Pan Pacific Retail Properties Announces Quarterly Dividend of $0.64 Per Share

Pan Pacific Retail Properties, Inc. (NYSE:PNP) today
reported its Board of Directors declared the regular quarterly
dividend of $0.64 per share, payable on the earlier of September 29,
2006, and the close of the merger transaction between Pan Pacific
Retail Properties, Inc. and Kimco Realty Corporation, to stockholders
of record on September 19, 2006.

   ABOUT PAN PACIFIC RETAIL PROPERTIES

   Pan Pacific Retail Properties, Inc. is an equity real estate
investment trust (REIT) traded on the New York Stock Exchange under
the symbol PNP. The Company is the largest neighborhood shopping
center REIT focused exclusively on the West Coast. Pan Pacific's
portfolio currently totals 138 properties, encompassing approximately
22.6 million square feet of retail space. The portfolio is principally
diversified across five distinct regions in the Western United States:
Northern California, Southern California, Washington, Oregon and
Nevada.
   Pan Pacific specializes in the acquisition, ownership and
management of community and neighborhood shopping centers for everyday
essentials. The Company's strategy is aimed at generating long-term
stable cash flow through maintaining a diverse portfolio and tenant
base, balanced with consistent growth through its acquisition and
property management programs.
   Pan Pacific is headquartered in Vista (San Diego), California, and
has regional offices located in Sacramento, California; Kent,
Washington; Portland, Oregon; and Las Vegas, Nevada.
   Additional information on Pan Pacific is available on the
Company's website at http://www.pprp.com.

   Forward-Looking Statements

   This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements other than
statements of historical facts included in this press release are
forward-looking statements. All forward-looking statements speak only
as of the date of this press release. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performance, achievements or
transactions of Kimco, Pan Pacific and their affiliates or industry
results or the benefits of the proposed merger to be materially
different from any future results, performance, achievements or
transactions expressed or implied by such forward-looking statements.
Such risks, uncertainties and other factors relate to, among others,
approval of the transaction by the shareholders of Pan Pacific, the
satisfaction of closing conditions to the transaction, difficulties
encountered in integrating the companies, the marketing and sale of
non-core assets, the addition of properties to Kimco's strategic
co-investment program, and the effects of general and local economic
and real estate conditions. Additional information or factors which
could impact the companies and the forward-looking statements
contained herein are included in each company's filings with the
Securities and Exchange Commission. The companies assume no obligation
to update or supplement forward-looking statements that become untrue
because of subsequent events.

   Additional Information and Where to Find It

   This press release does not constitute an offer of any securities
for sale. In connection with the proposed transaction, Kimco and Pan
Pacific have filed a definitive proxy statement/prospectus dated
August 23, 2006 with the Securities and Exchange Commission as part of
a registration statement regarding the proposed merger. Investors and
security holders are urged to read the proxy statement/prospectus
because it contains important information about Kimco and Pan Pacific
and the proposed merger. Investors and security holders may obtain a
free copy of the definitive proxy statement/prospectus and other
documents filed by Kimco and Pan Pacific with the SEC at the SEC's
website at www.sec.gov. The definitive proxy statement/prospectus and
other relevant documents may also be obtained free of charge from
Kimco or Pan Pacific by directing such request to: Kimco Realty
Corporation, 3333 New Hyde Park Road, New Hyde Park, New York
11042-0020 Attention: Investor Relations or Pan Pacific Retail
Properties, Inc., 1631-B South Melrose Drive, Vista, California 92081
Attention: Investor Relations. Investors and security holders are
urged to read the proxy statement, prospectus and other relevant
material before making any voting or investment decisions with respect
to the merger.
   Kimco and Pan Pacific and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the shareholders of Pan Pacific in connection with the
merger. Information about Kimco and its directors and executive
officers, and their ownership of Kimco securities, is set forth in the
proxy statement for the 2006 Annual Meeting of Stockholders of Kimco,
which was filed with the SEC on April 12, 2006. Information about Pan
Pacific and its directors and executive officers, and their ownership
of Pan Pacific securities, is set forth in the proxy statement for the
2006 Annual Meeting of Stockholders of Pan Pacific, which was filed
with the SEC on March 24, 2006. Additional information regarding the
interests of those persons may be obtained by reading the proxy
statement/prospectus.