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Investor Presentation
Timonium Square
Timonium, MD
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 with 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 report on Form 10-K. Copies of each filing may be obtained from the Company or the SEC.
Mesa Riverview
Mesa, AZ
North America’s Largest Owner & Operator of
Neighborhood & Community Shopping Centers
Redhawk Towne Center
Temecula, CA
History Started in 1958 | IPO that initiated Modern REIT Era;
NYSE-listed (1991) | S&P 500 Index (2006)
Dividend $0.84 annually, ~4% yield
Shopping Center Properties 896 properties; 131.3M Square Feet
Geographic Footprint 44 states, Puerto Rico, Canada, Mexico and South America
Occupancy (pro-rata) Current: 93.8% / All-time high: 96.3% (12/31/07)
Enterprise Value $13.2B
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (S&P | Fitch | Moody’s)
Information as of December 31, 2012
4
Total Return Analysis
Since IPO One Year Period
14% 13.3% 20%
18.5%
18%
11.7% 16.8%
12%
16% 15.0%
10.3%
10% 14%
8.9% 12.7%
12%
8%
10%
6%
8%
4% 6%
4%
2%
2%
0% 0%
KIM NAREIT Equity Index DJIA S&P 500 KIM NAREIT Equity Index DJIA S&P 500
$100,000 invested in Kimco at IPO would be $1.3M today Kimco outperforms major indices over a one-year period
Source: Bloomberg
*Total return on investment including reinvestment of dividends through Jan. 31, 2013. Statistics for return since IPO are based on closing prices as of Nov. 30, 1991.
5
Strategy: The Premier Owner and Operator of Quality Shopping Centers
We’ve established a strong foundation that ensures safe and growing cash flows.
6
The Case for Retail Real Estate: Today’s Market
Healthier Retailers/ Retail Real Estate Sales of Durable Goods3
• Strong balance sheets
• Right-sizing of store size & relocating low-
performing stores
• January same-store sales increased by 3.6%1
• More than 81,000 store openings scheduled over
the next two years2
• Discounters and drug stores are increasing their Retail Supply Remains Low3
foot print in terms of square footage and store
count3
• Sales of durable goods is on the rise3
• Virtually no ground up development
Supply being absorbed: Kimco’s spaces
greater than 10,000 sq. ft. are 96.9%
occupied
1Bank of America Merrill Lynch, “January Sales Strong” February 2013.
2 RBC Capital Markets, “Retail REITs: February National Retailer Demand Monthly (NRDM)” February 2013.
3CoStar Group. “The State of Commercial Real Estate Industry: 2012 Retail Review & Outlook” 2013.
7
The Case for Retail Real Estate: Historical Perspective
Neighborhood Shopping Center Sector Occupancy
96.0%
Average
Occupancy
94.0% 92.2%
92.0%
90.0%
88.0%
86.0%
84.0%
82.0%
Neighborhood Shopping Centers occupancy rate was at an all-time low
in the second quarter of 1992 at 88.7% and highest in the fourth quarter of 2000 at 95.7%
Source: NCREIF
8
North American Footprint of Quality Assets
Faubourg Boisbriand Long Gate S.C. Magnocentro 26
Boisbriand, Quebec, Canada Ellicott City, MD Huixquilucan, EM
Canada United States Mexico
• 66 centers • 759 centers • 56 centers
• 12.4M sq. ft. • 106.2M sq. ft. • 11.9M sq. ft.
• $15.98 per sq. ft. • $13.18 per sq. ft. • $9.97 per sq. ft.
• 96.7% occupancy • 94.1% occupancy • 89.7% occupancy
• Top tenants: • Top tenants: • Top tenants:
TJ Maxx TJ Maxx Wal-Mart
Canadian Tire Home Depot Cinepolis
Target Wal-Mart HEB
Note: Amounts are shown on gross basis. Centers & square footage include properties not in
occupancy. Information as of December 31, 2012.
9
U.S. Overview
2013 Economic Outlook Centereach Mall Retailer Trends
Centereach, NY
• Projected GDP Growth: 2.0% -3.2% • Increase in store count:
• Forecast inflation rate: 1.3%-2.0%
• Federal Reserve committed to
keeping short term interest rates near
zero until unemployment drops
• Average unemployment rate: 6.9%-
7.8%
Source: Economic Projections from FOMC Meeting, Dec. 2012.
