EXHIBIT 99.1

          KIMCO REALTY AND KIMCO NORTH TRUST III ANNOUNCE AMENDMENTS TO
                             CONSENT SOLICITATIONS


NEW HYDE PARK, N.Y., May 30, 2006 - Kimco Realty Corporation (NYSE: KIM) ("Kimco
Realty") today announced that it is amending certain of the terms of the
previously announced consent solicitation that it commenced on May 16, 2006
relating to its Medium-Term Notes and Senior Notes in the aggregate principal
amount outstanding of $1,922,000,000 (the "Notes"). Kimco Realty is seeking
consents from the holders of the Notes to proposed amendments to the debt
covenants in the indenture governing the Notes (the "Indenture").

The consent solicitation consists of the following:

         --    6.930% Medium-Term Notes due 2006 (CUSIP No. 49446QAL5);

         --    Floating Rate Medium-Term Notes due 2006 (CUSIP No. 49446QAZ4);

         --    7.460% Medium-Term Notes due 2007 (CUSIP No. 49446QAF8);

         --    6.960% Medium-Term Notes due 2007 (CUSIP No. 49446QAH4);

         --    7.860% Medium-Term Notes due 2007 (CUSIP No. 49446QAT8);

         --    7.900% Medium-Term Notes due 2007 (CUSIP No. 49446QAQ4);

         --    6.700% Medium-Term Notes due 2007 (CUSIP No. 49446QAD3);

         --    3.950% Medium-Term Notes due 2008 (CUSIP No. 49446QAX9);

         --    7.560% Medium-Term Notes due 2009 (CUSIP No. 49446QAG6);

         --    7.060% Medium-Term Notes due 2009 (CUSIP No. 49446QAJ0);

         --    4.620% Medium-Term Notes due 2010 (CUSIP No. 49446QAW1);

         --    5.304% Medium-Term Notes due 2011 (CUSIP No. 49446QBE0);

         --    4.820% Medium-Term Notes due 2011 (CUSIP No. 49446QBA8);

         --    5.980% Medium-Term Notes due 2012 (CUSIP No. 49446QAV3);

         --    5.190% Medium-Term Notes due 2013 (CUSIP No. 49446QAY7);

         --    4.820% Medium-Term Notes due 2014 (CUSIP No. 49446QBC4);

         --    4.904% Medium-Term Notes due 2015 (CUSIP No. 49446QBB6);

         --    5.584% Medium-Term Notes due 2015 (CUSIP No. 49446QBD2);


         --    5.783% Medium-Term Notes due 2016 (CUSIP No. 49446QBF7);

         --    4.961% Senior Notes due 2007 (CUSIP No. 49446RAF6);

         --    6.875% Senior Notes due 2009 (CUSIP No. 49446RAE9); and

         --    6.00% Senior Notes due 2012 (CUSIP No. 49446RAG4).

Pursuant to the amendments to the terms of the consent solicitation, Kimco
Realty is now offering a consent fee of $2.50 per $1,000 principal amount to the
holders of all series of Notes that have maturity dates of 2010 or later and
timely consent to the proposed amendments at or prior to the Expiration Date
(defined below) and $1.25 per $1,000 principal amount to the holders of all
series of Notes that have maturity dates of 2009 or earlier and timely consent
to the proposed amendments at or prior to the Expiration Date. In addition, the
expiration date of the consent solicitation has now been extended until 5:00
p.m., New York City time, on Friday, June 2, 2006, unless further extended (the
"Expiration Date").

Kimco Realty remains committed to the current ratings and to protecting its
corporate credit investing constituency. As a result, pursuant to the amendments
to the terms of the consent solicitation, Kimco Realty is also seeking to amend
the maintenance of Unencumbered Total Asset Value covenant in the Indenture by
increasing the requirement of the ratio of Unencumbered Total Asset Value to
outstanding unsecured Debt from 1 to 1 to 1.5 to 1.

Except as set forth above, all terms and conditions of the consent solicitation
remain unchanged and in full force and effect. Holders of the Notes who have
already properly delivered their consents with respect to any series of Notes do
not need to deliver new consents. Consents (whether previously or hereafter
delivered) may only be revoked in the manner described in the consent
solicitation statement, as supplemented.

The consent solicitation may be amended, extended or terminated, at the option
of Kimco Realty. For a complete statement of the terms and conditions of the
consent solicitation, holders of the Notes should refer to the consent
solicitation statement, dated as of May 16, 2006, as supplemented by the consent
solicitation statement supplement, dated as of May 30, 2006, which is being sent
to all holders of the Notes as of the record date of May 15, 2006.

Concurrently with the amendments to the terms of the consent solicitation, Kimco
North Trust III ("Kimco North"), a wholly-owned entity of Kimco Realty, today
announced that it is amending certain of the terms of the previously announced
Canadian consent solicitation that Kimco North commenced on May 16, 2006
relating to its 4.45% Canadian Debentures due 2010 in the aggregate principal
amount outstanding of C$150,000,000 (the "Canadian Notes") to (i) extend the
expiration date of the Canadian consent solicitation until 5:00 p.m., New York
City time, on Friday, June 2, 2006, unless further extended; (ii) offer a
consent fee of C$2.50 per C$1,000 principal amount to the holders of Canadian
Notes that timely consent to the proposed amendments at or prior to the
Expiration Date; and (iii) give effect to the increased ratio requirement of
Unencumbered Total Asset Value to outstanding unsecured Debt from 1 to 1 to 1.5
to 1, which would govern the Canadian Notes.


Except as set forth above, all terms and conditions of the Canadian consent
solicitation remain unchanged and in full force and effect. Holders of the
Canadian Notes who have already properly delivered their consents do not need to
deliver new consents. Consents (whether previously or hereafter delivered) may
only be revoked in the manner described in the Canadian consent solicitation
statement, as supplemented.

The Canadian consent solicitation may be amended, extended or terminated, at the
option of Kimco North. For a complete statement of the terms and conditions of
the Canadian consent solicitation, holders of the Canadian Notes should refer to
the Canadian consent solicitation statement, dated as of May 16, 2006, as
supplemented by the Canadian consent solicitation statement supplement, dated as
of May 30, 2006, which is being sent to all holders of the Canadian Notes as of
the record date of May 15, 2006.

The Solicitation Agent in connection with the consent solicitation is UBS
Securities LLC. Questions regarding the consent solicitation may be directed to
UBS Securities LLC, Attention: Liability Management Group at (888) 722-9555 Ext.
4210 (toll free) or (203) 719-4210 (collect). Global Bondholder Services
Corporation is serving as Information and Tabulation Agent in connection with
the consent solicitation. Requests for assistance in delivering consents or for
additional copies of the consent solicitation statement should be directed to
the Information and Tabulation Agent at (866) 470-3700 (toll free) or (212)
430-3774 (collect).

This announcement is not an offer to purchase, a solicitation of an offer to
purchase, or a solicitation of consents with respect to any securities. The
consent solicitation and the Canadian consent solicitation are being made solely
by the consent solicitation statement (as supplemented) and the Canadian consent
solicitation statement (as supplemented), respectively, and are subject to the
terms and conditions stated therein. Kimco Realty and Kimco North reserve the
right to modify the consent solicitation statement and the Canadian consent
solicitation statement, respectively, or to terminate the consent solicitation
or Canadian consent solicitation, respectively.

Kimco, a publicly traded real estate investment trust, has specialized in
shopping center acquisitions, development and management for more than 45 years,
and owns and operates the nation's largest portfolio of neighborhood and
community shopping centers with interests in 1,117 properties comprising
approximately 143.2 million square feet of leasable space located throughout 45
states, Canada, Mexico and Puerto Rico. Please visit http://www.kimcorealty.com
to learn more about Kimco.

Safe Harbor Statement: The statements in this release state Kimco's and
management's hopes, intentions, beliefs, expectations or projections of the
future and are forward-looking statements. It is important to note that Kimco's
actual results could differ materially from those projected in such
forward-looking statements. Factors that could cause actual results to differ
materially from current expectations include general economic conditions, local
real estate conditions, increases in interest rates, increases in operating
costs and real estate taxes. Additional information concerning factors that
could cause actual results to differ materially from those forward-looking
statements is contained from time to time in Kimco Realty's filings with the
Securities and Exchange Commission, including but not limited to Kimco Realty's
report on Form 10-K for the year ended December 31, 2005. Copies of each filing
may be obtained from Kimco Realty or the SEC.


Contact:
Kimco Realty Corporation
Scott Onufrey
(516) 869-7190
sonufrey@kimcorealty.com