or threatened) in the assets, liabilities, business or operations of Kimco and its subsidiaries, taken as a whole, or any change in any material fact related to Kimco and its subsidiaries, taken as a whole which in the reasonable opinion of the Agents (or any of them), would reasonably be expected to have a material adverse effect on the value of the Notes;

(ii) there should develop, occur or come into effect or existence, any event, action, state, condition or major financial occurrence of national or international consequence, acts of hostilities or escalation thereof or other calamity or crisis, or any law, action, regulation or other occurrence of any nature whatsoever which, in the reasonable opinion of the Agents (or any of them), materially adversely affects or involves, or is expected to materially adversely affect or involve, financial markets generally or the business, affairs or operations of Kimco, or the marketability of the Notes;  

(iii) any inquiry, action, suit, investigation or other proceeding is commenced or any order is issued under or pursuant to any law in Canada (except any such proceeding or order based solely upon the activities of the Agents), or there is any change of law or the interpretation or administration thereof, which operates to prevent or materially restrict the distribution of the Notes in any of the Qualifying Jurisdictions; or

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(iv) the state of financial markets where it is planned to market the Notes, in Canada or elsewhere, is such that in the reasonable opinion of the Agents (or any of them), the Notes cannot be marketed profitably, by giving the Trust and, if applicable, Scotia Capital written notice to that effect not later than the Closing Time.  

(b) The Trust agrees that all terms and conditions in Section shall be construed as conditions and complied with so far as they relate to acts to be performed or caused to be performed by it, that it will use its best efforts to cause such conditions to be complied with, and that any breach or failure by it to comply with any such conditions in any material respect shall entitle any of the Agents to terminate its obligations hereunder by notice to that effect given to the Trust at or prior to the Closing Time, unless otherwise expressly provided in this Agreement. The Agents may waive, in whole or in part, or extend the time for compliance with, any terms and conditions without prejudice to their rights in respect of any other terms and conditions or any other or subsequent breach or non-compliance, provided that any such waiver or extension shall be binding upon the Agents only if such waiver or extension is in writing and signed by all of the Agents.

(c) The rights of termination contained in Subsections , , (a) and (a)(iv) and may be exercised by any of the Agents and are in addition to any other rights or remedies any of the Agents may have in respect of any default, act or failure to act or non-compliance by the Trust or Kimco in respect of any of the matters contemplated by this Agreement or otherwise. A notice of termination given by an Agent under any of Subsections , , (a) and (a)(iv) and shall not be binding upon any other Agent.  

(d) If the obligations of the Agents are terminated pursuant to this Section , there shall be no further liability on the part of the Agents to the Trust or of the Trust to the Agents except in respect of any liability which may have arisen or may thereafter arise under Sections , and .  

13. Indemnity and Contribution by Kimco and Trust 

(a)  In consideration for the Agents accepting the engagement (the “Engagement”) pursuant to this Agreement, each of the Trust and Kimco (the “Kimco Indemnifiers”) agrees to jointly and severally indemnify and hold the Agents, their officers, directors, agents, employees and affiliates and each person who controls each of the Agents (the Agents and each such person being referred to as an “Agent Indemnified Party”) harmless from and against any and all direct losses, claims, costs, damages or liabilities, whether joint or several (including the aggregate amount paid in reasonable settlement of any actions, suits, proceedings or claims), and the reasonable fees and expenses of their counsel that may be incurred (collectively, “Liabilities”) in advising with respect to and/or defending any claim that may be made against any Agent Indemnified Party, to which any Agent Indemnified Party may become subject or otherwise involved in any capacity under any statute or common law or otherwise insofar as such expenses, losses, claims, damages, liabilities or actions arise:

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(i) by reason of the Term Sheet or Investor Presentation containing a Misrepresentation relating to the Trust or Kimco (except a Misrepresentation relating solely to and provided in writing by the Agent Indemnified Parties);

(ii) by reason of any material breach by the Trust or Kimco of this Agreement; or  

(iii) by reason of or arising out of any breach or violation or alleged breach or violation by the Trust or Kimco or any of their respective employees, officers, directors, shareholders or agents of any applicable law or regulation that has or could reasonably be expected to have a Material Adverse Effect on this transaction.  

(b) The indemnity in Section shall not apply to any Agent Indemnified Party to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable shall determine that the Liabilities, as to which indemnification is claimed, were caused by the negligence or results from wilful misconduct or bad faith, dishonesty or fraud of the Agent Indemnified Party.

(c) If for any reason (other than as a result of Section being applicable), the foregoing indemnification is unavailable to an Agent Indemnified Party or insufficient to hold such party harmless, then the Kimco Indemnifiers shall contribute to the amount paid or payable by the Agent Indemnified Party as a result of such expense, loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the Kimco Indemnifiers on the one hand and the Agent Indemnified Party on the other hand but also the relative fault of the Kimco Indemnifiers and the Agent Indemnified Party, as well as any relevant equitable considerations; provided that the Kimco Indemnifiers shall in any event contribute to the amount paid or payable by the Agent Indemnified Party as a result of such expense, loss, claim, damage or liability any excess of such amount over the amount of the Agents’ Fee received by the Agents hereunder.  

(d) The Kimco Indemnifiers agree that in case any legal proceeding shall be brought against the Kimco Indemnifiers and/or an Agent Indemnified Party by any governmental commission or regulatory authority or any stock exchange or other entity having regulatory authority, either domestic or foreign, if any Agent Indemnified Party shall be required to testify in connection therewith or shall be required to respond to procedures designed to discover information regarding, in connection with, or by reason of the performance of professional services rendered to the Kimco Indemnifiers by the Agents, the Agents shall have the right to employ a separate counsel in connection therewith if the Agents, acting reasonably, determines that a conflict of interest exists or that it is likely that such conflict of interest will develop, and the reasonable fees and expenses of such counsel as well as the reasonable costs (including an amount to reimburse the Agents for time spent by its personnel in connection therewith) and out of pocket expenses incurred by an Agent Indemnified Party in connection therewith shall be paid by the Kimco Indemnifiers as they occur.  

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(e) Promptly after receipt of notice of the commencement of any legal proceeding against any Agent Indemnified Party or after receipt of notice of the commencement of any investigation, which is based, directly or indirectly, upon any matter in respect of which indemnification may be sought from the Kimco Indemnifiers, the Agents will notify the Kimco Indemnifiers in writing of the commencement thereof and, throughout the course thereof, will provide copies of all relevant documentation to the Kimco Indemnifiers, will keep the Kimco Indemnifiers advised of the progress thereof and will discuss with the Kimco Indemnifiers all significant actions proposed. The Agents covenant and agree that they shall use their best efforts to cooperate fully with the Kimco Indemnifiers in the investigation and defence of any claim or potential claim and to use their best efforts to cause any other Agent Indemnified Party to also cooperate.  

(f) The indemnity and contribution obligations of the Kimco Indemnifiers are in addition to any liability which the Kimco Indemnifiers may otherwise have, extend upon the same terms and conditions to the other Agent Indemnified Parties and are, to the extent applicable, binding upon and enure to the benefit of any successors, assigns, heirs and personal representatives of the Kimco Indemnifiers, the Agents and any of the other Agent Indemnified Parties. The parties agree that the Agents hold all rights of the other Agent Indemnified Parties in trust for such Agent Indemnified Parties. The foregoing provisions will survive the completion of professional services rendered under the Engagement or any termination of the authorization given by this Agreement.  

14. Indemnity and Contribution by Agents 

(a)  Each of the Agents (the “Agent Indemnifiers”) agrees to severally (and not jointly and severally), in proportion to its relative commitment under the Engagement, indemnify and hold Kimco and the Trust, their officers, directors, agents, employees and affiliates and each person who controls each of Kimco or the Trust (Kimco and the Trust and each such person being referred to as a “Kimco Indemnified Party”) harmless from and against any and all Liabilities in advising with respect to and/or defending any claim that may be made against any Kimco Indemnified Party, to which any Kimco Indemnified Party may become subject or otherwise involved in any capacity under any statute or common law or otherwise insofar as such expenses, losses, claims, damages, liabilities or actions arise:

(i) by reason of the Term Sheet or Investor Presentation containing a Misrepresentation relating to and provided in writing by the Agents;

(ii) by reason of any material breach by the Agents of this Agreement; or  

(iii) by reason of or arising out of any breach or violation or alleged breach or violation by the Agents or any of their respective employees, affiliates, officers, directors, shareholders or agents of any applicable law or regulation that has or could reasonably be expected to have a Material Adverse Effect on this transaction,

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	provided that the liability of each Agent Indemnifier will in no case be greater than the respective fee payable hereunder to such Agent Indemnifier. The Agents will not be liable for any act, omission, default or conduct of any other Agent Indemnifier.
(b)	The indemnity in Section shall not apply to any Kimco Indemnified Party to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable shall determine that the Liabilities, as to which indemnification is claimed, were caused by the negligence or results from wilful misconduct or bad faith, dishonesty or fraud of the Kimco Indemnified Party.

(c) If for any reason (other than as a result of Section being applicable), the foregoing indemnification is unavailable to any Kimco Indemnified Party or insufficient to hold such party harmless, then the Agent Indemnifiers shall contribute to the amount paid or payable by any Kimco Indemnified Party as a result of such expense, loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the Agent Indemnifiers on the one hand and any Kimco Indemnified Party on the other hand but also the relative fault of the Agent Indemnifiers and any Kimco Indemnified Party, as well as any relevant equitable considerations; provided that the Agent Indemnifiers shall in no event contribute to the amount paid or payable by any Kimco Indemnified Party as a result of such expense, loss, claim, damage or liability in excess of the amount of the Agents’ Fee received by the Agents hereunder.  

(d) The Agent Indemnifiers agree that in case any legal proceeding shall be brought against any Kimco Indemnified Party for which indemnification is available under this Section 14 by any governmental commission or regulatory authority or any stock exchange or other entity having regulatory authority, either domestic or foreign, if any Kimco Indemnified Party shall be required to testify in connection therewith or shall be required to respond to procedures designed to discover information regarding, in connection with, or by reason of the performance of professional services rendered by the Agent to a Kimco Indemnified Party, the Kimco Indemnified Parties shall have the right to employ a separate counsel in connection therewith if the Kimco Indemnified Parties, acting reasonably, determines that a conflict of interest exists or that it is likely that such conflict of interest will develop, and the reasonable fees and expenses of such counsel as well as the reasonable costs (including an amount to reimburse the Kimco Indemnified Parties for time spent by its personnel in connection therewith) and out of pocket expenses incurred by any Kimco Indemnified Party in connection therewith shall be paid by the Agent Indemnifiers as they occur provided that the liability of each Agent Indemnifier will in no case be greater than the respective fee payable hereunder to such Agent Indemnifer.

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(e) Promptly after receipt of notice of the commencement of any legal proceeding against any Kimco Indemnified Party or after receipt of notice of the commencement of any investigation, which is based, directly or indirectly, upon any matter in respect of which indemnification may be sought from the Agent Indemnifiers, the Kimco Indemnified Parties will notify the Agent Indemnifiers in writing of the commencement thereof and, throughout the course thereof, will provide copies of all relevant documentation to the Agent Indemnifiers, will keep the Agent Indemnifiers advised of the progress thereof and will discuss with the Agent Indemnifiers all significant actions proposed. The Kimco Indemnified Parties covenant and agree that they shall use their best efforts to cooperate fully with the Agent Indemnifiers in the investigation and defence of any claim or potential claim and to use their best efforts to cause any other Kimco Indemnified Party to also cooperate.  

(f) The indemnity and contribution obligations of the Agent Indemnifiers are in addition to any liability which the Agent Indemnifiers may otherwise have, extend upon the same terms and conditions to the other Kimco Indemnified Parties and are, to the extent applicable, binding upon and enure to the benefit of any successors, assigns, heirs and personal representatives of the Kimco, the Trust and any of the other Kimco Indemnified Parties. The parties agree that Kimco holds all rights of the other Kimco Indemnified Parties in trust for such Kimco Indemnified Parties. The foregoing provisions will survive the completion of professional services rendered under the Engagement or any termination of the authorization given by this Agreement.  

15. Fees and Expenses 

In consideration of the Agents acting as agents of the Trust, the Trust will pay to the Agents, by way of certified cheque or wire transfer, or as otherwise agreed upon, to an account to be specified by Scotia Capital, at the closing of the Offering, a fee of $3.70 for each $1,000 amount of Notes issued and sold (the “Agents’ Fee”). The Agents’ Fee will be shared in the following percentages:

Scotia Capital	40.0%
RBC DS	40.0%
CIBC WM	15.0%
NBF	5.0%

Whether or not the transactions herein contemplated shall be completed, the Trust shall pay all expenses of or incidental to the authorization, issue, delivery and sale of the Notes and of or incidental to all other matters in connection with the Offering including, without limitation, (i) the fees and expenses payable in connection with the qualification of the Distribution of the Notes, (ii) the fees, taxes and disbursements of the Trust’s counsel and local counsel, auditors, roadshow consultants, printers and other consultants and service providers retained by the Trust in connection with the Offering, and (iii) all costs incurred in connection with the preparation, printing and delivery of documents relating to the Offering or of the definitive certificates representing the Notes. The Trust will pay all reasonable out-of-pocket expenses of the Agents, including without limitation, reasonable fees and disbursements of Agents’ counsel regardless of whether the transaction is closed.

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16. Survival 

All representations, warranties, covenants and agreements of the Trust and of the Agents herein contained or contained in documents delivered pursuant to this Agreement shall survive the purchase and sale of the Notes and shall continue in full force and effect for the benefit of the Agents, the Purchasers and the Trust, as the case may be, regardless of any subsequent disposition of such securities or any investigation or due diligence conducted by or on behalf of the Agents in connection with the Offering or with respect to the Distribution of the Notes.

17. Notices 

Any notice or other communication to be given hereunder shall be addressed as follows:

(a) if to the Trust:

3333 New Hyde Park Road
New Hyde Park, New York 11042-0020

Attention:      Glenn G. Cohen, Executive Vice President –
                        Chief Financial Officer and Treasurer

Facsimile:     516-869-2372

With a copy to:

Davies Ward Phillips & Vineberg LLP
1501 McGill College Avenue
26^th Floor
Montréal, Québec H3A 3N9

Attention:     Hillel W. Rosen and Neil Kravitz
Facsimile:     514-841-6499

(b) if to the Agents:

Scotia Capital Inc.
40 King Street West
Box 4085, Station “A”
Toronto, Ontario
M5W 2X6

Attention:     James Gallant
Facsimile:     416-862-3158

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RBC Dominion Securities Inc.
Royal Bank Plaza
200 Bay Street
Toronto, Ontario
M5J 2W7

Attention:     David M. Dulberg
Facsimile:     416-842-8910

With a copy to:

McCarthy Tétrault LLP
Suite 5300, Toronto Dominion Bank Tower
Toronto, ON M5K 1E6

Attention:     Andrew Parker
Facsimile:     416-868-0673

Any such notice or other communication shall be in writing, and unless delivered personally to a responsible officer of the addressee, shall be sent by courier or telecopy, and shall be deemed to have been received, if given by telecopy, on the day of sending (or the next Business Day following the sending if the sending is after 4:00 p.m. (local time at the place of receipt of such notice or communication) or if the day of sending is not a Business Day) and, if sent by courier, on the next Business Day following the sending thereof.

18. Funds 

All funds referred to in this Agreement shall be in Canadian dollars.

19. Governing Law 

This Agreement shall be governed by and interpreted in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

20. Time of Essence 

Time shall be of the essence hereof.

21. Severability 

If any provision of this Agreement is determined to be void or unenforceable in whole or in part, it shall be deemed not to affect or impair the validity of any other provision of this Agreement and such void or unenforceable provision shall be severable from this Agreement.

22. Entire Agreement 

This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof. 

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23. Press Releases 

Each of the Trust and Kimco shall provide Scotia Capital (on behalf of the Agents) with a copy of all press releases to be issued by either concerning the offering contemplated hereby prior to the issuance thereof, and shall give Scotia Capital an opportunity to provide reasonable comments on any such press release.

24. Authority of Scotia Capital 

Scotia Capital is hereby authorized by each of the other Agents to act on their behalf and the Trust and Kimco shall be entitled to and shall act on any notice given in accordance with Section or agreement entered into by or on behalf of the Agents by Scotia Capital, which represents and warrants that it has irrevocable authority to bind the Agents, except in respect of any actions under Section which actions shall be undertaken by the Agent Indemnified Party or other parties, a notice of termination pursuant to Section which notice may be given by any of the Agents, or any waiver pursuant to Section , which waiver must be signed by all of the Agents. Scotia Capital shall consult with the other Agents concerning any matter in respect of which it acts as representative of the Agents.

25. Language 

The parties hereto confirm their express wish that this Agreement and all documents and agreements directly or indirectly relating thereto be drawn up in the English language.

Les parties reconnaissent leur volonté express que la présente convention ainsi que tous les documents et contrats s'y rattachant directement ou indirectement soient rédigés en anglais.

26. Counterparts and Facsimile Signatures 

This Agreement may be executed by any one or more of the parties herein in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Each of the parties to this Agreement will be entitled to rely on delivery of a facsimile copy of this Agreement or a scanned copy delivered by email and acceptance by each party of any such facsimile or scanned copy will be legally effective to create a valid and binding agreement between the parties to this Agreement in accordance with the terms of this Agreement. 

[signature page follows]

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If you accept the foregoing offer and agree with the above terms and conditions, please so indicate by signing and returning this letter to us.

Yours very truly,
SCOTIA CAPITAL INC.
By:	/s/ James Gallant
	Name: James Gallant Title: Director

RBC DOMINION SECURITIES INC.
By:	/s/David Dulberg
	Name:David Dulberg Title: Managing Director

CIBC WORLD MARKETS INC.
By:	/s/ Jeff Appleby
	Name:Jeff Appleby Title: Executive Director

NATIONAL BANK FINANCIAL INC.
By:	/s/ John Carrique
	Name: John Carrique Title: Managing Director

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The foregoing offer is hereby accepted effective as of the date and on the terms and conditions set forth above.

KIMCO NORTH TRUST III
By:	/s/ Glenn G Cohen
	Name: Glenn G. Cohen Title: Trustee

KIMCO REALTY CORPORATION
By:	/s/ Glenn G Cohen
	Name: Glenn G. Cohen Title: Executive Vice President – Chief Financial Officer & Treasurer

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SCHEDULE A

Term Sheet

KIMCO NORTH TRUST III PRIVATE PLACEMENT TERM SHEET

July 17, 2013

Kimco North Trust III 

3.855% NOTES, SERIES 4

AS GUARANTEED BY KIMCO REALTY CORPORATION

The Notes described hereunder will be issued under and will be entitled to the benefits of a trust indenture between NT III, as issuer, Kimco Realty Corporation, as guarantor and BNY Trust Company of Canada, as trustee, bearing formal date of April 21, 2005, as amended by a First Supplemental Indenture dated June 2, 2006, a Second Supplemental Indenture dated August 16, 2006, a Third Supplemental Indenture dated April 13, 2010 and a fourth Supplemental Indenture to be dated as of the Settlement Date (collectively, the “NT III Indenture”).

Terms of Issue

Designation:	3.855% Notes, Series 4 (the “Series 4 Notes” or the “Notes”)
Issuer:	Kimco North Trust III, a trust formed under the laws of the State of New York (“NT III”)
Agents:	Scotia Capital Inc. and RBC Dominion Securities Inc. (as Joint-Lead Agents and Joint-Bookrunners), CIBC World Markets Inc. (as Senior Co-Manager) and National Bank Financial Inc. (as Co-Manager)
CUSIP / ISIN:	49446PAD5 / CA49446PAD56
Issue Size:	$200,000,000
Currency:	Canadian
Issue Price:	$99.999 per $100 principal amount of Series 4 Notes
Maturity Date:	August 4, 2020
Spread:	180 bps over the Government of Canada (GoC) curve defined as the interpolation of 3.50% GoC due June 1, 2020 and the 3.25% GoC due June 1, 2021
Coupon:	3.855%

   

Interest Payment Dates:	Semi-annually in arrears in equal installments on February 4 and August 4, commencing on February 4 (long first coupon). The first interest payment on February 4, 2014 will be in an amount equal to $20.8064384 per $1,000 of Notes
Proceeds of Issue:	The net proceeds from the sale of the Notes will be used by NT III to repay the maturing balance on NT III’s 5.18% August 16th, 2013 Series 2 Notes and for general corporate purposes
Settlement Date:	July 22, 2013 (T+3).
Guarantee:	Fully and unconditionally and irrevocably guaranteed (the “Guarantee”) by Kimco Realty Corporation (“Kimco” or the “Guarantor”). Guarantee will be a direct, unsubordinated unsecured obligation of Kimco and will rank pari passu with all other present and future unsecured, unsubordinated indebtedness of Kimco, including under the Kimco Indenture (as defined below), subject to such exceptions as may from time to time exist under applicable law. The Guarantee will provide for a direct and independent covenant by the Guarantor to comply with all covenants and other obligations set forth in the Kimco Indenture and agreement that any event of default under the Kimco Indenture shall constitute a default under the Guarantee and the NT III Indenture (as defined below) (without giving effect to any waiver thereof in accordance with the Kimco Indenture and without giving effect to any action or inaction by holders thereunder, including in relation to any acceleration of indebtedness thereunder). No amendment to the Kimco Indenture or waiver thereunder or termination thereof shall modify or affect the said covenant without the approval by the Majority Noteholders (as defined below).  In addition, a breach by Kimco of the covenants under the Kimco Indenture shall constitute a default under the NT III Indenture giving the holders of the Notes the right, as more fully set forth in the NT III Indenture, to declare all amounts owing under the Notes to be immediately due and payable.
Credit Rating of Guarantor:	S&P: BBB+, Moody’s: Baa1
Ranking of Notes:	The Notes will be direct, unsubordinated unsecured obligations of NT III and will rank pari passu with all other present and future unsecured, unsubordinated indebtedness of NT III, subject to such exceptions as may from time to time exist under applicable law.
Minimum Purchase:	Minimum initial principal amount of $1,000 in Canadian currency for any purchase of Notes.
Form of Notes:	Global Note registered in the name of CDS & Co., as nominee of CDS Clearing and Depository Services Inc.
Trustee:	BNY Trust Company of Canada.
Book-Based System:	Each series of Notes will be evidenced by a global note held by or on behalf of the CDS Clearing and Depository Services Inc. or its nominee (the “Depository”), as registered holder of the Notes. Registration of the interests in and transfers of the Notes will be made only through the book-based system of the Depository. Subject to limited exceptions, no purchaser will be entitled to any certificate or other instrument from NT III, the Trustee or the Depository evidencing the ownership thereof and no purchaser will be shown on the records maintained by the Depository except through an agent who is a direct or indirect participant in the Depository.

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Purchase of Notes:	The Notes may be purchased by NT III at any time by private agreement or by tender. At the option of NT III, the Notes so purchased may be cancelled and may not be re-issued.
Condition and Sale of Notes:	The Notes are being offered and sold by NT III in all the Provinces of Canada through the Agents on a private placement basis without the filing of a prospectus or an offering memorandum and in accordance with Regulations under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Notes have not been registered under the U.S. Securities Act and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless the Notes are registered under the U.S. Securities Act or an exemption from the registration requirements of the U.S. Securities Act is available. The Notes may only be re-sold on a basis that is exempt from the registration and prospectus requirements of applicable securities legislation. See "Resale Restrictions".
Resale Restrictions:	Resale of the Notes will be subject to restrictions under applicable securities legislation. In particular, the distribution of the Notes in the Provinces of Canada is being made on a private placement basis and is therefore exempt from the requirement that NT III prepare and file a prospectus with the relevant Canadian securities regulatory authorities. Accordingly, any resale of the Notes must be made: (a) through an appropriately registered dealer or pursuant to an exemption from the dealer registration requirements of applicable provincial securities laws; and (b) in accordance with, or pursuant to an exemption from, the prospectus requirements of applicable provincial securities laws. Purchasers are advised to seek legal advice prior to any resale of the Notes.   Each purchaser of Notes, by its purchase thereof, is deemed to have acknowledged and confirmed to the NT III and any Agent who is involved in the sale of the Notes to such purchaser that such purchaser understands that the Notes are subject to transfer and resale restrictions in Canada and that the certificates representing the Notes (or the relevant ownership statement under a direct registration system or other book-entry system) may bear the following legend and that this document serves as notice to the purchaser of the transfer and resale restrictions described in the following legend: “EXCEPT IN THE PROVINCE OF MANITOBA, IN ACCORDANCE WITH NATIONAL INSTRUMENT 45-102 – RESALE OF SECURITIES, UNLESS OTHERWISE PERMITTED UNDER CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (I) THE DATE ON WHICH THE SECURITY IS ISSUED; AND (II) THE DATE THE ISSUER BECOMES A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA. IN THE PROVINCE OF MANITOBA, UNLESS OTHERWISE PERMITTED UNDER APPLICABLE CANADIAN SECURITIES LAWS OR WITH THE PRIOR WRITTEN CONSENT OF THE APPLICABLE REGULATORS, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS TWELVE MONTHS AND A DAY AFTER THE DATE THE PURCHASER ACQUIRED THE SECURITY”.

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Purchasers are advised that NT III currently does not intend to file a prospectus or similar document with any securities regulatory authority in Canada qualifying the resale of the Notes to the public in any Province or Territory of Canada in connection with the offering. There is currently no secondary market for the Notes. There can be no assurance that a secondary market will develop or, if a secondary market does develop, that it will provide holders of the Notes with liquidity for their investment or that it will continue for the life of the Notes. Accordingly, purchasers of the Notes may be required to bear the financial risk of investing in the Notes until the Maturity Date.

Representations of Purchasers:

Each Canadian purchaser by purchasing Notes in Canada and accepting a purchase confirmation will be deemed to have represented to NT III and any Agent participating in the offer and sale of the Notes that:

a.	the purchaser is resident in or otherwise subject to applicable securities legislation in one of the Provinces of Canada and the purchase by, and sale to such purchaser of the Notes and any act, solicitation, conduct or negotiation directly or indirectly in furtherance of such purchase and sale has occurred only in one of the Provinces of Canada;
b.	the purchaser has reviewed and acknowledges the terms referred to above under the section entitled “Resale Restrictions” and acknowledges the Notes are subject to resale restrictions under applicable securities laws agrees not to resell the Notes except in compliance with applicable Canadian securities laws and in accordance with their terms and such purchaser further acknowledges that if it resells the Notes it will give notice to the subsequent transferee of such resale restrictions;
c.	the purchaser is purchasing as principal, or is deemed to be purchasing as principal in accordance with applicable securities laws of the Province in which the purchaser is resident, for its own account and not as agent for the benefit of another person;
d.	the purchaser, or any ultimate purchaser for which the purchaser is acting as agent, is entitled under applicable Canadian securities laws to purchase the Notes without the benefit of a prospectus qualified under such securities laws, and without limiting the generality of the foregoing, the purchaser is an “accredited investor” as defined in section 1.1 of National Instrument 45-106 –  Prospectus and Registration Exemptions (“NI 45-106”) and is not a person created or used solely to purchase or hold the Notes as an “accredited investor” as described in paragraph (m) of the definition of “accredited investor” in section 1.1 of NI 45-106;
e.	if it is resident in or otherwise subject to the securities laws of the province of British Columbia, it is a “permitted client” as such term is defined in National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations;

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f.	if the purchaser is a corporation, partnership, unincorporated association or other entity, such purchaser has the legal capacity to purchase Notes and further certifies that all necessary approvals and authorizations of directors, shareholders, partners or otherwise have been given and obtained; and
g.	acknowledges and agrees that NT III, Kimco and the Agents will rely upon the truth and accuracy of the foregoing acknowledgements, representations and agreements and agrees that if any of the acknowledgements, representations or agreements deemed to have been made by its purchase of the Notes are no longer accurate it will promptly notify NT III, Kimco and the Agents.