Tenant Exposure by Annualized Base Rent
3.0% 2.7%
2.4%
2.0% 1.8%
1.6% 1.6% 1.5% 1.4%
1.2% 1.2% 1.2%
1.0%
0.0%
10Canada Overview
Canada Remains Key Element of International Portfolio
2013 Economic Outlook Strawberry Hill S.C.
Surrey, BC
Retailer Trends
• Projected GDP Growth: 1.7% • Target will open its first Canadian store
at a RioKim property. Kimco portfolio
• Forecast inflation rate: 1.4% will include 9 Target stores opening
2013 - 2014.
• Bank of Canada overnight lending rate • Retailer Expansion:
to remain at 1.0%
• Average unemployment rate: 7.1%
• Exchange rate: $1.009 US$/CAD$ • New Entrants include:
Source: Bank of Montreal,“Canadian Economic Outlook” February 2013.
Tenant Exposure by Annualized Base Rent
4.8%
5.0%
3.8%
4.0%
3.0% 2.9%
3.0% 2.6% 2.4% 2.3% 2.3% 2.2% 2.0%
2.0%
1.0%
0.0%
Approximately 28% of Canadian Annual Base Rent is Diversified Across Top 10 Tenants
High Quality Domestic and International Retailer Relationships 11Mexico Overview
2013 Economic Outlook Multiplaza Arboledas Retailer Trends
Tlanepantla, Mexico
• Projected GDP Growth: 3.7% • Recently opened stores:
• Forecast inflation rate: 3.9%
• Average unemployment rate: 5%
• Exchange rate: forecast to range between
12.70/USD-13.20/USD • Looking to become an active brand in
Mexico:
• New capital markets activities creating
liquidity and improving valuation
• FIBRA IPO Structures
• Mexico pension rules allowing for • Active Expansion:
investment in domestic REITs
• Renewed interest from U.S. and
Canadian institutions and funds
Source:
Economic Intelligence Unit, “Country Report: Mexico” November 2012.
Banco De México, “Inflation Report: July through September 2012”
Tijuana Investment Drivers
• Favorable Demographics
12th largest global economy; projected to be 5th largest by 2050
115M people expected to grow 1.2% annually; median age of 26
Expanding middle class
• Limited Supply
Mexico under retailed ~3.9 sq. ft. per capita vs. U.S. 23 sq. ft.
Monterrey ~800 shopping centers; heavily concentrated in large urban areas
(vs. 110k in U.S.)
• Opportunistic Returns
Cancun Attractive returns compared to U.S; Targeting 10–12% stabilized
Guadalajara NOI yield on cost in Mexico
Mexico City All leases include annual cost of living adjustments
Percentage rent clauses in many leases provide additional upside
Kimco Shopping Centers
12Why Kimco?
Resilient Portfolio
• Geographically diversified with a
national platform
• Redevelopment program
• Consistent retail cash flow growth
Solid Tenant Mix Necessity vs. Specialty
• Credit quality • Well-balanced between
• Low single tenant exposure grocery vs. big box
Approximately 14,900 leases
with 8,400 tenants
Stability Growth
13Stability Driven by Diversification Across Many Regions
Geographic Diversification of Our Rents
Number Square
of Feet
Location Properties (in millions) ABR
MSA 6-10 California 109 18.7 13.1%
12.3%
Florida 77 10.7 8.8%
MSA 1-5
20.5% New York 60 6.4 8.0%
MSA 11-30
23.2% Texas 52 8.0 4.9%
Pennsylvania 45 5.0 4.7%
New Jersey 28 4.3 4.1%
Canada
10.4% All Other U.S. 381 50.9 35.9%
Puerto Rico
3.3% Puerto Rico 7 2.2 3.3%
Latin America
6.8% Subtotal U.S. 759 106.2 82.8%
All Other Latin America 71 12.7 6.8%
23.5%
Canada 66 12.4 10.4%
Subtotal
137 25.1 17.2%
International
Total Shopping
896 131.3 100.0%
Centers
*Percentages are calculated using annualized base rent as of 12/31/12.
** Includes properties not in occupancy
14Tenant Overview
Only 14 tenants with rent exposure greater than one percent
Rating
3.0% Company
S&P/ Moody’s
2.9%
Home Depot A-/A3
2.6% TJX Companies A/A3
2.0% Wal-Mart AA/Aa2
1.7% Kmart/Sears Holdings CCC+/B3
Bed Bath & Beyond BBB+/NR
1.6%
Approx. 14,900 leases Royal Ahold BBB/Baa3
1.5% with 8,400 tenants
Kohl’s BBB+/Baa1
1.5%
Best Buy BB/Baa2
1.4% Petsmart BB+/NR
1.2% Costco A+/A1
Well staggered lease maturity with limited
1.2% rollover in any given year that averages Ross Stores BBB+//NR
about 8% over the next 10 years.
