KIMCO’S 2020 VISION

INVESTOR Presentation Third Quarter 2016 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 and real estate taxes. 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 the Company or the SEC.

Suburban Square, , PA Cover: Corsica Square, Miami, FL KIMCO’S 2020 VISION

High-quality assets, tightly clustered in major metro markets PORTFOLIO QUALITY that provide multiple growth levers

Increase net asset value (NAV) through redevelopment, select NAV CREATION ground-up development and active investment management

Maintain a strong balance sheet and financial flexibility, on FINANCIAL STRENGTH a path to A-/ A3 credit rating

3 3 KIMCO’S HISTORY TSR Since IPO1 Dividend Growth

11/29/91 – 9/30/16

$1.08$1.08*2 13.4% $1.02 $0.96 $0.90 $0.84 $0.72 $0.76 10.3% $0.64

KIM 9.5%

DJIA

S&P 500 2010 2011 2012 2013 2014 2015 2016 2017

1958 – Founded by Milton Cooper & Marty Kimmel • 534 U.S. properties totaling 86M square feet in 35 states 1991 – IPO that launched the “Modern REIT Era” and Puerto Rico 2006 – Named to the S&P 500 Index • Total Enterprise Value – $18.2 billion

Information as of 9/30/2016 1 Source: Bloomberg 2 Quarterly dividend annualized 4 CASE FOR OPEN-AIR REAL ESTATE Today’s Market

New Supply Near 38-Year Low High Demand Supply Growth (GLA)1 Planned Retailer Store Openings3 (in thousands) 12% 90

10% 80

8% 70

6% 60

4% 50

2% 40

0%

• More than 79,272 store openings scheduled over the next (3) U.S. retail market occupancy increased with two years net absorption totaling 43.1M sf during 3Q162 • Pure-play online retail opening physical stores Next 24 months • Discounters and off-price concepts are increasing store count Next 12 months

1 Green Street Advisors January 2016 2 CoStar Group, “The CoStar Retail Report: National Retail Market” Third Quarter 2016 3 RBC Capital Markets, “Retail REITs: July 2016 National Retailer Demand Monthly (NRDM)” July 2016 5 SWEET SPOT OF RETAILING Market Cap ($B): Off-Price Retailers vs. Department Stores

2007 3Q, 2016

Ross Stores Macy’s $5 $11 Macy's TJX Ross Stores $21 $13 Nordstrom $26 $9 Off-Price Off-Price Total: Total: $18B $75B Sears $1 Nordstrom Department Department $15 Stores Total: Stores Total: Sears $27 $85B $26B

JC Penney TJX $49 $19

Source: Bloomberg 6 PORTFOLIO QUALITY

Riverplace, Jacksonville, FL PORTFOLIO QUALITY Highly Concentrated in Major Metropolitan Markets

Denver Minneapolis/St. Paul Seattle St. Louis Portland Pittsburgh

Boston

New York San Francisco Philadelphia Sacramento San Jose Washington D.C.

Raleigh-Durham Los Angeles Orange County Charlotte San Diego

Phoenix Orlando Atlanta Dallas Houston Miami Austin Tampa Fort Lauderdale West Palm Beach

8 PORTFOLIO QUALITY Tenant Diversity

Top Tenants % of ABR – Only 15 tenants with an ABR exposure greater than 1.0%

SCALE: Approximately 8,900 leases with 4,100 tenants STABILITY: Well staggered lease maturity; averages ~8% of GLA each year for next 10 years QUALITY: ~55% of ABR from the top 50 tenants is attributed to tenants with investment grade credit ratings SECURITY: Single tenant exposure no more than 3.4% of total ABR; low ABR with strong mark to market upside