In addition, each purchaser of the Notes resident in Ontario who receives a purchase confirmation, by the purchaser’s receipt thereof, will be deemed to have represented to NT III and any Agent participating in the offer and sale, that such purchaser:

a. has been notified by NT III:

(i)	that NT III or an Agent may be required to provide certain personal information (“personal information”) pertaining to the purchaser as required to be disclosed in Schedule I of Form 45-106F1 under NI 45-106 (including its name, address, telephone number and the number and value of any Notes purchased), which Form 45-106F1 may be required to be filed by NT III under NI 45-106;
(ii)	that such personal information may be delivered to the Ontario Securities Commission (the “OSC”) in accordance with NI 45-106;
(iii)	that such personal information is collected indirectly by the OSC under the authority granted to it under the securities legislation of Ontario;
(iv)	that such personal information is collected for the purposes of the administration and enforcement of the securities legislation of Ontario; and
(v)	that the public official in Ontario who can answer questions about the OSC’s indirect collection of such personal information is the Administrative Support Clerk at the OSC, Suite 1903, Box 55, 20 Queen Street West, Toronto, Ontario M5H 3S8, Telephone: (416) 593-3684; and

b.

has authorized the indirect collection of the personal information by the OSC.

Furthermore, the purchaser acknowledges that its name, address, telephone number and other specified information, including the number of Notes it has purchased and the aggregate purchase price paid by the purchaser, may be disclosed to other Canadian securities regulatory authorities and may become available to the public in accordance with the requirements of applicable Canadian laws. By purchasing Notes, the purchaser consents to the disclosure of such information.

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Each purchaser will, by purchasing Notes and accepting a purchase confirmation, be deemed to have represented to NT III and any Agent particpating in the offer and sale of the Notes that it is not a U.S. person and it is not purchasing the Notes for the account or benefit of a U.S. person or a person in the United States. The terms “U.S. person” and “United States” have the meanings ascribed to them in Rule 902 under the U.S. Securities Act.

Certain Covenants of the Issuer:

The NT III Indenture will include limited covenants concerning NT III relating to matters such as existence.

Covenants of the Guarantor and Cross-Default:

Noteholders will have the benefit of the Kimco covenants contained in its U.S. bond issues as set forth in the Kimco Indenture by virtue of the Guarantee and the cross- default in the NT III Indenture. The NT III Indenture shall include a cross-default to the covenants contained in the Guarantor’s Indenture dated September 1, 1993, as amended by the First Supplemental Indenture dated August 4, 1994, the Second Supplemental Indenture dated April 7, 1995, the Third Supplemental Indenture dated June 2, 2006, the Fourth Supplemental Indenture dated April 26, 2007 and the Fifth Supplemental Indenture dated September 24, 2009 (the “Kimco Indenture”). The Kimco Indenture includes covenants relating to matters such as existence, payment of taxes, insurance, provision of financial information and maintenance of properties. A summary of the key financial covenants set forth in the Kimco Indenture and, by virtue of the Guarantee and the cross-default in the NT III Indenture, is provided below. Limitations on Incurrence of Debt: Kimco will not, and will not permit any of its subsidiaries to, incur any Debt (as defined below), if, immediately, after giving effect to the incurrence of such additional Debt, the aggregate principal amount of all outstanding Debt of Kimco and its subsidiaries on a consolidated basis determined in accordance with generally accepted accounting principles is greater than 65% of Total Assets as of the end of the calendar quarter covered in Kimco’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with SEC (or, if such filing is not permitted under the Securities Exchange Act of 1934, with the trustee) prior to the incurrence of such additional Debt. In addition to the foregoing limitation, Kimco will not, and will not permit any of its subsidiaries to, incur any secured Debt if, immediately after giving effect to the incurrence of such additional Debt, the aggregate principal amount of all outstanding Debt of Kimco and its subsidiaries which is secured is greater than 40% of Total Assets as of the end of the calendar quarter covered in Kimco’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with SEC (or, if such filing is not permitted under the Securities Exchange Act of 1934, with the trustee) prior to the incurrence of such additional Debt.

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In addition to the foregoing limitations on the incurrence of Debt, Kimco will not, and will not permit any of Kimco’s subsidiaries to, incur any Debt if Consolidated Income Available for Debt Service (as defined below) for any 12 consecutive calendar months within the 15 calendar months immediately preceding the date on which that additional Debt is to be incurred shall have been less than 1.5 times the Maximum Annual Service Charge (as defined below) on Kimco’s Debt and the Debt of all of Kimco’s subsidiaries to be outstanding immediately after the incurring of that additional Debt.

Maintenance of Unencumbered Total Asset Value:

Kimco will at all times maintain an Unencumbered Total Asset Value in an amount of not less than one hundred fifty percent (150%) of the aggregate principal amount of all Kimco’s outstanding Debt and the outstanding Debt of Kimco’s subsidiaries that is unsecured.

Restrictions on Dividends and Other Distributions:

Kimco will not, in respect of any shares of any class of Kimco’s stock:

(1)     declare or pay any dividends (other than dividends payable in the form of Kimco’s stock) on Kimco’s stock;

(2)     apply any of Kimco’s property or assets to the purchase, redemption or other acquisition or retirement of Kimco’s stock;

(3)     set apart any sum for the purchase, redemption or other acquisition or retirement of Kimco’s stock; or

(4)     make any other distribution, by reduction of capital or otherwise;

if, immediately after that declaration or other action referred to above, the aggregate of all those declarations and other actions since the date on which the Kimco Indenture was originally executed shall exceed the sum of:
a.	Funds from Operations (as defined below) from June 30, 1993 until the end of the calendar quarter covered in Kimco’s annual report on Form 10-K or quarterly report on Form 10-Q, as the case may be, most recently filed with the SEC (or, if that filing is not permitted under the Securities Exchange Act, with the trustee) prior to that declaration or other action; and
b.	$26,000,000; provided, however, that the foregoing limitation shall not apply to any declaration or other action referred to above which is necessary to maintain Kimco’s status as a REIT under the Internal Revenue Code of 1986, as amended if the aggregate principal amount of all Kimco’s outstanding Debt and the outstanding Debt of Kimco’s subsidiaries at that time is less than 65% of Kimco’s Undepreciated Real Estate Assets as of the end of the calendar quarter covered in Kimco’s annual report on Form 10-K or quarterly report on Form 10-Q, as the case may be, most recently filed with the SEC (or, if that filing is not permitted under the Securities Exchange Act, with the trustee) prior to that declaration or other action.

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Notwithstanding the foregoing, Kimco will not be prohibited from making the payment of any dividend within 30 days of the declaration of that dividend if at the date of declaration that payment would have complied with the provisions of the immediately preceding paragraph.

“Consolidated Income Available for Debt Service” for any period means Kimco’s Consolidated Net Income (as defined below) and the Consolidated Net Income of Kimco’s subsidiaries plus amounts which have been deducted for:

(i)	interest on Kimco’s Debt and interest on the Debt of Kimco’s subsidiaries,
(ii)	provision for Kimco’s taxes and the taxes of Kimco’s subsidiaries based on income
(iii)	amortization of debt discount,
(iv)	property depreciation and amortization, and

the effect of any non-cash charge resulting from a change in accounting principles in determining Consolidated Net Income for that period.

“Consolidated Net Income” for any period means the amount of Kimco’s consolidated net income (or loss) and the consolidated net income (or loss) of Kimco’s subsidiaries for that period determined on a consolidated basis in accordance with generally accepted accounting principles.

“Debt” of Kimco or any of Kimco’s subsidiaries means any indebtedness of Kimco or any of Kimco’s subsidiaries, whether or not contingent, in respect of:

(i)	borrowed money or evidenced by bonds, notes, debentures or similar instruments,
(ii)	indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property owned by Kimco or any of Kimco’s subsidiaries,
(iii)	letters of credit or amounts representing the balance deferred and unpaid of the purchase price of any property except any balance that constitutes an accrued expense or trade payable, or
(iv)	any lease of property by Kimco or any of Kimco’s subsidiaries as lessee which is reflected on Kimco’s consolidated balance sheet as a capitalized lease in accordance with generally accepted accounting principles,

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	in the case of items of indebtedness under (i) through (iii) above to the extent that those items (other than letters of credit) would appear as a liability on Kimco’s consolidated balance sheet in accordance with generally accepted accounting principles, and also includes, to the extent not otherwise included, any obligation by Kimco or any of Kimco’s subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), indebtedness of another person (other than Kimco or any of Kimco’s subsidiaries) (it being understood that Debt shall be deemed to be incurred by Kimco or any of Kimco’s subsidiaries whenever Kimco or that subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof).
	“Funds from Operations” for any period means Kimco’s Consolidated Net Income and the Consolidated Net Income of Kimco’s subsidiaries for that period without giving effect to depreciation and amortization, gains or losses from extraordinary items, gains or losses on sales of real estate, gains or losses on investments in marketable securities and any provision/benefit for income taxes for that period, plus funds from operations of unconsolidated joint ventures, all determined on a consistent basis for that period. “Maximum Annual Service Charge” as of any date means the maximum amount which may become payable in any period of 12 consecutive calendar months from that date for interest on, and required amortization of, Debt. The amount payable for amortization shall include the amount of any sinking fund or other analogous fund for the retirement of Debt and the amount payable on account of principal on any Debt which matures serially other than at the final maturity date of that Debt.  “Total Assets” as of any date means the sum of (1) Kimco’s Undepreciated Real Estate Assets and (2) all Kimco’s other assets determined in accordance with generally accepted accounting principles (but excluding goodwill and amortized debt costs).  “Undepreciated Real Estate Assets” as of any date means the amount of Kimco’s real estate assets and the real estate assets of Kimco’s subsidiaries on that date, before depreciation and amortization determined on a consolidated basis in accordance with generally accepted accounting principles. “Unencumbered Total Asset Value” as of any date means the sum of Kimco’s Total Assets which are unencumbered by any mortgage, lien, charge, pledge or security interest that secures the payment of any obligations under any Debt.
U.S. Withholding Tax:	Subject to compliance with the requirements set forth in the following sentence and to certain limited exceptions, an exemption from U.S. withholding tax is available to holders that are not U.S. persons in respect of any payment under the Notes, the NT III Indenture or the Guarantee. Each holder of a Note that is not a U.S. person, including any transferees or assignees of the Notes, as a pre-condition to such assignment or transfer, shall be required to furnish Internal Revenue Service Form W-8BEN to NT III and the Trustee to claim an exemption from or reduction of U.S. withholding tax, if applicable.
Additional Amounts:	If, as a result of any change in or amendment to the laws (or any regulations or rulings promulgated thereunder) of the United States or of any political subdivision or taxing authority thereof or therein affecting tax after the settlement date, NT III or the Guarantor would be required to deduct or withhold from any payment on a Note of amounts for or on account of any tax, assessment or other governmental charge imposed by the United States or any political subdivision or taxing authority thereof or therein, NT III or the Guarantor, as the case maybe, will, subject to the limitations and exceptions set out below, pay to a Holder, who is a United States Alien, such additional amounts (the “Additional Amounts”) as may be necessary so that every net payment of interest with respect to such Note after deduction or withholding for or on account of any such tax, assessment or other governmental charge imposed upon such Holder, or by reason of the making of such payment, by the United States or any political subdivision or taxing authority thereof or therein, will not be less than the amount provided for in such Note. For greater certainty, no Additional Amount shall be payable by the Issuer or the Guarantor in respect of taxes imposed by any jurisdiction other than the United States or any political subdivision or tax authority thereof or therein affecting tax. However, NT III or the Guarantor, in the case of payments under the Guarantee, will not be required to make any payment of Additional Amounts to any such holder for or on account of:

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Guarantor, as the case maybe, will, subject to the limitations and exceptions set out below, pay to a Holder, who is a United States Alien, such additional amounts (the “Additional Amounts”) as may be necessary so that every net payment of interest with respect to such Note after deduction or withholding for or on account of any such tax, assessment or other governmental charge imposed upon such Holder, or by reason of the making of such payment, by the United States or any political subdivision or taxing authority thereof or therein, will not be less than the amount provided for in such Note. For greater certainty, no Additional Amount shall be payable by the Issuer or the Guarantor in respect of taxes imposed by any jurisdiction other than the United States or any political subdivision or tax authority thereof or therein affecting tax. However, NT III or the Guarantor, in the case of payments under the Guarantee, will not be required to make any payment of Additional Amounts to any such holder for or on account of:

 ● any such tax, assessment or other governmental charge which would not have been so imposed but for the existence of any present or former connection between such holder (or between a fiduciary, settlor, beneficiary, member or shareholder of such holder, if such holder is an estate, a trust, a partnership or a corporation) and the United States, including, without limitation, such holder (or such fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident thereof or being or having been engaged in a trade or business or present therein, or having had a permanent establishment therein;

 ● any estate, inheritance, gift, sales, transfer or personal property tax or any similar tax, assessment or governmental charge;

 ● any tax, assessment or other governmental charge imposed by reason of such holder’s past or present status, such as a personal holding company or foreign personal holding company or controlled foreign corporation or passive foreign investment company with respect to the United States or as a corporation which accumulates earnings to avoid United States federal income tax or as a private foundation or other tax-exempt organization;

 ● any tax, assessment or other governmental charge which  is payable otherwise than by withholding from payments on or in respect of any Note;

 ● any tax, assessment or other governmental charge which would not have been imposed but for the failure to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of the holder or beneficial owner of such Note if such compliance is required by statute or by regulation of the United States or of any political subdivision or taxing authority thereof or therein as a precondition to relief or exemption from such tax, assessment or other governmental charge;

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 ● any tax, assessment or other governmental charge imposed by reason of such holder’s past or present status as the actual or constructive owner of 10 per cent or more of the total combined voting power of all classes of stock entitled to vote of NT III, or the Guarantor, or as a direct or indirect subsidiary of NT III, or the Guarantor or as a bank receiving interest described in Section 881(c)(3)(A) of the U.S. Internal Revenue Code; or

 ● any combination of the foregoing items;

	nor shall Additional Amounts be paid with respect to any payment on a Note to a United States Alien who is a fiduciary or partnership or other than the sole beneficial owner of such payment (taking into account the conduit financing rules of Treasury Regulation Section 1.881-3) to the extent such payment would be required by the laws of the United States (or any political subdivision thereof) to be included in the income, for tax purposes, of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the holder of the Note.
	The term “United States Alien” means any person who, for United States federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non- resident fiduciary of a foreign estate or trust, or a foreign partnership, one or more of the members of which is a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust.
	The Issuer may redeem the Notes at a redemption price equal to the principal amount thereof, together, with all interest accrued and remaining unpaid to and including the redemption date, in circumstances where the Issuer would be required to pay an Additional Amount.
	For greater certainty, and other than in respect of Additional Amounts, neither the Issuer nor the Guarantor is required to pay a gross-up or otherwise indemnify a Holder for any withholding taxes levied by any other jurisdiction with respect to the Notes or the Guarantee.
Redemption Provisions:	NT III shall have the right (the “Redemption Right”), at its option, to redeem at any time and from time to time prior to the Maturity Date, upon not more than 60 days’ nor less than 30 days’ prior notice, the whole or any part of such Notes then outstanding, on a pro rata basis, at the Redemption Price. The Redemption Price in respect of such Notes shall be calculated as the principal amount outstanding on the Notes to be redeemed plus the Make-Whole Amount, if any, on such amount, together, in each case, with all interest accrued and remaining unpaid to and including the redemption date.
	“Canada Yield Price” in relation to any Notes being redeemed, means the price, on any date (which in the case of any calculation of the Make-Whole Amount hereunder shall be the date the redemption notice is given), in respect of any principal amount of such Notes, or of the portion of such Notes being redeemed, outstanding on such date, necessary to provide a yield on such principal amount from the applicable redemption date to the day of maturity of the Notes equal to the Government of Canada Yield plus 45 basis points.

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	“Government of Canada Yield” on any date means, in the case of any Notes, the arithmetical average of the mid-market yield to maturity on such date, assuming semi-annual compounding, expressed as a rate per annum, which the applicable Government of Canada Bond would carry if issued in Canadian dollars in Canada at 100% of its principal amount on such date with a term to maturity equal to the remaining term of such Notes quoted by two major Canadian investment dealers selected by the Issuer from amongst Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial or any of their successors and any other investment dealer which is a member of the Investment Dealers Association of Canada selected by the Issuer and approved by the Trustee, acting reasonably.
	“Make-Whole Amount” in respect of any given principal amount of Notes means, at any given time, the amount, if any, by which (i) the Canada Yield Price in respect of such principal amount exceeds (ii) such principal amount.
Special Redemption Provisions:	Where NT III exercises its Redemption Right in circumstances where:

a.	Kimco has sought and obtained a waiver or consent (as the case may be) from the requisite majority of holders of each series of securities issued under the Kimco Indenture in respect of a default thereunder or an amendment to the terms or conditions thereof (as the case may be); and
b.	the requisite majority of holders of the Notes have refused to grant such a waiver or consent in circumstances where they have been offered the equivalent cash or non-cash consideration or any other accommodation (if any) to the extent applicable as that offered the holders referred to in (a) above;

then, notwithstanding the foregoing, for purposes of calculating the Redemption Price, the “Canada Yield Price” shall be, in relation to any Notes being redeemed, the price, on any date (which in the case of any calculation of the Make-Whole Amount hereunder shall be the date the redemption notice is given), in respect of any principal amount of such Notes, or of the portion of such Notes being redeemed, outstanding on such date, necessary to provide a yield on such principal amount from the applicable redemption date to the day of maturity of such series of Notes equal to the Government of Canada Yield plus 100 basis points.

Defeasance:  The NT III Indenture will provide that NT III may elect either:

a.	to defease and be discharged from any and all obligations with respect to those debt securities; or
b.	to be released from its obligations with respect to those debt securities under covenants set forth in the NT III Indenture or any omission to comply with those obligations shall not constitute a default or an event of default with respect to those debt securities (“covenant defeasance”);

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in either case (among other conditions) upon the irrevocable deposit by NT III with the Trustee, in trust, of an amount, in the currency or currencies, currency unit or units or composite currency or currencies in which those debt securities are payable at stated maturity, or bonds issued by the Government of Canada, or both, applicable to those debt securities which through the scheduled payment of principal and interest in accordance with their terms will provide money in an amount sufficient to pay the principal of and interest on those Notes, on the scheduled due dates therefore.

Events of Default:

The NT III Indenture shall provide that the following events are events of default with respect to the Notes:

a.	default for 30 days in the payment of (among other things) any installment of interest on any debt security of that series;
b.	default in the payment of the principal of (or premium, if any, on) any debt security of that series at its maturity;
c.	default in the performance of, or breaches any covenant, representation or warranty contained in the NT III Indenture (other than a covenant added to the NT III Indenture solely for the benefit of a series of notes other than the Series 4 Notes), continued unremedied for 60 days after written notice as provided in the NT III Indenture;
d.	a court having jurisdiction in the premises shall enter a decree or order for relief in an involuntary case in respect of NT III under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall appoint a receiver, receiver and manager, liquidator, assignee, custodian, trustee in bankruptcy, sequestrator or similar official for any substantial part of its property, or shall order the winding-up or liquidation of its affairs, and such decree, appointment or order shall remain unstayed and in effect for a period of 60 consecutive days;
e.	NT III shall make a proposal for a continuance or arrangement under the Bankruptcy and Insolvency Act (Canada) or the Companies Creditors Arrangement Act (Canada), or shall otherwise commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, receiver and manager, liquidator, assignee, trustee in bankruptcy, custodian, sequestrator or similar official of NT III, as the case may be, or for any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due or shall take any corporate action in furtherance of any of the foregoing;
f.	if the Guarantee is not, or claimed by the Guarantor to not be, in full force and effect;
g.	the occurrence of an “Event of Default” as defined in the NT III Indenture, with respect to securities of that series; and
h.	the occurrence of any “Event of Default” as defined in the Kimco Indenture without giving effect to any waiver thereof in accordance with the Kimco Indenture and without giving effect to any action or inaction by holders thereunder, including in relation to any acceleration of indebtedness thereunder.

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Modification:    With the consent of the holders of not less than a majority in principal amount of all outstanding securities of each series affected by such supplemental indenture, by act of said holders delivered to NT III, Kimco and the Trustee, NT III, when authorized by a resolution, and Kimco and the Trustee, at any time and from time to time, may enter into a supplemental indenture or supplemental indentures for the purpose of adding any provisions or changing in any manner or eliminating any provisions of the NT III Indenture or of modifying in any matter the rights of the holders of the securities of such series under the NT III Indenture or any supplement thereto; provided, however that no such supplemental indenture shall, without the consent of the holder of each outstanding security affected thereby,

a.	change the stated maturity of the principal of, or any installment of interest (or premium, if any) on, any debt security;
b.	reduce the principal amount of, or the rate or amount of interest on, or any premium payable on redemption of, any debt security, or reduce the amount of principal of an original issue discount security that would be due and payable upon declaration of acceleration of the maturity thereof or would be provable in bankruptcy, or adversely affect any right of repayment of the holder of any debt security;
c.	change the place of payment, or the coin or currency, for payment of principal of (or premium, if any) or interest on any debt security;
d.	impair the right to institute suit for the enforcement of any payment on or with respect to any debt security;
e.	reduce the above-stated percentage of outstanding debt securities of any series necessary to modify or amend the NT III Indenture, to waive compliance with certain provisions thereof or certain defaults and consequences thereunder or to reduce the quorum or voting requirements set forth in the indenture; or
f.	modify any of the foregoing provisions or any of the provisions relating to the waiver of certain past defaults or certain covenants, except to increase the required percentage to effect that action or to provide that certain other provisions may not be modified or waived without the consent of the holder of that debt security.

The holders of not less than a majority in principal amount of outstanding Series 4 Notes (the “Majority Noteholders”) have the right to waive compliance by NT III with some of the covenants in the NT III Indenture.

No amendment to the Kimco Indenture or waiver thereunder or termination thereof shall modify or affect the said covenant without the approval by the Majority Noteholders.

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Reorganizations:  Kimco may consolidate with, or sell, lease or convey all or substantially all of its assets to, or merge with or into, any other person, provided that:

a.	either Kimco shall be the continuing corporation, or the successor corporation (if other than Kimco) formed by or resulting from that consolidation or merger or which shall have received the transfer of its assets, shall expressly assume payment of the principal of (and premium, if any) and interest on all of the debt securities and the due and punctual performance and observance of all of the covenants and conditions contained in the NT III Indenture and the Guarantee;
b.	immediately after giving effect to that transaction and treating any indebtedness which becomes an obligation of Kimco’s or of any of Kimco’s subsidiaries as a result thereof as having been incurred by Kimco or that subsidiary at the time of that transaction, no event of default under the Kimco Indenture, and no event which, after notice or the lapse of time, or both, would become an event of default, under the Kimco Indenture, shall have occurred and be continuing; and
c.	an officer’s certificate of Kimco and a legal opinion shall be delivered to the Trustee which states that the foregoing conditions have been complied with.

	NT III may consolidate with, sell, lease or convey all or substantially all of its assets to any person, provided that a legal opinion shall be delivered to the Trustee which states that that the rights and powers of the Trustee and the holders of the Series 4 Notes are not impaired and that no adverse tax consequence under Canadian law to any holder of the Series 4 Notes will occur as a result of such transaction.
Governing Law:	The NT III Indenture will be governed by the laws of the Province of Québec. The Guarantee shall be governed by the laws of New York.
Investor Presentation:	The Investor Presentation dated July 15, attached as Schedule "A" hereto, contains certain additional information about Kimco, including a copy of the Form 10-K of Kimco Realty Corporation for the year ended December 31, 2012, Form 10-Q for the period ended March 31, 2013 and all Form 8-Ks of Kimco filed since December 31, 2012, including the Form 8-Ks dated the following dates: June 3, 2013, May 23, 2013, May 17, 2013, May 14, 2013, May 13, 2013, May 1, 2013, April 30, 2013 and February 5, 2013, as an exhibit thereto and forming an integral part thereof.
Rights of Action for Damages:	Purchasers of the Notes shall be entitled to the statutory and contractual rights of or rescission set forth in Schedule "B" hereto.

Agency Fee:     $0.37

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Purchasers Contractual and Statutory Rights of Action

Rights for Purchasers in Ontario

Securities legislation in Ontario provides an Ontario purchaser (other than (a) a “Canadian financial institution” or a “Schedule III bank” (each as defined in National Instrument 45-106 – Prospectus and Registration Exemptions (“NI 45-106”)), (b) the Business Development Bank of Canada or (c) a subsidiary of any person referred to in (a) or (b) above, if the person owns all the voting securities of the subsidiary, except the voting securities required by law to be owned by the directors of that subsidiary) with a statutory right of action for damages or rescission against an issuer and any selling security holder where the related offering memorandum contains a misrepresentation without regard to whether the purchaser relied on the misrepresentation. The right of action for damages is exercisable not later than the earlier of 180 days from the date the purchaser first had knowledge of the facts giving rise to the cause of action and three years from the date on which payment is made for the securities. The right of action for rescission is exercisable not later than 180 days from the date on which payment is made for the securities. If a purchaser elects to exercise the right of action for rescission, the purchaser will have no right of action for damages against the issuer or any selling security holder. In no case will the amount recoverable in any action exceed the price at which the securities were offered to the purchaser and if the purchaser is shown to have purchased the securities with knowledge of the misrepresentation, the issuer and any selling security holder will have no liability. In the case of an action for damages, the issuer and any selling security holder will not be liable for all or any portion of the damages that are proven to not represent the depreciation in value of the securities as a result of the misrepresentation relied upon.

Rights for Purchasers in Saskatchewan 

The Securities Act, 1988 (Saskatchewan) (the “Saskatchewan Act”) provides that where an offering memorandum, together with any amendment to the offering memorandum, sent or delivered to a purchaser contains a misrepresentation, a purchaser who purchases a security covered by the offering memorandum or an amendment to the offering memorandum is deemed to have relied on that misrepresentation, if it was a misrepresentation at the time of purchase, and has a right of action for damages against (a) the issuer or a selling security holder on whose behalf the distribution is made, (b) every promoter and director of the issuer or the selling security holder, as the case may be, at the time the offering memorandum or any amendment thereof was sent or delivered, (c) every person or company whose consent has been filed respecting the offering, but only with respect to reports, opinions or statements that have been made by them, (d) every person or company that, in addition to those mentioned in (a) to (c) above, signed the offering memorandum or the amendment thereof and (e) every person or company that sells securities on behalf of the issuer or selling security holder under the offering memorandum or amendment thereof, where an offering memorandum contains a misrepresentation. In addition, such a purchaser that purchases the security from the issuer or a selling securityholder may elect to exercise a right of rescission against such person where an offering memorandum contains a misrepresentation and, when the purchaser so elects, the purchaser shall have no right of action for damages against such person.

The Saskatchewan Act provides further that (a) where an individual makes a verbal statement to a prospective purchaser that contains a misrepresentation relating to the security purchased and the verbal statement is made either before or contemporaneously with the purchase of the security, the purchaser is deemed to have relied on the misrepresentation, if it was a misrepresentation at the time of purchase, and has a right of action for damages against the individual who made the verbal statement, (b) a purchaser of a security from a vendor who is trading in Saskatchewan in contravention of the Saskatchewan Act, the regulations thereunder or a decision of the Saskatchewan Financial Services Commission, whether that vendor is trading on his own behalf or by another person or agent on his behalf, may elect to void the contract and, if the purchaser so elects, the purchaser is entitled to recover all money and other consideration paid by him to the vendor pursuant to the trade and (c) if the distribution of securities has not been completed and (i) there is a material change in the affairs of the issuer, (ii) it is proposed that the terms or conditions of the offering described in the offering memorandum be altered or (iii) securities are to be distributed in addition to the securities previously described in the offering memorandum, and an amendment to the offering memorandum is not sent or delivered in accordance with the Saskatchewan Act, the purchaser has a right of action for rescission or damages against the dealer or offeror that failed to comply with the applicable requirement.

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Subject to the Saskatchewan Act, these statutory rights are exercisable, in the case of an action for rescission, 180 days after the date of the transaction that gave rise to the cause of action or, in the case of any action, other than an action for rescission, the earlier of (a) one year after the plaintiff first had knowledge of the facts giving rise to the cause of action and (b) six years after the date of the transaction that gave rise to the cause of the action.

