<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    Form 10-Q


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

                For the quarterly period ended September 30, 2003


/ /   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 000-23463

                       Philips International Realty Corp.
             (Exact name of registrant as specified in its charter)

                Maryland                                      13-3963667
       (State or other jurisdiction                        (I.R.S. Employer
   of incorporation or organization)                      Identification No)

                      417 Fifth Avenue, New York, NY 10016
               (Address of principal executive offices - Zip Code)

                                 (212) 545-1100
              (Registrant's telephone number, including area code)

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 /x/ No / /

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).  Yes / /        No  /x/

Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date: 7,340,474 shares outstanding as
of October 31, 2003.




<PAGE>


                       PHILIPS INTERNATIONAL REALTY CORP.

                                    FORM 10-Q

                                      INDEX
                                                                            Page
                                                                            ----
Part I   FINANCIAL INFORMATION                                                3

Item 1.  Financial Statements:                                                3

         Condensed Consolidated Balance Sheets as of September 30, 2003 and   3
         December 31, 2002

         Condensed Consolidated Statements of Income for the Three and Nine   4
         Months Ended  September 30, 2003 and 2002

         Condensed Consolidated Statements of Shareholders' Equity for the    5
         Nine Months Ended September 30, 2003 and 2002

         Condensed Consolidated Statements of Cash Flows for the Nine         6
         Months Ended September 30, 2003 and 2002

         Notes to Condensed Consolidated Financial Statements                 7

Item 2.  Management's Discussion and Analysis of Financial Condition and     15
         Results of Operations

Item 3.  Quantitative and Qualitative Disclosures About Market Risk          17

Item 4.  Controls and Procedures                                             18

Part II  OTHER INFORMATION                                                   19

Item 1.  Legal Proceedings                                                   19

Item 2.  Changes in Securities and Use of Proceeds                           20

Item 3.  Defaults Upon Senior Securities                                     20

Item 4.  Submission of Matters to a Vote of Security Holders                 20

Item 5.  Other Information                                                   20

Item 6.  Exhibits and Reports on Form 8-K                                    21

         Signatures                                                          26


                                       2
<PAGE>


                         PART I - FINANCIAL INFORMATION

1. Financial Statements.

                       PHILIPS INTERNATIONAL REALTY CORP.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>


                                                                September 30, 2003     December 31, 2002
                                                                   (Unaudited)              (Note 1)
                                                                  ------------          ------------
DISCONTINUED OPERATIONS

<S>                                                               <C>                    <C>

      ASSETS
Rental properties, net - held for sale                            $  2,811,660           $ 10,102,660
Cash and cash equivalents                                            3,059,802              5,941,024
Accounts receivable, net                                               107,392                107,484
Deferred charges and prepaid expenses                                  164,991                320,827
Other assets                                                         2,213,690              2,206,614
                                                                  ------------           ------------

Total Assets                                                      $  8,357,535           $ 18,678,609
                                                                  ============           ============

    LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses                             $  1,277,187           $    961,505
Other liabilities                                                       12,501                 44,899
                                                                  ------------           ------------

Total Liabilities                                                    1,289,688              1,006,404
                                                                  ------------           ------------

Minority interests                                                      23,380                 59,664
                                                                  ------------           ------------

Commitments and contingencies

Shareholders' Equity:
Preferred Stock, $.01 par value; 30,000,000 shares authorized:
               no shares issued and outstanding                           --                     --
Common Stock, $.01 par value; 150,000,000 shares authorized;
               7,340,474 shares issued and outstanding                  73,405                 73,405
Additional paid in capital                                          92,668,007             92,668,007
Cumulative distributions in excess of net income                   (85,696,945)           (75,128,871)
                                                                  ------------           ------------

Total Shareholders' Equity                                           7,044,467             17,612,541
                                                                  ------------           ------------

Total Liabilities and Shareholders' Equity                        $  8,357,535           $ 18,678,609
                                                                  ============           ============
</TABLE>

                             See accompanying notes.


                                       3
<PAGE>



                       PHILIPS INTERNATIONAL REALTY CORP.
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                               Three Months Ended              Nine Months Ended
                                                                  September 30,                    September 30,
                                                          ---------------------------     ----------------------------
                                                               2003         2002              2003           2002
                                                               ----         ----              ----           ----
<S>                                                       <C>             <C>             <C>             <C>
Discontinued Operations
Revenues from rental property                             $   311,212     $   674,155     $ 1,093,267     $ 2,297,147
                                                          -----------     -----------     -----------     -----------

Expenses:
               Operating expenses                              37,622         107,680         146,498         344,459
               Real estate taxes                               21,641          60,319          84,325         207,769
               Management fees to affiliates                    9,337          20,390          32,801          69,251
               General and administrative expenses            678,562         285,664       1,104,899         801,196
                                                          -----------     -----------     -----------     -----------
                                                              747,162         474,053       1,368,523       1,422,675
                                                          -----------     -----------     -----------     -----------

Operating income (loss) from discontinued operations         (435,950)        200,102        (275,256)        874,472

Minority interests in (income) loss before gain (loss)
on sale of shopping center properties                           1,450            (722)            817          (2,162)
Other income (expense), net                                     9,231          12,177          34,858        (238,651)
                                                          -----------     -----------     -----------     -----------
Income (loss)from discontinued operations before gain
      (loss) on sale of shopping center properties           (425,269)        211,557        (239,581)        633,659

Gain (loss) on sale of shopping center properties, net
of minority share of $1,873 and $2,327 in 2003 and
     $(1,861) in 2002                                         549,220            --           682,218        (545,356)

                                                          -----------     -----------     -----------     -----------

Net income from discontinued operations                   $   123,951     $   211,557     $   442,637     $    88,303
                                                          ===========     ===========     ===========     ===========

Basic and diluted net income per common share             $      0.02     $      0.03     $      0.06     $      0.01
                                                          ===========     ===========     ===========     ===========
</TABLE>


                             See accompanying notes.


                                       4
<PAGE>


                       PHILIPS INTERNATIONAL REALTY CORP.
            CONDENSED CONSOLIDATED STATEMENTS OF SHARHOLDERS' EQUITY
              For the Nine Months Ended September 30, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                                  Cumulative
                                                                                                 Distributions        Total
                                               Common           Stock           Additional       in Excess of     Shareholders'
                                               Shares           Amount        Paid-in Capital     Net Income         Equity
                                               ------           ------         -------------      ----------        --------

<S>                                       <C>              <C>                <C>               <C>               <C>
Balance, December 31, 2002                    7,340,474     $      73,405      $ 92,668,007      $(75,128,871)     $ 17,612,541
     Net income from
     discontinued operations                                                                          442,637           442,637
     Dividends on common stock                                                                    (11,010,711)      (11,010,711)

                                           ------------      ------------      ------------      ------------      ------------
Balance, September 30, 2003                   7,340,474      $     73,405      $ 92,668,007      $(85,696,945)     $  7,044,467
                                           ============      ============      ============      ============      ============
</TABLE>

<TABLE>
<CAPTION>

                                                                                                 Cumulative
                                                                                                Distributions        Total
                                               Common           Stock          Additional       in Excess of     Shareholders'
                                               Shares           Amount       Paid-in Capital     Net Income         Equity
                                               ------           ------        -------------      ----------        --------
<S>                                       <C>              <C>                <C>               <C>               <C>
Balance, December 31, 2001                   7,340,474       $     73,405     $ 92,668,007     $(71,571,286)     $ 21,170,126
    Net income from
    discontinued operations                                                                          88,303            88,303
                                          ------------       ------------     ------------     ------------      ------------
Balance, September 30, 2002                  7,340,474       $     73,405     $ 92,668,007     $(71,482,983)     $ 21,258,429
                                          ============       ============     ============     ============      ============
</TABLE>

                             See accompanying notes.