Safeway BBB/Baa3
1.2%
Michaels B/B2
1.2%
Dollar Tree NR/NR
1.1%
Solid tenant mix with good credit quality tenants
* Percentages are calculated using annualized base rent as of 12/31/12.
15Retailer Base: Low Exposure to Internet
Portfolio Composition by ABR Steps to Address Internet Exposure
• Own Quality Real Estate:
Approx. 92% of Portfolio is Internet Resistant Dispose marginal assets
Acquire centers with low risk retailers
92% • Quality Retailers:
Essential use, food, personal service, and
unique/boutique tenancies
Bias for dominant players who will be the winners
in capitalizing on multi-channel strategies
2% 1% 2% • Use Social Media
3%
Align programs with national retailers
Necessity Based, Discount Goods & Services Support small tenants
Computers & Electronic Appliances
Kimco social media sites:
Office Supplies blog.kimcorealty.com
www.facebook.com/KimcoRealty
Books & Video Stores www.twitter.com/kimcorealty
Hobby, Toys & Game Stores
16U.S. Shopping Center Portfolio
17
Westlake Shopping Center
Daly City, CANational Breath/Regional Depth- Experienced Management Team
Conor Flynn, President Rob Nadler, President Tom Simmons, President Paul Puma, President
Western Region Central Region Eastern Region Southern Region
192 Properties 167 Properties 258 Properties 142 Properties
GLA: 31.8M sq. ft. GLA: 23.7M sq. ft. GLA: 28.0M sq. ft. GLA: 22.7M sq. ft.
Occupancy: 92.2 % Occupancy: 95.5% Occupancy: 95.8% Occupancy: 93.1%
Regional Presidents build portfolio value with:
• Experience: average 25 years in retail real estate • Strong relationship network
• Local market expertise • Knowledge of buyers/sellers
• Consumer preferences & trends • Direct-market transaction opportunities
• Market-specific risk assessment • Smoother approval process with local officials
• Acquisitions & redevelopment opportunities
Localized Operating Approach
Note: GLA and occupancy shown on gross basis.
18U.S. Shopping Center Portfolio Profile
Local Small Shops (< 5K sq. ft.): 7% of GLA
13%
G
14% R
O
National Small Shops (< 5K sq. ft.): 7% of GLA W
11% T
H
ABR
(%)
Mid Tier Stores (5K – 10K sq. ft.): 8% of GLA
S
T
62% A
B
I
Anchors (> 10K sq. ft.): 78% of GLA
L
I
T
Y
Anchors Mid Tier Stores National Small Shops Local Small Shops
• Portfolio is well balanced between Power Centers and Neighborhood & Community Centers
• 57% of portfolio has grocery or food component
19Active Portfolio Management
What we are Selling What we are Buying
• Located in secondary/tertiary markets • Grocery or national big box anchored centers
• Limited growth potential • Emphasis on strong tenancy and rollover
Invest • Largest MSAs: Higher CAGR, Barriers-to-entry,
• Stubborn vacancy $$$$ Value creation through redevelopment, strong
• Initiated asset recycling program in Sept. 2010 demographics & growth estimates
Sold 108 shopping centers for approx.
• Acquired 59 shopping centers for approx. $1.3B
$825.3M
since Sept. 2010
Acquired Disposed
Variance
Sites* Sites
Number of Sites 59 108 -45.4%
Gross GLA (000’s) 7,512 10,854 -30.8%
Gross Occupancy % 95.8% 85.1% 10.7%
Pro-rata ABR per sq. ft. $13.92 $8.75 59.2%
Average Household Income $88,935 $65,328 36.1%
Median Household Income $74,390 $58,458 27.3%
Estimated Population 91,621 76,329 20.0%
Household Density 1,273 1,064 19.6%
Mountain Island Marketplace * Includes transfers from joint ventures to consolidated portfolio.
Charlotte , NC Note: Statistics provided from Sept. 2010 through Dec. 31, 2012.