Rights for Purchasers in New Brunswick

New Brunswick securities legislation provides investors who purchase securities offered for sale in reliance on the exemption in Section 2.3 of NI 45-106 with a statutory right of action against the issuer and a selling security holder of securities for damages or against the seller of securities only, for rescission, in the event that any information relating to the offering provided to the purchaser contains a misrepresentation. Where an offering memorandum is delivered to a prospective purchaser of securities in connection with a trade made in reliance on the exemption in Section 2.3 of NI 45-106, and the document contains a misrepresentation, a purchaser who purchases the securities is deemed to have relied on the misrepresentation and has, subject to certain limitations and defences, a statutory right of action against the issuer and a selling security holder on whose behalf the distribution was made for damages or, while still the owner of securities, against the seller of securities for rescission. If the purchaser elects to exercise the right of rescission, the purchaser will have no right of action for damages. The right of action will be exercisable by the purchaser only if the purchaser gives notice to the defendant, in the case of any action for rescission, not more than 180 days after the date of the transaction that gave rise to the cause of action, that the purchaser is exercising this right and, in the case of any action for damages, before the earlier of (a) one year after the plaintiff first had knowledge of the facts giving rise to the cause of action and (b) six years after the date of the transaction that gave rise to the cause of action.

The liability of all persons and companies referred to above is joint and several. A defendant is not liable for a misrepresentation if it proves that the purchaser purchased the securities with knowledge of the misrepresentation. In an action for damages, the defendant shall not be liable for all or any portion of the damages that the defendant proves do not represent the depreciation in value of the securities as a result of the misrepresentation relied upon. In no case shall the amount recoverable for the misrepresentation exceed the price at which the securities were offered.

Rights for Purchasers in Nova Scotia 

Nova Scotia securities legislation provides that if an offering memorandum or any advertising or sales literature (as defined in the Securities Act (Nova Scotia)) contains a misrepresentation, a purchaser of securities is deemed to have relied upon such misrepresentation if it was a misrepresentation at the time of purchase and has, subject to certain limitations and defences, a statutory right of action for damages against the seller of such securities, the directors of the seller and the persons who have signed the offering memorandum or, alternatively, while still the owner of the securities, may elect instead to exercise a statutory right of rescission against the seller, in which case the purchaser shall have no right of action for damages against the seller, the directors of the seller or the persons who have signed the offering memorandum. The rights described above are subject to certain limitations, including: (a) no action may be commenced to enforce the right of action for rescission or damages by a purchaser resident in Nova Scotia later than 120 days after the date payment was made for the securities (or after the date on which initial payment was made for the securities where payments subsequent to the initial payment are made pursuant to a contractual commitment assumed prior to, or concurrently with, the initial payment); (b) no person will be liable if it proves that the purchaser purchased the securities with knowledge of the misrepresentation; (c) in the case of an action for damages, no person will be liable for all or any portion of the damages that it proves do not represent the depreciation in value of the securities; and (d) in no case will the amount recoverable in any action exceed the price at which the securities were offered to the purchaser.

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The liability of all persons or companies referred to above is joint and several with respect to the same cause of action.

The foregoing summary is subject to the express provisions of the Securities Act (Ontario), the Securities Act (New Brunswick), the Saskatchewan Act and the Securities Act (Nova Scotia) and the rules and regulations thereunder and reference is made thereto for the complete text of such provisions.

Manitoba, Prince Edward Island and Newfoundland and Labrador Purchasers

In Manitoba, the Securities Act (Manitoba), in Prince Edward Island, the Securities Act (PEI) and in Newfoundland and Labrador, the Securities Act (Newfoundland and Labrador) provide a statutory right of action for damages or rescission to purchasers resident in Manitoba, PEI and Newfoundland and Labrador, respectively, in circumstances where an offering memorandum or an amendment hereto contains a misrepresentation, which rights are similar, but not identical, to the rights available to Ontario purchasers. Manitoba, PEI and Newfoundland and Labrador purchasers should refer to the complete text of the relevant statutory provisions.

The rights discussed above are in addition to and without derogation from any other right or remedy which purchasers may have at law and are intended to correspond to the provisions of the relevant securities legislation and are subject to the defences contained therein.

Contractual Rights of Action

A contractual right of action for rescission or damages which is the same as the statutory right of action for rescission or damages provided to purchasers of the Notes resident in the Province of Ontario (as discussed above) will be provided to purchasers of the Notes resident in the Provinces of Alberta, British Columbia and Québec, and will be conferred by the issuance of a purchase confirmation in respect of the Notes by the Agents to such purchasers. Such contractual rights of action for rescission or damages are in addition to and without derogation from any other rights or remedies the purchaser may have at law.

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EX-99

Exhibit 99.2

FOURTH SUPPLEMENTAL INDENTURE

THIS FOURTH SUPPLEMENTAL INDENTURE made as of the 22nd day of July, 2013.

AMONG:

KIMCO NORTH TRUST III, a trust formed under the laws of the State of New York, having its principal place of business located at 3333 New Hyde Park, New Hyde Park, New York 11042;

(hereinafter called the “Issuer”)

AND

KIMCO REALTY CORPORATION, having its principal office located at 3333 New Hyde Park, New Hyde Park, New York 11042,

(hereinafter called the “Guarantor”)

AND

BNY TRUST COMPANY OF CANADA, a trust company existing and licensed under the federal laws of Canada, acting through its Corporate Trust Offices.

(hereinafter called the “Trustee”)

WITNESSETH THAT:

WHEREAS in and by an Indenture dated as of April 21, 2005 by and among the Issuer, the Guarantor and the Trustee (hereinafter called the “Initial Indenture” and, as amended and supplemented pursuant to the First Supplemental Indenture made as of June 2, 2006, the Second Supplemental Indenture made as of August 16, 2006, and the Third Supplemental Indenture made as of April 13, 2010, hereinafter called the “Original Indenture”), provision was made for the issue by the Issuer of Securities;

AND WHEREAS the Issuer issued, pursuant to the Original Indenture, “Series 1 4.45% Notes Maturing April 21, 2010”, dated as of April 21, 2005, in the aggregate principal amount of $150,000,000, “Series 2 5.18% Notes Maturing August 16, 2013”, dated as of August 16, 2006, in the aggregate principal amount of $200,000,000 and “Series 3 5.99% Notes Maturing April 13, 2018”, dated as of April 13, 2010, in the aggregate principal amount of $150,000,000;

AND WHEREAS the Issuer is desirous of issuing a further series of notes in the aggregate principal amount of up to $500,000,000, to be designated as “Series 4 3.855% Notes Maturing August 4, 2020” (the “Fourth Series Notes”);

AND WHEREAS the Issuer has the necessary power, capacity and authority to create and issue the Fourth Series Notes to be issued as herein provided;

AND WHEREAS the Original Indenture, as amended and supplemented by this supplemental indenture, is hereinafter referred to as the “Indenture”;

AND WHEREAS all things necessary have been done and performed to make the Fourth Series Notes, when certified by the Trustee and issued as provided in the Original Indenture, legal, valid and binding obligations of the Issuer with the benefits and subject to the terms of the Indenture;

AND WHEREAS the foregoing recitals are made as representations and statements of fact, as applicable, by the Issuer and not by the Trustee.

NOW THEREFORE it is hereby covenanted, agreed and declared as follows:

Article 1
INTERPRETATION AND RELATED MATTERS

1.1  Interpretation of Supplemental Indenture 

In this fourth supplemental indenture:

(a) “this supplemental indenture”, “this supplemental deed”, “hereof”, “herein”, “hereby”, “hereunder”, and similar expressions refer to this fourth supplemental indenture and not to any particular Article, Section or other portion hereof, and include any and every instrument supplemental or ancillary hereto or in implementation hereof; and

(b) all references to Articles, Sections and Exhibits refer, unless otherwise specified, to articles, sections and exhibits of this supplemental indenture.

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1.2  Defined Terms 

Unless otherwise defined herein or unless the context otherwise specifies or requires, all capitalized terms contained in this supplemental indenture which are defined in the Original Indenture shall, for all purposes hereof, have the meanings given to such terms in the Original Indenture. For the purpose of this supplemental indenture, the following terms have the following meanings:

“Canada Yield Price” in relation to any Fourth Series Notes being redeemed, means the price, on any date (which in the case of any calculation of the Make-Whole Amount hereunder shall be the date the redemption notice is given), in respect of any principal amount of such Fourth Series Notes, or of the portion of such Fourth Series Notes being redeemed, outstanding on such date, necessary to provide a yield on such principal amount from the applicable redemption date to the day of maturity of the Fourth Series Notes equal to the Government of Canada Yield plus 45 basis points; provided that, where the Issuer exercises its Redemption Right in circumstances where:

(a) the Guarantor has sought and obtained a waiver or consent (as the case may be) from the requisite majority of holders of each series of securities issued under the Guarantor Indenture in respect of a default thereunder or an amendment to the terms or conditions thereof (as the case may be); and

(b) the requisite majority of holders of the Fourth Series Notes have refused to grant such a waiver or consent in circumstances where they have been offered the equivalent cash or non-cash consideration or any other accommodation (if any) to the extent applicable as that offered the holders referred to in (a) above;

then, notwithstanding the foregoing for purposes of calculating the Redemption Price, the “Canada Yield Price” shall be, in relation to any Fourth Series Notes being redeemed, the price, on any date (which in the case of any calculation of the Make-Whole Amount hereunder shall be the date the redemption notice is given), in respect of any principal amount of such Fourth Series Notes, or of the portion of such Fourth Series Notes being redeemed, outstanding on such date, necessary to provide a yield on such principal amount from the applicable Redemption Date to the day of maturity of the Fourth Series Notes equal to the Government of Canada Yield plus 100 basis points.

“FATCA” means the Foreign Account Tax Compliance Act of the United States, as amended from time to time.

“Fourth Series Notes” has the meaning ascribed thereto in the recitals hereto.

“Government of Canada Yield” on any date means, in the case of any Fourth Series Notes, the arithmetical average of the mid-market yield to maturity on such date, assuming semi-annual compounding, expressed as a rate per annum, which the applicable Government of Canada Bond would carry if issued in Canadian dollars in Canada at 100% of its principal amount on such date with a term to maturity equal to the remaining term of such Fourth Series Notes quoted by two major Canadian investment dealers selected by the Issuer from amongst Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc. or any of their successors and any other investment dealer which is a member of the Investment Dealers Association of Canada selected by the Issuer and approved by the Trustee, acting reasonably.

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“Make-Whole Amount” in respect of any given principal amount of Fourth Series Notes means, at any given time, the amount, if any, by which (i) the Canada Yield Price in respect of such principal amount exceeds (ii) such principal amount.

“Redemption Right” has the meaning ascribed thereto in Section hereof.

1.3  Headings, etc. 

The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

1.4  Recitals and Exhibits 

The recitals of this supplemental indenture and the Exhibits attached hereto form an integral part of this supplemental indenture.

1.5  Monetary References 

Whenever any amounts of money are referred to herein, such amounts shall be deemed to be lawful money of Canada unless otherwise expressed.

1.6  Language 

The parties to this supplemental indenture hereby require that this supplemental indenture and all related documents be prepared in the English language. Les parties à cet acte de fiducie supplémentaire demandent par les présentes que l'acte de fiducie supplémentaire et tous les documents connexes soient rédigés en anglais.

1.7  Conflict with Indenture Legislation 

If and to the extent that any provision of this supplemental indenture limits, qualifies or conflicts with a mandatory requirement of Indenture Legislation, such mandatory requirement shall prevail.

1.8  Successors and Assigns 

All covenants and agreements of the Issuer and the Guarantor in this supplemental indenture shall bind their respective successors and assigns, whether so expressed or not. All covenants and agreements of the Trustee in this supplemental indenture shall bind its successors.

1.9  Severability Clause 

In case any provision in this supplemental indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

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Article 2
INDENTURE SUPPLEMENTAL TO ORIGINAL INDENTURE

2.1  Incorporation with Original Indenture 

This supplemental indenture is a supplemental indenture within the meaning of the Original Indenture and the Original Indenture and the Fourth Series Notes issued thereunder shall henceforth be read in conjunction with this supplemental indenture, and have effect so far as practicable as if all the provisions of the Original Indenture and this supplemental indenture were contained in one instrument.

Article 3
ISSUANCE OF FOURTH SERIES NOTES

3.1  Fourth Series Notes 

(a)     General

The fourth series of notes to be issued under the Indenture shall be the Fourth Series Notes and shall be designated as “Series 4 3.855% Notes Maturing August 4, 2020”. Each Fourth Series Note may be issued by the Issuer in Dollars and, subject to the Issuer’s right to reopen the series for issuance of additional securities of such series, shall be limited to $500,000,000 aggregate principal amount. Each Fourth Series Note shall bear its Original Issue Date and shall mature on the date specified therein. Payment of the Maturity Consideration for the Fourth Series Note and Interest thereon will be made in lawful money of Canada on August 4, 2020, in accordance with Section 3.7 of the Initial Indenture. The Fourth Series Notes shall be issued as Book-Entry Securities in denominations of $1,000 and integral multiples thereof. The global form of the Fourth Series Notes and the certificate of the Trustee to be executed on the global form of the Fourth Series Note and the registration panel thereon shall be in the form set forth in Exhibit A hereto. In addition to the English text thereof, the Fourth Series Note may include a corresponding French text.

In the event of any contradiction, discrepancy or difference between the English language portion of the text and the French language portion of the text of the form of Security, the certificate of the Trustee or the registration panel, the English language portion of the text shall govern, except where and only to the extent that applicable law otherwise requires.

(b)     Execution and Delivery of Fourth Series Notes

At any time and from time to time after the execution of this supplemental indenture and after delivery by the Issuer to the Trustee of the Resolution and the Officer's Certificate referred to in Sections 3.1 and 3.3 of the Initial Indenture, the Issuer may execute and deliver to the Trustee for authentication Fourth Series Notes, and the Trustee shall thereupon authenticate and deliver said Fourth Series Notes as directed by an Issuer Order.

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(c)     Terms of Fourth Series Notes

The terms and conditions of the Fourth Series Notes shall be as set out in Exhibit A hereto. The Issuer Order referred to in paragraph (b) above shall, subject to the requirements of Article 2 and Article 3 of the Initial Indenture and the provisions of this supplemental indenture, set forth with respect to each issue of Fourth Series Notes to be delivered by the Trustee, the terms of such Fourth Series Notes.

(d)     Redemption

The Issuer shall have the right (the “Redemption Right”), at its option and in accordance with Article 11 of the Initial Indenture, to redeem at any time and from time to time prior to the Maturity, upon not more than 60 days’ nor less than 30 days’ prior notice, the whole or any part of such Fourth Series Notes then outstanding, on a pro rata basis, at the Redemption Price. The Redemption Price in respect of such Fourth Series Notes shall be calculated as the principal amount outstanding on the Fourth Series Notes to be redeemed plus the Make-Whole Amount, if any, on such amount, together, in each case, with all interest accrued and remaining unpaid to and including the Redemption Date.

The Fourth Series Notes may also be redeemed in accordance with Section 11.3 of the Initial Indenture.

(e)     Purchase by the Issuer

The Issuer may (subject to Article 11 of the Indenture) at any time purchase all or any of the Fourth Series Notes in the market (which shall include a purchase from or through an investment dealer or a firm holding membership on a recognized stock exchange) or by invitation for tenders or by private contract at such price or prices as may be determined by the Board.

If, upon an invitation for tenders, more Fourth Series Notes than the Issuer is prepared to accept are tendered at the same lowest price that the Issuer is prepared to accept, the Fourth Series Notes to be purchased by the Issuer shall be selected by the Trustee pro rata, by lot, or in such other manner as the Trustee may consider equitable, from the Fourth Series Notes tendered by each Holder who tendered at such lowest price. For this purpose, the Trustee may make, and from time to time amend, regulations with respect to the manner in which Fourth Series Notes may be so selected and regulations so made shall be valid and binding upon all Holders notwithstanding the fact that, as a result thereof, one or more of such Fourth Series Notes may become subject to purchase in part only. The Holder of any Fourth Series Notes of which a part only is purchased, upon surrender of such Fourth Series Notes for payment, shall be entitled to receive, without expense to such Holder, one or more new Fourth Series Notes for the unpurchased part so surrendered and the Trustee shall certify and deliver such new Fourth Series Notes upon receipt of the Fourth Series Notes so surrendered.

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(f)     Delivery for Cancellation

At the option of the Issuer, all Fourth Series Notes purchased under this supplemental indenture may be delivered to the Trustee and may be cancelled by the Trustee and upon such occurrence no Fourth Series Notes shall be issued in substitution therefor.

(g)     U.S. Withholding

The Holder and, as a condition precedent to any transfer or assignment of the Fourth Series Notes, the transferee or assignee shall execute and file such forms or other documents as may be required to secure any reduction of or exemption from U.S. withholding tax, including the furnishing by the transferee or assignee of Internal Revenue Service Form W-8BEN or other applicable form W-8 as well as any documents which may be required under FATCA to the Trustee and the Issuer. Within 5 days of the issuance of the Fourth Series Notes, the Trustee shall provide the Issuer with a completed W-8IMY form.

(h)     U.S. Securities Law

The Fourth Series Notes and the Guarantee may be offered, sold or otherwise transferred, directly or indirectly, only (a) to the Issuer, (b) outside the United States in compliance with Rule 904 of Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or (c) pursuant to the exemption from registration under the U.S. Securities Act provided by Rule 144 thereunder, if available, and, in each instance, in compliance with any applicable state securities laws or the applicable laws of any other jurisdiction. In connection with, and as a condition to, any sale or other proposed transfer of Fourth Series Notes, the Holder shall furnish to the Issuer and the Trustee such certifications, legal opinions and other information as the Issuer and the Trustee may reasonably require to confirm that the proposed sale or other transfer complies with the foregoing restrictions.

3.2  Interest Provisions 

Each Fourth Series Note shall bear Interest from its date of issue at the rate of 3.855% per annum, until the Maturity Consideration for such Fourth Series Note is paid or duly made available for payment. Interest payments in respect of the Fourth Series Notes shall equal the amount of Interest accrued from and including the immediately preceding Interest Payment Date in respect of which Interest has been paid or duly made available for payment (or from and including the date of issue, if no Interest has been paid with respect to the applicable Fourth Series Note) to but excluding the related Interest Payment Date or the Stated Maturity (as specified in the applicable Fourth Series Note), as the case may be.

Interest shall be payable semi-annually in arrears on each date specified in the Fourth Series Notes on which an instalment of Interest is due and payable and on the Stated Maturity. Unless otherwise specified in the Fourth Series Notes, the first payment of Interest on any Fourth Series Note originally issued between a Regular Record Date and the related Interest Payment Date or on an Interest Payment Date will be made on the Interest Payment Date immediately following the next succeeding Regular Record Date to the holder on such next succeeding Record Date.

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The Interest Payment Dates for the Fourth Series Notes shall be specified in the applicable Fourth Series Notes. If any Interest Payment Date or the Stated Maturity of the Fourth Series Notes falls on a day that is not a Business Day, the required payment of Maturity Consideration, Interest and Additional Amounts and other amounts payable under Section 10.4 of the Initial Indenture will be made on the next succeeding Business Day as if made on the date such payment was due, and no Interest shall accrue on such payment for the period from and after such Interest Payment Date or the Stated Maturity, as the case may be, to the date of such payment on the next succeeding Business Day.

Interest on any Fourth Series Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall, if so provided in such Fourth Series Note, be paid to the Person in whose name that Fourth Series Note (or one or more Predecessor Securities) is registered as of the close of business on the Regular Record Date for such Interest in accordance with Section 3.7 of the Initial Indenture. No Interest shall be payable on any Default Interest on the Fourth Series Notes.

Subject to the provisions of Sections 3.7 and 3.8 of the Indenture, each Fourth Series Note delivered under this supplemental indenture upon registration of transfer of or in exchange for or in lieu of any other Fourth Series Note shall carry the rights to Interest accrued and unpaid, and to accrue, which were carried by such other Fourth Series Note.

Article 4
GUARANTEE, EXECUTION AND FORMAL DATE

4.1  Guarantee 

The Guarantor hereby acknowledges and confirms that the Guarantee continues to be in full force and effect, without abrogation, impairment or limitation, and that nothing contained in this supplemental indenture shall in any way operate or be construed as a reduction or discharge of the Guarantee or effect novation. The Guarantor hereby reaffirms (a) the covenants and agreements made by the Guarantor contained in the Indenture and Guarantee, including, for greater certainty, that such covenants and agreements contained in the Guarantee that relate to the Guarantor Indenture apply to such Guarantor Indenture, as amended and supplemented on and prior to the date hereof, (b), its guarantee of payment and performance of the obligations of the Issuer under the Indenture pursuant to the Guarantee, in each case, as such covenants, agreements and other provisions may be modified by this supplemental indenture.

4.2  Execution 

This supplemental indenture may be simultaneously executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument.

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4.3  Formal Date and Applicable Law 

For the purpose of convenience this supplemental indenture may be referred to as bearing the formal date of July 22, 2013, irrespective of the actual date of execution hereof. This supplemental indenture shall be governed by the laws of the Province of Québec and the laws of Canada applicable therein.

(Signature page follows) 

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IN WITNESS whereof the parties hereto have executed these presents under their respective corporate seals and the hands of their proper officers in that behalf.

KIMCO NORTH TRUST III
By:	/s/ Glenn G. Cohen
	Glenn G. Cohen, in his capacity as Trustee of Kimco North Trust III
KIMCO REALTY CORPORATION
By:	/s/ Glenn G. Cohen
	Glenn G. Cohen, in his capacity as Executive Vice President, Chief Financial Officer and Treasurer
BNY TRUST COMPANY OF CANADA
By:	/s/ Pierre Tremblay
	Pierre Tremblay

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EXHIBIT A

FORM OF FOURTH SERIES NOTE

 [Attachment begins on next page]

NOTE

EXCEPT IN THE PROVINCE OF MANITOBA, IN ACCORDANCE WITH NATIONAL INSTRUMENT 45-102 – RESALE OF SECURITIES, UNLESS OTHERWISE PERMITTED UNDER CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (I) THE DATE ON WHICH THE SECURITY IS ISSUED; AND (II) THE DATE THE ISSUER BECOMES A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA.

IN THE PROVINCE OF MANITOBA, UNLESS OTHERWISE PERMITTED UNDER APPLICABLE CANADIAN SECURITIES LAWS OR WITH THE PRIOR WRITTEN CONSENT OF THE APPLICABLE REGULATORS, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS TWELVE MONTHS AND A DAY AFTER THE DATE THE PURCHASER ACQUIRED THE SECURITY.

THIS NOTE IS A BOOK-ENTRY SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”), TO A NOMINEE OF CDS OR BY CDS OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.

THIS NOTE AND THE GUARANTEE ENDORSED HEREON HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, OR (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, IN EACH CASE IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR THE APPLICABLE LAWS OF ANY OTHER JURISDICTION, AND SUBJECT TO THE RIGHT OF THE ISSUER OR THE TRUSTEE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS OR OTHER INFORMATION ACCEPTABLE TO IT OR THEM, AS APPLICABLE, IN FORM AND SUBSTANCE.

CUSIP NO. 49446PAD5

ISIN NO. CA49446PAD56    Cdn. $200,000,000

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KIMCO NORTH TRUST III
as guaranteed by Kimco Realty Corporation

Series 4 3.855% Notes Maturing August 4, 2020

Kimco North Trust III, a New York Trust (hereinafter called the "Issuer", which term includes any successor under the Indenture herein referred to), for value received, hereby promises to pay to CDS & CO. as the nominee for CDS Clearing and Depository Services Inc. ("CDS"), the principal sum of TWO HUNDRED MILLION CANADIAN DOLLARS (Cdn $200,000,000) on August 4, 2020 and to pay Interest thereon after as well as before maturity, default and judgment from the Original Issue Date, being July 22, 2013 or from the most recent date in respect of which Interest has been paid or duly provided for, semi-annually in arrears on February 4 and August 4 in each year (each, an "Interest Payment Date"), commencing February 4, 2014, at the rate of 3.855% per annum (calculated on the basis of a year of 365 days or 366 days, as the case may be), until the Maturity Consideration hereof is paid or duly made available for payment and, should the Issuer at any time make default in the payment of any Maturity Consideration or Interest, to pay interest on the amount in default at the same rate and on the same dates in like money. The Interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such Interest, which shall be the fifteenth day (whether or not a Business Day) next preceding such Interest Payment Date; provided however that if the Original Issue Date shown on the face hereof is between a Regular Record Date and the related Interest Payment Date, the first payment of Interest will be on the next succeeding Interest Payment Date to the Holder on the Regular Record Date prior to the next succeeding Interest Payment Date. The Interest payable on each Interest Payment Date will include accrued Interest from and including the Original Issue Date or from and including the day immediately preceding the preceding Interest Payment Date, as the case may be, to but excluding the Interest Payment Date. Subject to the terms of the Indenture, any such Interest which is payable, but is not punctually paid or duly provided for on any Interest Payment Date, shall forthwith cease to be payable to the registered Holder on such Regular Record Date, and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Issuer, notice whereof shall be given to the Holder of this Note not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner, as more fully provided in such Indenture; provided however, that where a transfer of this Note occurs between the last Regular Record Date and the Special Record Date, such Defaulted Interest and the amount of any Interest thereon, if applicable, shall be paid to the Holder of this Note as of the Regular Record Date immediately prior to such Special Record Date.

Payment of the Maturity Consideration of and the Interest on this Note will be made at the Corporate Trust Office of the Trustee in Toronto, Ontario in such coin or currency of Canada as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of Interest may be made at the option of the Issuer by cheque mailed or such other method permitted by CDS made to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer in accordance with the terms of the Indenture.

This Note is one of the Series 4 3.855% Notes Maturing August 4, 2020 (the "Note"). This Note is one of a duly authorized issue of Securities of the Issuer, issued and to be issued under a fourth supplemental indenture dated as of July 22, 2013 to the Indenture, dated as of April 21, 2005 and supplemented as of June 2, 2006, as of August 16, 2006 and as of April 13, 2010, (collectively, as may be from time to time amended, restated or supplemented, herein called the "Indenture") between the Issuer, Kimco Realty Corporation, as guarantor (the "Guarantor") and BNY Trust Company of Canada, as trustee (herein called the "Trustee", which term includes any successor trustee under the Indenture). Reference is hereby made to the Indenture for a statement of the respective rights and obligations thereunder of the Issuer, the Guarantor, the Trustee and the Holders of the Securities (including this Note), and the terms upon which the Securities (including this Note) are, and are to be, authenticated and delivered, all to the same effect as if the provisions of the Indenture were herein set forth, to all of which the Holder by acceptance hereof accepts. All capitalized terms used in this Note which are defined in the Indenture, but not in this Note, shall have the meanings assigned to them in the Indenture.

The Issuer shall have the right (the “Redemption Right”), at its option and in accordance with Article 11 of the Indenture, to redeem at any time and from time to time prior to the Maturity, upon not more than 60 days’ nor less than 30 days’ prior notice, the whole or any part of such Notes then outstanding, on a pro rata basis, at the Redemption Price. The Redemption Price in respect of the Notes shall be calculated as the principal amount outstanding on the Notes to be redeemed plus the Make-Whole Amount, if any, on such amount, together, in each case, with all interest accrued and remaining unpaid to and including the Redemption Date.

“Canada Yield Price” in relation to any Notes being redeemed, means the price, on any date (which in the case of any calculation of the Make-Whole Amount hereunder shall be the date the redemption notice is given), in respect of any principal amount of such Notes, or of the portion of such Notes being redeemed, outstanding on such date, necessary to provide a yield on such principal amount from the applicable redemption date to the day of maturity of the Notes equal to the Government of Canada Yield plus 45 basis points.

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“Government of Canada Yield” on any date means, in the case of any Notes, the arithmetical average of the mid-market yield to maturity on such date, assuming semi-annual compounding, expressed as a rate per annum, which the applicable Government of Canada Bond would carry if issued in Canadian dollars in Canada at 100% of its principal amount on such date with a term to maturity equal to the remaining term of such Notes quoted by two major Canadian investment dealers selected by the Issuer from amongst Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc. or any of their successors and any other investment dealer which is a member of the Investment Dealers Association of Canada selected by the Issuer and approved by the Trustee, acting reasonably.

“Make-Whole Amount” in respect of any given principal amount of Notes means, at any given time, the amount, if any, by which (i) the Canada Yield Price in respect of such principal amount exceeds (ii) such principal amount.

