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Investor Presentation Fourth Quarter 2020

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Investor Presentation Fourth Quarter 2020 INVESTOR PRESENTATION FOURTH QUARTER 2020 Embry Village – Atlanta, GA SAFE HARBOR The statements in this presentation, including targets and assumptions, state the Company’s and management’s hopes, intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include the key assumptions contained within this presentation, general economic conditions, local real estate conditions, increases in interest rates, foreign currency exchange rates, increases in operating costs, real estate taxes and pandemics or other health crises, such as coronavirus disease 2019 (COVID- 19). Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company’s SEC filings, including but not limited to the Company’s Annual Report on Form 10-K. Copies of each filing may be obtained from http://investors.kimcorealty.com/ or the SEC. Cover: Lincoln Square, Philadelphia, PA Suburban Square, Ardmore, PA KIMCO REALTY SNAPSHOT 400 93.9% Baa1/BBB+ 92%/91% # of Properties Operating Portfolio Moody’s / Q4/Jan. Base Occupancy S&P Ratings Rent Collections* $ 70M SQFT 77.6% $679/SF $2.3B Total Gross Leasable % of ABR from Grocery AVG Grocery Total Liquidity Area (GLA) Anchored Centers Sales/SF As of 12/31/2020 *As of 2/10/2021 3 WHY KIMCO? • The retail store is the most cost-effective distribution model THE FUTURE OF • 300+ centers with designated curbside pickup spots RETAIL REAL ESTATE • 59% of consumers surveyed are more likely to use curbside pickup following COVID-191 Evolving the shopping center to • Buy Online Pick-up In Store (BOPIS) orders surged (208% from April 1 to April 20 versus one year ago2) support retail trends • Industry leading Environmental, Social and Governance (ESG) program • 85% of ABR comes from our top major metro markets (82% coastal & sunbelt) PORTFOLIO QUALITY • 78% of ABR comes from grocery anchored centers High-quality assets provide multiple • Executed 92 new leases for 406,000 square feet, a significant increase in volume over 3Q20 growth levers, tightly clustered in • 11% of ABR is ground leases; 119% mark to market the top 20 major metro markets • Only 14 tenants with ABR exposure greater than 1% NAV CREATION • 99 properties with redevelopment projects totaling $970M and a blended ROI of 8.1%, since 2015 Increase net asset value (NAV) through a • ~5,000 multi-family units entitled or built with plans to expand to 10,000 by 2025 curated collection of mixed-use projects, • Activated The Milton, phase II of a redevelopment at Pentagon Centre, across from Amazon HQ2, redevelopments and active investment management which include 253 multi-family units and 16K SQFT of ground floor retail • $2.3B in immediate liquidity, including full $2.0B available on unsecured revolving credit facility FINANCIAL STRENGTH • 10.9 years debt maturity profile, one of the longest in the REIT industry Maintain a strong balance sheet • ~320 unencumbered properties, about 80% of the centers in the portfolio and financial flexibility • $700M+ market value of remaining ownership interest in Albertsons grocer (NYSE: ACI) As of 12/31/2020; ABR is defined as Annual Base Rent 1. CommerceHub Consumer Survey, April 2020 2. CNBC.com April 27, 2020, Adobe Analytics 4 THE FUTURE OF RETAIL REAL ESTATE Retailers Use Stores as Hubs in Response to COVID-19 Using stores to fulfill last mile logistic strategies Delivery from Store Curbside Pickup Free expedited shipping Order Pickup Same Day Delivery 70% of Q3 online sales Express Delivery 65% of April fulfilled by stores, the Stores enabled ~75% of “The vast majority of offers items delivered our e-commerce online sales hub of our digital sales3 in less than 2 hours fulfillment is out of our omnichannel 3 picked up Growth of store enabled : store base. So what we experience, l from 2,700 stores and curbside or Same day services 200%+ actually have is 1,200- significantly improving l Drive-up 500%+ BOPIS is available at ~60% of online plus forward-deployed shipped from a eCommerce gross l Shipt fulfillment 280%+ orders are picked 4 new warehouses that 1 2 l BOPIS 50%+ over 3,700 stores 5 store margin up in store are fulfilling orders…”6 1. Best Buy 1Q21 Earnings Call transcript; May 2020 4. Walmart 3Q21 Earnings Call transcript; November 2020 2. Dicks 3Q20 Earnings Call transcript; November 2020 5. Home Depot 3Q20 Earnings Call transcript; November 2020 3. Target 3Q20 Earnings Call transcript; November 2020 6. Michaels Companies Virtual Investor Day; September 2020 5 THE FUTURE OF RETAIL REAL ESTATE Store Fulfillment Supporting Online Sales Growth Albertsons 276% Best Buy 242% Ulta Beauty 200% Target 195% Dick's Sporting Goods 194% Old Navy 136% Lowe's 135% Kroger 127% Home Depot 100% Walmart 97% GAP 95% Kohl's 58% Amazon 43% eBay 35% 0% 50% 100% 150% 200% 250% 300% Growth is a second quarter, year over year comparison Source: Company reports/Coresight