                                       5
<PAGE>


                       PHILIPS INTERNATIONAL REALTY CORP.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
              For the Nine Months Ended September 30, 2003 and 2002
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                        2003              2002
                                                                        ----              ----

<S>                                                                 <C>                <C>
Cash flow used in operating activities:                            $   (33,051)       $ (454,379)
                                                                   -----------        ----------

Cash flow provided by investing activities:
         Proceeds from sale of shopping center properties            8,200,334         3,657,023
                                                                   -----------        ----------

Cash flow used in financing activities:
         Distributions to minority interests                           (37,794)               --
         Dividends paid on common stock                            (11,010,711)               --
                                                                   -----------        ----------
                                                                   (11,048,505)               --
                                                                   -----------        ----------

Net (decrease) increase in cash and cash equivalents                (2,881,222)        3,202,644

Cash and cash equivalents, beginning of period                       5,941,024           863,005
                                                                   -----------        ----------

Cash and cash equivalents, end of period                           $ 3,059,802        $4,065,649
                                                                   ===========        ==========
</TABLE>


                             See accompanying notes.


                                       6
<PAGE>


                       PHILIPS INTERNATIONAL REALTY CORP.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2003


1. Interim Financial Statements

         The accompanying Condensed Consolidated Financial Statements include
the accounts of the Company and its subsidiaries, all of which are wholly-owned.
All significant intercompany accounts and balances have been eliminated in
consolidation. The information furnished is unaudited and reflects all
adjustments which are, in the opinion of management, necessary to reflect a fair
presentation 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 financial statements
included in the Company's Annual Report on Form 10-K for the year ended December
31, 2002.

         The Condensed Consolidated Balance Sheet at December 31, 2002, has been
derived from the audited financial statements at that date but does not include
all of the information and footnote disclosure required by generally accepted
accounting principles for complete financial statements.

2. Income per Common Share

         Basic and diluted net income per common share in the accompanying
Condensed Consolidated Statements of Income are based upon weighted average
numbers of 7,340,474 shares of common stock outstanding for the three and nine
months ended September 30, 2003 and 2002.

3. Segment Information

         Management considers the Company's various operating, investing and
financing activities to comprise a single business segment and evaluates real
estate performance and allocates resources based on net income.

         As a result of the plan of liquidation, the Company's operations are
presented as discontinued operations. On January 1, 2002, the Company adopted
Statement of Financial Accounting Standards No.144, "Accounting for the
Impairment or Disposal of Long Lived Assets", which addresses financial
accounting and reporting for the impairment or disposal of long-lived assets.
Impaired assets are required to be reported at the lower of cost or fair value.
Assets to be disposed of are required to be reported at the lower of cost or
fair value less cost to sell. The adoption did not have a material impact on the
Company's results of operations or financial position.


                                       7
<PAGE>

4. Plan of Liquidation

         On October 13, 1999, the Board of Directors of the Company announced
that it had retained a financial advisor to assist the Company in examining
strategic alternatives to maximize shareholder value. The Board believed that
the Company's then current stock price did not reflect the underlying value of
its assets. Given the changing dynamics of the REIT market place and consistent
with its commitment to realize shareholder value for all investors, the Board
believed that it was prudent to explore the strategic alternatives for the
Company.

         At a Special Meeting of Stockholders held on October 10, 2000,
approximately 80% of the Company's 7,340,474 common shares outstanding were
voted with 99.7% of these votes cast in favor of a plan of liquidation.

         On October 11, 2000, the Company announced that its stockholders had
approved a plan of liquidation for the Company, pursuant to which the Company
planned to (a) transfer its interests in affiliated entities that owned eight
shopping centers to Kimco Income Operating Partnership, L.P. for cash and the
assumption of indebtedness, (b) transfer its interests in entities that owned
four shopping centers and two redevelopment properties, subject to certain
indebtedness, to Philip Pilevsky, the chief executive officer, and certain of
his affiliates and family members (the "Related Limited Partners") in exchange
for cash and the redemption of units in the Company's operating partnership, (c)
sell its remaining assets for cash, (d) pay or provide for its liabilities and
expenses, (e) distribute the net cash proceeds of the liquidation, then
estimated at $18.25 per share of common stock, to the stockholders in two or
more liquidating distributions, and (f) wind up operations and dissolve. On
December 22, 2000, the Company paid the initial liquidating distribution of $13
per share of common stock upon substantial completion of the transactions
referenced in (a) and (b) above. Subsequent liquidating distributions of $1.00,
$.75, $.50, $.50, $.50, and $1.00 per share (bringing the total paid to date to
$17.25 per share) were paid on July 9, 2001, September 24, 2001, November 19,
2001, October 22, 2002, March 18, 2003 (unaudited) and September 16, 2003
(unaudited), respectively, following sales of the Company's shopping center
properties located in Lake Worth, Florida, Alexandria, Minnesota, Port Angeles,
Washington, McHenry, Illinois, Sacramento, California, Reedley, California, and
Atwater, California. The Company's one remaining shopping center is currently
being offered for sale. See Note 5.

         On January 29, 2002, the Company announced that Kmart Corporation's
("Kmart") Chapter 11 bankruptcy filing was likely to delay the sales of the
Company's then five remaining properties pursuant to the Company's plan of
liquidation, and may result in a reduction of the remaining projected
liquidating distributions of $3.00 per common share. Further, the Company
reported that Kmart leased a significant portion of the space in each of the
Company's then five remaining shopping center properties, of which four stores
were currently operating and one Kmart store in Reedley, California was closed.
While operating in bankruptcy, Kmart announced that it would seek immediate
cancellation of leases at closed locations. As a result of the uncertainty
pertaining to the ultimate status of the Kmart leases, the Company expected a
delay in the completion of its plan of liquidation. Also, the potential impact
on the proceeds from sales of the then remaining five properties could not then
be evaluated.


                                       8
<PAGE>

         On February 19, 2002, the Company announced that the New York Stock
Exchange (NYSE) had advised the Company that it may be subject to NYSE trading
suspension and delisting if the Company's average market capitalization fell
below $15 million ($2.05 per common share) over a 30-day trading period.

         On March 13, 2002, the Company announced that its four properties with
operating Kmart stores (Sacramento, CA, Atwater, CA, McHenry, IL and
Hopkinsville, KY) were not affected by Kmart's recent announcement of store
closings. Kmart has been operating under the protection of Chapter 11 of the
Bankruptcy Code, and the Court approved the cancellation of the Kmart lease at
the Company's then fifth remaining property, located in Reedley, California, in
January. Although none of the Company's remaining Kmart stores were targeted for
closure at such time, there can be no assurance that Kmart will not seek to
cancel additional leases while it is in bankruptcy. Further, the Company
objected to Kmart's request for an extension of the 60-day period in which the
debtor must assume or reject the Company's leases under the Bankruptcy Code.
Kmart was seeking an extension on all remaining leases through July 2003, and
the Courts generally grant such significant extensions. As to the Company's
Kmart leases, the Court approved an agreement with Kmart whereby all leases
which had not been assumed or rejected on or before September 30, 2002 would be
subject to certain protections from October 1, 2002 through January 15, 2003
which, among other things, precluded store closings during this period. In
addition, the Court set March 31, 2003 as the deadline for Kmart to assume or
reject the Company's leases without prejudice to Kmart's right to seek further
extension.