Where the Issuer exercises its Redemption Right in circumstances where:

(1)     the Guarantor has sought and obtained a waiver or consent (as the case may be) from the requisite majority of holders of each series of securities issued under the Guarantor Indenture in respect of a default thereunder or an amendment to the terms or conditions thereof (as the case may be); and

(2)     the requisite majority of holders of the Notes have refused to grant such a waiver or consent in circumstances where they have been offered the equivalent cash or non-cash consideration or any other accommodation (if any) to the extent applicable as that offered the holders referred to in (1) above;

then, notwithstanding the foregoing, for purposes of calculating the Redemption Price, the "Canada Yield Price" shall be, in relation to any Notes being redeemed, the price, on any date (which in the case of any calculation of the Make-Whole Amount hereunder shall be the date the redemption notice is given), in respect of any principal amount of such Notes, or of the portion of such Notes being redeemed, outstanding on such date, necessary to provide a yield on such principal amount from the applicable Redemption Date to the day of maturity of the Notes equal to the Government of Canada Yield plus 100 basis points.

If an Event of Default with respect to Securities (including this Note) shall occur and be continuing, the principal of this Note may be declared due and payable in the manner and with the effect provided in the Indenture.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the Guarantor and the rights of the Holders of the Securities to be affected under the Indenture at any time by the Issuer, the Guarantor and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities at the time Outstanding, on behalf of the Holders of all Securities, to waive compliance by the Issuer and the Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Except as provided in Sections 3.5, 3.7 and 3.8 of the Indenture, with respect to the payment of Interest, and except as provided herein, no reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and Interest on this Note, at the time, place, and rate, and in the coin or currency, herein prescribed.

As provided in the Indenture and subject to certain limitations and conditions set forth therein and on the face hereof, the transfer of this Note may be registered on the Security Register, upon surrender of this Note for registration of transfer at any of the Corporate Trust Offices of the Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer or the Trustee, as the case may be, and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

Unless otherwise specified in the Resolution or supplemental indenture authorizing the issuance of the applicable Securities, the Securities are issuable under the Indenture only in registered form without coupons in denominations of Cdn. $1,000 and integral multiples thereof. As provided in the Indenture and subject to certain limitations set forth therein and on the face hereof, this Note is exchangeable for a like aggregate principal amount of Securities in authorized denominations as requested by the Holder surrendering the same. If (x) any Clearing Agency is at any time unwilling or unable to continue as the depository and a successor Clearing Agency is not appointed by the Issuer within 60 days; (y) the Issuer executes and delivers to the Trustee an Issuer Order to the effect that this Note shall be exchangeable; or (z) an Event of Default has occurred and is continuing with respect to the Securities, this Note shall be exchangeable for Securities in fully certificated form of like tenor and of an equal aggregate principal amount, in denominations of Cdn.$1,000 and integral multiples thereof. Such fully certificated Securities shall be registered in such name or names as the Clearing Agency shall instruct the Issuer and the Trustee. If fully certificated Securities are so delivered, the Issuer may make such changes to the form of this Note as are necessary or appropriate to allow for the issuance of such fully certificated Securities.

No service charge shall be made for any such registration of transfer or exchange, but the Issuer and/or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Indenture contains provisions for the holding of meetings of Holders and rendering resolutions passed at such meetings and instruments in writing signed by the Holders of a specified percentage of the principal amount of the Securities Outstanding binding upon all Holders.

Prior to due presentment of this Note for registration of transfer, and subject to the terms of the Indenture, the Issuer, the Guarantor, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Issuer, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary.

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The right is reserved for the Issuer, subject to the terms and conditions in the Indenture, to purchase Securities, including an interest in this Note, at any time in the market or by tender or by private contract.

Unless the certificate of authentication hereon has been executed by the Trustee or by an authenticating agent appointed under the Indenture, by the manual signature of one of its authorized officers, this Note shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose.

Except in the Province of Manitoba, in accordance with National Instrument 45-102 – Resale of Securities, unless otherwise permitted under securities legislation, the holder of this Note must not trade the Note before the date that is four months and a day after the later of (i) the date on which the Note is issued; and (ii) the date the Issuer becomes a reporting issuer in any province or territory of Canada. In the Province of Manitoba, unless otherwise permitted under applicable securities laws or with the prior consent of the applicable regulators, the holder of this Note must not trade the Note before the date that is twelve-months and a day after the date the purchaser acquired the Notes.

This Note is executed by the trustee of the Issuer solely in such capacity and not in an individual capacity. The trustee(s) of the Issuer have no personal liability with respect to any matters herein contemplated. There shall be no right to sue the trustee(s) of the Issuer personally on account of this Note and any such proceedings shall be brought against the trustee(s) of the Issuer solely in their capacity as trustee(s) and without recourse to their personal assets, any other personal right or remedy against the trustee(s) of the Issuer being hereby waived (other than may arise as a result of an act of criminal fraud on their part).

This Note shall be governed by and interpreted in accordance with the laws of the Province of Quebec and the laws of Canada applicable therein. With respect to any suit, action or proceeding relating to this Note, each of the Issuer, the Guarantor, the Trustee and the Holder irrevocably submits to the non-exclusive jurisdiction of the courts of the Province of Quebec.

(Remainder of Page Left Intentionally Blank – Signature Page Follows)

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IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed under its corporate seal.

Dated: July ____, 2013 

CERTIFICATE OF AUTHENTICATION		Kimco North Trust III
This is one of the Securities referred to in the within-mentioned Indenture.
BNY Trust Company of Canada, as Trustee		By:
			Glenn Cohen, Trustee
By:		Attest:
	Authorized Signing Officer

REGISTRATION PANEL

Date of Registration	Registered Holder	Signature of Indenture Trustee or Other Registrar
	CDS & CO. as the nominee for CDS Clearing and Depository Services Inc.

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Note 8 - Marketable Securities and Other Investments

6 Months Ended

Jun. 30, 2013

Table Text Block [Abstract]

Marketable Securities [Table Text Block]

8. Marketable Securities and Other Investments

At June 30, 2013, the Company’s investment in marketable securities was $71.0 million which includes an aggregate unrealized gain of $25.5 million relating to marketable equity security investments.

During the six months ended June 30, 2013, the Company received $10.6 million in proceeds from the sale of certain marketable equity securities. In connection with this transaction, the Company recognized a gain of $5.3 million.

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Note 7 - Mortgages and Other Financing Receivables (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items]
Number of Days Past Due	90
Mortgage Loans on Real Estate, Number of Loans	25
In Default [Member]
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items]
Mortgage Loans on Real Estate, Number of Loans	1
Mortgage Loans on Real Estate (in Dollars)	$ 23.3
Area of Real Estate Property (in Square Meters)	427.00
Foreclosed [Member]
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items]
Mortgage Loans on Real Estate (in Dollars)	$ 1.3
Area of Real Estate Property (in Square Meters)	59.24

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Condensed Consolidated Statements of Income (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenues
Revenues from rental properties	$ 237,079	$ 217,809	$ 467,371	$ 429,892
Management and other fee income	9,049	8,710	17,442	18,136
Total revenues	246,128	226,519	484,813	448,028
Operating expenses
Rent	3,380	2,924	6,705	6,187
Real estate taxes	28,858	27,985	58,306	55,592
Operating and maintenance	31,445	26,756	59,567	52,413
General and administrative expenses	31,420	30,908	65,535	65,314
Provision for doubtful accounts	3,266	2,551	5,199	5,624
Impairment charges			81,546	34,570
Depreciation and amortization	63,409	59,731	125,136	118,299
Total operating expenses	197,144	150,947	356,212	303,754
Operating income	48,984	75,572	128,601	144,274
Other income/(expense)
Mortgage financing income	1,430	1,985	2,416	3,991
Interest, dividends and other investment income	6,500	350	9,163	512
Other (expense)/income, net	(2,526)	538	(6,002)	(3,058)
Interest expense	(55,423)	(56,776)	(108,970)	(113,757)
Income from other real estate investments	555	416	958	1,143
Income/(loss) from continuing operations before income taxes, equity in income of joint ventures, gain/(loss) on change in control of interests and equity in income from other real estate investments	(480)	22,085	26,166	33,105
Benefit/(provision) for income taxes, net	11,830	(3,302)	(3,937)	(8,089)
Equity in income of investment	59,500	30,400	83,616	65,090
Income from continuing operations	77,595	75,356	146,919	129,363
Discontinued operations
Income/(loss) from discontinued operating properties, net of tax	1,652	(180)	2,631	1,906
Impairment/loss on operating properties sold, net of tax	(27,844)	(18,111)	(30,675)	(27,035)
Gain on disposition of operating properties	1,869	11,263	4,365	23,242
Loss from discontinued operations	(24,323)	(7,028)	(23,679)	(1,887)
Gain on sale of operating properties, net of tax		4,059	540	4,059
Net income	53,272	72,387	123,780	131,535
Net income attributable to noncontrolling interests	(2,133)	(3,275)	(4,871)	(8,785)
Net income attributable to the Company	51,139	69,112	118,909	122,750
Preferred stock dividends	(14,573)	(20,841)	(29,147)	(36,415)
Net income available to the Company's common shareholders	36,566	48,271	89,762	86,335
Income from continuing operations:
-Basic (in Dollars per share)	$ 0.15	$ 0.14	$ 0.28	$ 0.22
-Diluted (in Dollars per share)	$ 0.15	$ 0.14	$ 0.28	$ 0.22
Net income attributable to the Company:
-Basic (in Dollars per share)	$ 0.09	$ 0.12	$ 0.22	$ 0.21
-Diluted (in Dollars per share)	$ 0.09	$ 0.12	$ 0.22	$ 0.21
Weighted average shares:
-Basic (in Shares)	407,640	405,560	407,154	405,916
-Diluted (in Shares)	408,831	406,476	408,163	406,827
Amounts attributable to the Company's common shareholders:
Income from continuing operations	60,889	55,394	113,458	90,615
Income from discontinued operations	(24,323)	(7,123)	(23,696)	(4,280)
Gain/(loss) on change in control of interests, net	(1,459)	12,147	21,711	14,156
Equity In Income Of Joint Ventures, Net [Member]
Other income/(expense)
Equity in income of investment	59,504	30,352	83,616	65,090
Equity In Income From Other Real Estate Investments, Net [Member]
Other income/(expense)
Equity in income of investment	8,200	14,074	19,363	25,101
Continuing Operations [Member]
Operating expenses
Impairment charges	$ 35,366	$ 92	$ 35,764	$ 325

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Note 1 - Interim Financial Statements

6 Months Ended

Jun. 30, 2013

Significant Accounting Policies [Text Block]

Significant Accounting Policies [Text Block]

1. Interim Financial Statements

Principles of Consolidation -

The accompanying Condensed Consolidated Financial Statements include the accounts of Kimco Realty Corporation and Subsidiaries, (the “Company”). The Company’s Subsidiaries includes subsidiaries which are wholly-owned, and all entities in which the Company has a controlling financial interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation.  The information furnished in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.  These Condensed Consolidated Financial Statements should be read in conjunction with the Company's 2012 Annual Report on Form 10-K for the year ended December 31, 2012 ("10-K"), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 that would duplicate those included in the 10-K are not included in these Condensed Consolidated Financial Statements.

Subsequent Events -

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements (see Footnote 9).

Income Taxes -

The Company elected status as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes beginning in its taxable year ended December 31, 1991 and operates in a manner that enables the Company to maintain its status as a REIT.  As a REIT, the Company must distribute at least 90 percent of its taxable income and will not pay federal income taxes on the amount distributed to its shareholders.  Therefore, the Company is not subject to federal income taxes if it distributes 100 percent of its taxable income.   Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs.  Certain subsidiaries have made a joint election with the Company to be treated as taxable REIT subsidiaries (“TRS”), which permit the Company to engage in certain business activities in which the REIT may not conduct directly.  A TRS is subject to federal and state income taxes on the income from these activities and the Company includes a provision for taxes in its condensed consolidated financial statements.  The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S.

Earnings Per Share -

The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Computation of Basic Earnings Per Share:
Income from continuing operations	$	77,595		$	75,356		$	146,919		$	129,363
Gain on sale of operating properties, net of tax		-			4,059			540			4,059
Net income attributable to noncontrolling interests		(2,133	)		(3,275	)		(4,871	)		(8,785	)
Discontinued operations attributable to noncontrolling interests		-			95			17			2,393
Preferred stock dividends		(14,573	)		(20,841	)		(29,147	)		(36,415	)
Income from continuing operations available to the common shareholders		60,889			55,394			113,458			90,615
Earnings attributable to unvested restricted shares		(352	)		(313	)		(705	)		(627	)
Income from continuing operations attributable to common shareholders		60,537			55,081			112,753			89,988
Loss from discontinued operations attributable to the Company		(24,323	)		(7,123	)		(23,696	)		(4,280	)
Net income attributable to the Company’s common shareholders for basic earnings per share	$	36,214		$	47,958		$	89,057		$	85,708
Weighted average common shares outstanding		407,640			405,560			407,154			405,916
Basic Earnings Per Share Attributable to the Company’s Common Shareholders:
Income from continuing operations	$	0.15		$	0.14		$	0.28		$	0.22
Loss from discontinued operations		(0.06	)		(0.02	)		(0.06	)		(0.01	)
Net income	$	0.09		$	0.12		$	0.22		$	0.21
Computation of Diluted Earnings Per Share:
Income from continuing operations attributable to common shareholders	$	60,537		$	55,081		$	112,753		$	89,988
Loss from discontinued operations attributable to the Company		(24,323	)		(7,123	)		(23,696	)		(4,280	)
Net income attributable to the Company’s common shareholders for diluted earnings per share	$	36,214		$	47,958		$	89,057		$	85,708
Weighted average common shares outstanding – basic		407,640			405,560			407,154			405,916
Effect of dilutive securities (a):
Equity awards		1,191			916			1,009			911
Shares for diluted earnings per common share		408,831			406,476			408,163			406,827
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders:
Income from continuing operations	$	0.15		$	0.14		$	0.28		$	0.22
Loss from discontinued operations		(0.06	)		(0.02	)		(0.06	)		(0.01	)
Net income	$	0.09		$	0.12		$	0.22		$	0.21

(a)  For the three and six months ended June 30, 2013 and 2012, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share.  Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations.  Additionally, there were 9,070,328 and 14,343,058 stock options that were not dilutive at June 30, 2013 and 2012, respectively. 

The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.

New Accounting Pronouncements -

In February 2013, the FASB issued new guidance regarding liabilities, Accounting Standards Update ("ASU") 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU 2013-04”), effective retrospectively for fiscal years beginning after December 15, 2013 and interim periods within those years. The amendments require an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. In addition, the amendments require an entity to disclose the nature and amount of the obligation, as well as other information about the obligations. The adoption of ASU 2013-04 is not expected to have a material impact on the Company’s financial position or results of operations.

In January 2013, the FASB released ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This guidance is the culmination of the board’s redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., the release due to cash flow hedges from interest rate contracts) and the income statement line items affected by the reclassification (e.g., interest income or interest expense). If a component is not required to be reclassified to net income in its entirety (e.g., the net periodic pension cost), companies would instead cross reference to the related footnote for additional information (e.g., the pension footnote). The new requirements were effective for public companies in interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on the Company’s financial statement presentation or disclosures.

In December 2011, the FASB released ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires companies to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU 2011-11 are effective for reporting periods beginning on or after January 1, 2013, and are required to be applied retrospectively. The adoption of ASU 2011-11 did not have a material impact on the Company’s financial statement disclosures.

Reclassifications –

Certain reclassifications have been made to previously recorded amounts to conform to the current year presentation, Specifically, the Company is presenting on its Condensed Consolidated Statements of Income its Provision for doubtful accounts as a separate line item included in Operating expenses, which during 2012 was included in Revenues from rental properties. Additionally, the Company made certain other immaterial reclassifications to the Company’s Condensed Consolidated Balance Sheets as of December 31, 2012 to conform to the current year presentation.

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Note 15 - Incentive Plans

6 Months Ended

Jun. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

15. Incentive Plans

The Company maintains two equity participation plans, the Second Amended and Restated 1998 Equity Participation Plan (the “Prior Plan”) and the 2010 Equity Participation Plan (the “2010 Plan”) (collectively, the “Plans”).  The Prior Plan provides for a maximum of 47,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified stock options and restricted stock grants.  Effective May 1, 2012, the 2010 Plan provides for a maximum of 10,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified stock options and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are not thereafter issued under the Prior Plan, subject to certain conditions.  Unless otherwise determined by the Board of Directors at its sole discretion, stock options granted under the Plans generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant.  Restricted stock grants generally vest (i) 100% on the fourth or fifth anniversary of the grant, (ii) ratably over three or four years, (iii) over three years, at 50% after two years and 50% after the third year or (iv) over ten years at 20% per year commencing after the fifth year.  Performance share awards may provide a right to receive shares of restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors.  In addition, the Plans provide for the granting of certain stock options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

The Company recognized expenses associated with its equity awards of $10.9 million and $11.7 million for the six months ended June 30, 2013 and 2012, respectively.  As of June 30, 2013, the Company had $37.2 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans.  That cost is expected to be recognized over a weighted average period of approximately 3.8 years.

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Note 17 - Accumulated Other Comprehensive Income ("AOCI") (Details) - Accumulated Other Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013		Jun. 30, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			$ (66,182)
Other comprehensive income before reclassifications			11,578
Amounts reclassified from AOCI (1)			(7,194)	[1]
Net current-period other comprehensive income	(36,055)	(44,658)	3,724		10,872
Balance	(61,798)		(61,798)
Current Period [Member] | Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net current-period other comprehensive income			(1,844)
Current Period [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net current-period other comprehensive income			6,228
Current Period [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net current-period other comprehensive income			4,384
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			(85,404)
Other comprehensive income before reclassifications			(1,844)
Amounts reclassified from AOCI (1)				[1]
Balance	(87,248)		(87,248)
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			19,222
Other comprehensive income before reclassifications			13,422
Amounts reclassified from AOCI (1)			(7,194)	[1]
Balance	$ 25,450		$ 25,450

[1] Amounts were reclassified to Interest, dividends and other investment income on the Company's Condensed Consolidated Statements of Income.

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Note 9 - Notes Payable (Details)	1 Months Ended	3 Months Ended	6 Months Ended			6 Months Ended	1 Months Ended			1 Months Ended
	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Jul. 31, 2013 CAD	Jun. 30, 2013 Scenario, Plan [Member] CAD	Mar. 31, 2013 Medium-term Notes [Member] MXN	Jun. 30, 2013 Medium-term Notes [Member] USD ($)	Jun. 30, 2013 Medium-term Notes [Member] MXN	May 31, 2013 Unsecured Debt [Member] USD ($)
Note 9 - Notes Payable (Details) [Line Items]
Debt Instrument, Term							5 years			10 years
Proceeds from Issuance of Unsecured Debt (in Pesos)			$ 428,118,000	$ 400,000,000			1,000,000,000
Debt Instrument, Basis Spread on Variable Rate							1.35%
Debt Instrument, Interest Rate, Effective Percentage							5.66%
Repayments of Notes Payable (in Pesos)							1,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.70%	6.125%	4.70%		3.855%	5.18%	8.58%			3.125%
Long-term Debt (in Pesos)								76,800,000	1,000,000,000
Long-term Debt (in Dollars)								76,800,000	1,000,000,000
Debt Instrument, Face Amount (in Dollars and Dollars)					200,000,000					350,000,000
Proceeds from Notes Payable (in Dollars)										344,700,000
Debt Issuance Cost (in Dollars)										500,000
Repayments of Senior Debt (in Dollars)	75,000,000	100,000,000
Repayments of Medium-term Notes (in Dollars)						200,000,000

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Note 9 - Notes Payable

6 Months Ended

Jun. 30, 2013

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

9. Notes Payable

During March 2013, the Company entered into a new five year 1.0 billion Mexican peso (“MXN”) term loan which matures in March 2018. This term loan bears interest at a rate equal to TIIE (Equilibrium Interbank Interest Rate) plus 1.35% (5.66% as of June 30, 2013). The Company has the option to swap this rate to a fixed rate at any time during the term of the loan.  The Company used these proceeds to repay its 1.0 billion MXN term loan, which matured in March 2013 and bore interest at a fixed rate of 8.58%.  As of June 30, 2013, the outstanding balance on this new term loan was MXN 1.0 billion (USD $76.8 million). 

During May 2013, the Company issued $350.0 million of 10-year Senior Unsecured Notes at an interest rate of 3.125% payable semi-annually in arrears which are scheduled to mature in May 2023. Net proceeds from the issuance were approximately $344.7 million, after related transaction costs of $0.5 million. The proceeds from this issuance were used for general corporate purposes including the partial reduction of borrowings under the Company’s revolving credit facility and the repayment of the $75.0 million senior unsecured notes which matured in June 2013.

During the six months ended June 30, 2013, the Company repaid (i) its $100.0 million 6.125% senior unsecured notes, which matured in January 2013 and (ii) its $75.0 million 4.70% senior unsecured notes, which matured in June 2013.

During July 2013, a wholly-owned subsidiary of the Company issued $200.0 million Canadian denominated (“CAD”) Series 4 unsecured notes on a private placement basis in Canada. The notes bear interest at 3.855% and are scheduled to mature on August 4, 2020. Proceeds from the notes will be used to repay the Company’s CAD $200.0 million 5.180% unsecured notes maturing on August 16, 2013.

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Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Investment Details (USD $) In Millions, unless otherwise specified	Jun. 30, 2013 sqft		Dec. 31, 2012 sqft
Schedule of Equity Method Investments [Line Items]
Number of Properties	4
Total GLA (in Square Feet)	2,287,000	[1]
KimPru and KimPru II [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest	15.00%	[2],[3],[4]	15.00%	[2],[3],[4]
Number of Properties	60	[2],[3],[4]	61	[2],[3],[4]
Total GLA (in Square Feet)	10,600,000	[2],[3],[4]	10,700,000	[2],[3],[4]
Gross Investment In Real Estate	$ 2,716.4	[2],[3],[4]	$ 2,744.9	[2],[3],[4]
The Company's Investment	169.4	[2],[3],[4]	170.1	[2],[3],[4]
Kimco Income Opportunity Portfolio (“KIR”) [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest	48.60%	[2],[5]	45.00%	[2],[5]
Number of Properties	58	[2],[5]	58	[2],[5]
Total GLA (in Square Feet)	12,400,000	[2],[5]	12,400,000	[2],[5]
Gross Investment In Real Estate	1,514.0	[2],[5]	1,543.2	[2],[5]
The Company's Investment	189.0	[2],[5]	140.3	[2],[5]
UBS Programs [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest		[2],[6],[7],[8]	17.90%	[2],[6],[7],[8]
Number of Properties		[2],[6],[7],[8]	40	[2],[6],[7],[8]
Total GLA (in Square Feet)		[2],[6],[7],[8]	5,700,000	[2],[6],[7],[8]
Gross Investment In Real Estate		[2],[6],[7],[8]	1,260.1	[2],[6],[7],[8]
The Company's Investment	0.9	[2],[6],[7],[8]	58.4	[2],[6],[7],[8]
BIG Shopping Centers [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest	37.90%	[2],[6],[9]	37.70%	[2],[6],[9]
Number of Properties	21	[2],[6],[9]	22	[2],[6],[9]
Total GLA (in Square Feet)	3,400,000	[2],[6],[9]	3,600,000	[2],[6],[9]
Gross Investment In Real Estate	519.0	[2],[6],[9]	547.7	[2],[6],[9]
The Company's Investment	30.8	[2],[6],[9]	31.3	[2],[6],[9]
The Canada Pension Plan Investment Board (“CPP”) [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest	55.00%	[2]	55.00%	[2]
Number of Properties	6	[2]	6	[2]
Total GLA (in Square Feet)	2,400,000	[2]	2,400,000	[2]
Gross Investment In Real Estate	436.0	[2]	436.1	[2]
The Company's Investment	148.7	[2]	149.5	[2]
Kimco Income Fund [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest	39.50%	[10],[2]	15.20%	[10],[2]
Number of Properties	12	[10],[2]	12	[10],[2]
Total GLA (in Square Feet)	1,500,000	[10],[2]	1,500,000	[10],[2]
Gross Investment In Real Estate	288.1	[10],[2]	287.0	[10],[2]
The Company's Investment	51.0	[10],[2]	12.3	[10],[2]
SEB Immobilien [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest	15.00%	[2]	15.00%	[2]
Number of Properties	13	[2]	13	[2]
Total GLA (in Square Feet)	1,800,000	[2]	1,800,000	[2]
Gross Investment In Real Estate	361.3	[2]	361.2	[2]
The Company's Investment	1.2	[2]	1.5	[2]
Other Institutional Programs [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest		[11],[2]		[11],[2]
Number of Properties	56	[11],[2]	58	[11],[2]
Total GLA (in Square Feet)	2,100,000	[11],[2]	2,600,000	[11],[2]
Gross Investment In Real Estate	452.8	[11],[2]	499.2	[11],[2]
The Company's Investment	17.0	[11],[2]	21.3	[11],[2]
RioCan [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest	50.00%		50.00%
Number of Properties	45		45
Total GLA (in Square Feet)	9,300,000		9,300,000
Gross Investment In Real Estate	1,306.1		1,379.3
The Company's Investment	136.5		111.0
Intown [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest		[12]		[12]
Number of Properties		[12]	138	[12]
Total GLA (in Square Feet)		[12]		[12]
Gross Investment In Real Estate		[12]	841.0	[12]
The Company's Investment		[12]	86.9	[12]
Latin America [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest		[13]		[13]
Number of Properties	124	[13]	131	[13]
Total GLA (in Square Feet)	15,400,000	[13]	18,000,000	[13]
Gross Investment In Real Estate	1,010.5	[13]	1,198.1	[13]
The Company's Investment	274.8	[13]	334.2	[13]
Other Joint Venture Programs [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest		[14],[15]		[14],[15]
Number of Properties	82	[14],[15]	87	[14],[15]
Total GLA (in Square Feet)	12,500,000	[14],[15]	13,200,000	[14],[15]
Gross Investment In Real Estate	1,646.4	[14],[15]	1,846.7	[14],[15]
The Company's Investment	266.0	[14],[15]	311.4	[14],[15]
Total [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties	516		671
Total GLA (in Square Feet)	77,000,000		81,200,000
Gross Investment In Real Estate	11,336.2		12,944.5
The Company's Investment	1,392.4		1,428.2
Kimstone [Member]
Schedule of Equity Method Investments [Line Items]
Average Ownership Interest	33.30%	[2],[7]	0.00%	[2],[7]
Number of Properties	39	[2],[7]		[2],[7]
Total GLA (in Square Feet)	5,600,000	[2],[7]		[2],[7]
Gross Investment In Real Estate	1,085.6	[2],[7]		[2],[7]
The Company's Investment	$ 107.1	[2],[7]		[2],[7]

[1] Gross leasable area ("GLA")

[2] The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

[3] During the six months ended June 30, 2013, the Company purchased the remaining interest in an operating property for a purchase price of $15.8 million. As a result of this transaction, KimPru recognized an impairment charge of $4.0 million, of which the Company's share was $0.6 million.

[4] This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors ("PREI"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

[5] During the six months ended June 30, 2013, the Company purchased an additional 3.57% interest in KIR for $48.4 million.

[6] Ownership % is a blended rate

[7] During June 2013, the Company increased its ownership interest in the UBS Programs to 33.3% and simultaneously UBS transferred its remaining 66.7% ownership interest in the UBS Programs to affiliates of Blackstone Real Estate Partners VII ("Blackstone"). Both of these transactions were based on a gross purchase price of $1.1 billion. Upon completion of these transactions, Blackstone and the Company entered into a new joint venture (Kimstone) under a new joint venture agreement in which the Company owns a 33.3% noncontrolling interest.

[8] During the six months ended June 30, 2013, UBS sold an operating property to the Company for a sales price of $32.7 million, which was equal to the remaining debt balance. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such the Company recognized no gain or loss from a change in control and now consolidates this operating property.

[9] During the six months ended June 30, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company's share of this gain was $2.4 million.

[10] During the six months ended June 30, 2013, the Company purchased an additional 24.24% interest in Kimco Income Fund for $38.3 million.

