Exhibit 1(e)


                            KIMCO REALTY CORPORATION
                            (a Maryland corporation)

                                  Common Stock

                                 TERMS AGREEMENT


                                                        Dated: September 9, 2003


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

Attention:  Chairman of the Board of Directors

Dear Sirs:

         We (the "Underwriter") understand that Kimco Realty Corporation, a
Maryland corporation (the "Company"), proposes to issue and sell 2,400,000
shares of common stock, $.01 par value per share (the "Underwritten
Securities"). Subject to the terms and conditions set forth or incorporated by
reference herein, the Underwriter named below offers to purchase the number of
Underwritten Securities set forth below opposite its name, at the purchase price
set forth below.


                                                                       Number
                                                                    of Shares of
                                                                    Underwritten
            Underwriter                                              Securities
            -----------                                              ----------

Banc of America Securities LLC...................................    2,400,000


The Underwritten Securities shall have the following terms:

Title of Securities:  Common Stock, $.01 par value per share.
Number of shares:  2,400,000
Public offering price per share:  $41.20
Purchase price per share:  $40.83
Black-out  provisions:  The Company has agreed with Banc of America Securities
         LLC not to offer, sell, contract to sell, hedge or otherwise dispose
         of, directly or indirectly, any of their shares of Common Stock or
         securities convertible into or exchangeable for shares of Common Stock
         during the period commencing on the date of the Prospectus Supplement
         and ending on the 30th day after such date, without the prior written
         consent of Banc of America Securities LLC.
Lock-up provisions:  None
Number of Option Securities, if any, that may be purchased by the
Underwriter: 360,000
Delayed Delivery Contracts: Not authorized
Additional co-managers, if any:  None
Other material terms:  None
Closing date and location: September 12, 2003, 10:00 a.m.; Goodwin Procter LLP,
Exchange Place, Boston, Massachusetts, 02109




         All of the provisions contained in the Underwriting Agreement attached
as Annex A hereto are hereby incorporated by reference in their entirety herein
and shall be deemed to be a part of this Terms Agreement to the same extent as
if such provisions had been set forth in full herein. Terms defined in such
document are used herein as therein defined.

         Please accept this offer no later than 7:00 P.M. (New York City time)
on September 9, 2003 by signing a copy of this Terms Agreement in the space set
forth below and returning the signed copy to us.

                                Very truly yours,


                                          BANC OF AMERICA SECURITIES LLC



                                          By: /s/ Thomas M. Morrison
                                              ---------------------------
                                              Name: Thomas M. Morrison
                                              Title: Head of Equity Syndicate



Accepted:

KIMCO REALTY CORPORATION



By: /s/ Glenn G. Cohen
    -----------------------
    Name: Glenn G. Cohen
    Title: Vice President and Treasurer



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