         On October 8, 2002, the Company announced management's expectation that
the New York Stock Exchange would commence action to suspend trading and apply
to delist the Company's shares of common stock on the NYSE concurrent with
payment of the fifth liquidating distribution scheduled to be paid on October
22, 2002. If the Company's shares ceased to be traded on the NYSE, the Company
indicated it believed that an alternative trading venue may be available;
however, there could be no assurance that such an alternative market would
develop. If the Company was delisted from the NYSE, the Company further noted
that it had no current intention to seek listing of its common shares on any
other securities exchange or on NASDAQ.

         On October 28, 2002, the Company reported that the NYSE had delivered
notice to the Company and issued a press release to advise that it had
determined the common stock of the Company, trading symbol PHR, should be
removed from the list of companies traded on the NYSE. This decision was reached
in view of the fact that the Company had fallen below the NYSE's continued
listing standards as its average global market capitalization over a consecutive
30 day period was less than $15,000,000. Furthermore, the NYSE noted that the
Company has been operating pursuant to a plan of liquidation approved by its
shareholders on October 10, 2000 and has made four liquidating distributions
totaling $15.25 as of such date, with a fifth liquidating distribution of $0.50
to be paid on October 22, 2002. The NYSE indicated it intended to ( and did, in
fact) suspend trading in the Company's common stock prior to the opening on
October 23, 2002 in connection with this distribution. Action by the NYSE with
the Securities and Exchange Commission delisting the Company's shares followed
the completion of applicable procedures. The Company did not request a review of
this NYSE determination. The Company has no current intention to seek listing of
its common shares on any other securities exchange or on NASDAQ. However the
Company believes that alternative trading venues, such as the "Pink Sheets" and
the "OTC Bulletin Board," will continue to be available to its shareholders.
While the Company may seek sponsorship by market makers with such quotation
services in the future, there can be no assurance that any such alternative
markets will remain active . Upon the completion of all prescribed delisting
procedures, the Company automatically became a Section 12(g) reporting company,
pursuant to the Securities and Exchange Act, and was no longer a Section 12(b)
reporting company.


                                       9
<PAGE>

         On January 24, 2003, Kmart filed a plan of reorganization and related
disclosure statement with the bankruptcy court. Confirmation hearings were
scheduled for April 14 and 15, 2003. Assuming the court approved the disclosure
statement and the plan was confirmed, Kmart's filings indicated it would emerge
from Chapter 11 on or about April 30, 2003. In connection therewith, Kmart filed
a motion dated February 5, 2003 with the court seeking to extend the deadline by
which it must assume or reject certain "go-forward" leases of real property from
March 31, 2003 to the effective date of a plan reorganization, but no later than
May 31, 2003. The Company did not object to this motion as it pertained to its
leases with Kmart at its Atwater, California and Hopkinsville, Kentucky shopping
centers.

         On April 22, 2003, Kmart announced that the bankruptcy court had
approved its plan of reorganization. Kmart subsequently emerged from Chapter 11
on May 6, 2003. The Company's leases with Kmart at its then two remaining
shopping centers, Atwater, California and Hopkinsville, Kentucky were assumed in
connection with this restructuring.

         As a result of the uncertainty that continues to surround Kmart's
long-term viability as a retailer, the Company expects a continued delay in the
completion of its plan of liquidation. Also, the potential impact on the
proceeds from the sale of the Company's now one remaining property, and the
Company's target of approximately $18.25 per share of aggregate liquidating
distributions to shareholders, cannot be currently evaluated. The Company's
ability to achieve a prompt sale of its remaining asset at an acceptable price
remains uncertain.

5. Property Dispositions

         Pursuant to its plan of liquidation, on June 14, 2001, the Company
completed the sale of its redevelopment site located in Lake Worth, Florida (the
"Lake Worth Property") to the Related Limited Partners, for approximately $7.6
million in cash, pursuant to an Amended and Restated Purchase and Sale Agreement
dated as of June 20, 2000 (the "Lake Worth Agreement"). The sale of this
property resulted in a gain of approximately $300,000.


                                       10
<PAGE>

         The purchase price paid by the Related Limited Partners under the Lake
Worth Agreement will be adjusted so that the aggregate value per Unit received
by them in connection with the November 2000 distribution to the Related Limited
Partners of the Company's four (4) shopping center properties located in
Hialeah, Florida and the sale to the Related Limited Partners in December 2000
of the Company's redevelopment property located on Third Avenue in New York, New
York ($18.25 per Unit), and the total per share value received by the Company's
stockholders in the liquidation will be the same.

         On August 31, 2001, the Company completed the sale of its North Star
Shopping Center in Alexandria, Minnesota for approximately $4.5 million in cash,
pursuant to the Sale and Purchase Agreement dated July 16, 2001 by Philips
Shopping Center Fund L.P., a Delaware limited partnership, and Repco LLP, as
successor to Kordel, Inc., a Minnesota corporation. The sale resulted in a gain
of approximately $4,000.

         On October 31, 2001, the Company completed the sale of its Highway 101
Shopping Center in Port Angeles, Washington for approximately $4.5 million in
cash, pursuant to the Sale and Purchase Agreement dated June 14, 2001 by Philips
Shopping Center Fund L.P, a Delaware limited partnership, and BDG LLC, as
successor to 3 Puyallup Associates, LLC., a Washington limited liability
company. This transaction resulted in a gain of approximately $39,000.

         On April 16, 2002, the Company completed the sale of its McHenry
Commons shopping center property in McHenry, Illinois for approximately $3.9
million in cash, pursuant to a Sale and Purchase Agreement dated November 29,
2001 by and between Philips Shopping Center Fund L.P., a Delaware limited
partnership, as Seller, and GK Development, Inc., an Illinois corporation, and
Star Realty Investors, LLC, an Illinois limited liability company, jointly and
severally as Purchaser. This sale resulted in a gain of approximately $102,000.

         On June 28, 2002, the Company entered into a settlement agreement with
the New York City Department of Finance (the "NYCDOF") pursuant to which the
Company paid $903,943, including principal of $650,000 and interest of $253,943,
in full satisfaction of all real property transfer taxes, interest and penalties
assessed by the NYCDOF in May 2002 in connection with the Company's 1997
Formation Transactions and 1998 initial public stock offering. The shopping
center properties relating to the subject tax assessments have been previously
disposed in connection with the plan of liquidation. Accordingly, the principal
and interest components of the settlement payment have been charged to Gain
(loss) on sale of shopping center properties and Other income (expense),
respectively, in the accompanying Condensed Consolidated Statement of Income for
the nine months ended September 30, 2002.