[11] During the six months ended June 30, 2013, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $14.2 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such the Company recognized a gain of $0.5 million from the fair value adjustment associated with the Company's original ownership due to a change in control and now consolidates this operating property.

[12] The Company's share of this investment was subject to fluctuation and dependent upon property cash flows. During June 2013, the Intown portfolio was sold for a sales price of $735.0 million which included the assignment of $609.2 million in debt. This transaction resulted in a deferred gain to the Company of $21.7 million. The Company continues to maintain its guarantee of $145.2 million of outstanding debt assumed by the buyer. The guarantee is collateralized by the buyer's ownership interest in the portfolio. The Company is entitled to a guarantee fee, for the initial term of the loan, which is scheduled to mature in December 2015. The guarantee fee is calculated based upon the difference between LIBOR plus 1.15% and 5.0% per annum multiplied by the outstanding amount of the loan. Additionally, the Company has entered into a commitment to provide financing up to $145.2 million for five years past the date of maturity. This commitment can be in the form of extensions with the current lender or a new lender or financing directly from the Company to the buyer. Due to this continued involvement, the Company deferred its gain until such time that the guarantee and commitment expire.

[13] During the six months ended June 30, 2013, the Company sold nine operating properties located throughout Mexico for $274.0 million which were held in unconsolidated joint ventures in which the Company has noncontrolling interests. This transaction resulted in a net gain of $48.6 million, after tax, of which the Company's share was $24.3 million.

[14] During the six months ended June 30, 2013, the Company amended one of its Canadian preferred equity investment agreements to restructure the investment as a pari passu joint venture in which the Company holds a noncontrolling interest. As a result of this transaction, the Company continues to account for its investment in this joint venture under the equity method of accounting and includes this investment in Investments and advances to real estate joint ventures within the Company's Condensed Consolidated Balance Sheets.

[15] During the six months ended June 30, 2013, two joint ventures in which the Company held noncontrolling interests sold two operating properties to the Company, in separate transactions, for an aggregate sales price of $228.8 million. The Company evaluated these transactions pursuant to the FASB's Consolidation guidance. As such, the Company recognized an aggregate gain of $30.9 million, before income tax, from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties.

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Note 10 - Mortgages Payable (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Note 10 - Mortgages Payable (Details) [Line Items]
Number of Real Estate Properties	4
Mortgage Loans on Real Estate, Period Increase (Decrease)	$ 17.4
Repayments of Secured Debt	66.2
Acquisitions [Member]
Note 10 - Mortgages Payable (Details) [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	243.3
Number of Real Estate Properties	8
Unamortized Fair Value Debt Adjustments	$ 3.9
Repayment of Debt [Member]
Note 10 - Mortgages Payable (Details) [Line Items]
Number of Real Estate Properties	6

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Note 17 - Accumulated Other Comprehensive Income ("AOCI") (Tables)

6 Months Ended

Jun. 30, 2013

Accumulated Other Comprehensive Income Loss Disclosure [Text Block]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Foreign Currency Translation Adjustments			Unrealized Gains on Available-for-Sale Investments			Total
Balance as of December 31, 2012	$	(85,404	)	$	19,222		$	(66,182	)
Other comprehensive income before reclassifications		(1,844	)		13,422			11,578
Amounts reclassified from AOCI (1)		-			(7,194	)		(7,194	)
Net current-period other comprehensive income		(1,844	)		6,228			4,384
Balance as of June 30, 2013	$	(87,248	)	$	25,450		$	(61,798	)

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Note 18 - Pro Forma Financial Information

6 Months Ended

Jun. 30, 2013

Pro Forma Financial Information [Text Block]

Pro Forma Financial Information [Text Block]

18. Pro Forma Financial Information

As discussed in Note 2, the Company and certain of its affiliates acquired and disposed of interests in certain operating properties during the six months ended June 30, 2013. The pro forma financial information set forth below is based upon the Company’s historical Condensed Consolidated Statements of Income for the six months ended June 30, 2013 and 2012, adjusted to give effect to these transactions at the beginning of 2012.

The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of each year, nor does it purport to represent the results of future operations (amounts presented in millions, except per share figures). 

	Six Months Ended June 30,
	2013		2012
Revenues from rental property	$	472.9	$	431.1
Net income	$	173.7	$	133.9
Net income available to the Company’s common shareholders	$	140.3	$	88.7
Net income available to the Company’s common shareholders per common share:
Basic	$	0.34	$	0.22
Diluted	$	0.34	$	0.22

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Note 17 - Accumulated Other Comprehensive Income ("AOCI")

6 Months Ended

Jun. 30, 2013

Accumulated Other Comprehensive Income Loss Disclosure [Text Block]

Accumulated Other Comprehensive Income Loss Disclosure [Text Block]

17. Accumulated Other Comprehensive Income (“AOCI”)

The following table displays the change in the components of accumulated other comprehensive income for the six months ended June 30, 2013:

	Foreign Currency Translation Adjustments			Unrealized Gains on Available-for-Sale Investments			Total
Balance as of December 31, 2012	$	(85,404	)	$	19,222		$	(66,182	)
Other comprehensive income before reclassifications		(1,844	)		13,422			11,578
Amounts reclassified from AOCI (1)		-			(7,194	)		(7,194	)
Net current-period other comprehensive income		(1,844	)		6,228			4,384
Balance as of June 30, 2013	$	(87,248	)	$	25,450		$	(61,798	)

(1) Amounts were reclassified to Interest, dividends and other investment income on the Company’s Condensed Consolidated Statements of Income.

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Note 3 - Discontinued Operations (Details) - Discontinued Operations (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operating properties	$ (24,323)	$ (7,028)	$ (23,679)	$ (1,887)
Net income attributable to noncontrolling interests		95	17	2,393
Loss from discontinued operations attributable to the Company	(24,323)	(7,123)	(23,696)	(4,280)
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues from rental property	2,597	11,648	5,468	26,186
Rental property expenses	(969)	(4,623)	(2,121)	(10,651)
Depreciation and amortization	(861)	(6,575)	(1,907)	(12,892)
Provision for doubtful accounts	(15)	(568)	(298)	(922)
Interest income/(expense)	744	(637)	667	(1,149)
Other income/(expense), net	3	(94)	(12)	(201)
Income/(loss) from discontinued operating properties, before income taxes	1,499	(849)	1,797	371
Impairment of property carrying value, net, before income taxes	(42,951)	(24,915)	(45,783)	(34,245)
Gain on disposition of operating properties, net	1,869	11,263	4,365	23,242
Benefit for income taxes, net	15,260	7,473	15,942	8,745
Loss from discontinued operating properties	(24,323)	(7,028)	(23,679)	(1,887)
Net income attributable to noncontrolling interests		(95)	(17)	(2,393)
Loss from discontinued operations attributable to the Company	$ (24,323)	$ (7,123)	$ (23,696)	$ (4,280)

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Note 12 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Text Block]

Fair Value, by Balance Sheet Grouping [Table Text Block]

	June 30, 2013					December 31, 2012
	Carrying Amounts			Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Marketable securities (1)	$	71,009	$		71,277	$	36,541	$	36,825
Notes payable (2)	$	3,284,014	$		3,446,142	$	3,192,127	$	3,408,632
Mortgages payable (3)	$	1,180,760	$		1,238,727	$	1,003,190	$	1,068,616

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

	Balance at June 30, 2013		Level 1		Level 2		Level 3
Marketable equity securities	$	67,979	$	67,979	$	-	$	-

	Balance at December 31, 2012		Level 1		Level 2		Level 3
Marketable equity securities	$	33,428	$	33,428	$	-	$	-

	Balance at June 30, 2013		Level 1		Level 2		Level 3
Real estate	$	39,506	$	-	$	-	$	39,506
Cost method investment	$	6,976	$	-	$	-	$	6,976

	Balance at December 31, 2012		Level 1		Level 2		Level 3
Real estate	$	52,505	$	-	$	-	$	52,505

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Note 1 - Interim Financial Statements (Details)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Significant Accounting Policies [Text Block]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)	9,070,328	14,343,058

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Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Equity in Income of Joint Ventures (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2013		Jun. 30, 2012		Jun. 30, 2013		Jun. 30, 2012
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	$ 59,500		$ 30,400		$ 83,616		$ 65,090
KimPru and KimPru II [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	2,300	[1],[2]	2,100	[1],[2]	4,200	[1]	4,100	[1]
KIR [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	7,400		5,900		14,500		11,900
UBS Programs [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	700	[3]	600	[3]	1,600	[3]	400	[3]
BIG Shopping Centers [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	(500)	[4]	(800)	[4]	1,500	[4]	(1,400)	[4]
CPP [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	1,600		1,300		3,000		2,500
Kimco Income Fund [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	900		200		1,500		1,000
SEB Immobilien [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	300		200		500		300
Other Institutional Programs [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	500	[5],[6]	1,200	[5],[6]	900	[5],[6]	4,200	[5],[6]
RioCan [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	6,600	[7]	12,500	[7]	12,700	[7]	17,800	[7]
Intown [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	1,600		300		1,400		800
Latin America [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	30,500	[8]	3,900	[8]	32,100	[8]	6,500	[8]
Other Joint Venture Programs [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of joint ventures	$ 7,600	[10],[2],[9]	$ 3,000	[10],[2],[9]	$ 9,700	[10],[2],[9]	$ 17,000	[10],[2],[9]

[1] During the six months ended June 30, 2013, the Company purchased the remaining interest in an operating property for a purchase price of $15.8 million. As a result of this transaction, KimPru recognized an impairment charge of $4.0 million, of which the Company's share was $0.6 million.

[2] During the six months ended June 30, 2013, a joint venture in which the Company has a noncontrolling interest recognized an impairment charge of $1.8 million related to the pending sale of one property. The Company's share of this impairment charge was $0.9 million.

[3] During June 2013, the Company increased its ownership interest in the UBS Programs to 33.3% and simultaneously UBS transferred its remaining 66.7% ownership interest in the UBS Programs to affiliates of Blackstone Real Estate Partners VII ("Blackstone"). Both of these transactions were based on a gross purchase price of $1.1 billion. Upon completion of these transactions, Blackstone and the Company entered into a new joint venture (Kimstone) under a new joint venture agreement in which the Company owns a 33.3% noncontrolling interest.

[4] During the six months ended June 30, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company's share of this gain was $2.4 million.

[5] During the six months ended June 30, 2012, a joint venture in which the Company holds a noncontrolling interest sold two encumbered operating properties to the Company for an aggregate sales price of $75.5 million. As a result of this transaction, the Company recognized promote income of $2.6 million. Additionally, the Company evaluated these transactions pursuant to the FASB's Consolidation guidance. As such, the Company recognized a gain of $2.0 million from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties.

[6] During the six months ended June 30, 2012, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $127.0 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a gain of $12.1 million from the fair value adjustment associated with its original ownership due to a change in control. In addition, the Company recognized promote income of $1.1 million in connection with this transaction.

[7] During the six months ended June 30, 2012, the Company recognized income of $7.5 million, before taxes of $1.5 million, from the sale of certain air rights at one of the properties in the RioCan portfolio.

[8] During the six months ended June 30, 2013, the Company sold nine operating properties located throughout Mexico for $274.0 million which were held in unconsolidated joint ventures in which the Company has noncontrolling interests. This transaction resulted in a net gain of $48.6 million, after tax, of which the Company's share was $24.3 million.

[9] During the six months ended June 30, 2013, two joint ventures in which the Company held noncontrolling interests sold two operating properties to the Company, in separate transactions, for an aggregate sales price of $228.8 million. The Company evaluated these transactions pursuant to the FASB's Consolidation guidance. As such, the Company recognized an aggregate gain of $30.9 million, before income tax, from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties.

[10] During the six months ended June 30, 2012, three joint ventures in which the Company holds noncontrolling interests sold three properties, in separate transactions, for an aggregate sales price of $180.0 million. The Company's share of income related to these transactions was an aggregate gain of $8.3 million.

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Note 3 - Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2013

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Discontinued operations:
Revenues from rental property	$	2,597		$	11,648		$	5,468		$	26,186
Rental property expenses		(969	)		(4,623	)		(2,121	)		(10,651	)
Depreciation and amortization		(861	)		(6,575	)		(1,907	)		(12,892	)
Provision for doubtful accounts		(15	)		(568	)		(298	)		(922	)
Interest income/(expense)		744			(637	)		667			(1,149	)
Other income/(expense), net		3			(94	)		(12	)		(201	)
Income/(loss) from discontinued operating properties, before income taxes		1,499			(849	)		1,797			371
Impairment of property carrying value, net, before income taxes		(42,951	)		(24,915	)		(45,783	)		(34,245	)
Gain on disposition of operating properties, net		1,869			11,263			4,365			23,242
Benefit for income taxes, net		15,260			7,473			15,942			8,745
Loss from discontinued operating properties		(24,323	)		(7,028	)		(23,679	)		(1,887	)
Net income attributable to noncontrolling interests		-			(95	)		(17	)		(2,393	)
Loss from discontinued operations attributable to the Company	$	(24,323	)	$	(7,123	)	$	(23,696	)	$	(4,280	)

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Note 15 - Incentive Plans (Details) (USD $) In Millions, except Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Note 15 - Incentive Plans (Details) [Line Items]
Number of Equity Participation Plans	2
Share-based Compensation (in Dollars)	$ 10.9	$ 11.7
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars)	$ 37.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 292 days
i [Member] | Restricted Stock [Member]
Note 15 - Incentive Plans (Details) [Line Items]
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested	100.00%
ii [Member] | Restricted Stock [Member] | Minimum [Member]
Note 15 - Incentive Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
ii [Member] | Restricted Stock [Member] | Maximum [Member]
Note 15 - Incentive Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
iii [Member] | Restricted Stock [Member] | First Half [Member]
Note 15 - Incentive Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested	50.00%
iii [Member] | Restricted Stock [Member] | Second Half [Member]
Note 15 - Incentive Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested	50.00%
iv [Member] | Restricted Stock [Member]
Note 15 - Incentive Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	10 years
iv [Member] | Restricted Stock [Member]
Note 15 - Incentive Plans (Details) [Line Items]
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested	20.00%
The Prior Plan [Member]
Note 15 - Incentive Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)	47,000,000
The 2010 Plan [Member]
Note 15 - Incentive Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)	10,000,000
Employee Stock Option [Member] | Minimum [Member]
Note 15 - Incentive Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Employee Stock Option [Member] | Maximum [Member]
Note 15 - Incentive Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years

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Note 14 - Supplemental Schedule of Non-Cash Investing / Financing Activities (Details) - Non-Cash Investing and Financing Activities (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Note 14 - Supplemental Schedule of Non-Cash Investing / Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items]
Acquisition of real estate interests by assumption of mortgage debt	$ 36,716	$ 116,735
Acquisition of real estate interests by issuance of redeemable units	77,593
Issuance of restricted common stock	9,213	18,066
Surrender of restricted common stock	(3,176)	(1,555)
Disposition of real estate interests by assignment of debt		13,655
Disposition of real estate through the issuance of an unsecured obligation	3,513	1,750
Declaration of dividends paid in succeeding period	98,326	98,883	96,518
Consolidation of Joint Ventures:
Increase in real estate and other assets	228,200
Increase in mortgages payable	206,489
Noncash [Member]
Note 14 - Supplemental Schedule of Non-Cash Investing / Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items]
Acquisition of real estate interests by issuance of redeemable units	$ 3,985

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Note 2 - Operating Property Activities (Details) - Acquisitions (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013 sqft
Business Acquisition [Line Items]
Purchase Price (Cash)	$ 118,561
Purchase Price (Debt Assumed)	239,362
Purchase Price (Other)	77,593
Purchase Price (Total)	435,516
GLA (in Square Feet)	2,287,000	[1]
Santee Trolley Square [Member]
Business Acquisition [Line Items]
Purchase Price (Cash)	26,863	[2]
Purchase Price (Debt Assumed)	48,456	[2]
Purchase Price (Other)	22,681	[2]
Purchase Price (Total)	98,000	[2]
GLA (in Square Feet)	311,000	[1],[2]
Shops at Kildeer [Member]
Business Acquisition [Line Items]
Purchase Price (Cash)		[3]
Purchase Price (Debt Assumed)	32,724	[3]
Purchase Price (Other)		[3]
Purchase Price (Total)	32,724	[3]
GLA (in Square Feet)	168,000	[1],[3]
Village Commons S.C. [Member]
Business Acquisition [Line Items]
Purchase Price (Cash)	7,100
Purchase Price (Total)	7,100
GLA (in Square Feet)	125,000	[1]
Putty Hill Plaza [Member]
Business Acquisition [Line Items]
Purchase Price (Cash)	4,592	[4]
Purchase Price (Debt Assumed)	9,115	[4]
Purchase Price (Other)	489	[4]
Purchase Price (Total)	14,196	[4]
GLA (in Square Feet)	91,000	[1],[4]
Columbia Crossing II S.C. [Member]
Business Acquisition [Line Items]
Purchase Price (Cash)	21,800
Purchase Price (Total)	21,800
GLA (in Square Feet)	101,000	[1]
Roseville Plaza [Member]
Business Acquisition [Line Items]
Purchase Price (Cash)	5,143
Purchase Price (Total)	5,143
GLA (in Square Feet)	80,000	[1]
Wilton River Park [Member]
Business Acquisition [Line Items]
Purchase Price (Cash)	777	[5]
Purchase Price (Debt Assumed)	36,000	[5]
Purchase Price (Other)	5,223	[5]
Purchase Price (Total)	42,000	[5]
GLA (in Square Feet)	187,000	[1],[5]
Canyon Square [Member]
Business Acquisition [Line Items]
Purchase Price (Cash)	1,950	[6]
Purchase Price (Debt Assumed)	13,800	[6]
Purchase Price (Other)		[6]
Purchase Price (Total)	15,750	[6]
GLA (in Square Feet)	97,000	[1],[6]
JTS Portfolio [Member]
Business Acquisition [Line Items]
Purchase Price (Cash)		[7]
Purchase Price (Debt Assumed)	43,267	[7]
Purchase Price (Other)	11,733	[7]
Purchase Price (Total)	55,000	[7]
GLA (in Square Feet)	520,000	[1],[7]
Factoria Mall [Member]
Business Acquisition [Line Items]
Purchase Price (Cash)	37,283	[8]
Purchase Price (Debt Assumed)	56,000	[8]
Purchase Price (Other)	37,467	[8]
Purchase Price (Total)	130,750	[8]
GLA (in Square Feet)	510,000	[1],[8]
6 Out-parcels [Member]
Business Acquisition [Line Items]
Purchase Price (Cash)	13,053
Purchase Price (Total)	$ 13,053
GLA (in Square Feet)	97,000	[1]

[1] Gross leasable area ("GLA")

[2] This property was acquired from a joint venture in which the Company had a 45% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a gain of $22.7 million, before income tax, from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other.

[3] This property was acquired from a joint venture in which the Company had a 19% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.

[4] The Company acquired the remaining 80% interest in an operating property from an unconsolidated joint venture in which the Company had a 20% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a gain of $0.5 million from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other.

[5] The acquisition of this property included the issuance of $5.2 million of redeemable units, which are redeemable at the option of the holder after one year and earn a yield of 6% per annum, which is included in the purchase price above in Other. In connection with this transaction, the Company provided the sellers a $5.2 million loan at a rate of 6.5%, which is secured by the redeemable units.

[6] This property was acquired from a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.

[7] The Company acquired the remaining interest in a portfolio of office properties from a preferred equity investment in which the Company held a noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a change in control loss of $9.6 million from the fair value adjustment associated with the Company's original ownership, which is reflected in the purchase price above in Other. The debt assumed in connection with this transaction of $43.3 million was repaid in April 2013.

[8] The Company acquired an additional 49% interest in this operating property from an unconsolidated joint venture in which the Company had a 50% noncontrolling interest. As such the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as a result, recognized a gain of $8.2 million from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other.

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Note 16 - Taxable REIT Subsidiaries ("TRS")

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Text Block]

Income Tax Disclosure [Text Block]

16. Taxable REIT Subsidiaries (“TRS”)

The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include wholly owned subsidiaries of the Company, Kimco Realty Services ("KRS"), which due to a merger on April 1, 2013 includes FNC Realty Corporation (“FNC”), and the consolidated entity Blue Ridge Real Estate Company/Big Boulder Corporation.  On April 2, 2013, the Company contributed its interest in FNC to KRS and KRS acquired all of the outstanding stock of FNC in a reverse cash merger. The Company is also subject to local non-U.S. taxes on certain investments located outside the U.S.

Income taxes have been provided for on the asset and liability method as required by the FASB’s Income Taxes guidance.  Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of the taxable assets and liabilities.

The Company’s deferred tax assets and liabilities, which are included in the caption Other assets and Other liabilities on the accompanying Condensed Consolidated Balance Sheets, at June 30, 2013 and December 31, 2012, were as follows (in thousands):

	June 30, 2013			December 31, 2012
Deferred tax assets:
Tax/GAAP basis differences	$	59,145		$	68,623
Net operating losses		68,890			43,483
Related party deferred loss		6,214			6,214
Tax credit carryforwards		3,815			3,815
Capital loss carryforwards		647			647
Charitable contribution carryforward		3			3
Non-U.S. tax/GAAP basis differences		65,469			62,548
Valuation allowance – U.S.		(25,045	)		(33,783	)
Valuation allowance – Non-U.S.		(40,381	)		(38,129	)
Total deferred tax assets		138,757			113,421
Deferred tax liabilities – U.S.		(19,235	)		(9,933	)
Deferred tax liabilities – Non-U.S.		(14,039	)		(13,263	)
Net deferred tax assets	$	105,483		$	90,225

As of June 30, 2013, the Company had net deferred tax assets of $105.5 million comprised of (i) $94.4 million primarily related to KRS (including $20.3 million related to FNC) and (ii) $11.1 million related to its foreign investments. During the six months ended June 30, 2013, the Company determined that a reduction of $8.7 million of the valuation allowance against the FNC deferred tax assets was deemed appropriate based on expected future taxable income. The Company determined that no additional valuation allowance was needed against the remaining net deferred tax asset as future earnings are anticipated to be sufficient to more likely than not realize its net deferred tax asset. The Company based its determination on an analysis of both positive and negative evidence. If future income projections do not occur as forecasted and future taxable earnings are insufficient, the Company will reevaluate the need for an additional valuation allowance.

Uncertain Tax Positions:

The Company is subject to income tax in certain jurisdictions outside the U.S., principally Canada and Mexico.  The statute of limitations on assessment of tax varies from three to seven years depending on the jurisdiction and tax issue. Tax returns filed in each jurisdiction are subject to examination by local tax authorities.  The Company is currently under audit by the Canadian Revenue Agency, Mexican Tax Authority and the U.S. Internal Revenue Service (“IRS”).  In October 2011, the IRS issued a notice of proposed adjustment, which proposes pursuant to Section 482 of the Code, to disallow a capital loss claimed by KRS on the disposition of common shares of Valad Property Ltd., an Australian publicly listed company.  Because the adjustment is being made pursuant to Section 482 of the Code, the IRS may assert a 100 percent “penalty” tax pursuant to Section 857(b)(7) of the Code in lieu of disallowing the capital loss deduction. The notice of proposed adjustment indicates the IRS’ intention to impose the 100 percent penalty tax on the Company in the amount of $40.9 million and disallowing the capital loss claimed by KRS.  The Company strongly disagrees with the IRS’ position on the application of Section 482 of the Code to the disposition of the shares, the imposition of the 100 percent penalty tax and the simultaneous assertion of the penalty tax and disallowance of the capital loss deduction. The Company received a Notice of Proposed Assessment and filed a written protest and requested an IRS Appeals Office conference, which has yet to be scheduled.  The Company intends to vigorously defend its position in this matter and believes it will prevail. Resolutions of these audits are not expected to have a material effect on the Company’s financial statements.

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Condensed Consolidated Statements of Changes in Equity (Unaudited) (USD $) In Thousands	Accumulated Distributions in Excess of Net Income [Member]	Accumulated Other Comprehensive Income (Loss) [Member] Interest Rate Swap [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member] Common Stock [Member]	Additional Paid-in Capital [Member] Preferred Stock [Member]	Additional Paid-in Capital [Member]	Parent [Member] Interest Rate Swap [Member]	Parent [Member] Common Stock [Member]	Parent [Member] Preferred Stock [Member]	Parent [Member]	Noncontrolling Interest [Member]	Interest Rate Swap [Member]	Common Stock [Member]	Preferred Stock [Member]	Total
Balance at Dec. 31, 2011	$ (702,999)		$ (107,660)		$ 954		$ 4,069			$ 5,492,022				$ 4,686,386	$ 193,757				$ 4,880,143
Balance (in Shares) at Dec. 31, 2011					954		406,938
Contributions from noncontrolling interests															1,201				1,201
Net income	122,750													122,750	8,785				131,535
Change in unrealized gain on marketable securities			928											928					928
Change in unrealized gain on interest rate swaps		372									372					372
Change in foreign currency translation adjustment			6,471											6,471	3,101				9,572
Redeemable noncontrolling interests															(3,148)				(3,148)
Dividends	(191,033)													(191,033)					(191,033)
Distributions to noncontrolling interests															(8,823)				(8,823)
Issuance of stock				16		11		18,055	387,214			18,066	387,230				18,066	387,230	18,066
Issuance of stock (in Shares)				16		1,093
Surrender of restricted stock																			(1,555)
Exercise of common stock options							5			7,174				7,179					7,179
Exercise of common stock options (in Shares)							480
Acquisition of noncontrolling interests										(1,244)				(1,244)	(4,392)				(5,636)
Amortization of equity awards										8,016				8,016					8,016
Surrender of common stock										(1,555)				(1,555)					(1,555)
Surrender of common stock (in Shares)							(84)
Repurchase of common stock							(16)			(28,942)				(28,958)					(28,958)
Repurchase of common stock (in Shares)							(1,536)
Balance at Jun. 30, 2012	(771,282)		(99,889)		970		4,069			5,880,740				5,014,608	190,481				5,205,089
Balance (in Shares) at Jun. 30, 2012					970		406,891
Balance at Mar. 31, 2012
Net income																			72,387
Change in unrealized gain on marketable securities																			(231)
Change in unrealized gain on interest rate swaps																179
Balance at Jun. 30, 2012					970														5,205,089
Balance (in Shares) at Jun. 30, 2012					970
Balance at Dec. 31, 2012	(824,008)		(66,182)		102		4,078			5,651,170				4,765,160	167,320				4,932,480
Balance (in Shares) at Dec. 31, 2012					102		407,782
Contributions from noncontrolling interests															858				858
Net income	118,909													118,909	4,871				123,780
Change in unrealized gain on marketable securities			6,228											6,228					6,228
Change in foreign currency translation adjustment			(1,844)											(1,844)	(660)				(2,504)
Redeemable noncontrolling interests															(3,222)				(3,222)
Dividends	(200,971)													(200,971)					(200,971)
Distributions to noncontrolling interests															(5,063)				(5,063)
Issuance of stock						5		9,208				9,213					9,213		9,213
Issuance of stock (in Shares)						560
Surrender of restricted stock							(2)			(3,174)				(3,176)					(3,176)
Surrender of restricted stock (in Shares)							(212)
Exercise of common stock options							15			27,927				27,942					27,942
Exercise of common stock options (in Shares)							1,487
Acquisition of noncontrolling interests										(5,430)				(5,430)	(20,096)				(25,526)
Amortization of equity awards										6,242				6,242					6,242
Balance at Jun. 30, 2013	$ (906,070)		$ (61,798)		$ 102		$ 4,096			$ 5,685,943				$ 4,722,273	$ 144,008				$ 4,866,281
Balance (in Shares) at Jun. 30, 2013					102		409,617

