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Kimco's 2020 Vision 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, Philadelphia, 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 – $18.2 billion Information as of 9/30/2016 1 Source: Bloomberg 2 Quarterly dividend annualized 4 CASE FOR OPEN-AIR REAL ESTATE Today’s Market New Supply Near 38-Year Low High Demand Shopping Center Supply Growth (GLA)1 Planned Retailer Store Openings3 (in thousands) 12% 90 10% 80 8% 70 6% 60 4% 50 2% 40 0% • More than 79,272 store openings scheduled over the next (3) U.S. retail market occupancy increased with two years net absorption totaling 43.1M sf during 3Q162 • Pure-play online retail opening physical stores Next 24 months • Discounters and off-price concepts are increasing store count Next 12 months 1 Green Street Advisors January 2016 2 CoStar Group, “The CoStar Retail Report: National Retail Market” Third Quarter 2016 3 RBC Capital Markets, “Retail REITs: July 2016 National Retailer Demand Monthly (NRDM)” July 2016 5 SWEET SPOT OF RETAILING Market Cap ($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 Chicago Pittsburgh Boston New York San Francisco Philadelphia Sacramento Baltimore 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.
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