                                       11
<PAGE>

         On October 3, 2002, the Company completed the sale of its Kmart
Shopping Center in Sacramento, California for approximately $5.9 million in
cash, pursuant to a Purchase and Sale Agreement dated September 24, 2002 by and
between Philips Shopping Center Fund, L.P., a Delaware limited partnership, as
Seller, and M&A Gabaee L.P., a California limited partnership, Mirasa L.L.C., a
California limited liability company, and Corsair L.L.C., a Nevada limited
liability company, jointly and severally as Buyer. This transaction resulted in
a gain of approximately $118,000.

         On February 28, 2003, the Company completed the sale of its shopping
center property in Reedley, California for approximately $2.6 million in cash,
pursuant to a Purchase and Sale Agreement dated January 29, 2003 by and between
Philips Shopping Center Fund L.P., a Delaware limited partnership, as Seller,
and D&L Lowe, L.P., a California limited partnership, as Buyer. This transaction
resulted in a gain of approximately $133,000.

         On August 26, 2003, the Company completed the sale of its shopping
center on Bellevue Road in Atwater, California for the price of $6.0 million in
cash, pursuant to a Purchase and Sale Agreement dated June 23, 2003 by and
between Philips Shopping Center Fund, L.P., a Delaware limited partnership, as
Seller, and Nationwide Properties, LLC, a California limited liability company,
as Buyer. This transaction resulted in a gain of approximately $549,000.

6. Commitments and Contingencies

         Legal Proceedings

         On October 2, 2000, a class action was filed in the United States
District Court for the Southern District of New York against the Company and its
directors. The complaint alleged a number of improprieties concerning the
pending plan of liquidation of the Company. The Company believes that the
asserted claims are without merit, and will defend such action vigorously. On
November 9, 2000, the Court, ruling from the bench, denied the plaintiff's
motion for a preliminary injunction. This bench ruling was followed by a written
order dated November 30, 2000 wherein the Court concluded that the plaintiff had
failed to demonstrate either that it was likely to succeed on the merits of its
case or that there were sufficiently serious questions going to the merits of
its case to make it fair ground for litigation.

         On February 19, 2002, the Company announced that on February 5, 2002,
the Court denied the plaintiff's motion for class action certification. The
plaintiff may elect to proceed with its claims on its own now that class
certification has been denied. The plaintiff also has asserted derivative claims
for alleged breaches of fiduciary duty by the directors of the Company. The
Company believes such derivative claims are deficient for, among other reasons,
the grounds upon which class certification was denied. The Company believes that
all of the asserted claims are without merit, and will defend such action
vigorously.


                                       12
<PAGE>

         On February 28, 2002, the Company announced that the plaintiff had
sought permission from the Court of Appeals for the Second Circuit to appeal the
denial of class certification discussed above. In order for plaintiff to have
obtained permission to appeal, it had to demonstrate that the denial of class
certification effectively terminated the litigation and that the District
Court's decision was an abuse of its discretion. The Company opposed plaintiff's
application. If the Court of Appeals granted plaintiff's request, plaintiff
would then have been able to appeal the District Court's denial of class
certification.

         On May 28, 2002, the United States Court of Appeals for the Second
Circuit ordered that the plaintiff's petition to appeal the District Court's
denial of class certification also be denied.

         The Company has incurred significant costs in connection with the
defense of this litigation, which it believes are covered under the Company's
directors and officers' insurance policy and included in Other assets in the
accompanying Condensed Consolidated Balance Sheets. However, there can be no
assurance that the carrier will not seek to disqualify certain of such costs.

         The Company is also subject to various legal proceedings and claims
that arise in the ordinary course of business. These matters are generally
covered by insurance. Management believes that the final outcome of such matters
will not have a material adverse effect on the financial position, results of
operations or liquidity of the Company.

         Other Matters

         In March and August 2003, the NYCDOF and the New York State Department
of Taxation and Finance ("NYSDOF") issued preliminary Notices of Tax Due with
regard to the Company's December 2000 transfer of its New York shopping center
properties to Kimco. These agencies are seeking to impose interest and penalty
charges only relating to the late filing of the subject transfer tax returns.
The Company does not expect to incur any material liability in connection with
such notices.

         On June 5, 2003, the Company entered into a settlement agreement with
the NYSDOF pursuant to which the Company paid $147,963.28, in full satisfaction
of all real property transfer taxes assessed by the NYSDOF in connection with
the Company's 1997 Formation Transactions and 1998 initial public offering.

         In conjunction with the Company's adoption of its plan of liquidation
and the disposal of substantially all of its shopping center properties, options
previously outstanding at December 31, 2000 under the Company's stock option
plan (approximately 705,000 shares at a weighted average exercise price per
share of $17.43) became fully vested and replaced one-foe-one by a contractual
right (a "Contract Right") to receive a cash distribution on the same basis and
at the same time as liquidating distributions are made to shareholders. The
total amount to be paid on each Contract Right will equal the total per share
proceeds distributed to shareholders less the original stock option exercise
price. Contract Rights are retained after termination of employment. The Company
believes it has adequately accrued for amounts which may become due and payable
pursuant to such Contract Rights.


                                       13
<PAGE>

7. Shopping Center Portfolio

         As a consequence of the transactions completed to date pursuant to the
plan of liquidation, the Company's remaining shopping center portfolio comprises
a single property located in Hopkinsville, Kentucky. This shopping center
represents 90,000 square feet of gross leasable area. As of September 30, 2003,
this property was 93% leased to 9 tenants. The Company is actively marketing
this property for sale. Although the Company will endeavor to consummate a sale
transaction, there can be no assurance that a sale will be completed on
satisfactory terms, if at all.


                                       14
<PAGE>

                                     PART I

                              FINANCIAL INFORMATION
                                   (Continued)

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

         The following discussion should be read in conjunction with the
accompanying Condensed Consolidated Financial Statements and Notes thereto, and
the Company's Annual Report on Form 10-K for the fiscal year ended December 31,
2002. These unaudited financial statements include all adjustments which are, in
the opinion of management, necessary to reflect a fair presentation of the
results for the interim periods presented, and all such adjustments are of a
normal recurring nature.

         When used in this Quarterly Report on Form 10-Q, the words "may",
"will", "expect", "anticipate", "continue", "estimate", "project", "intend" and
similar expressions are intended to identify forward-looking statements
regarding events, conditions and financial trends that may affect the Company's
future plans of operations, business strategy, results of operations and
financial position. Such forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties. Actual results may
differ materially from those included within the forward-looking statements as a
result of various factors.

Results of Operations

         The Company has continued to divest portions of its shopping center
portfolio pursuant to a plan of liquidation approved by shareholders on October
10, 2000. See Notes 5 and 7 of the accompanying Notes to Condensed Consolidated
Financial Statements. The disposition of these properties gives rise to
significant changes when comparing the Company's results of operations for the
three and nine months ended September 30, 2003 and 2002.

Comparison of Three Months Ended September 30, 2003 and 2002

         Revenues from rental property were $311,000 for the quarter ended
September 30, 2003 compared to $674,000 for the comparable period in 2002.
Expenses in the third quarter of 2003 totaled $747,000, compared to $474,000 for
the comparable period in 2002. These changes result primarily from the
disposition of shopping center properties pursuant to the plan of liquidation,
and the provision during 2003 for amounts which may become due and payable
pursuant to the Company's Contract Rights Agreements outstanding. See Notes 5
and 6 of the accompanying Notes to Condensed Consolidated Financial Statements.