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flow from operating activities:
Net income	$ 123,780	$ 131,535
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	127,042	131,191
Impairment charges	81,546	34,570
Gain on sale of operating properties	(5,446)	(31,318)
Equity in income of joint ventures, net	(83,616)	(65,090)
Gains on change in control of interests	(21,711)	(14,156)
Equity in income from other real estate investments, net	(19,363)	(25,103)
Distributions from joint ventures and other real estate investments	82,245	115,627
Change in accounts and notes receivable	11,142	18,320
Change in accounts payable and accrued expenses	6,755	114
Change in other operating assets and liabilities	(36,846)	(20,258)
Net cash flow provided by operating activities	265,528	275,432
Cash flow from investing activities:
Acquisition of operating real estate	(145,303)	(267,427)
Investment in marketable securities	(33,588)
Proceeds from sale/repayments of marketable securities	10,758	118
Investments and advances to real estate joint ventures	(239,903)	(121,242)
Reimbursements of investments and advances to real estate joint ventures	295,186	80,023
Investment in other real estate investments	(23,227)	(4,123)
Reimbursements of investments and advances to other real estate investments	1,200	6,906
Investment in mortgage loans receivable	(11,017)	(25)
Collection of mortgage loans receivable	8,779	9,733
Investment in other investments	(21,366)	(762)
Reimbursements of other investments	463	9,151
Proceeds from sale of operating properties	110,389	206,107
Net cash flow used for investing activities	(97,452)	(144,883)
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt	(66,206)	(200,312)
Principal payments on rental property debt	(12,094)	(11,651)
Proceeds from mortgage/construction loan financings	17,374	6,276
Repayments under unsecured revolving credit facility, net	(62,966)	(226,220)
Borrowings under unsecured term loan/notes	428,118	400,000
Repayments under unsecured term loan/notes	(253,225)
Financing origination costs	(6,096)	(1,391)
Redemption of/distributions to noncontrolling interests	(27,184)	(7,548)
Dividends paid	(199,164)	(184,307)
Proceeds from issuance of stock	27,942	394,409
Repurchase of common stock		(28,958)
Net cash flow (used for) provided by financing activities	(153,501)	140,298
Change in cash and cash equivalents	14,575	270,847
Cash and cash equivalents, beginning of period	141,875	112,882
Cash and cash equivalents, end of period	156,450	383,729
Interest paid during the period (net of capitalized interest of $579 and $926, respectively)	108,906	113,411
Income taxes paid during the period	798	1,584
Operating Real Estate [Member]
Cash flow from investing activities:
Improvements to real estate	(49,497)	(61,593)
Real Estate Under Development [Member]
Cash flow from investing activities:
Improvements to real estate	$ (326)	$ (1,749)

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Note 2 - Operating Property Activities

6 Months Ended

Jun. 30, 2013

Business Combination Disclosure [Text Block]

Business Combination Disclosure [Text Block]

2. Operating Property Activities

Acquisitions -

During the six months ended June 30, 2013, the Company acquired the following properties, in separate transactions (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash			Debt Assumed	Other		Total			GLA*
Santee Trolley Square(1)	Santee, CA	Jan-13	$	26,863	$	48,456	$	22,681	$	98,000	311
Shops at Kildeer (2)	Kildeer, IL	Jan-13		-		32,724		-		32,724	168
Village Commons S.C.	Tallahassee, FL	Jan-13		7,100		-		-		7,100	125
Putty Hill Plaza (3)	Baltimore, MD	Jan-13		4,592		9,115		489		14,196	91
Columbia Crossing II S.C.	Columbia, MD	Jan-13		21,800		-		-		21,800	101
Roseville Plaza (Parcel)	Roseville, MN	Jan-13		5,143		-		-		5,143	80
Wilton River Park (4)	Wilton, CT	Mar-13		777		36,000		5,223		42,000	187
Canyon Square (5)	Santa Clarita, CA	Apr-13		1,950		13,800		-		15,750	97
JTS Portfolio (6)	Baton Rouge, LA	Apr-13		-		43,267		11,733		55,000	520
Factoria Mall (7)	Bellevue, WA	May-13		37,283		56,000		37,467		130,750	510
6 Out-parcels	Various	Jun-13		13,053		-		-		13,053	97
			$	118,561	$	239,362	$	77,593	$	435,516	2,287

* Gross leasable area ("GLA")

(1)	This property was acquired from a joint venture in which the Company had a 45% noncontrolling interest.  The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $22.7 million, before income tax, from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other.
(2)	This property was acquired from a joint venture in which the Company had a 19% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.
(3)	The Company acquired the remaining 80% interest in an operating property from an unconsolidated joint venture in which the Company had a 20% noncontrolling interest.  The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $0.5 million from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other.
(4)	The acquisition of this property included the issuance of $5.2 million of redeemable units, which are redeemable at the option of the holder after one year and earn a yield of 6% per annum, which is included in the purchase price above in Other. In connection with this transaction, the Company provided the sellers a $5.2 million loan at a rate of 6.5%, which is secured by the redeemable units.
(5)	This property was acquired from a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.
(6)	The Company acquired the remaining interest in a portfolio of office properties from a preferred equity investment in which the Company held a noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a change in control loss of $9.6 million from the fair value adjustment associated with the Company’s original ownership, which is reflected in the purchase price above in Other. The debt assumed in connection with this transaction of $43.3 million was repaid in April 2013.
(7)	The Company acquired an additional 49% interest in this operating property from an unconsolidated joint venture in which the Company had a 50% noncontrolling interest. As such the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $8.2 million from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other.

The aggregate purchase price of the properties acquired during the six months ended June 30, 2013 has been allocated as follows (in thousands):

Land	$	128,048
Buildings		226,155
Above Market Rents		10,403
Below Market Rents		(14,178	)
In-Place Leases		19,497
Building Improvements		57,884
Tenant Improvements		11,466
Mortgage Fair Value Adjustment		(3,884	)
Other Assets		1,405
Other Liabilities		(1,280	)
	$	435,516

During the six months ended June 30, 2013, the Company acquired the remaining ownership interest in FNC Realty Corporation (“FNC”) of 17.3% for $20.3 million. As a result of this transaction the Company now owns 100% of FNC. The Company had previously and continues to consolidate FNC. Since there was no change in control from this transaction, the purchase of the additional interest resulted in a decrease in noncontrolling interest of $19.6 million and a decrease in the Company’s Paid-in capital of $0.7 million during 2013.

Additionally, during the six months ended June 30, 2013, the Company acquired the remaining interest in three previously consolidated joint ventures for $6.5 million. The Company continues to consolidate these entities as there was no change in control from these transactions. The purchase of the remaining partnership interests resulted in an aggregate decrease in noncontrolling interest of $0.4 million and an aggregate decrease of $4.8 million, after income taxes, to the Company’s Paid-in capital, during the six months ended June 30, 2013.

Dispositions –

During the six months ended June 30, 2013, the Company disposed of 13 operating properties, in separate transactions, for an aggregate sales price of $100.8 million. These transactions, which are included in Discontinued Operations, resulted in an aggregate gain of $4.4 million and impairment charges of $20.8 million, after income taxes.

Additionally, during the six months ended June 30, 2013, the Company disposed of two land parcels for an aggregate sales price of $10.9 million and recognized impairment charges of $0.3 million related to these transactions.

Impairment Charges -

During the six months ended June 30, 2013, the Company recognized aggregate impairment charges of $35.5 million, which are included in Impairment charges under Operating expenses on the Company’s Condensed Consolidated Statements of Income, relating to (i) two land parcels and four operating properties based upon purchase price offers aggregating $39.5 million, and (ii) a cost method investment, based upon a fair value estimate of $7.0 million using a discounted cash flow model (see Footnote 12). The operating property impairments resulted from the Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions. The impairment of the cost method investment was based upon a review of the underlying cause of the decline in value, as well as the severity and duration of the decline. As a result of such review, the Company determined that the decline was deemed to be other-than-temporary.

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Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Capitalized interest (in Dollars)	$ 579	$ 926

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Note 1 - Interim Financial Statements (Details) - Earnings Per Share (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2013		Jun. 30, 2012		Jun. 30, 2013		Jun. 30, 2012
Earnings Per Share [Abstract]
Income from continuing operations	$ 77,595		$ 75,356		$ 146,919		$ 129,363
Gain on sale of operating properties, net of tax			4,059		540		4,059
Net income attributable to noncontrolling interests	(2,133)		(3,275)		(4,871)		(8,785)
Discontinued operations attributable to noncontrolling interests			95		17		2,393
Preferred stock dividends	(14,573)		(20,841)		(29,147)		(36,415)
Income from continuing operations available to the common shareholders	60,889		55,394		113,458		90,615
Earnings attributable to unvested restricted shares	(352)		(313)		(705)		(627)
Income from continuing operations attributable to common shareholders	60,537		55,081		112,753		89,988
Loss from discontinued operations attributable to the Company	(24,323)		(7,123)		(23,696)		(4,280)
Net income attributable to the Company’s common shareholders for basic earnings per share	36,214		47,958		89,057		85,708
Weighted average common shares outstanding (in Shares)	407,640		405,560		407,154		405,916
Income from continuing operations (in Dollars per share)	$ 0.15		$ 0.14		$ 0.28		$ 0.22
Loss from discontinued operations (in Dollars per share)	$ (0.06)		$ (0.02)		$ (0.06)		$ (0.01)
Net income (in Dollars per share)	$ 0.09		$ 0.12		$ 0.22		$ 0.21
Income from continuing operations attributable to common shareholders	60,537		55,081		112,753		89,988
Net income attributable to the Company’s common shareholders for diluted earnings per share	$ 36,214		$ 47,958		$ 89,057		$ 85,708
Weighted average common shares outstanding – basic (in Shares)	407,640		405,560		407,154		405,916
Effect of dilutive securities (a):
Equity awards (in Shares)	1,191	[1]	916	[1]	1,009	[1]	911	[1]
Shares for diluted earnings per common share (in Shares)	408,831		406,476		408,163		406,827
Income from continuing operations (in Dollars per share)	$ 0.15		$ 0.14		$ 0.28		$ 0.22
Loss from discontinued operations (in Dollars per share)	$ (0.06)		$ (0.02)		$ (0.06)		$ (0.01)
Net income (in Dollars per share)	$ 0.09		$ 0.12		$ 0.22		$ 0.21

[1] For the three and six months ended June 30, 2013 and 2012, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations. Additionally, there were 9,070,328 and 14,343,058 stock options that were not dilutive at June 30, 2013 and 2012, respectively.

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Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation -

The accompanying Condensed Consolidated Financial Statements include the accounts of Kimco Realty Corporation and Subsidiaries, (the “Company”). The Company’s Subsidiaries includes subsidiaries which are wholly-owned, and all entities in which the Company has a controlling financial interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation.  The information furnished in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.  These Condensed Consolidated Financial Statements should be read in conjunction with the Company's 2012 Annual Report on Form 10-K for the year ended December 31, 2012 ("10-K"), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 that would duplicate those included in the 10-K are not included in these Condensed Consolidated Financial Statements.

Subsequent Events, Policy [Policy Text Block]

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements (see Footnote 9).

Income Tax, Policy [Policy Text Block]

Income Taxes -

The Company elected status as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes beginning in its taxable year ended December 31, 1991 and operates in a manner that enables the Company to maintain its status as a REIT.  As a REIT, the Company must distribute at least 90 percent of its taxable income and will not pay federal income taxes on the amount distributed to its shareholders.  Therefore, the Company is not subject to federal income taxes if it distributes 100 percent of its taxable income.   Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs.  Certain subsidiaries have made a joint election with the Company to be treated as taxable REIT subsidiaries (“TRS”), which permit the Company to engage in certain business activities in which the REIT may not conduct directly.  A TRS is subject to federal and state income taxes on the income from these activities and the Company includes a provision for taxes in its condensed consolidated financial statements.  The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share -

The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Computation of Basic Earnings Per Share:
Income from continuing operations	$	77,595		$	75,356		$	146,919		$	129,363
Gain on sale of operating properties, net of tax		-			4,059			540			4,059
Net income attributable to noncontrolling interests		(2,133	)		(3,275	)		(4,871	)		(8,785	)
Discontinued operations attributable to noncontrolling interests		-			95			17			2,393
Preferred stock dividends		(14,573	)		(20,841	)		(29,147	)		(36,415	)
Income from continuing operations available to the common shareholders		60,889			55,394			113,458			90,615
Earnings attributable to unvested restricted shares		(352	)		(313	)		(705	)		(627	)
Income from continuing operations attributable to common shareholders		60,537			55,081			112,753			89,988
Loss from discontinued operations attributable to the Company		(24,323	)		(7,123	)		(23,696	)		(4,280	)
Net income attributable to the Company’s common shareholders for basic earnings per share	$	36,214		$	47,958		$	89,057		$	85,708
Weighted average common shares outstanding		407,640			405,560			407,154			405,916
Basic Earnings Per Share Attributable to the Company’s Common Shareholders:
Income from continuing operations	$	0.15		$	0.14		$	0.28		$	0.22
Loss from discontinued operations		(0.06	)		(0.02	)		(0.06	)		(0.01	)
Net income	$	0.09		$	0.12		$	0.22		$	0.21
Computation of Diluted Earnings Per Share:
Income from continuing operations attributable to common shareholders	$	60,537		$	55,081		$	112,753		$	89,988
Loss from discontinued operations attributable to the Company		(24,323	)		(7,123	)		(23,696	)		(4,280	)
Net income attributable to the Company’s common shareholders for diluted earnings per share	$	36,214		$	47,958		$	89,057		$	85,708
Weighted average common shares outstanding – basic		407,640			405,560			407,154			405,916
Effect of dilutive securities (a):
Equity awards		1,191			916			1,009			911
Shares for diluted earnings per common share		408,831			406,476			408,163			406,827
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders:
Income from continuing operations	$	0.15		$	0.14		$	0.28		$	0.22
Loss from discontinued operations		(0.06	)		(0.02	)		(0.06	)		(0.01	)
Net income	$	0.09		$	0.12		$	0.22		$	0.21

(a)  For the three and six months ended June 30, 2013 and 2012, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share.  Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations.  Additionally, there were 9,070,328 and 14,343,058 stock options that were not dilutive at June 30, 2013 and 2012, respectively. 

The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.

New Accounting Pronouncements -

In February 2013, the FASB issued new guidance regarding liabilities, Accounting Standards Update ("ASU") 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU 2013-04”), effective retrospectively for fiscal years beginning after December 15, 2013 and interim periods within those years. The amendments require an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. In addition, the amendments require an entity to disclose the nature and amount of the obligation, as well as other information about the obligations. The adoption of ASU 2013-04 is not expected to have a material impact on the Company’s financial position or results of operations.

In January 2013, the FASB released ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This guidance is the culmination of the board’s redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., the release due to cash flow hedges from interest rate contracts) and the income statement line items affected by the reclassification (e.g., interest income or interest expense). If a component is not required to be reclassified to net income in its entirety (e.g., the net periodic pension cost), companies would instead cross reference to the related footnote for additional information (e.g., the pension footnote). The new requirements were effective for public companies in interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on the Company’s financial statement presentation or disclosures.

In December 2011, the FASB released ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires companies to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU 2011-11 are effective for reporting periods beginning on or after January 1, 2013, and are required to be applied retrospectively. The adoption of ASU 2011-11 did not have a material impact on the Company’s financial statement disclosures.

Reclassifications –

Certain reclassifications have been made to previously recorded amounts to conform to the current year presentation, Specifically, the Company is presenting on its Condensed Consolidated Statements of Income its Provision for doubtful accounts as a separate line item included in Operating expenses, which during 2012 was included in Revenues from rental properties.

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements -

In February 2013, the FASB issued new guidance regarding liabilities, Accounting Standards Update ("ASU") 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU 2013-04”), effective retrospectively for fiscal years beginning after December 15, 2013 and interim periods within those years. The amendments require an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. In addition, the amendments require an entity to disclose the nature and amount of the obligation, as well as other information about the obligations. The adoption of ASU 2013-04 is not expected to have a material impact on the Company’s financial position or results of operations.

In January 2013, the FASB released ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This guidance is the culmination of the board’s redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., the release due to cash flow hedges from interest rate contracts) and the income statement line items affected by the reclassification (e.g., interest income or interest expense). If a component is not required to be reclassified to net income in its entirety (e.g., the net periodic pension cost), companies would instead cross reference to the related footnote for additional information (e.g., the pension footnote). The new requirements were effective for public companies in interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on the Company’s financial statement presentation or disclosures.

In December 2011, the FASB released ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires companies to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU 2011-11 are effective for reporting periods beginning on or after January 1, 2013, and are required to be applied retrospectively. The adoption of ASU 2011-11 did not have a material impact on the Company’s financial statement disclosures.

Reclassification, Policy [Policy Text Block]

Reclassifications –

Certain reclassifications have been made to previously recorded amounts to conform to the current year presentation, Specifically, the Company is presenting on its Condensed Consolidated Statements of Income its Provision for doubtful accounts as a separate line item included in Operating expenses, which during 2012 was included in Revenues from rental properties. Additionally, the Company made certain other immaterial reclassifications to the Company’s Condensed Consolidated Balance Sheets as of December 31, 2012 to conform to the current year presentation.

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Note 4 - Investments and Advances in Real Estate Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2013

Note 4 - Investments and Advances in Real Estate Joint Ventures (Tables) [Line Items]

Joint Venture Investments Accounted For Under The Equity Method, Debt Details [Table Text Block]

	As of June 30, 2013							As of December 31, 2012
Venture	Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)**		Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)**
KimPru and KimPru II	$	994.4		5.54	%		38.6	$	1,010.2		5.54	%		44.5
KIR		897.0		5.05	%		81.2		914.6		5.22	%		78.6
UBS Programs		-		-	%		-		691.9		5.40	%		39.1
Kimstone		731.4		5.00	%		37.4		-		-	%		-
BIG Shopping Centers		406.1		5.52	%		39.6		443.8		5.52	%		45.5
CPP		140.0		5.18	%		25.0		141.5		5.19	%		31.0
Kimco Income Fund		159.7		5.45	%		14.8		161.4		5.45	%		20.7
SEB Immobilien		243.8		5.11	%		49.3		243.8		5.11	%		55.3
RioCan		799.4		4.84	%		51.3		923.2		5.16	%		41.2
Intown		-		-	%		-		614.4		4.46	%		46.1
Other Institutional Programs		273.9		5.32	%		37.1		310.5		5.24	%		39.0
Other Joint Venture Programs		1,468.1		5.65	%		58.6		1,612.2		5.70	%		57.8
Total	$	6,113.8						$	7,067.5

Investment Details [Member]

Note 4 - Investments and Advances in Real Estate Joint Ventures (Tables) [Line Items]

Equity Method Investments [Table Text Block]

	As of June 30, 2013											As of December 31, 2012
Venture	Average Ownership Interest			Number of Properties		GLA		Gross Real Estate		The Company's Investment		Average Ownership Interest			Number of Properties		GLA		Gross Real Estate		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (10)		15.0	%		60		10.6	$	2,716.4	$	169.4		15.0	%		61		10.7	$	2,744.9	$	170.1
Kimco Income Opportunity Portfolio (“KIR”) (2) (13)		48.6	%		58		12.4		1,514.0		189.0		45.0	%		58		12.4		1,543.2		140.3
UBS Programs (“UBS”) (2) (7) (14)*		-	%		-		-		-		0.9		17.9	%		40		5.7		1,260.1		58.4
Kimstone (2) (14)		33.3	%		39		5.6		1,085.6		107.1		0.0	%		-		-		-		-
BIG Shopping Centers (2) (9)*		37.9	%		21		3.4		519.0		30.8		37.7	%		22		3.6		547.7		31.3
The Canada Pension Plan Investment Board (“CPP”) (2)		55.0	%		6		2.4		436.0		148.7		55.0	%		6		2.4		436.1		149.5
Kimco Income Fund (2)(6)		39.5	%		12		1.5		288.1		51.0		15.2	%		12		1.5		287.0		12.3
SEB Immobilien (2)		15.0	%		13		1.8		361.3		1.2		15.0	%		13		1.8		361.2		1.5
Other Institutional Programs (2) (8)	Various				56		2.1		452.8		17.0	Various				58		2.6		499.2		21.3
RioCan		50.0	%		45		9.3		1,306.1		136.5		50.0	%		45		9.3		1,379.3		111.0
Intown (3)		-			-		-		-		-		-			138	N/A			841.0		86.9
Latin America (12)	Various				124		15.4		1,010.5		274.8	Various				131		18.0		1,198.1		334.2
Other Joint Venture Programs (4) (5)	Various				82		12.5		1,646.4		266.0	Various				87		13.2		1,846.7		311.4
Total					516		77.0	$	11,336.2	$	1,392.4					671		81.2	$	12,944.5	$	1,428.2

Income Details [Member]

Note 4 - Investments and Advances in Real Estate Joint Ventures (Tables) [Line Items]

Equity Method Investments [Table Text Block]

	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013		2012
KimPru and KimPru II (10)	$	2.3		$	2.1		$	4.2	$	4.1
KIR		7.4			5.9			14.5		11.9
UBS Programs (14)		0.7			0.6			1.6		0.4
BIG Shopping Centers (9)		(0.5	)		(0.8	)		1.5		(1.4	)
CPP		1.6			1.3			3.0		2.5
Kimco Income Fund		0.9			0.2			1.5		1.0
SEB Immobilien		0.3			0.2			0.5		0.3
Other Institutional Programs (16) (18)		0.5			1.2			0.9		4.2
RioCan (17)		6.6			12.5			12.7		17.8
Intown		1.6			0.3			1.4		0.8
Latin America (12)		30.5			3.9			32.1		6.5
Other Joint Venture Programs (11) (15)		7.6			3.0			9.7		17.0
Total	$	59.5		$	30.4		$	83.6	$	65.1

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Note 16 - Taxable REIT Subsidiaries ("TRS") (Tables)

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Text Block]

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	June 30, 2013			December 31, 2012
Deferred tax assets:
Tax/GAAP basis differences	$	59,145		$	68,623
Net operating losses		68,890			43,483
Related party deferred loss		6,214			6,214
Tax credit carryforwards		3,815			3,815
Capital loss carryforwards		647			647
Charitable contribution carryforward		3			3
Non-U.S. tax/GAAP basis differences		65,469			62,548
Valuation allowance – U.S.		(25,045	)		(33,783	)
Valuation allowance – Non-U.S.		(40,381	)		(38,129	)
Total deferred tax assets		138,757			113,421
Deferred tax liabilities – U.S.		(19,235	)		(9,933	)
Deferred tax liabilities – Non-U.S.		(14,039	)		(13,263	)
Net deferred tax assets	$	105,483		$	90,225

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Note 8 - Marketable Securities and Other Investments (Details) (USD $)	6 Months Ended
	Jun. 30, 2013		Dec. 31, 2012
Table Text Block [Abstract]
Marketable Securities	$ 71,009,000	[1]	$ 36,541,000	[1]
Available-for-sale Securities, Gross Unrealized Gain	25,500,000
Proceeds from Sale of Available-for-sale Securities	10,600,000
Available-for-sale Securities, Gross Realized Gains	$ 5,300,000

[1] As of June 30, 2013 and December 31, 2012, the Company determined that $68.0 million and $33.4 million, respectively, of the marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy.

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Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details (USD $) In Millions, unless otherwise specified	Jun. 30, 2013		Dec. 31, 2012
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)	$ 6,113.8		$ 7,067.5
KimPru and KimPru II [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)	994.4		1,010.2
Weighted Average Interest Rate	5.54%		5.54%
Weighted Average Remaining Term	38 months 18 days	[1]	44 months 15 days	[1]
KIR [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)	897.0		914.6
Weighted Average Interest Rate	5.05%		5.22%
Weighted Average Remaining Term	81 months 6 days	[1]	78 months 18 days	[1]
UBS Programs [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)			691.9
Weighted Average Interest Rate			5.40%
Weighted Average Remaining Term			39 months 3 days	[1]
Kimstone [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)	731.4
Weighted Average Interest Rate	5.00%
Weighted Average Remaining Term	37 months 12 days
BIG Shopping Centers [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)	406.1		443.8
Weighted Average Interest Rate	5.52%		5.52%
Weighted Average Remaining Term	39 months 18 days	[1]	45 months 15 days	[1]
CPP [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)	140.0		141.5
Weighted Average Interest Rate	5.18%		5.19%
Weighted Average Remaining Term	25 months	[1]	31 months	[1]
Kimco Income Fund [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)	159.7		161.4
Weighted Average Interest Rate	5.45%		5.45%
Weighted Average Remaining Term	14 months 24 days	[1]	20 months 21 days	[1]
SEB Immobilien [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)	243.8		243.8
Weighted Average Interest Rate	5.11%		5.11%
Weighted Average Remaining Term	49 months 9 days	[1]	55 months 9 days	[1]
RioCan [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)	799.4		923.2
Weighted Average Interest Rate	4.84%		5.16%
Weighted Average Remaining Term	51 months 9 days	[1]	41 months 6 days	[1]
Intown [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)			614.4
Weighted Average Interest Rate			4.46%
Weighted Average Remaining Term			46 months 3 days	[1]
Other Institutional Programs [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)	273.9		310.5
Weighted Average Interest Rate	5.32%		5.24%
Weighted Average Remaining Term	37 months 3 days	[1]	39 months	[1]
Other Joint Venture Programs [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items]
Mortgages and Notes Payable (in Dollars)	$ 1,468.1		$ 1,612.2
Weighted Average Interest Rate	5.65%		5.70%
Weighted Average Remaining Term	58 months 18 days	[1]	57 months 24 days	[1]

[1] Average Remaining Term includes extension options

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Note 3 - Discontinued Operations (Details) (USD $)	6 Months Ended
	Jun. 30, 2013 sqft		Jun. 30, 2012	Dec. 31, 2012
Note 3 - Discontinued Operations (Details) [Line Items]
Number of Real Estate Properties	4
(in Square Feet)	2,287,000	[1]
Real Estate Held-for-sale	$ 21,400,000
Real Estate Investment Property, Accumulated Depreciation	1,835,280,000			1,745,462,000
Impairment of Real Estate	81,500,000		34,600,000
Fair Value Of Real Estate	39,506,000			52,505,000
Assets Held-for-sale [Member] | Remaining [Member]
Note 3 - Discontinued Operations (Details) [Line Items]
Real Estate Held-for-sale	38,100,000
Real Estate Investment Property, Accumulated Depreciation	5,400,000
Assets Held-for-sale [Member] | Operating Properties [Member]
Note 3 - Discontinued Operations (Details) [Line Items]
Number of Real Estate Properties	5
Assets Held-for-sale [Member] | Three Operating Properties [Member]
Note 3 - Discontinued Operations (Details) [Line Items]
Impairment of Real Estate	9,900,000
Fair Value Of Real Estate	27,600,000
Assets Held-for-sale [Member]
Note 3 - Discontinued Operations (Details) [Line Items]
(in Square Feet)	163,381
Real Estate Investment Property, Accumulated Depreciation	4,500,000
Sold [Member] | Operating Properties [Member]
Note 3 - Discontinued Operations (Details) [Line Items]
Number of Real Estate Properties				1
Operating Properties [Member]
Note 3 - Discontinued Operations (Details) [Line Items]
Impairment of Real Estate	$ 20,800,000

[1] Gross leasable area ("GLA")

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Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Operating real estate, accumulated depreciation (in Dollars)	$ 1,835,280	$ 1,745,462
Preferred stock, par value (in Dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in Shares)	5,961,200	5,961,200
Preferred stock, shares issued (in Shares)	102,000	102,000
Preferred stock, shares outstanding (in Shares)	102,000	102,000
Preferred stock, aggregate liquidation preference (in Dollars)	$ 975,000	$ 975,000
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in Shares)	750,000,000	750,000,000
Common stock, shares issued (in Shares)	409,616,877	407,782,102
Common stock, shares outstanding (in Shares)	409,616,877	407,782,102

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Note 5 - Other Real Estate Investments

6 Months Ended

Jun. 30, 2013

Other Real Estate Investments [Text Block]

Other Real Estate Investments [Text Block]

5. Other Real Estate Investments

Preferred Equity Capital -

The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program. As of June 30, 2013, the Company’s net investment under the Preferred Equity program was $263.2 million relating to 492 properties, including 392 net leased properties.  During the six months ended June 30, 2013, the Company earned $17.3 million from its preferred equity investments, including $4.4 million in profit participation earned from one capital transaction.  During the six months ended June 30, 2012, the Company earned $16.6 million from its preferred equity investments, including $4.5 million in profit participation earned from eight capital transactions.

During the six months ended June 30, 2013, the Company amended one of its Canadian preferred equity agreements to restructure its investment, into a pari passu joint venture investment in which the Company holds a noncontrolling interest.  As a result of the amendment, the Company continues to account for this investment under the equity method of accounting and from the date of the amendment will include this investment in Investments and advances to real estate joint ventures within the Company’s Condensed Consolidated Balance Sheets.