3.4%

2.4% 2.2% 2.0% 1.9% 1.7% 1.6% 1.4% 1.3% 1.2% 1.1%

As of 9/30/2016 9 PORTFOLIO QUALITY Necessity Based Goods and Services

% of ABR Internet Resistant 54% 15% Grocery/ Warehouse Clubs 12% Restaurants 9% Service 8% Off-Price % of ABR Omni-Channel Players 41% 5% Other – Internet Resistant 10% Home Improvement/ Home Goods 3% Health Clubs/ Fitness 7% Apparel/ Accessories 2% Medical 6% Sporting Goods/ Hobbies 5% Department Stores Internet % of ABR 5% Pharmacy/ Personal Care Vulnerable 5% 2% Electronics 5% Other – Omni Channel 72% of ABR 2% Office Supply Stores 3% Banking/ Finance from Grocery Anchored 1% Books Centers

10 PORTFOLIO QUALITY Multi-Year Highs and Continued Growth in Operating Metrics

Occupancy Annual New Leasing Spreads 95.1% 3Q16 3Q16 26.6% 4Q15 95.8% 2015 25.0% 4Q14 95.7% 2014 19.5% 4Q13 94.9% 2013 15.6% 4Q12 93.9% 2012 27.8% 4Q11 93.1% 2011 3.6%

Annual Same Property NOI Growth Rent Per Square Foot 3.3% 3Q16 3Q163Q16 $14.94 $14.46 2015 3.1% 4Q154Q15 $14.46 $13.74 2014 3.3% 4Q144Q14 $13.74 2013 3.8% 4Q134Q13 $12.99 $12.99 2012 2.5% 4Q124Q12 $12.58 $12.58 2011 1.1% 4Q114Q11 $11.91 $11.91

Note: All figures are at Kimco’s share 11 PORTFOLIO QUALITY Quality Leads to Multiple Growth Levers

NOI Growth Walk Through 2020 435 -585 bps 100 -150 85 -110 110 -160 140 -165 bps bps bps bps

Targeted Annual Growth Organic Growth Leasing & Value Ground-Up Rate Redevelopment (Rent Bumps) Creation Development

12 PORTFOLIO QUALITY Building Blocks of NOI Growth

$10M Net 3 $55M Acquisitions

$80M Ground-Up Development $50M U.S. Portfolio Redevelopment Pipeline $1.2B $65M Rent Spreads/ Lease-up/ Organic Value Creation $935M Growth

2015 BASE 1 2020E

1 2015 is based on U.S. portfolio at 12/31/15 2 Assumes proceeds from sales used to pay down debt 3 Acquisition NOI in excess of dispositions 13 PORTFOLIO QUALITY Growth through Leasing & Value Creation

92 Small Shop Occupancy 90 90.0% Progress to Date 88 89.2% 88.0% • Improved small shop ABR = $26.02 psf 86 87.0% • Small shop spreads for last four quarters • New Leases = +11% 84 84.7% • Renewals & Options = +8% 83.9% 82 81.8% The Path to 90% occupancy 80 • Deal and occupancy bounties • Operator portfolio reviews 78 • Targeting of service-oriented tenants

76 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 Goal

14 PORTFOLIO QUALITY Unmatched Mark to Market Opportunities

Anchor Mark Anchor Mark to Market Top 10 Core Markets to Market Chicago +27% New York +64% 14 2% 119K 65 12% 189K sites ABR Population sites ABR Population

San Francisco, Philadelphia, Baltimore, Sacramento, San Jose +30% Washington D.C. +89% 24 5% 170K 72 16% 102K sites ABR Population sites ABR Population

Los Angeles, Orange Raleigh-Durham County, San Diego +58% +14% 54 10% 161K 9 2% 66K sites ABR Population sites ABR Population

Phoenix Dallas Houston Miami, Ft. Lauderdale, +48% +30% +40% West Palm Beach +84% 13 4% 135K 10 2% 87K 12 4% 94K 29 5% 148K sites ABR Population sites ABR Population sites ABR Population sites ABR Population

*ABR is defined as Annual Base Rent 15 PORTFOLIO QUALITY Growth through Leasing & Value Creation