                                       15
<PAGE>

Comparison of Nine Months Ended September 30, 2003 and 2002

         Revenues from rental property were $1,093,000 for the nine months ended
September 30, 2003 compared to $2,297,000 for the comparable period in 2002.
Expenses in the first nine months of 2003 totaled $1,369,000, compared to
$1,423,000 for the comparable period in 2002. These changes result primarily
from the disposition of shopping center properties pursuant to the plan of
liquidation, and the provision during 2003 for amounts which may become due and
payable pursuant to the Company's Contract Rights Agreements outstanding. See
Notes 5 and 6 of the accompanying Notes to Condensed Consolidated Financial
Statements.

         Other income (expense), net and Gain (loss) on sale of shopping center
properties for the nine months ended September 30, 2002, include charges
relating to the settlement of real property transfer tax obligations. See Note 5
of the accompanying Notes to Condensed Consolidated Financial Statements.

Liquidity and Capital Resources

         The Company expects to invest temporarily available cash in short-term,
investment-grade interest bearing securities, such as securities of the United
States government or its agencies, high-grade commercial paper and bank
deposits.

         The Company believes that the net cash flow provided by the operation
of its one remaining shopping center property, together with cash provided by
property dispositions pursuant to the plan of liquidation, will be sufficient to
allow the Company to make distributions necessary to continue to qualify as a
REIT. However, the rental income generated by the Company's one remaining
shopping center property is not expected to be sufficient to fund the operating
expenses of this property and those of the Company. The Company is actively
seeking to divest its remaining property and complete its plan of liquidation as
soon as practicable. There can be no assurance, however, that the Company will
be able to dispose of this property in the near future or at a price sufficient
to support the estimated $18.25 total per share liquidating distributions to the
shareholders of the Company, given the uncertainties relating to Kmart's long
term viability as a retailer.

         Pending the sale of its remaining shopping center property, the Company
will continue to utilize its long-standing asset and property management
practices to maximize cash flow from this property and endeavor to enhance its
value through its knowledge of the shopping center industry.

Off-Balance Sheet Arrangements

         The Company does not have any off-balance sheet arrangements.


                                       16
<PAGE>

Cash Flows

         Cash flows used in operating activities was $33,000 and $454,000 for
the nine months ended September 30, 2003 and 2002, respectively. This change
reflects the above mentioned disposition of shopping center properties pursuant
to the plan of liquidation, the timing of payments for certain insurance policy
premiums between periods and the settlement of real property transfer tax
obligations relating to the Company's 1997 Formation Transactions and 1998
initial public stock offering during 2002.

         Cash flows provided by investing activities during the nine months
ended September 30, 2003 and 2002 was $8,200,000 and $3,657,000, respectively.
See Note 5 of the accompanying Notes to Consolidated Financial Statements for
information related to the sales of shopping center properties during the
respective periods.

         Cash flows used in financing activities during the nine months ended
September 30, 2003 was $11,049,000. The Company paid liquidating distributions
of $.50 per share on March 18, 2003 (unaudited) and $1.00 per share on September
16, 2003 (unaudited).

Inflation

         Substantially all of the Company's leases contain provisions designed
to mitigate the adverse impact of inflation. Such provisions include clauses
enabling the Company to receive percentage rentals based on tenants' gross
sales, which generally increase as prices rise, and/or escalation clauses, which
generally increase rental rates during the terms of the leases. Such escalation
clauses are often related to increases in the consumer price index or similar
inflation indices. In addition, many of the Company's leases are for terms of
less than 10 years, which permits the Company to seek to increase rents upon
re-rental at market rates. Most of the Company's leases require the tenant to
pay their share of operating expenses, including common area maintenance, real
estate taxes and insurance, thereby reducing the Company's exposure to increase
in costs and operating expenses resulting from inflation.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

None.


                                       17
<PAGE>

Item 4.   Controls and Procedures.

         Disclosure Controls and Procedures. The Company's management, with the
participation of the Company's Chief Executive Officer and principal 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 and 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 principal financial officer has concluded
that, as of the end of such period, the Company's disclosure controls and
procedures are effective in recording, processing, summarizing and reporting, on
a timely basis, information required to be disclosed by the Company in the
reports that it files or submits under the Exchange Act.

         Internal Controls Over Financial Reporting. There have not been any
changes in the Company's internal control over financial reporting (as such term
is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the
fiscal quarter to which this report relates that have materially affected, or
are reasonably likely to materially affect, the Company's internal control over
financial reporting.


                                       18
<PAGE>

                                     PART II

                                OTHER INFORMATION

Item 1. Legal Proceedings.

         On October 2, 2000, a class action was filed in the United States
District Court for the Southern District of New York against the Company and its
directors. The complaint alleged a number of improprieties concerning the
pending plan of liquidation of the Company. The Company believes that the
asserted claims are without merit, and will defend such action vigorously. On
November 9, 2000, the Court, ruling from the bench, denied the plaintiff's
motion for a preliminary injunction. This bench ruling was followed by a written
order dated November 30, 2000 wherein the Court concluded that the plaintiff had
failed to demonstrate either that it was likely to succeed on the merits of its
case or that there were sufficiently serious questions going to the merits of
its case to make it fair ground for litigation.

         On February 19, 2002, the Company announced that on February 5, 2002,
the Court denied the plaintiff's motion for class action certification. The
plaintiff may elect to proceed with that claim on its own now that class
certification has been denied. The plaintiff also has asserted derivative claims
for alleged breaches of fiduciary duty by the directors of the Company. The
Company believes that such derivative claims are deficient for, among other
reasons, the grounds upon which class certification was denied. The Company
believes that all of the asserted claims are without merit, and will defend such
action vigorously.

         On February 28, 2002, the Company announced that the plaintiff had
sought permission from the Court of Appeals for the Second Circuit to appeal the
denial of class certification discussed above. In order for plaintiff to have
obtained permission to appeal, it had to demonstrate that the denial of class
certification effectively terminated the litigation and that the District
Court's decision was an abuse of its discretion. The Company opposed plaintiff's
application. If the Court of Appeals granted plaintiff's request, plaintiff
would have been able to appeal the District Court's denial of class
certification.

         On May 28, 2002, the United States Court of Appeals for the Second
Circuit ordered that the plaintiff's petition to appeal the District Court's
denial of class certification also be denied.

         The Company has incurred significant costs in connection with the
defense of this litigation, which it believes are covered under the Company's
directors and officer's insurance policy and included in Other assets in the
accompanying Condensed Consolidated Balance Sheets. However, there can be no
assurance that the carrier will not seek to disqualify certain of such costs.


                                       19
<PAGE>

         Except as noted above, 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, or which is not covered by the Company's liability insurance.

Item 2. Changes in Securities and Use of Proceeds.

None.

Item 3. Defaults upon Senior Securities.

None.

Item 4. Submission of Matters to a Vote of Security Holders.

None.

Item 5. Other Information.

None.


                                       20
<PAGE>


Item 6. Exhibits and Reports on Form 8-K.

(a)      Exhibits

         The following exhibits are filed herewith or are incorporated by
reference to exhibits previously filed:

Exhibit                         Exhibit Title
Number
-------   ---------------------------------------------------------------------

2.1      Plan of Liquidation and Dissolution of the Company (filed as Exhibit
         2.1 to the Company's Current Report on Form 8-K dated April 28, 2000,
         and incorporated herein by reference).

3.1      Amended and Restated Articles of Incorporation of the Company (filed as
         Exhibit 3.1 to the Company's Current Report on Form 8-K dated December
         31,1997, and incorporated herein by reference).

3.2      Articles Supplementary of Series A Preferred Stock (filed as Exhibit
         3.2 to the Company's Current Report on Form 8-K dated December 31, 1997
         and incorporated herein by reference).

3.3      Articles Supplementary dated July 27, 1999 (filed as Exhibit 3.1 to the
         Company's Current Report on Form 8-K dated July 15, 1999, and
         incorporated herein by reference).

3.4      Third Amended and Restated By-Laws of the Company dated July 27, 1999
         (filed as Exhibit 3.2 to the Company's Current Report on Form 8-K dated
         July 15, 1999, and incorporated herein by reference).

3.5      Form of Certificate of Common Stock (filed as Exhibit 3.4 to the
         Company's Registration Statement on Form S-11, Registration No.
         333-47975, and incorporated herein by reference).

4.1      Shareholder Rights Agreement, dated as of March 31, 1999, between the
         Company and BankBoston, N.A. (filed as Exhibit 4.1 to the Company's
         Annual Report on Form 10-K for the year ended December 31, 1998, and
         incorporated herein by reference).

4.2      Amendment No. 1, dated July 27, 1999, to Shareholder Rights Agreement
         dated as of March 31, 1999, between the Company and Bank Boston N.A.,
         as Rights Agent (filed as Exhibit 4.1 to the Company's Current Report
         on Form 8-K dated July 15, 1999, and incorporated herein by reference).


                                       21
<PAGE>

4.3      Articles Supplementary for Series A Junior Participating Preferred
         Stock (filed as Exhibit 4.2 to the Company's Annual Report on Form 10-K
         for the year ended December 31, 1998, and incorporated herein by
         reference).

10.1     Amended and Restated Agreement of Limited Partnership of the Operating
         Partnership (filed as Exhibit 10.1 to the Company's Registration
         Statement on Form S-11, Registration No. 333- 47975, and incorporated
         herein by reference).

10.2     First Amendment to the Amended and Restated Agreement of Limited
         Partnership of the Operating Partnership (filed as Exhibit 10.2 to the
         Company's Annual Report on Form 10-K for the year ended December 31,
         1998, and incorporated herein by reference).

10.3     Form of 1997 Stock Option and Long-Term Incentive Plan of the Company
         (filed as Exhibit 10.2 to the Company's Registration Statement on Form
         S-4, Registration No. 333-41431, and incorporated herein by reference).

10.4     Contribution and Exchange Agreement, dated August 11, 1997, among
         National Properties Investment Trust, the Board of Trustees, the
         Company, the Operating Partnership and certain contributing
         partnerships or limited liability companies associated with a private
         real estate firm controlled by Philip Pilevsky and certain partners and
         members thereof (filed as Exhibit 10.6 to the Company's Registration
         Statement on Form S-4, Registration No. 333-41431, and incorporated
         herein by reference).

10.5     Amended and Restated Management Agreement, dated as of March 30, 1998,
         among the Company, the Operating Partnership and Philips International
         Management Corp. (filed as Exhibit 10.8 to the Company's Form 10-K for
         the year ended December 31, 1997, and incorporated herein by
         reference).

10.6     Amended and Restated Non-Competition Agreement, dated as of March 30,
         1998, among the Company, the Operating Partnership, Philip Pilevsky and
         Sheila Levine (filed as Exhibit 10.9 to the Company's Form 10-K for the
         year ended December 31, 1997, and incorporated herein by reference).

10.7     Amendment No. 1 to Contribution and Exchange Agreement, dated as of
         December 29, 1997 (filed as Exhibit 10.13 to the Company's Current
         Report on Form 8-K dated December 31, 1997, and incorporated herein by
         reference).

10.8     Employment Agreement between the Company and Louis J. Petra (filed as
         Exhibit 10.1 to the Company's Current Report on Form 8-K dated December
         31, 1997, and incorporated herein by reference).

10.9     Employment Agreement between the Company and Sheila Levine (filed as
         Exhibit 10.2 to the Company's Current Report on Form 8-K dated December
         31, 1997, and incorporated herein by reference).


                                       22
<PAGE>

10.10    Employment Agreement between the Company and Carl Kraus (filed as
         Exhibit 10.1 to the Company's Current Report on Form 8-K dated July 15,
         1999, and incorporated herein by reference).

10.11    Credit Agreement among the Operating Partnership and Prudential
         Securities Credit Corporation (filed as Exhibit 10.18 to the Company's
         Report on Form 10-Q for the period ended March 31, 1998, and
         incorporated herein by reference).

10.12    Purchase and Sale Agreement dated as of April 28, 2000, by and among
         Munsey Park Associates, LLC, a New York limited liability company,
         North Shore Triangle, LLC, a New York limited liability company,
         Philips Yonkers, LLC, a New York limited liability company, Philips
         Henry, LLC, a New York limited liability company, Philips Shopping
         Center Fund, L.P., a Delaware limited partnership, and Philips Lake
         Mary Associates, L.P., a Delaware limited partnership, and Kimco Income
         Operating Partnership, L.P., a Delaware limited partnership (filed as
         Exhibit 10.1 to the Company's Current Report on Form 8-K dated April
         28, 2000, and incorporated herein by reference).

10.13    Redemption Agreement dated as of April 27, 2000, by and among the
         Operating Partnership and Philip Pilevsky (filed as Exhibit 10.2 to the
         Company's Current Report on Form 8-K dated April 28, 2000, and
         incorporated herein by reference).

10.14    Asset Contribution, Purchase and Sale Agreement dated as of April 28,
         2000, by and among the Company, the Operating Partnership, Certain
         Affiliated Parties signatory thereto, KIR Acquisition, LLC, a Delaware
         limited liability company and Kimco Income Operating Partnership, L.P.,
         a Delaware limited partnership (filed as Exhibit 10.3 to the Company's
         Current Report on Form 8-K dated April 28, 2000, and incorporated
         herein by reference).

10.15    Amended and Restated Redemption Agreement dated as of April 27, 2000,
         by and among Philips International Realty, L.P., a Delaware limited
         partnership, and Philip Pilevsky (filed as Exhibit 10.1 to the
         Company's Current Report on Form 8-K dated April 28, 2000, and
         incorporated herein by reference).

10.16    Redemption Agreement dated as of April 28, 2000, by and among Philips
         International Realty, L.P., a Delaware limited partnership, and Allen
         Pilevsky (filed as Exhibit 10.2 to the Company's Current Report on Form
         8-K dated April 28, 2000, and incorporated herein by reference).

10.17    Redemption Agreement dated as of April 28, 2000, by and among Philips
         International Realty, L.P., a Delaware limited partnership, and Fred
         Pilevsky (filed as Exhibit 10.3 to the Company's Current Report on Form
         8-K dated April 28, 2000, and incorporated herein by reference).

10.18    Redemption Agreement dated as of April 28, 2000, by and among Philips
         International Realty, L.P., a Delaware limited partnership, and SL
         Florida LLC, a Delaware limited liability company (filed as Exhibit
         10.4 to the Company's Current Report on Form 8-K dated April 28, 2000,
         and incorporated herein by reference).