During the six months ended June 30, 2013, a preferred equity investment in a portfolio of properties was acquired by the Company. As a result of this transaction, the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a change in control loss of $9.6 million, from the fair value adjustment associated with the Company’s original ownership.

Other –

During the six months ended June 30, 2013, the Company funded an aggregate $70.8 million as its participation in a transaction with Supervalu, Inc. (“SVU”) through a consortium led by Cerberus Capital Management, L.P. This investment includes a contribution of $22.3 million to acquire 414 Albertsons locations from SVU through the Company’s current joint venture in Albertsons which the Company now holds a 15.2% noncontrolling ownership interest. The Company recorded this additional investment in Other real estate investments on the Company’s Condensed Consolidated Balance Sheets and will continue to account for its investment in this joint venture under the equity method of accounting. Also included in this aggregate funding is the Company’s contribution of $14.9 million to fund its 15% noncontrolling investment in NAI Group Holdings Inc., a C-corporation, to acquire four grocery banners (Shaw’s, Jewel-Osco, Acme and Star Market) totaling 456 locations from SVU. The Company recorded this investment in Other assets on the Company’s Condensed Consolidated Balance Sheets and will account for its investment under the cost method of accounting. Additionally, as part of this overall funding, the Company acquired 8.2 million shares of SVU common stock for $33.6 million, which is recorded in Marketable securities on the Company’s Condensed Consolidated Balance Sheets.

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Net income	$ 53,272	$ 72,387	$ 123,780	$ 131,535
Other comprehensive income:
Change in unrealized (loss)/gain on marketable securities, net	(540)	(231)	6,228	928
Change in foreign currency translation adjustment, net	(35,515)	(44,606)	(2,504)	9,572
Other comprehensive(loss)/ income	(36,055)	(44,658)	3,724	10,872
Comprehensive income	17,217	27,729	127,504	142,407
Comprehensive income attributable to noncontrolling interests	(200)	(3,109)	(4,211)	(11,886)
Comprehensive income attributable to the Company	17,017	24,620	123,293	130,521
Interest Rate Swap [Member]
Other comprehensive income:
Change in unrealized gain on interest rate swaps, net		$ 179		$ 372

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Note 11 - Noncontrolling Interests (Details) - Change in the Redemption Value of the Redeemable Noncontrolling Interests (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Change in the Redemption Value of the Redeemable Noncontrolling Interests [Abstract]
Balance	$ 81,076	$ 95,074
Issuance of redeemable units	5,223
Fair market value adjustment	(1,238)
Fair market value amortization	338
Other	87	(15)
Balance	$ 85,486	$ 95,059

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Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013		Dec. 31, 2012
Assets:
Operating real estate, net of accumulated depreciation of $1,835,280 and $1,745,462, respectively	$ 7,284,151		$ 7,104,562
Investments and advances in real estate joint ventures	1,392,418		1,428,155
Real estate under development	96,950		97,263
Other real estate investments	316,043		317,557
Mortgages and other financing receivables	74,088		70,704
Cash and cash equivalents	156,450		141,875
Marketable securities	71,009	[1]	36,541	[1]
Accounts and notes receivable	160,398		171,540
Other assets	436,964		383,037
Total assets	9,988,471		9,751,234
Liabilities:
Notes payable	3,284,014	[2]	3,192,127	[2]
Mortgages payable	1,180,760	[3]	1,003,190	[3]
Dividends payable	98,326		96,518
Other liabilities	473,604		445,843
Total liabilities	5,036,704		4,737,678
Redeemable noncontrolling interests	85,486		81,076
Preferred stock, $1.00 par value, authorized 5,961,200 shares, 102,000 shares issued and outstanding (in series) Aggregate liquidation preference $975,000	102		102
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 409,616,877 and 407,782,102 shares, respectively	4,096		4,078
Paid-in capital	5,685,943		5,651,170
Cumulative distributions in excess of net income	(906,070)		(824,008)
Accumulated other comprehensive income	(61,798)		(66,182)
Total stockholders' equity	4,722,273		4,765,160
Noncontrolling interests	144,008		167,320
Total equity	4,866,281		4,932,480
Total liabilities and equity	$ 9,988,471		$ 9,751,234

[1] As of June 30, 2013 and December 31, 2012, the Company determined that $68.0 million and $33.4 million, respectively, of the marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy.

[2] The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy.

[3] The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy.

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Note 5 - Other Real Estate Investments (Details) (USD $) Share data in Millions, unless otherwise specified	3 Months Ended			6 Months Ended
	Jun. 30, 2013		Jun. 30, 2012	Jun. 30, 2013		Jun. 30, 2012	Dec. 31, 2012
Note 5 - Other Real Estate Investments (Details) [Line Items]
Equity Method Investments (in Dollars)	$ 1,392,418,000			$ 1,392,418,000			$ 1,428,155,000
Number of Real Estate Properties	4			4
Income (Loss) from Equity Method Investments (in Dollars)	59,500,000		30,400,000	83,616,000		65,090,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (in Dollars)	(1,459,000)		12,147,000	21,711,000		14,156,000
Cost Method Investments (in Dollars)	6,976,000			6,976,000
Marketable Securities (in Dollars)	71,009,000	[1]		71,009,000	[1]		36,541,000	[1]
Albertsons [Member] | Supervalu Transaction [Member]
Note 5 - Other Real Estate Investments (Details) [Line Items]
Number of Real Estate Properties	414			414
Payments to Acquire Equity Method Investments (in Dollars)				22,300,000
Sale of Stock, Percentage of Ownership after Transaction				15.20%
NAI Group Holdings [Member] | Supervalu Transaction [Member]
Note 5 - Other Real Estate Investments (Details) [Line Items]
Number of Real Estate Properties	456			456
Cost Method Investments (in Dollars)	14,900,000			14,900,000
Cost Method Investment, Ownership Percentage	15.00%			15.00%
Number of Grocery Banners	4			4
Supervalu Transaction [Member]
Note 5 - Other Real Estate Investments (Details) [Line Items]
Investment Owned, at Cost (in Dollars)	70,800,000			70,800,000
Supervalu [Member]
Note 5 - Other Real Estate Investments (Details) [Line Items]
Investment Owned, Balance, Shares (in Shares)	8.2			8.2
Supervalu Transaction [Member]
Note 5 - Other Real Estate Investments (Details) [Line Items]
Marketable Securities (in Dollars)	33,600,000			33,600,000
Net Leased Properties [Member] | Preferred Equity Capital [Member]
Note 5 - Other Real Estate Investments (Details) [Line Items]
Number of Real Estate Properties	392			392
Preferred Equity Capital [Member]
Note 5 - Other Real Estate Investments (Details) [Line Items]
Equity Method Investments (in Dollars)	263,200,000			263,200,000
Number of Real Estate Properties	492			492
Income (Loss) from Equity Method Investments (in Dollars)				17,300,000		16,600,000
Equity Method Investment, Realized Gain (Loss) on Disposal (in Dollars)				4,400,000		4,500,000
Number of Capital Transactions	1		8	1		8
Number of Agreements			1			1
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (in Dollars)				$ 9,600,000

[1] As of June 30, 2013 and December 31, 2012, the Company determined that $68.0 million and $33.4 million, respectively, of the marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy.

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Note 1 - Interim Financial Statements (Tables)

6 Months Ended

Jun. 30, 2013

Significant Accounting Policies [Text Block]

Earnings Per Share [Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Computation of Basic Earnings Per Share:
Income from continuing operations	$	77,595		$	75,356		$	146,919		$	129,363
Gain on sale of operating properties, net of tax		-			4,059			540			4,059
Net income attributable to noncontrolling interests		(2,133	)		(3,275	)		(4,871	)		(8,785	)
Discontinued operations attributable to noncontrolling interests		-			95			17			2,393
Preferred stock dividends		(14,573	)		(20,841	)		(29,147	)		(36,415	)
Income from continuing operations available to the common shareholders		60,889			55,394			113,458			90,615
Earnings attributable to unvested restricted shares		(352	)		(313	)		(705	)		(627	)
Income from continuing operations attributable to common shareholders		60,537			55,081			112,753			89,988
Loss from discontinued operations attributable to the Company		(24,323	)		(7,123	)		(23,696	)		(4,280	)
Net income attributable to the Company’s common shareholders for basic earnings per share	$	36,214		$	47,958		$	89,057		$	85,708
Weighted average common shares outstanding		407,640			405,560			407,154			405,916
Basic Earnings Per Share Attributable to the Company’s Common Shareholders:
Income from continuing operations	$	0.15		$	0.14		$	0.28		$	0.22
Loss from discontinued operations		(0.06	)		(0.02	)		(0.06	)		(0.01	)
Net income	$	0.09		$	0.12		$	0.22		$	0.21
Computation of Diluted Earnings Per Share:
Income from continuing operations attributable to common shareholders	$	60,537		$	55,081		$	112,753		$	89,988
Loss from discontinued operations attributable to the Company		(24,323	)		(7,123	)		(23,696	)		(4,280	)
Net income attributable to the Company’s common shareholders for diluted earnings per share	$	36,214		$	47,958		$	89,057		$	85,708
Weighted average common shares outstanding – basic		407,640			405,560			407,154			405,916
Effect of dilutive securities (a):
Equity awards		1,191			916			1,009			911
Shares for diluted earnings per common share		408,831			406,476			408,163			406,827
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders:
Income from continuing operations	$	0.15		$	0.14		$	0.28		$	0.22
Loss from discontinued operations		(0.06	)		(0.02	)		(0.06	)		(0.01	)
Net income	$	0.09		$	0.12		$	0.22		$	0.21

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Note 14 - Supplemental Schedule of Non-Cash Investing / Financing Activities

6 Months Ended

Jun. 30, 2013

Cash Flow, Supplemental Disclosures [Text Block]

Cash Flow, Supplemental Disclosures [Text Block]

14. Supplemental Schedule of Non-Cash Investing / Financing Activities

The following schedule summarizes the non-cash investing and financing activities of the Company for the six months ended June 30, 2013 and 2012 (in thousands):

	2013			2012
Acquisition of real estate interests by assumption of mortgage debt	$	36,716		$	116,735
Acquisition of real estate interests by issuance of redeemable units	$	3,985		$	-
Issuance of restricted common stock	$	9,213		$	18,066
Surrender of restricted common stock	$	(3,176	)	$	(1,555	)
Disposition of real estate interests by assignment of debt	$	-		$	13,655
Disposition of real estate through the issuance of an unsecured obligation	$	3,513		$	1,750
Declaration of dividends paid in succeeding period	$	98,326		$	98,883
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	228,200		$	-
Increase in mortgages payable	$	206,489		$	-

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Note 2 - Operating Property Activities (Details) - Purchase Price Allocation (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items]
Mortgage Fair Value Adjustment	$ (3,884)
Other Assets	1,405
Other Liabilities	(1,280)
	435,516
Above Market Rents	10,403
Below Market Rents	(14,178)
In-Place Leases	19,497
Land [Member]
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items]
Property	128,048
Building [Member]
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items]
Property	226,155
Building Improvements [Member]
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items]
Property	57,884
Tenant Improvements [Member]
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items]
Property	$ 11,466

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Note 7 - Mortgages and Other Financing Receivables (Details) - Performing and Non-Performing Loans (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans	25
Amount (in Dollars)	$ 74,088	$ 70,704
Performing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans	24
Amount (in Dollars)	50,770
Non-Performing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans	1
Amount (in Dollars)	$ 23,318

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Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) (USD $)	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items]
Deferred Tax Assets, Net	$ 105,483,000	$ 90,225,000
Valuation Allowance, Deferred Tax Asset, Change in Amount	(8,700,000)
Income Tax Examination, Penalties Expense	40,900,000
KRS [Member]
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items]
Deferred Tax Assets, Net	94,400,000
Foreign Investments [Member]
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items]
Deferred Tax Assets, Net	20,300,000
FNC Realty Corporation [Member]
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items]
Deferred Tax Assets, Net	$ 11,100,000
Minimum [Member]
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items]
Statute of Limitations, Term	3
Maximum [Member]
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items]
Statute of Limitations, Term	7

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Note 18 - Pro Forma Financial Information (Tables)

6 Months Ended

Jun. 30, 2013

Pro Forma Financial Information [Text Block]

Business Acquisition, Pro Forma Information [Table Text Block]

	Six Months Ended June 30,
	2013		2012
Revenues from rental property	$	472.9	$	431.1
Net income	$	173.7	$	133.9
Net income available to the Company’s common shareholders	$	140.3	$	88.7
Net income available to the Company’s common shareholders per common share:
Basic	$	0.34	$	0.22
Diluted	$	0.34	$	0.22

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Note 13 - Preferred Stock (Tables) (Preferred Stock [Member])

6 Months Ended

Jun. 30, 2013

Preferred Stock [Member]

Note 13 - Preferred Stock (Tables) [Line Items]

Schedule of Stock by Class [Table Text Block]

As of June 30, 2013 and December 31, 2012
Series of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value
Series H		70,000		70,000	$	175,000		6.90	%	$	1.72500	$	1.00
Series I		18,400		16,000		400,000		6.00	%	$	1.50000	$	1.00
Series J		9,000		9,000		225,000		5.50	%	$	1.37500	$	1.00
Series K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00
		105,450		102,000	$	975,000

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Note 14 - Supplemental Schedule of Non-Cash Investing / Financing Activities (Tables)

6 Months Ended

Jun. 30, 2013

Cash Flow, Supplemental Disclosures [Text Block]

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	2013			2012
Acquisition of real estate interests by assumption of mortgage debt	$	36,716		$	116,735
Acquisition of real estate interests by issuance of redeemable units	$	3,985		$	-
Issuance of restricted common stock	$	9,213		$	18,066
Surrender of restricted common stock	$	(3,176	)	$	(1,555	)
Disposition of real estate interests by assignment of debt	$	-		$	13,655
Disposition of real estate through the issuance of an unsecured obligation	$	3,513		$	1,750
Declaration of dividends paid in succeeding period	$	98,326		$	98,883
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	228,200		$	-
Increase in mortgages payable	$	206,489		$	-

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Note 4 - Investments and Advances in Real Estate Joint Ventures

6 Months Ended

Jun. 30, 2013

Investments And Advances In Real Estate Joint Ventures [Text Block]

Investments And Advances In Real Estate Joint Ventures [Text Block]

4. Investments and Advances in Real Estate Joint Ventures

The Company and its subsidiaries have investments in and advances to various real estate joint ventures.  These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations.  As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting.  The table below presents joint venture investments for which the Company held an ownership interest at June 30, 2013 and December 31, 2012 (in millions, except number of properties):

	As of June 30, 2013											As of December 31, 2012
Venture	Average Ownership Interest			Number of Properties		GLA		Gross Real Estate		The Company's Investment		Average Ownership Interest			Number of Properties		GLA		Gross Real Estate		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (10)		15.0	%		60		10.6	$	2,716.4	$	169.4		15.0	%		61		10.7	$	2,744.9	$	170.1
Kimco Income Opportunity Portfolio (“KIR”) (2) (13)		48.6	%		58		12.4		1,514.0		189.0		45.0	%		58		12.4		1,543.2		140.3
UBS Programs (“UBS”) (2) (7) (14)*		-	%		-		-		-		0.9		17.9	%		40		5.7		1,260.1		58.4
Kimstone (2) (14)		33.3	%		39		5.6		1,085.6		107.1		0.0	%		-		-		-		-
BIG Shopping Centers (2) (9)*		37.9	%		21		3.4		519.0		30.8		37.7	%		22		3.6		547.7		31.3
The Canada Pension Plan Investment Board (“CPP”) (2)		55.0	%		6		2.4		436.0		148.7		55.0	%		6		2.4		436.1		149.5
Kimco Income Fund (2)(6)		39.5	%		12		1.5		288.1		51.0		15.2	%		12		1.5		287.0		12.3
SEB Immobilien (2)		15.0	%		13		1.8		361.3		1.2		15.0	%		13		1.8		361.2		1.5
Other Institutional Programs (2) (8)	Various				56		2.1		452.8		17.0	Various				58		2.6		499.2		21.3
RioCan		50.0	%		45		9.3		1,306.1		136.5		50.0	%		45		9.3		1,379.3		111.0
Intown (3)		-			-		-		-		-		-			138	N/A			841.0		86.9
Latin America (12)	Various				124		15.4		1,010.5		274.8	Various				131		18.0		1,198.1		334.2
Other Joint Venture Programs (4) (5)	Various				82		12.5		1,646.4		266.0	Various				87		13.2		1,846.7		311.4
Total					516		77.0	$	11,336.2	$	1,392.4					671		81.2	$	12,944.5	$	1,428.2

*   Ownership % is a blended rate

The table below presents the Company’s share of net income/(loss) for the above investments which is included in the Company’s Condensed Consolidated Statements of Income in Equity in income of joint ventures, net for the six months ended June 30, 2013 and 2012 (in millions):

	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013		2012
KimPru and KimPru II (10)	$	2.3		$	2.1		$	4.2	$	4.1
KIR		7.4			5.9			14.5		11.9
UBS Programs (14)		0.7			0.6			1.6		0.4
BIG Shopping Centers (9)		(0.5	)		(0.8	)		1.5		(1.4	)
CPP		1.6			1.3			3.0		2.5
Kimco Income Fund		0.9			0.2			1.5		1.0
SEB Immobilien		0.3			0.2			0.5		0.3
Other Institutional Programs (16) (18)		0.5			1.2			0.9		4.2
RioCan (17)		6.6			12.5			12.7		17.8
Intown		1.6			0.3			1.4		0.8
Latin America (12)		30.5			3.9			32.1		6.5
Other Joint Venture Programs (11) (15)		7.6			3.0			9.7		17.0
Total	$	59.5		$	30.4		$	83.6	$	65.1

(1) This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors (“PREI”), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

(2) The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

(3) The Company’s share of this investment was subject to fluctuation and dependent upon property cash flows. During June 2013, the Intown portfolio was sold for a sales price of $735.0 million which included the assignment of $609.2 million in debt. This transaction resulted in a deferred gain to the Company of $21.7 million. The Company continues to maintain its guarantee of $145.2 million of outstanding debt assumed by the buyer. The guarantee is collateralized by the buyer’s ownership interest in the portfolio. The Company is entitled to a guarantee fee, for the initial term of the loan, which is scheduled to mature in December 2015. The guarantee fee is calculated based upon the difference between LIBOR plus 1.15% and 5.0% per annum multiplied by the outstanding amount of the loan. Additionally, the Company has entered into a commitment to provide financing up to $145.2 million for five years past the date of maturity. This commitment can be in the form of extensions with the current lender or a new lender or financing directly from the Company to the buyer. Due to this continued involvement, the Company deferred its gain until such time that the guarantee and commitment expire.

(4) During the six months ended June 30, 2013, the Company amended one of its Canadian preferred equity investment agreements to restructure the investment as a pari passu joint venture in which the Company holds a noncontrolling interest. As a result of this transaction, the Company continues to account for its investment in this joint venture under the equity method of accounting and includes this investment in Investments and advances to real estate joint ventures within the Company’s Condensed Consolidated Balance Sheets.

(5) During the six months ended June 30, 2013, two joint ventures in which the Company held noncontrolling interests sold two operating properties to the Company, in separate transactions, for an aggregate sales price of $228.8 million. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance. As such, the Company recognized an aggregate gain of $30.9 million, before income tax, from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties.

(6) During the six months ended June 30, 2013, the Company purchased an additional 24.24% interest in Kimco Income Fund for $38.3 million.

(7) During the six months ended June 30, 2013, UBS sold an operating property to the Company for a sales price of $32.7 million, which was equal to the remaining debt balance.  The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. As such the Company recognized no gain or loss from a change in control and now consolidates this operating property.

(8) During the six months ended June 30, 2013, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $14.2 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. As such the Company recognized a gain of $0.5 million from the fair value adjustment associated with the Company’s original ownership due to a change in control and now consolidates this operating property.

(9) During the six months ended June 30, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company’s share of this gain was $2.4 million.

(10) During the six months ended June 30, 2013, the Company purchased the remaining interest in an operating property for a purchase price of $15.8 million. As a result of this transaction, KimPru recognized an impairment charge of $4.0 million, of which the Company’s share was $0.6 million.

(11) During the six months ended June 30, 2013, a joint venture in which the Company has a noncontrolling interest recognized an impairment charge of $1.8 million related to the pending sale of one property. The Company’s share of this impairment charge was $0.9 million.

(12) During the six months ended June 30, 2013, the Company sold nine operating properties located throughout Mexico for $274.0 million which were held in unconsolidated joint ventures in which the Company has noncontrolling interests. This transaction resulted in a net gain of $48.6 million, after tax, of which the Company’s share was $24.3 million.

(13) During the six months ended June 30, 2013, the Company purchased an additional 3.57% interest in KIR for $48.4 million.

(14) During June 2013, the Company increased its ownership interest in the UBS Programs to 33.3% and simultaneously UBS transferred its remaining 66.7% ownership interest in the UBS Programs to affiliates of Blackstone Real Estate Partners VII (“Blackstone”). Both of these transactions were based on a gross purchase price of $1.1 billion. Upon completion of these transactions, Blackstone and the Company entered into a new joint venture (Kimstone) under a new joint venture agreement in which the Company owns a 33.3% noncontrolling interest.

(15) During the six months ended June 30, 2012, three joint ventures in which the Company holds noncontrolling interests sold three properties, in separate transactions, for an aggregate sales price of $180.0 million.  The Company’s share of income related to these transactions was an aggregate gain of $8.3 million.

(16) During the six months ended June 30, 2012, a joint venture in which the Company holds a noncontrolling interest sold two encumbered operating properties to the Company for an aggregate sales price of $75.5 million.  As a result of this transaction, the Company recognized promote income of $2.6 million. Additionally, the Company evaluated these transactions pursuant to the FASB’s Consolidation guidance. As such, the Company recognized a gain of $2.0 million from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties.

(17) During the six months ended June 30, 2012, the Company recognized income of $7.5 million, before taxes of $1.5 million, from the sale of certain air rights at one of the properties in the RioCan portfolio.

(18) During the six months ended June 30, 2012, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $127.0 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $12.1 million from the fair value adjustment associated with its original ownership due to a change in control. In addition, the Company recognized promote income of $1.1 million in connection with this transaction.

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at June 30, 2013 and December 31, 2012 (dollars in millions):

	As of June 30, 2013							As of December 31, 2012
Venture	Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)**		Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)**
KimPru and KimPru II	$	994.4		5.54	%		38.6	$	1,010.2		5.54	%		44.5
KIR		897.0		5.05	%		81.2		914.6		5.22	%		78.6
UBS Programs		-		-	%		-		691.9		5.40	%		39.1
Kimstone		731.4		5.00	%		37.4		-		-	%		-
BIG Shopping Centers		406.1		5.52	%		39.6		443.8		5.52	%		45.5
CPP		140.0		5.18	%		25.0		141.5		5.19	%		31.0
Kimco Income Fund		159.7		5.45	%		14.8		161.4		5.45	%		20.7
SEB Immobilien		243.8		5.11	%		49.3		243.8		5.11	%		55.3
RioCan		799.4		4.84	%		51.3		923.2		5.16	%		41.2
Intown		-		-	%		-		614.4		4.46	%		46.1
Other Institutional Programs		273.9		5.32	%		37.1		310.5		5.24	%		39.0
Other Joint Venture Programs		1,468.1		5.65	%		58.6		1,612.2		5.70	%		57.8
Total	$	6,113.8						$	7,067.5

** Average Remaining Term includes extension options

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Note 13 - Preferred Stock (Details) - Outstanding Preferred Stock (USD $) In Thousands, except Share data, unless otherwise specified								6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2013 Series H, I, J & K Preferred Stock [Member] Series H Preferred Stock [Member]	Jun. 30, 2013 Series H, I, J & K Preferred Stock [Member] Series I Preferred Stock [Member]	Jun. 30, 2013 Series H, I, J & K Preferred Stock [Member] Series J Preferred Stock [Member]	Jun. 30, 2013 Series H, I, J & K Preferred Stock [Member] Series K Preferred Stock [Member]	Jun. 30, 2013 Series H, I, J & K Preferred Stock [Member]	Jun. 30, 2013 Series H Preferred Stock [Member]	Jun. 30, 2013 Series I Preferred Stock [Member]	Jun. 30, 2013 Series J Preferred Stock [Member]	Jun. 30, 2013 Series K Preferred Stock [Member]
Class of Stock [Line Items]
Shares Authorized	5,961,200	5,961,200	70,000	18,400	9,000	8,050	105,450
Shares Issued and Outstanding	102,000	102,000						70,000	16,000	9,000	7,000
Liquidation Preference (in Dollars)	$ 975,000	$ 975,000						$ 175,000	$ 400,000	$ 225,000	$ 175,000
Dividend Rate								6.90%	6.00%	5.50%	5.625%
Annual Dividend per Depositary Share (in Dollars per share)								$ 1.72500	$ 1.50000	$ 1.37500	$ 1.40625
Par Value (in Dollars per share)	$ 1.00	$ 1.00						$ 1.00	$ 1.00	$ 1.00	$ 1.00

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Note 2 - Operating Property Activities (Tables)

6 Months Ended

Jun. 30, 2013

Business Combination Disclosure [Text Block]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

			Purchase Price
Property Name	Location	Month Acquired	Cash			Debt Assumed	Other		Total			GLA*
Santee Trolley Square(1)	Santee, CA	Jan-13	$	26,863	$	48,456	$	22,681	$	98,000	311
Shops at Kildeer (2)	Kildeer, IL	Jan-13		-		32,724		-		32,724	168
Village Commons S.C.	Tallahassee, FL	Jan-13		7,100		-		-		7,100	125
Putty Hill Plaza (3)	Baltimore, MD	Jan-13		4,592		9,115		489		14,196	91
Columbia Crossing II S.C.	Columbia, MD	Jan-13		21,800		-		-		21,800	101
Roseville Plaza (Parcel)	Roseville, MN	Jan-13		5,143		-		-		5,143	80
Wilton River Park (4)	Wilton, CT	Mar-13		777		36,000		5,223		42,000	187
Canyon Square (5)	Santa Clarita, CA	Apr-13		1,950		13,800		-		15,750	97
JTS Portfolio (6)	Baton Rouge, LA	Apr-13		-		43,267		11,733		55,000	520
Factoria Mall (7)	Bellevue, WA	May-13		37,283		56,000		37,467		130,750	510
6 Out-parcels	Various	Jun-13		13,053		-		-		13,053	97
			$	118,561	$	239,362	$	77,593	$	435,516	2,287

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Land	$	128,048
Buildings		226,155
Above Market Rents		10,403
Below Market Rents		(14,178	)
In-Place Leases		19,497
Building Improvements		57,884
Tenant Improvements		11,466
Mortgage Fair Value Adjustment		(3,884	)
Other Assets		1,405
Other Liabilities		(1,280	)
	$	435,516

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Note 2 - Operating Property Activities (Details) (USD $)	3 Months Ended		6 Months Ended							6 Months Ended															1 Months Ended	6 Months Ended					6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jul. 31, 2013	Mar. 31, 2013	Jun. 30, 2013 Acquisitions [Member] Santee Trolley Square [Member]	Jun. 30, 2013 Acquisitions [Member] Shops at Kildeer [Member]	Jun. 30, 2013 Acquisitions [Member] Putty Hill Plaza [Member]	Jun. 30, 2013 Operating Properties [Member]	Jun. 30, 2013 Two Land Parcels [Member]	Jun. 30, 2013 Two Land Parcels and Four Operating Properties [Member]	Jun. 30, 2013 Cost-method Investments [Member]	Jun. 30, 2013 Santee Trolley Square [Member]		Jun. 30, 2013 Shops at Kildeer [Member]		Jun. 30, 2013 Putty Hill Plaza [Member]		Jun. 30, 2013 Wilton River Park [Member] Convertible Debt [Member]	Jun. 30, 2013 Wilton River Park [Member]		Jun. 30, 2013 Canyon Square [Member]		Apr. 30, 2013 JTS Portfolio [Member]	Jun. 30, 2013 JTS Portfolio [Member]		Jun. 30, 2013 Factoria Mall [Member]		Dec. 31, 2012 Factoria Mall [Member]	Jun. 30, 2013 FNC Realty Corporation [Member]	Jun. 30, 2013 Three Joint Ventures [Member]	Jun. 30, 2013 Property, Plant and Equipment [Member]	Jun. 30, 2013 Convertible Debt [Member]
Note 2 - Operating Property Activities (Details) [Line Items]
Equity Method Investment, Ownership Percentage							45.00%	19.00%																							100.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (in Dollars)	$ (1,459,000)	$ 12,147,000	$ 21,711,000	$ 14,156,000										$ 22,700,000				$ 500,000										$ 8,200,000
Noncontrolling Interest, Ownership Percentage by Parent									80.00%																					50.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners									20.00%														15.00%
Business Combination, Consideration Transferred, Liabilities Incurred			239,362,000											48,456,000	[1]	32,724,000	[2]	9,115,000	[3]	5,200,000	36,000,000	[4]	13,800,000	[5]		43,267,000	[6]	56,000,000	[7]
Debt Instrument, Convertible, Term																																		1 year
Debt Instrument, Interest Rate, Stated Percentage	4.70%		4.70%		3.855%	6.125%															6.50%													6.00%
Loans Receivable, Net																					5,200,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss																										9,600,000
Repayments of Debt																									43,300,000
Additional Interest Acquired, Percentage																												49.00%			17.30%
Payments to Acquire Businesses, Gross			118,561,000											26,863,000	[1]		[2]	4,592,000	[3]		777,000	[4]	1,950,000	[5]			[6]	37,283,000	[7]		20,300,000	6,500,000
Noncontrolling Interest, Period Increase (Decrease)																															(19,600,000)	(400,000)
Adjustments to Additional Paid in Capital, Other			(4,800,000)																												(700,000)
Sales of Real Estate										100,800,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	1,869,000	11,263,000	4,365,000	23,242,000						4,400,000
Impairment of Real Estate			81,500,000	34,600,000						20,800,000	300,000		7,800,000
Proceeds from Sale of Real Estate											10,900,000
Asset Impairment Charges			81,546,000	34,570,000																													35,500,000
Payments to Acquire Real Estate			145,303,000	267,427,000								39,500,000
Cost Method Investments, Fair Value Disclosure													$ 7,000,000

[1] This property was acquired from a joint venture in which the Company had a 45% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a gain of $22.7 million, before income tax, from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other.