$20 $18.51

$18 Anchor Lease Spreads/Mark To Market

$15.50 $15.56 $16 . Mark to Market Spread on Anchor Leases: +59% $14.42 +60%

$14 $12.53 . 82 Naked Leases1 expiring through 2018 totaling 1.5M sf $ABR/SF +38% +48% . 5 Kmart Leases expiring through 2018: 362% market upside $12 +44% +35% . Actual anchor spreads for 1H16 were $11.65 +46% $11.27 $10 $10.51 . Total Average RPSF up 30% since 2010 $10.05 $9.28 $8 2013 Actual 2014 Actual 2015 Actual 2016-18E 2019E & After

New Rent Expiring Rent Projected Rent

1 Naked Leases are defined as leases with no remaining options 16 NAV CREATION

Crossroads Plaza, Raleigh, NC NAV CREATION: REDEVELOPMENT Highest and Best Use

Total Pipeline | $3.0B+

Current: ~$1.0B+ Shadow: ~$2.0B+ (through 2020) (beyond 2020)

$80M $550M $XXX M Projected NOI Value Creation • Mixed-use densification options: – Partner with best in class developer – Ground Lease Incremental Return: 8%-13% – Sell

18 NAV CREATION: REDEVELOPMENT Growth through Redevelopment

Spending ($M) $250

$225 $225 $225

$200 $190

$150 $135 $118

$100 $47

$50 $42

$0

2013 2014 2015 2016E 2017E 2018E 2019E 2020E

Note: Numbers are represented in gross terms. 19 NAV CREATION Growth through Selective Ground-up Development Pipeline

2015-2020 $740M

Projected ROIC 7%-9%

Dania Pointe, Dania Beach, FL Development Approach Risk Management

. Retailer demand-driven . ~75% Pre-leased to build

. Building additional concentration . Phased construction

. Build to own . Experienced team

20 NAV CREATION Evolution of Top 10 Kimco Assets Through NOI Growth

2016 20201

1 Westlake S.C. (San Francisco) 1 Dania Pointe (Ft. Lauderdale) 2 Oakwood Plaza (Ft. Lauderdale) 2 Westlake S.C. (San Francisco) 3 The District @ Tustin Legacy (Orange County) 3 The Boulevard (Staten Island) 4 Mesa Riverview (Phoenix) 4 Suburban Square (Philadelphia) 5 Suburban Square (Philadelphia) 5 The District @ Tustin Legacy (Orange County) 6 Towson Place (Baltimore) 6 Oakwood Plaza (Florida) 7 The Marketplace at Factoria (Seattle) 7 Mesa Riverview (Phoenix) 8 Crossroads Plaza (Raleigh-Durham) 8 Pentagon Centre (Washington D.C.) 9 Dulles Town Crossing (Washington D.C.) 9 Grand Parkway (Houston)

10 Christown Spectrum (Phoenix) 10 Crossroads Plaza (Raleigh-Durham) $99M NOI (11% of Total) $152M NOI (15% of Total)

Redevelopment Site Development Site

NOI metrics are pro-rata 1Before planned acquisitions 21 NAV CREATION Growth through Active Asset Management

Acquisition Criteria Disposition Criteria • Core markets where Kimco has scale/ density • Assets with above average risk • Asset/ tenant quality • Assets with limited growth potential • NAV impact • Secondary markets • NOI growth potential • Redevelopment and value creation potential

Airport Plaza, Farmingdale, NY Plaza Paseo, Albuquerque, NM Maintain Conservative Capital Structure

22 NAV CREATION Growth through Active Asset Management

ACQUIRED 202 Assets that +540bps Pro-rata Occupancy reflect our 2020 Vision +58% Pro-rata ABR/sq. ft. +28% Average Household Income

Non-Strategic +20% Population Assets

DISPOSED OF 349

● Improved Occupancy ● Stronger Strategic Markets ● Improved Demographics

Reflects transactions since Investor Day 2010 through 6/30/2016. Note: Demographics are weighted by pro-rata ABR within a 3-mile radius 23 NAV CREATION Growth through Simplification

JV Site Count Consolidated NOI % Reduced by 74% Increased by 39%

84.7% 551 80.5% 412 67.5%

191 60.8% 142

2010 2013 2015 3Q16 2010 2013 2015 3Q16

24 FINANCIAL STRENGTH

Davidson Commons, Charlotte, NC 2020 VISION – BALANCE SHEET STRENGTH

Strong liquidity position; $1.75B available from unsecured line of credit

Increase unencumbered asset pool; 362 assets as of 3Q16

Lower Net Debt/Recurring EBITDA leverage levels

• Consolidated 5.0x – 5.5x • Pro rata (including preferreds) 6.4x – 6.9x

Fixed Charge Coverage 3.0x+

Extended WAVG debt maturity profile (3Q2015 - 4.3yrs; 3Q2016 - 8.9yrs)

Committed to strong investment grade ratings

S&P: BBB+ | Moody’s: Baa1 | Fitch: BBB+

25

26 STRONG CAPITAL STRUCTURE Investor Day 2010 Today

2% 6% 4% 1% 7% Since Investor Day 2013, 12% refinanced $3.2B of maturing debt at significantly lower rates & extended average debt Total Total maturity using a 30-year bond 21% Enterprise Value: Enterprise Value: $10.6B 52% $18.2B

28% ATM program – Issued 9.8M 67% shares; generated net proceeds of $285.1M

Common Equity Unsecured Debt Mortgage Debt Preferred Stock Non-controlling Interest

As of 9/30/2016 27 WELL-STAGGERED DEBT MATURITIES1 Consolidated Debt Joint Venture Debt

Fixed Rate 4.10%* Fixed Rate 5.14%* Floating Rate 1.69%* 26% Floating Rate 2.40%* Maturity 8.9 Yrs* 1,200 Maturity 3.9 Yrs* 1,200

900 900

13% 13%

600 600

9% 20% Debt in in Millions Debt Debt in Millions inDebt 8% 8% 8% 7% 7% 14% 12% 12% 9% 10% 11% 300 300 7% 5% 1% 0%

0 0

Secured Unsecured Line of Credit Term Loan Kimco’s Share Partner’s Share

1Proforma includes the subsequent issuance of 7-year $400M 2.7% and 30-year $350M 4.125% Notes and the payoff of $400M of the term loan, $225M of line of credit and $55M of mortgage debt maturing in Q1, 2017 *Weighted average 28 Note: Percentages are annual maturities of total debt stack 2020 VISION – LEVERAGE VIEW

6.0x 3.6x 3.6x 3.5x 5.8x 3.4x 3.2x 5.6x

3.0x 5.4x 5.3x 5.2x

2015 2016 2017 2018 2019 2020

Fixed Charge Coverage Net Debt/ Recurring EBITDA

. Grow Recurring EBITDA & Funds . Opportunistic use of ATM program Available for Distribution (after . Development/Redevelopment common dividends) spending $250M - $400M per year . Exit Canada . Modest net acquirer . Monetize Albertsons investment

29 A LOOK BACK

Multiple Years of Growth

Funds From Operations Dividends Maintained a ~5% Recurring FFO CAGR Consistently Raised Dividend Commensurate

Through Our Transformation With Recurring FFO/ Share Growth $1.51

- $1.08*

$1.02 $1.49 $1.49

$0.96 $1.46 $1.46

$0.90 $1.40 $1.40

$0.84 $1.33 $1.33

$1.26 $1.26 $0.76

$1.20 $1.20 $0.72 $1.14 $1.14 $0.64

2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016 2017

Headline FFO Conservative FFO Payout Ratio

*Quarterly dividend annualized 30 2016 GUIDANCE

2016 Guidance (per diluted share)

EPS $0.76 - $0.79 FFO $1.30 - $1.32 FFO as Adjusted* $1.49 - $1.51

2016 Operational Assumptions

Transactional Income/ (Expense), net $(79) million - $(78) million U.S. Portfolio Occupancy 95.2% - 95.7% U.S. Same Site NOI +2.70% - +3.30% Operating Property Acquisitions $450 million - $500 million Operating Property Dispositions $1.1 billion - $1.2 billion