                                       23
<PAGE>

10.19    First Amendment to Asset Contribution, Purchase and Sale Agreement
         dated as of May 31, 2000, by and among Philips International Realty,
         L.P., a Delaware limited partnership, the Company, certain Affiliated
         Parties signatory thereto, KIR Acquisition, LLC, a Delaware limited
         liability company, and Kimco Income Operating Partnership, L.P., a
         Delaware limited partnership (filed as Exhibit 10.5 to the Company's
         Current Report on Form 8-K dated April 28, 2000, and incorporated
         herein by reference).

10.20    Second Amendment to Asset Contribution, Purchase and Sale Agreement
         dated as of June 15, 2000, by and among Philips International Realty,
         L.P., a Delaware limited partnership, the Company, certain Affiliated
         Parties signatory thereto, KIR Acquisition, LLC, a Delaware limited
         liability company, and Kimco Income Operating Partnership, L.P., a
         Delaware limited partnership (filed as Exhibit 10.6 to the Company's
         Current Report on Form 8-K dated April 28, 2000, and incorporated
         herein by reference).

10.21    Third Amendment to Asset Contribution, Purchase and Sale Agreement
         dated as of June 20, 2000, by and among Philips International Realty,
         L.P., a Delaware limited partnership, the Company, certain Affiliated
         Parties signatory thereto, KIR Acquisition, LLC, a Delaware limited
         liability company, and Kimco Income Operating Partnership, L.P., a
         Delaware limited partnership (filed as Exhibit 10.7 to the Company's
         Current Report on Form 8-K dated April 28, 2000, and incorporated
         herein by reference).

10.22    Amended and Restated Purchase and Sale Agreement dated as of June 20,
         2000, by 1517-25 Third, L.P., a New York limited partnership, Philip
         Pilevsky, SL Florida LLC, a Delaware limited liability company, Allen
         Pilevsky and Fred Pilevsky (filed as Exhibit 10.8 to the Company's
         Current Report on Form 8-K dated April 28, 2000, and incorporated
         herein by reference).

10.23    Amended and Restated Purchase and Sale Agreement dated as of June 20,
         2000, by Philips International Realty, L.P., a Delaware limited
         partnership, Philips Lake Worth Corp., a New York corporation, and
         Philip Pilevsky (filed as Exhibit 10.9 to the Company's Current Report
         on Form 8-K dated April 28, 2000, and incorporated herein by
         reference).

10.24    Amendment to Amended and Restated Purchase and Sale Agreement dated as
         of April 4, 2001, by and between the Company, Philips Lake Worth Corp.,
         a New York corporation, and Philip Pilevsky (filed as Exhibit 10.24 to
         the Company's Annual Report on Form 10-K dated April 17, 2001, and
         incorporated herein by reference).


                                       24
<PAGE>

31.1*    Certification of the Company's Chief Executive Officer and principal
         financial officer, Philip Pilevsky, pursuant to Section 302 of the
         Sarbanes-Oxley Act of 2002.

32.1*    Certification of the Company's Chief Executive Officer and principal
         financial officer, Philip Pilevsky, pursuant to Section 906 of the
         Sarbanes-Oxley Act of 2002.

--------------
* filed herewith


(b) Report on Form 8-K

         On September 3, 2003, the Company filed a Current Report on Form 8-K
dated August 26, 2003 to disclose, and furnish certain pro forma financial
information related to, the sale of its shopping center property on Bellevue
Road in Atwater, California to Nationwide Properties, LLC, a California limited
liability company, for the price of $6.0 million.



                                       25
<PAGE>


                                   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.

                                        PHILIPS INTERNATIONAL REALTY CORP.

Date: November 6, 2003                  By: /s/ PHILIP PILEVSKY
                                            -------------------
                                            Philip Pilevsky
                                            Chairman of the Board and Chief
                                            Executive Officer






                                       26
<PAGE>


Exhibit Index

Exhibit                              Exhibit Title
Number
-------   ---------------------------------------------------------------------
2.1      Plan of Liquidation and Dissolution of the Company (filed as Exhibit
         2.1 to the Company's Current Report on Form 8-K dated April 28, 2000,
         and incorporated herein by reference).

3.1      Amended and Restated Articles of Incorporation of the Company (filed as
         Exhibit 3.1 to the Company's Current Report on Form 8-K dated December
         31,1997, and incorporated herein by reference).

3.2      Articles Supplementary of Series A Preferred Stock (filed as Exhibit
         3.2 to the Company's Current Report on Form 8-K dated December 31, 1997
         and incorporated herein by reference).

3.3      Articles Supplementary dated July 27, 1999 (filed as Exhibit 3.1 to the
         Company's Current Report on Form 8-K dated July 15, 1999, and
         incorporated herein by reference).

3.4      Third Amended and Restated By-Laws of the Company dated July 27, 1999
         (filed as Exhibit 3.2 to the Company's Current Report on Form 8-K dated
         July 15, 1999, and incorporated herein by reference).

3.5      Form of Certificate of Common Stock (filed as Exhibit 3.4 to the
         Company's Registration Statement on Form S-11, Registration No.
         333-47975, and incorporated herein by reference).

4.1      Shareholder Rights Agreement, dated as of March 31, 1999, between the
         Company and BankBoston, N.A. (filed as Exhibit 4.1 to the Company's
         Annual Report on Form 10-K for the year ended December 31, 1998, and
         incorporated herein by reference).

4.2      Amendment No. 1, dated July 27, 1999, to Shareholder Rights Agreement
         dated as of March 31, 1999, between the Company and Bank Boston N.A.,
         as Rights Agent (filed as Exhibit 4.1 to the Company's Current Report
         on Form 8-K dated July 15, 1999, and incorporated herein by reference).

4.3      Articles Supplementary for Series A Junior Participating Preferred
         Stock (filed as Exhibit 4.2 to the Company's Annual Report on Form 10-K
         for the year ended December 31, 1998, and incorporated herein by
         reference).


<PAGE>

10.1     Amended and Restated Agreement of Limited Partnership of the Operating
         Partnership (filed as Exhibit 10.1 to the Company's Registration
         Statement on Form S-11, Registration No. 333- 47975, and incorporated
         herein by reference).

10.2     First Amendment to the Amended and Restated Agreement of Limited
         Partnership of the Operating Partnership (filed as Exhibit 10.2 to the
         Company's Annual Report on Form 10-K for the year ended December 31,
         1998, and incorporated herein by reference).

10.3     Form of 1997 Stock Option and Long-Term Incentive Plan of the Company
         (filed as Exhibit 10.2 to the Company's Registration Statement on Form
         S-4, Registration No. 333-41431, and incorporated herein by reference).

10.4     Contribution and Exchange Agreement, dated August 11, 1997, among
         National Properties Investment Trust, the Board of Trustees, the
         Company, the Operating Partnership and certain contributing
         partnerships or limited liability companies associated with a private
         real estate firm controlled by Philip Pilevsky and certain partners and
         members thereof (filed as Exhibit 10.6 to the Company's Registration
         Statement on Form S-4, Registration No. 333-41431, and incorporated
         herein by reference).

10.5     Amended and Restated Management Agreement, dated as of March 30, 1998,
         among the Company, the Operating Partnership and Philips International
         Management Corp. (filed as Exhibit 10.8 to the Company's Form 10-K for
         the year ended December 31, 1997, and incorporated herein by
         reference).

10.6     Amended and Restated Non-Competition Agreement, dated as of March 30,
         1998, among the Company, the Operating Partnership, Philip Pilevsky and
         Sheila Levine (filed as Exhibit 10.9 to the Company's Form 10-K for the
         year ended December 31, 1997, and incorporated herein by reference).

10.7     Amendment No. 1 to Contribution and Exchange Agreement, dated as of
         December 29, 1997 (filed as Exhibit 10.13 to the Company's Current
         Report on Form 8-K dated December 31, 1997, and incorporated herein by
         reference).

10.8     Employment Agreement between the Company and Louis J. Petra (filed as
         Exhibit 10.1 to the Company's Current Report on Form 8-K dated December
         31, 1997, and incorporated herein by reference).

10.9     Employment Agreement between the Company and Sheila Levine (filed as
         Exhibit 10.2 to the Company's Current Report on Form 8-K dated December
         31, 1997, and incorporated herein by reference).

10.10    Employment Agreement between the Company and Carl Kraus (filed as
         Exhibit 10.1 to the Company's Current Report on Form 8-K dated July 15,
         1999, and incorporated herein by reference).


<PAGE>

10.11    Credit Agreement among the Operating Partnership and Prudential
         Securities Credit Corporation (filed as Exhibit 10.18 to the Company's
         Report on Form 10-Q for the period ended March 31, 1998, and
         incorporated herein by reference).

10.12    Purchase and Sale Agreement dated as of April 28, 2000, by and among
         Munsey Park Associates, LLC, a New York limited liability company,
         North Shore Triangle, LLC, a New York limited liability company,
         Philips Yonkers, LLC, a New York limited liability company, Philips
         Henry, LLC, a New York limited liability company, Philips Shopping
         Center Fund, L.P., a Delaware limited partnership, and Philips Lake
         Mary Associates, L.P., a Delaware limited partnership, and Kimco Income
         Operating Partnership, L.P., a Delaware limited partnership (filed as
         Exhibit 10.1 to the Company's Current Report on Form 8-K dated April
         28, 2000, and incorporated herein by reference).

10.13    Redemption Agreement dated as of April 27, 2000, by and among the
         Operating Partnership and Philip Pilevsky (filed as Exhibit 10.2 to the
         Company's Current Report on Form 8-K dated April 28, 2000, and
         incorporated herein by reference).

10.14    Asset Contribution, Purchase and Sale Agreement dated as of April 28,
         2000, by and among the Company, the Operating Partnership, Certain
         Affiliated Parties signatory thereto, KIR Acquisition, LLC, a Delaware
         limited liability company and Kimco Income Operating Partnership, L.P.,
         a Delaware limited partnership (filed as Exhibit 10.3 to the Company's
         Current Report on Form 8-K dated April 28, 2000, and incorporated
         herein by reference).

10.15    Amended and Restated Redemption Agreement dated as of April 27, 2000,
         by and among Philips International Realty, L.P., a Delaware limited
         partnership, and Philip Pilevsky (filed as Exhibit 10.1 to the
         Company's Current Report on Form 8-K dated April 28, 2000, and
         incorporated herein by reference).

10.16    Redemption Agreement dated as of April 28, 2000, by and among Philips
         International Realty, L.P., a Delaware limited partnership, and Allen
         Pilevsky (filed as Exhibit 10.2 to the Company's Current Report on Form
         8-K dated April 28, 2000, and incorporated herein by reference).

10.17    Redemption Agreement dated as of April 28, 2000, by and among Philips
         International Realty, L.P., a Delaware limited partnership, and Fred
         Pilevsky (filed as Exhibit 10.3 to the Company's Current Report on Form
         8-K dated April 28, 2000, and incorporated herein by reference).

10.18    Redemption Agreement dated as of April 28, 2000, by and among Philips
         International Realty, L.P., a Delaware limited partnership, and SL
         Florida LLC, a Delaware limited liability company (filed as Exhibit
         10.4 to the Company's Current Report on Form 8-K dated April 28, 2000,
         and incorporated herein by reference).


<PAGE>

10.19    First Amendment to Asset Contribution, Purchase and Sale Agreement
         dated as of May 31, 2000, by and among Philips International Realty,
         L.P., a Delaware limited partnership, the Company, certain Affiliated
         Parties signatory thereto, KIR Acquisition, LLC, a Delaware limited
         liability company, and Kimco Income Operating Partnership, L.P., a
         Delaware limited partnership (filed as Exhibit 10.5 to the Company's
         Current Report on Form 8-K dated April 28, 2000, and incorporated
         herein by reference).

10.20    Second Amendment to Asset Contribution, Purchase and Sale Agreement
         dated as of June 15, 2000, by and among Philips International Realty,
         L.P., a Delaware limited partnership, the Company, certain Affiliated
         Parties signatory thereto, KIR Acquisition, LLC, a Delaware limited
         liability company, and Kimco Income Operating Partnership, L.P., a
         Delaware limited partnership (filed as Exhibit 10.6 to the Company's
         Current Report on Form 8-K dated April 28, 2000, and incorporated
         herein by reference).

10.21    Third Amendment to Asset Contribution, Purchase and Sale Agreement
         dated as of June 20, 2000, by and among Philips International Realty,
         L.P., a Delaware limited partnership, the Company, certain Affiliated
         Parties signatory thereto, KIR Acquisition, LLC, a Delaware limited
         liability company, and Kimco Income Operating Partnership, L.P., a
         Delaware limited partnership (filed as Exhibit 10.7 to the Company's
         Current Report on Form 8-K dated April 28, 2000, and incorporated
         herein by reference).

10.22    Amended and Restated Purchase and Sale Agreement dated as of June 20,
         2000, by 1517-25 Third, L.P., a New York limited partnership, Philip
         Pilevsky, SL Florida LLC, a Delaware limited liability company, Allen
         Pilevsky and Fred Pilevsky (filed as Exhibit 10.8 to the Company's
         Current Report on Form 8-K dated April 28, 2000, and incorporated
         herein by reference).

10.23    Amended and Restated Purchase and Sale Agreement dated as of June 20,
         2000, by Philips International Realty, L.P., a Delaware limited
         partnership, Philips Lake Worth Corp., a New York corporation, and
         Philip Pilevsky (filed as Exhibit 10.9 to the Company's Current Report
         on Form 8-K dated April 28, 2000, and incorporated herein by
         reference).

10.24    Amendment to Amended and Restated Purchase and Sale Agreement dated as
         of April 4, 2001, by and between the Company, Philips Lake Worth Corp.,
         a New York corporation, and Philip Pilevsky (filed as Exhibit 10.24 to
         the Company's Annual Report on Form 10-K dated April 17, 2001, and
         incorporated herein by reference).

31.1*    Certification of the Company's Chief Executive Officer and principal
         financial officer, Philip Pilevsky, pursuant to Section 302 of the
         Sarbanes-Oxley Act of 2002.

32.1*    Certification of the Company's Chief Executive Officer and principal
         financial officer, Philip Pilevsky, pursuant to Section 906 of the
         Sarbanes-Oxley Act of 2002.

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* filed herewith