[2] This property was acquired from a joint venture in which the Company had a 19% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.

[3] The Company acquired the remaining 80% interest in an operating property from an unconsolidated joint venture in which the Company had a 20% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a gain of $0.5 million from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other.

[4] The acquisition of this property included the issuance of $5.2 million of redeemable units, which are redeemable at the option of the holder after one year and earn a yield of 6% per annum, which is included in the purchase price above in Other. In connection with this transaction, the Company provided the sellers a $5.2 million loan at a rate of 6.5%, which is secured by the redeemable units.

[5] This property was acquired from a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.

[6] The Company acquired the remaining interest in a portfolio of office properties from a preferred equity investment in which the Company held a noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a change in control loss of $9.6 million from the fair value adjustment associated with the Company's original ownership, which is reflected in the purchase price above in Other. The debt assumed in connection with this transaction of $43.3 million was repaid in April 2013.

[7] The Company acquired an additional 49% interest in this operating property from an unconsolidated joint venture in which the Company had a 50% noncontrolling interest. As such the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as a result, recognized a gain of $8.2 million from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other.

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Note 7 - Mortgages and Other Financing Receivables

6 Months Ended

Jun. 30, 2013

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

7. Mortgages and Other Financing Receivables:

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. The Company reviews payment status to identify performing versus non-performing loans. Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved against through current income. Interest income on non-performing loans is generally recognized on a cash basis. The following table presents performing and non-performing loans as of June 30, 2013 (in thousands):

	Number of Loans		Amount
Performing Loans		24	$	50,770
Non-Performing Loans		1		23,318
Total		25	$	74,088

As of June 30, 2013, the Company had one loan aggregating $23.3 million which was in default for nonpayment of principal and interest. The Company has placed this loan on non-accrual status with respect to the recognition of interest income starting from the loan’s nonperformance date in April 2008. The Company assessed this loan and determined that the estimated fair value of the underlying collateral exceeded its carrying value as of June 30, 2013. During June 2013, the Company commenced foreclosure proceedings on the underlying collateral of 427 acres of land located in Brantford, Ontario Canada relating to this loan.

During the six months ended June 30, 2013 the Company foreclosed on a $1.3 million loan that had been non-performing and as such acquired the 59.24 acres of undeveloped land located in Westbrook, Maine which was the collateral under the loan.

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Note 3 - Discontinued Operations

6 Months Ended

Jun. 30, 2013

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. Discontinued Operations

The Company reports as discontinued operations, properties held-for-sale as of the end of the current period and assets sold during the period. The results of these discontinued operations are included as a separate component of income on the Condensed Consolidated Statements of Income under the caption Discontinued operations.  This reporting has resulted in certain reclassifications of 2012 financial statement amounts.

The components of income and expense relating to discontinued operations for the three and six months ended June 30, 2013 and 2012 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2013 and 2012 and the operations for the applicable period for those assets classified as held-for-sale as of June 30, 2013 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Discontinued operations:
Revenues from rental property	$	2,597		$	11,648		$	5,468		$	26,186
Rental property expenses		(969	)		(4,623	)		(2,121	)		(10,651	)
Depreciation and amortization		(861	)		(6,575	)		(1,907	)		(12,892	)
Provision for doubtful accounts		(15	)		(568	)		(298	)		(922	)
Interest income/(expense)		744			(637	)		667			(1,149	)
Other income/(expense), net		3			(94	)		(12	)		(201	)
Income/(loss) from discontinued operating properties, before income taxes		1,499			(849	)		1,797			371
Impairment of property carrying value, net, before income taxes		(42,951	)		(24,915	)		(45,783	)		(34,245	)
Gain on disposition of operating properties, net		1,869			11,263			4,365			23,242
Benefit for income taxes, net		15,260			7,473			15,942			8,745
Loss from discontinued operating properties		(24,323	)		(7,028	)		(23,679	)		(1,887	)
Net income attributable to noncontrolling interests		-			(95	)		(17	)		(2,393	)
Loss from discontinued operations attributable to the Company	$	(24,323	)	$	(7,123	)	$	(23,696	)	$	(4,280	)

During the six months ended June 30, 2013, the Company classified as held-for-sale five operating properties, comprising 163,381 square feet of GLA.  The aggregate book value of these properties was $38.1 million, net of accumulated depreciation of $5.4 million.   The Company recognized impairment charges of $9.9 million, after income taxes, on three of these properties. The book value of the other properties did not exceed their estimated fair value, less costs to sell, and as such no impairment charges were recognized. The Company’s determination of the fair value of these properties, aggregating $27.6 million, was based upon executed contracts of sale with a third parties (see Footnote 12).   In addition, the Company completed the sale of two held-for-sale operating properties during the six months ended June 30, 2013, one of which was classified as held-for-sale during 2012 (these dispositions are included in Footnote 2 above).  At June 30, 2013, the Company had four operating properties classified as held-for-sale at a carrying amount of $21.4 million, net of accumulated depreciation of $4.5 million, which are included in Other assets on the Company’s Condensed Consolidated Balance Sheets.

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Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Common Stock [Member]
Dividends per Depositary Share (in Dollars per share)	$ 0.42	$ 0.38
Series F Preferred Stock [Member]
Dividends per Depositary Share (in Dollars per share)		$ 0.8312
Series G Preferred Stock [Member]
Dividends per Depositary Share (in Dollars per share)		$ 0.9688
Series H Preferred Stock [Member]
Dividends per Depositary Share (in Dollars per share)	$ 0.8625	$ 0.8625
Series I Preferred Stock [Member]
Dividends per Depositary Share (in Dollars per share)	$ 0.7500	$ 0.4208
Series J Preferred Stock [Member]
Dividends per Depositary Share (in Dollars per share)	$ 0.6875
Series K Preferred Stock [Member]
Dividends per Depositary Share (in Dollars per share)	$ 0.7032

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Note 6 - Variable Interest Entities (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Consolidated Ground-Up Development Projects [Member]
Note 6 - Variable Interest Entities (Details) [Line Items]
Number of Consolidated Entities	2
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 88.8
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	0.3
Variable Interest Entity, Financial or Other Support, Amount	33.2
Unconsolidated Ground-Up Development [Member]
Note 6 - Variable Interest Entities (Details) [Line Items]
Variable Interest Entity, Financial or Other Support, Amount	18.4
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	17.5
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	35.9
Unconsolidated Redevelopment Investment [Member]
Note 6 - Variable Interest Entities (Details) [Line Items]
Variable Interest Entity, Financial or Other Support, Amount	11.4
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	$ 11.4
Number of Unconsolidated Entities	1

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Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) (USD $)	3 Months Ended		6 Months Ended								1 Months Ended				1 Months Ended				6 Months Ended			6 Months Ended						6 Months Ended				6 Months Ended	1 Months Ended				6 Months Ended							6 Months Ended					6 Months Ended					6 Months Ended				6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013 KimPru and KimPru II [Member] Operating Properties [Member]	Jun. 30, 2013 KimPru and KimPru II [Member]		Dec. 31, 2012 KimPru and KimPru II [Member]		Jun. 30, 2013 KimPru [Member]	Jun. 30, 2013 Intown [Member]		Dec. 31, 2012 Intown [Member]		Jun. 30, 2013 Intown [Member] Minimum [Member]	Jun. 30, 2013 Intown [Member] Maximum [Member]	Jun. 30, 2013 Other Joint Venture Programs [Member] Sold [Member]	Jun. 30, 2012 Other Joint Venture Programs [Member] Additional [Member] Sold [Member]	Jun. 30, 2013 Other Joint Venture Programs [Member] Operating Properties [Member]	Jun. 30, 2012 Other Joint Venture Programs [Member] Sold [Member]	Jun. 30, 2013 Other Joint Venture Programs [Member] Sold [Member]	Jun. 30, 2013 Other Joint Venture Programs [Member]		Jun. 30, 2012 Other Joint Venture Programs [Member]	Dec. 31, 2012 Other Joint Venture Programs [Member]		Jun. 30, 2013 Kimco Income Fund [Member] Additional [Member]	Jun. 30, 2013 Kimco Income Fund [Member]		Dec. 31, 2012 Kimco Income Fund [Member]		Jun. 30, 2013 UBS Programs [Member] Operating Properties [Member]	Jun. 30, 2013 UBS Programs [Member]		Dec. 31, 2012 UBS Programs [Member]		Jun. 30, 2012 Other Institutional Programs [Member] Pending Sale [Member]	Jun. 30, 2013 Other Institutional Programs [Member] Operating Properties [Member]	Jun. 30, 2012 Other Institutional Programs [Member] Operating Properties [Member]	Jun. 30, 2013 Other Institutional Programs [Member]		Dec. 31, 2012 Other Institutional Programs [Member]		Jun. 30, 2013 BIG Shopping Centers [Member] Company's Share [Member]	Jun. 30, 2013 BIG Shopping Centers [Member]		Dec. 31, 2012 BIG Shopping Centers [Member]		Jun. 30, 2013 Latin America [Member] Operating Properties [Member]	Jun. 30, 2013 Latin America [Member]		Dec. 31, 2012 Latin America [Member]		Jun. 30, 2013 KIR [Member]	Jun. 30, 2013 Kimstone [Member] UBS Programs [Member]	Jun. 30, 2013 Kimstone [Member]	Dec. 31, 2012 Sold [Member] Operating Properties [Member]	Jun. 30, 2013 Operating Properties [Member]	Jun. 30, 2012 RioCan [Member]
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) [Line Items]
Number of Joint Ventures						4				3											3	2
Number of Accounts						4
Sales of Real Estate											$ 735,000,000									$ 75,500,000		$ 228,800,000		$ 180,000,000													$ 127,000,000													$ 274,000,000								$ 100,800,000
Transfer Mortgage Payable				13,655,000							609,200,000
Deferred Gain on Sale of Property											21,700,000
Guarantor Obligations, Current Carrying Value											145,200,000
Debt Instrument, Basis Spread on Variable Rate															1.15%	5.00%
Debt Instrument, Convertible, Term											5 years
Number of Agreements																						1
Number of Real Estate Properties	4		4			60	[1],[2],[3]	61	[1],[2],[3]			[4]	138	[4]			2	2				82	[5],[6]		87	[5],[6]		12	[1],[7]	12	[1],[7]			[1],[10],[8],[9]	40	[1],[10],[8],[9]				56	[1],[11]	58	[1],[11]		21	[1],[12],[8]	22	[1],[12],[8]		124	[13]	131	[13]				1
Gains (Losses) on Sales of Investment Real Estate																						30,900,000		8,300,000															12,100,000										24,300,000	48,600,000
Equity Method Investment, Ownership Percentage						15.00%	[1],[2],[3]	15.00%	[1],[2],[3]			[4]		[4]									[5],[6]			[5],[6]	24.24%	39.50%	[1],[7]	15.20%	[1],[7]			[1],[10],[8],[9]	17.90%	[1],[10],[8],[9]					[1],[11]		[1],[11]		37.90%	[1],[12],[8]	37.70%	[1],[12],[8]			[13]		[13]	3.57%	66.70%	33.30%
Payments to Acquire Equity Method Investments (in Dollars)						15,800,000																						38,300,000					1,100,000,000																					48,400,000
Payments to Acquire Real Estate			145,303,000	267,427,000																												32,700,000						14,200,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (in Dollars)	(1,459,000)	12,147,000	21,711,000	14,156,000																2,000,000																		500,000
Gains (Losses) on Extinguishment of Debt																																												2,400,000	13,700,000
Impairment of Real Estate			81,500,000	34,600,000	600,000	4,000,000													900,000			1,800,000																																				20,800,000
Noncontrolling Interest, Ownership Percentage by Parent																																																								33.30%
Other Income																				2,600,000																			1,100,000
Real Estate Partnership Investment Subsidiaries, Net Income (Loss) before Tax																																																											7,500,000
Real Estate Tax Expense	$ 28,858,000	$ 27,985,000	$ 58,306,000	$ 55,592,000																																																							$ 1,500,000

[1] The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

[2] During the six months ended June 30, 2013, the Company purchased the remaining interest in an operating property for a purchase price of $15.8 million. As a result of this transaction, KimPru recognized an impairment charge of $4.0 million, of which the Company's share was $0.6 million.

[3] This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors ("PREI"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

[4] The Company's share of this investment was subject to fluctuation and dependent upon property cash flows. During June 2013, the Intown portfolio was sold for a sales price of $735.0 million which included the assignment of $609.2 million in debt. This transaction resulted in a deferred gain to the Company of $21.7 million. The Company continues to maintain its guarantee of $145.2 million of outstanding debt assumed by the buyer. The guarantee is collateralized by the buyer's ownership interest in the portfolio. The Company is entitled to a guarantee fee, for the initial term of the loan, which is scheduled to mature in December 2015. The guarantee fee is calculated based upon the difference between LIBOR plus 1.15% and 5.0% per annum multiplied by the outstanding amount of the loan. Additionally, the Company has entered into a commitment to provide financing up to $145.2 million for five years past the date of maturity. This commitment can be in the form of extensions with the current lender or a new lender or financing directly from the Company to the buyer. Due to this continued involvement, the Company deferred its gain until such time that the guarantee and commitment expire.

[5] During the six months ended June 30, 2013, the Company amended one of its Canadian preferred equity investment agreements to restructure the investment as a pari passu joint venture in which the Company holds a noncontrolling interest. As a result of this transaction, the Company continues to account for its investment in this joint venture under the equity method of accounting and includes this investment in Investments and advances to real estate joint ventures within the Company's Condensed Consolidated Balance Sheets.

[6] During the six months ended June 30, 2013, two joint ventures in which the Company held noncontrolling interests sold two operating properties to the Company, in separate transactions, for an aggregate sales price of $228.8 million. The Company evaluated these transactions pursuant to the FASB's Consolidation guidance. As such, the Company recognized an aggregate gain of $30.9 million, before income tax, from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties.

[7] During the six months ended June 30, 2013, the Company purchased an additional 24.24% interest in Kimco Income Fund for $38.3 million.

[8] Ownership % is a blended rate

[9] During the six months ended June 30, 2013, UBS sold an operating property to the Company for a sales price of $32.7 million, which was equal to the remaining debt balance. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such the Company recognized no gain or loss from a change in control and now consolidates this operating property.

[10] During June 2013, the Company increased its ownership interest in the UBS Programs to 33.3% and simultaneously UBS transferred its remaining 66.7% ownership interest in the UBS Programs to affiliates of Blackstone Real Estate Partners VII ("Blackstone"). Both of these transactions were based on a gross purchase price of $1.1 billion. Upon completion of these transactions, Blackstone and the Company entered into a new joint venture (Kimstone) under a new joint venture agreement in which the Company owns a 33.3% noncontrolling interest.

[11] During the six months ended June 30, 2013, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $14.2 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such the Company recognized a gain of $0.5 million from the fair value adjustment associated with the Company's original ownership due to a change in control and now consolidates this operating property.

[12] During the six months ended June 30, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company's share of this gain was $2.4 million.

[13] During the six months ended June 30, 2013, the Company sold nine operating properties located throughout Mexico for $274.0 million which were held in unconsolidated joint ventures in which the Company has noncontrolling interests. This transaction resulted in a net gain of $48.6 million, after tax, of which the Company's share was $24.3 million.

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Note 11 - Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2013

Noncontrolling Interest Disclosure [Text Block]

Redeemable Noncontrolling Interest [Table Text Block]

	2013			2012
Balance at January 1,	$	81,076		$	95,074
Issuance of redeemable units		5,223			-
Fair market value adjustment		(1,238	)		-
Fair market value amortization		338			-
Other		87			(15	)
Balance at June 30,	$	85,486		$	95,059

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Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) - Deferred Tax Assets and Liabilities (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Deferred tax assets:
Total deferred tax assets	$ 138,757	$ 113,421
Net operating losses	68,890	43,483
Related party deferred loss	6,214	6,214
Tax credit carryforwards	3,815	3,815
Capital loss carryforwards	647	647
Charitable contribution carryforward	3	3
Net deferred tax assets	105,483	90,225
Domestic Tax Authority [Member]
Deferred tax assets:
Tax/GAAP basis differences	59,145	68,623
Valuation allowance	(25,045)	(33,783)
Deferred tax liabilities	(19,235)	(9,933)
Foreign Tax Authority [Member]
Deferred tax assets:
Tax/GAAP basis differences	65,469	62,548
Valuation allowance	(40,381)	(38,129)
Deferred tax liabilities	$ (14,039)	$ (13,263)

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Note 12 - Fair Value Measurements (Details) (USD $)	6 Months Ended
	Jun. 30, 2013		Jun. 30, 2012	Dec. 31, 2012
Note 12 - Fair Value Measurements (Details) [Line Items]
Marketable Securities	$ 71,009,000	[1]		$ 36,541,000	[1]
Impairment of Real Estate	81,500,000		34,600,000
Fair Value Inputs, Cap Rate	6.00%
Fair Value Inputs, Discount Rate	9.50%
Cost-method Investments [Member]
Note 12 - Fair Value Measurements (Details) [Line Items]
Impairment of Real Estate	7,800,000
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member]
Note 12 - Fair Value Measurements (Details) [Line Items]
Impairment of Real Estate	73,700,000
Discontinued Operations [Member]
Note 12 - Fair Value Measurements (Details) [Line Items]
Impairment of Real Estate	45,800,000		34,200,000
Fair Value, Inputs, Level 1 [Member]
Note 12 - Fair Value Measurements (Details) [Line Items]
Marketable Securities	68,000,000			33,400,000
Fair Value, Inputs, Level 3 [Member]
Note 12 - Fair Value Measurements (Details) [Line Items]
Marketable Securities	$ 3,300,000			$ 3,400,000

[1] As of June 30, 2013 and December 31, 2012, the Company determined that $68.0 million and $33.4 million, respectively, of the marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy.

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Note 10 - Mortgages Payable

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Text Block]

Debt Disclosure [Text Block]

10. Mortgages Payable

During the six months ended June 30, 2013, the Company (i) assumed $243.3 million of individual non-recourse mortgage debt relating to the acquisition of eight operating properties, including an increase of $3.9 million associated with fair value debt adjustments (ii) obtained $17.4 million of individual non-recourse mortgage debt relating to two operating properties and (iii) paid off $66.2 million of mortgage debt that encumbered six properties.

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Note 6 - Variable Interest Entities

6 Months Ended

Jun. 30, 2013

Disclosure Text Block [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

6. Variable Interest Entities

Consolidated Ground-Up Development Projects

Included within the Company’s ground-up development projects at June 30, 2013, are two entities that are VIEs, for which the Company is the primary beneficiary. These entities were established to develop real estate property to hold as long-term investments.  The Company’s involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest.  

           At June 30, 2013, total assets of these ground-up development VIEs were $88.8 million and total liabilities were $0.3 million. The classification of these assets is primarily within Real estate under development and the classification of liabilities are primarily within accounts payable and accrued expenses, which is included in Other liabilities in the Company’s Condensed Consolidated Balance Sheets.

Substantially all of the projected development costs to be funded for these ground-up development VIEs, aggregating $33.2 million, will be funded with capital contributions from the Company and by the outside partners, when contractually obligated. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide.

Unconsolidated Ground-Up Development

Also included within the Company’s ground-up development projects at June 30, 2013, is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture is primarily established to develop real estate property for long-term investment and was deemed a VIE primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support.  The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period.  The Company determined that it was not the primary beneficiary of this VIE based on the fact that Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest.

The Company’s investment in this VIE was $17.5 million as of June 30, 2013, which is included in Real estate under development in the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is estimated to be $35.9 million, which primarily represents the Company’s current investment and estimated future funding commitments of $18.4 million.  The Company has not provided financial support to this VIE that it was not previously contractually required to provide.  All future costs of development will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages.

Unconsolidated Redevelopment Investment

Included in the Company’s joint venture investments at June 30, 2013, is one unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was primarily established to develop real estate property for long-term investment and was deemed a VIE primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest.

As of June 30, 2013, the Company’s investment in this VIE was a negative $11.4 million, due to the fact that the Company had a remaining capital commitment obligation, which is included in Other liabilities in the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is estimated to be $11.4 million, which is the remaining capital commitment obligation. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of development will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages.

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Note 18 - Pro Forma Financial Information (Details) - Pro Forma Financial Information (USD $) In Millions, except Per Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Pro Forma Financial Information [Abstract]
Revenues from rental property	$ 472.9	$ 431.1
Net income	173.7	133.9
Net income available to the Company’s common shareholders	$ 140.3	$ 88.7
Net income available to the Company’s common shareholders per common share:
Basic (in Dollars per share)	$ 0.34	$ 0.22
Diluted (in Dollars per share)	$ 0.34	$ 0.22

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Note 13 - Preferred Stock

6 Months Ended

Jun. 30, 2013

Preferred Stock [Text Block]

Preferred Stock [Text Block]

13. Preferred Stock

The Company’s outstanding Preferred Stock is detailed below (in thousands, except share information and par values):

As of June 30, 2013 and December 31, 2012
Series of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value
Series H		70,000		70,000	$	175,000		6.90	%	$	1.72500	$	1.00
Series I		18,400		16,000		400,000		6.00	%	$	1.50000	$	1.00
Series J		9,000		9,000		225,000		5.50	%	$	1.37500	$	1.00
Series K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00
		105,450		102,000	$	975,000

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Note 11 - Noncontrolling Interests

6 Months Ended

Jun. 30, 2013

Noncontrolling Interest Disclosure [Text Block]

Noncontrolling Interest Disclosure [Text Block]

11. Noncontrolling Interests

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling financial interest in accordance with the provisions of the FASB’s Consolidation guidance.  The Company identifies its noncontrolling interests separately within the equity section on the Company’s Condensed Consolidated Balance Sheets. Noncontrolling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions.  Partnership units which are determined to be mandatorily redeemable under the FASB’s Distinguishing Liabilities from Equity guidance are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Condensed Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Company’s Condensed Consolidated Statements of Income.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the six months ended June 30, 2013 and June 30, 2012 (amounts in thousands):

	2013			2012
Balance at January 1,	$	81,076		$	95,074
Issuance of redeemable units		5,223			-
Fair market value adjustment		(1,238	)		-
Fair market value amortization		338			-
Other		87			(15	)
Balance at June 30,	$	85,486		$	95,059

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Document And Entity Information	6 Months Ended
	Jun. 30, 2013	Jul. 24, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	Kimco Realty Corporation
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		409,639,452
Amendment Flag	false
Entity Central Index Key	0000879101
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2

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Note 12 - Fair Value Measurements

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Text Block]

Fair Value Disclosures [Text Block]

12. Fair Value Measurements

All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management’s estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed.  The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities.  The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales.  Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):

	June 30, 2013					December 31, 2012
	Carrying Amounts			Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Marketable securities (1)	$	71,009	$		71,277	$	36,541	$	36,825
Notes payable (2)	$	3,284,014	$		3,446,142	$	3,192,127	$	3,408,632
Mortgages payable (3)	$	1,180,760	$		1,238,727	$	1,003,190	$	1,068,616

(1) As of June 30, 2013 and December 31, 2012, the Company determined that $68.0 million and $33.4 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy.

(2) The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy. 

(3) The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. 

The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

The table below presents the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Balance at June 30, 2013		Level 1		Level 2		Level 3
Marketable equity securities	$	67,979	$	67,979	$	-	$	-

	Balance at December 31, 2012		Level 1		Level 2		Level 3
Marketable equity securities	$	33,428	$	33,428	$	-	$	-

Assets measured at fair value on a non-recurring basis at June 30, 2013 and December 31, 2012, are as follows (in thousands):

	Balance at June 30, 2013		Level 1		Level 2		Level 3
Real estate	$	39,506	$	-	$	-	$	39,506
Cost method investment	$	6,976	$	-	$	-	$	6,976

	Balance at December 31, 2012		Level 1		Level 2		Level 3
Real estate	$	52,505	$	-	$	-	$	52,505

During the six months ended June 30, 2013, the Company recognized impairment charges of $81.5 million ($45.8 million of which is included in discontinued operations) of which $73.7 million related to adjustments to property carrying values and $7.8 million relating to a cost method investment. During the six months ended June 30, 2012, the Company recognized impairment charges of $34.6 million ($34.2 million of which is included in discontinued operations) relating to adjustments to property carrying values. The Company’s estimated fair values were primarily based upon estimated sales prices from third party offers relating to property carrying values and a discounted cash flow model relating to the Company’s cost method investment. The Company does not have access to the unobservable inputs used by the third parties to determine these estimated fair values.  The discounted cash flows model includes all estimated cash inflows and outflows over a specified holding period. These cash flows were comprised of unobservable inputs which include contractual revenues and forecasted revenues and expenses based upon market conditions and expectations for growth. The capitalization rate of 6.0% and discount rate of 9.5% which were utilized in this model were based upon observable rates that the Company believes to be within a reasonable range of current market rates for the respective investments. Based on these inputs the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy.

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Note 12 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity Securities	$ 67,979	$ 33,428
Real estate	39,506	52,505
Cost method investment	6,976
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity Securities	67,979	33,428
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate	39,506	52,505
Cost method investment	$ 6,976

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Note 12 - Fair Value Measurements (Details) - Estimate of Fair Value Differs from Carrying Amounts (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013		Dec. 31, 2012
Estimate of Fair Value Differs from Carrying Amounts [Abstract]
Marketable securities (1)	$ 71,009	[1]	$ 36,541	[1]
Marketable securities (1)	71,277	[1]	36,825	[1]
Notes payable (2)	3,284,014	[2]	3,192,127	[2]
Notes payable (2)	3,446,142	[2]	3,408,632	[2]
Mortgages payable (3)	1,180,760	[3]	1,003,190	[3]
Mortgages payable (3)	$ 1,238,727	[3]	$ 1,068,616	[3]

[1] As of June 30, 2013 and December 31, 2012, the Company determined that $68.0 million and $33.4 million, respectively, of the marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy.

[2] The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy.

[3] The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy.