GLYPH<T_h> e Quality of Kimco Quality can be defined in many ways. In the shopping  center business, quality is often equated with “curb appeal.” Newer, more attractive properties are more highly valued.  We agree, in part, with that concept – and, starting on  page 3 of this report, we showcase five of our signature  properties. But at Kimco, we also measure quality by the  size  and  stability  of our portfolio… the location of our  sites … the  strength  of our retailer and investor relationships… the value of our  service … and the  integrity  and  creativity of our people. These are the real qualities that set us apart. All of them  contributed to our success in 2011, as we sharpened our  focus on our core business, continued to trade up to  higher-value real estate, and moved closer to our vision of  being the premier owner/operator of high-quality shopping  centers in North America. Kimco Realty Corporation (NYSE: KIM) is a real estate  investment trust (REIT) headquartered in New Hyde Park,  N.Y., that owns and operates North America’s largest  portfolio of neighborhood and community shopping  centers. As of December 31, 2011, the company owned  interests in 946 shopping centers comprising 138 million  square feet of leasable space across 44 U.S. states, Puerto  Rico, Canada, Mexico and South America. Since our initial public offering 20 years ago, Kimco has  delivered a total annualized return to its shareholders of  13 percent, beating both the FTSE NAREIT Equity REIT  Index and the S&P 500 in that time. ABOUT KIMCO Letter from the Chairman   1 The Quality of Kimco  3 2011 Operating Overview  12 Form 10K  17 Shareholder Information 133 Corporate Directory  IBC Westlake Shopping Center, California