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K-Fed -- How the Mighty Have Fallen

1/15/2007 2:35 PM PST BY TMZ STAFF

Gone are the days of racing his 'rari in Malibu, FedEx now schleps around the Valley in a pickup truck.

The former Mr. Spears was caught leaving Britney's exclusive seaside neighborhood on Friday, one of three days Federline has supervised visitation rights with the couple's two children, as TMZ previously reported. Kevin then went back to a friend's apartment in Studio City -- a nice but vastly less glamorous area -- where he mumbled to photogs that his family was doing "good."

Nice to see he found time to kick it with the kids, despite his incredibly busy schedule of meetings with attorneys and 7-11 runs.

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