Research 6 THE FUTURE OF RETAIL REAL ESTATE Innovating to Help Our Tenants Thrive and Meet Consumer Needs • Designated curbside pickup spots for use by all tenants and customers • Helping businesses adapt while allowing customers to shop while feeling safe and comfortable. • Providing small businesses owners new opportunities • The number of BOPIS orders surged 208% between April 1 1 and April 20 compared with a year ago 300+ • 59% said they are more likely to use curbside pickup centers following COVID-192 “We are just thrilled about Kimco’s Curbside Pickup program. We’ve already been offering curbside pickup to our customers since the COVID-19 crisis began, but now with designated parking spots the process will be much more organized, and our customers will feel more comfortable knowing that this is a “normal” part of the shopping experience.” Deborah DeShazo, Owner, Shannon Jewelers @ Grand Parkway Marketplace, Spring, TX 1. CNBC.com April 27, 2020, Adobe Analytics 2. CommerceHub Consumer Survey, April 2020 7 Photo: Grand Parkway Marketplace, Spring, TX THE FUTURE OF RETAIL REAL ESTATE Environmental, Social and Governance (ESG): Responsible Practices Our Pillars Our Priorities Our Results COMMUNICATE Openly Maintain regular engagement with key AWARDED Nareit’s 2019 JOINED THE FTSE4Good with Our Shareholders stakeholder audiences, reporting accurate Retail Leader in the Light, Index Series for the first information on issues of relevance to those Added to 2020 Dow Jones time audiences Sustainability World Index EMBRACE the Future of Retail Foster a sense of place at our shopping centers, REACHED ~5,000 multi- INSTALLED Curbside creating people-centered properties that are family units entitled or PickupTM infrastructure at more convenient and accessible built over 300 properties ENGAGE Our Local Communities Help our tenants succeed and be a positive LAUNCHED a national call DONATED over $279,000 in presence in the communities where we operate center to improve cash, in-kind and employee and live stakeholder responsiveness matching LEAD in Operations & Resiliency Maximize efficiency of operations and protect ACHIEVED our GHG goal, ISSUED an innovative $2.0 our assets from disruption reducing Scope 1 and 2 billion green credit facility emissions >10% since 2015 tied to climate action FOSTER an Engaged, Inclusive & Cultivate high levels of employee satisfaction SIGNED the CEO Action CERTIFIED as a Great Ethical Team and ensure diversity at all levels of the for Diversity & Inclusion Place to WorkTM organization Pledge During 2019 Kimco also formed an ESG Steering Committee and created an innovative Tenant Assistance Program (TAP) to assist tenants during the COVID-19 crisis. Our full 2019 Corporate Sustainability Report is available at kimcorealty.com. The report was prepared in accordance with the Global Reporting Initiative’s (GRI) Sustainability Reporting Standard and incorporates disclosures aligned with the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD). 8 PORTFOLIO QUALITY Portfolio Profile Local Small Shops(< 5K SQFT) 7% 12% 9% 8% 19% National/Franchise-Based Small Shops (< 5K SQFT) GLA Pro-rata 76% 58% ABR 11% Mid Tier Stores (5K – 10K SQFT) Did You Know… • 11% of pro-rata ABR comes from Ground Leases primarily to high quality Anchors (> 10K SQFT) institutional tenants • 88% of pro-rata ABR comes from Anchors, Mid Tier Stores, and National/Franchise-Based tenants which typically have stronger credit profiles and greater access to capital GLA is defined as Gross Leasable Area ABR is defined as Annual Base Rent 9 As of 12/31/2020 PORTFOLIO QUALITY Essential Retail Breakdown by Pro-rata ABR Essential Retail 44% Non-Essential Retail 42% Grocery/ Warehouse Clubs/ Soft Goods Pharmacy 21.9% Restaurants 14% 19.3% % of 5.3% Home Office/ Appliance Sporting Goods/ Hobby Retail Stores 5.0% Pro-rata 4.2% Home Improvement ABR Personal Service 4.3% 3.7% Banking/ Finance Health Club/ Fitness 4.0% 3.6% Other Essential Other Non-Essential 3.3% 3.5% Pet Stores/ Veterinary Full Service, QSR, Professional Service 1.6% 3.5% Medical/ Medical Supply 5.4% 8.6% Entertainment/ Gathering Place 1.6% 1.3% Auto Repair & Supply/ Gas Stations ABR is defined as Annual Base Rent As of 12/31/2020 10 PORTFOLIO QUALITY Tenant Diversity • Only 14 tenants with ABR exposure greater than 1.0% 4.0% • Scale: 7,300 leases with 3,400 tenants • Stability: Fixed, contractual rents with bumps • Security: Average lease term of 10 years for anchors and 5 years for small shops 2.6% 2.1% 2.0% 1.9% 1.9% 1.7% 1.5% 1.5% 1.4% As of 12/31/2020, Percentages noted reflect pro-rata annual base rent (ABR) 11 PORTFOLIO QUALITY Growth through Leasing & Value Creation Combined Lease Spreads and Volume Lease Spreads/Mark To Market 14% 3,000 ▪ Anchor Leases: ➢ ~55% Mark to Market 12% 2,500 ➢ 39% are “Legacy Leases” (20 years or older) 10% 2,000 ➢ 26 leases expiring in 2021 with no option at 8% $10.33 (avg ABR/sf) vs.
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