*Excludes transactional income/(expense), net Note: All figures are at Kimco’s share 31 2016 FFO GUIDANCE

FFO ($M) FFO/Share(2)

2015A 2016F 2015A 2016F

RECURRING:

U.S. Retail Portfolio $964 $965 - $979 $2.33 $2.29 - $2.33

International & Other 64 15 – 16 0.16 0.04 – 0.04

Corporate Financing (275) (233) - (236) (0.66) (0.55) - (0.56)

G&A (121) (116) - (118) (0.29) (0.28) - (0.28)

Income Taxes & Other (28) (6) - (9) (0.08) (0.01) - (0.02)

RECURRING FFO $604 $625 - $632 $1.46 $1.49 - $1.51

Transactional Income, Net (1) 40 (79) – (78) 0.10 (0.19) – (0.19)

HEADLINE FFO $644 $546 - $554 $1.56 $1.30 - $1.32

(1) Net of non-controlling interests. 2016 ranges include bond/ mortgage prepayment charges and charge for merger of TRS (2) Reflects diluted per share basis and the potential impact if certain units were converted to common stock at the beginning of the period 32 APPENDIX

The Marketplace at Factoria, Bellevue, WA RECONCILIATION OF FFO TO NET INCOME

FFO ($M) FFO/Share (2)

2015A 2016F 2015A 2016F

FFO $644 $546 - $554 $1.56 $1.30 - $1.32

Depreciation and amortization (334) (346) - (358) (0.81) (0.82) - (0.85)

Depreciation and amortization real estate JV’s(1) (67) (45) - (49) (0.17) (0.11) - (0.12)

Gain on disposition of operating properties 132 84 – 96 0.32 0.20 - 0.23

Gain on disposition of JV operating properties, and 558 202 – 210 1.35 0.48 - 0.50 change in control of interests

Impairments of operating properties (52) (78) - (78) (0.13) (0.19) - (0.19)

Benefit/(Provision) for income taxes(3) (54) (41) - (41) (0.13) (0.10) - (0.10)

Noncontrolling interests(3) 4 0 - 0 0.01 0 - 0

Net income available to common shareholders $831 $322 - $334 $2.00 $0.76 - $0.79

(1) Net of non-controlling interests (2) Reflects diluted per share basis and the operational impact if certain units were converted to common stock at the beginning of the period (3) Related to gains, impairments and depreciation on operating properties, where applicable 34 SIGNATURE SERIES

The Boulevard, Staten Island, NY SHOPPES AT WYNNEWOOD Completed Ground-up Development

Project Summary . Phase I: 45K sf Whole Foods . Phase II: 10K sf small shops . Location: ─ “Main Line” area in the Philadelphia-Camden-Wilmington MSA ─ Located 1 mile from Kimco’s Suburban Square – flagship property (~$900 sales psf) . Average Household Income over $105K

Timing & Economics

. Phase I: Total costs = $27.5M Date completed = 3Q 2016 . Phase II: Total costs = $10.9M Date Completed = 1Q 2016

36 GRAND PARKWAY MARKETPLACE Ground-up Development

Project Summary

. Phase I: 488K sf open-air center anchored by Target . Phase II: 255K sf open-air center Phase I . Location: ─ Houston-The Woodlands-Sugar Land MSA ─ Near Exxon Corporate Campus (>10k employees) ─ 168k people (5 mile radius) ─ Avg. household income >$100k (5 mile radius) Phase II . Phase I is 70% pre-leased Timing & Economics

. Phase I: Estimated costs = $87.0M Estimated completion = 2017 . Phase II: Estimated costs = $52.0M Estimated completion = 2018

37 DANIA POINTE Ground-up Development

Project Summary

. Phase I: Traditional open-air center with 320K sf of retail anchored by Costco

. Phase II: 490K sf of full price and fast fashion retail anchored by H&M, restaurants, and entertainment in a “Main Street” setting with two hotel towers, residential, and office space

. Location: . 108 acres on I-95 in Dania Beach, FL (5 miles south of Fort Phase II Lauderdale) . Project adjacent to Kimco’s 900K sf Oakwood Plaza S.C.

Phase I Timing & Economics

. Phase I: Estimated costs = $109.0M Estimated completion = 2018

38 PROMENADE AT CHRISTIANA Ground-up Development

Project Summary

. Develop 435k sf open-air center . Location: ─ New Castle County, ─ Fronting one half mile of I-95 ─ 1/2 mile from GGP’s which produces sales of $1,200 psf ─ Destination shopping market due to no sales tax

Timing & Economics

. Estimated costs = $64.0M . Estimated completion = 2018

39 OWINGS MILLS Ground-up Development

Project Summary

. Develop 615K sf open-air center (de-malling) . Location: ─ Baltimore-Columbia-Towson MSA ─ Direct access ramp to 795 which connects Carrol County with Baltimore County ─ Mass transit access within walking distance of the property

Timing & Economics

. Estimated Costs = $108.0M . Estimated Completion = 2019

40 WILDE LAKE – COLUMBIA, MD Mixed Use Redevelopment

The Project

• Total Project Costs: $18.9M • Value Creation: $14.1M • Anticipated Stabilization: 2016 • Incremental ROI: 8%

. Original Village Center – located ½ mile from “Downtown” . Strategically located market with minimal class A residential . Specialty grocer located at project . Favorable entitlement process implemented, easing future entitlements in same markets . Redevelop existing retail and newly construct: Future Projects . 32,000 sf retail . 15,000 sf office • 4 additional Columbia village centers for redevelopment . 230 residential units • Total Project Costs: $300M-320M . Ground lease residential structure • Value Creation: $150M-200M

41 PENTAGON CENTRE – PENTAGON CITY, VA In Progress Redevelopment

. Multi-phase project with first phase expected to be . Gross Costs (Phase I): $164.5M completed in 2019 . Incremental NOI: $10.1M . Above grade retail parking structure (426 spaces) . Develop two residential towers: 440 units (Tower I) . Incremental ROI: 6%-7% 250 units (Tower II), and modernize existing retail . Incremental Value Creation: $66.9M . Located in Washington D.C. MSA, #7 in U.S. . Site sits above Pentagon City Metro

Before After

A

B

C D

42 THE BOULEVARD – STATEN ISLAND, NY Future Redevelopment

. Trophy NY metro asset . Gross Costs: $173.5M . Leasing overflow to other cluster assets . Incremental NOI: $11.0M . Transformative, innovative site plan design . Incremental ROI: 6%-7% - Maximize density - Improve parking efficiency . Incremental Value Creation: $71.1M - Enhance visibility & signage - Accommodate anchor prototypes Before After

43 CORPORATE SUSTAINABILITY Established Priorities Tangible Results Transparency & Leadership

Common Area Energy Consumption Operational Tenant Leadership Partnerships

131,946 129,826

120,099

113,108 Stakeholder 110,330 Engagement 15% . #1 Retail Owner, 2016 Newsweek Top Green Companies in the U.S. 2011 2012 2013 2014 2015 . Sole Retail Owner, 2016 Dow Jones Sustainability North America Index

MWH consumed . 2014 - 2016 GRESB Green Star Quality Team Community . 2014 CDP Climate Disclosure Leadership

44 KIMCO NOTES KIMCO NOTES KIMCO NOTES