20Growth in Small Shop Lease-Up
Fast Track Franchise Program KEYS Program Portfolio Review
• Franchisors pre-approve Kimco • Business incubator program for • Kimco offers current & prospective
locations qualified startup entrepreneurs initiated tenants an extensive custom tailored
in April 2012 in California portfolio review, identifying Kimco
• Kimco then markets to prospective
properties that suits their needs
franchisees • Participant benefits:
One year of free rent • Provides tenants a comprehensive
• Utilize program website
Affordable property charges overview of target market sites
(www.fasttrackfranchise.com), signage,
(NNN) to minimize initial
blog posting, & franchise industry events • Resources include pad/outparcel
overhead
as marketing tools database, demographic reporting, co-
Access to personal Kimco retail
business counselors tenant preference reporting, and
• More than 20 chains are currently
A flexible four-year lease option grocery anchor sales ranking searches
signed up
after the first year
Access to shop space in • Conducted 63 portfolio reviews to date
established retail centers in 2012 that resulted in 81 fully
executed leases
• Prospecting candidates through colleges,
Small Business Administration (SBA)
Programs, & local chambers of
commerce
Since fourth quarter of 2011, small shop occupancy has
increased by 170 basis points
21Redevelopment: Increasing Portfolio Value
Investment Incremental
Property Name City State Opportunity
($M) NOI ($M)
Projects estimated completion in 2013
Demolish existing Value City and build new BJs Wholesale & Fuel
Elsmere Square Elsmere DE 4.2 0.6
Island
Richmond S.C. Staten Island NY Redevelop existing Kmart for new Target & Miller’s Ale House 3.9 2.5
Springfield S.C. Springfield PA Demolished Value City & built new Giant Food; adding an outparcel 12.4 1.3
Lake Prairie Town Crossing Grand Prairie TX Construction of Party City, Five Below, and Rue 21 3.6 0.4
Metro Crossing Council Bluffs IA Construction of TJX & Ulta; Multi-tenant building w/ Panera Bread 13.5 1.5
Construction of multi-tenant building with Five Below, Maurices &
Maple Hill Kalamazoo MI 3.3 0.3
CATO
Subtotal for 2013 $40.9 $6.6
Projects estimated completion in 2014 and thereafter
Demolish former National Wholesale Liquidators; Construct a new
Forest Avenue S.C. Staten Island NY 7.6 0.8
Stop & Shop
Miller Road Miami FL Demolish & rebuild of existing Publix & in-line Walgreens 2.7 0.3
Cupertino Village Cupertino CA Construct 24K SF of new retail space 15.9 1.0
Former K-mart demolished with Office Max relocating/downsizing along
Fairview City Centre Fairview Heights IL 22.4 2.4
with new Best Buy and Sports Authority
Pompano Beach Pompano Beach FL Demolish anchor space to build Whole Foods & Sports Authority 10.9 1.1
Wilde Lake Columbia MD Residential & retail redevelopment including vacant anchor 16.9 1.4
Subtotal for 2014 & thereafter $76.4 $7
Average Return:
Grand Total $117.3 $13.6
12%
22Redevelopment: Increasing Portfolio Value
Future Redevelopment Projects
Center Name City State
Cupertino Village Cupertino CA
Owings Mills Mall Owings Mill MD
Camden Square Dover DE
Promenade at Christiana New Castle DE
Tri-City Plaza Largo FL
Palm Beach Gardens West Palm Beach FL
Renaissance Centre Altamonte Springs FL
Airport Plaza Farmingdale NY
Manhasset Center Manhasset NY
Westlake S.C. Additional outlot opportunities: $22.5M investment
Daly City, CA resulting in $5.6M incremental NOI
Redevelopment Yield Range: Estimated spending of approximately $250M
8%-16%
23Recent U.S. Acquisition Profile
Wilton Campus Shops in Wilton, Connecticut
GLA: 97,000 square feet
Anchor Tenants: Stop & Shop
Occupancy: 100%
Rent Per Sq. Ft.: $30.03
Demographics:
Total Population: 21,465
Avg. HH Income: $241,486
Med. HH Income: $207,457
Savi Ranch in Yorba Linda, California
GLA: 161,000
Anchor Tenants: Dick’s Sporting Goods, Bed Bath
& Beyond, Michaels
Occupancy: 100%
Rent Per Sq. Ft.: $15.11
Demographics:
Total Population: 61,263
Avg. HH Income: $150,071
Med. HH Income: $138,498
24Recent U.S. Acquisition Profile
Davidson Commons in Davidson, North Carolina
GLA: 79,000 square feet
Anchor Tenant: Harris Teeter
Occupancy: 97.1%
Rent Per Sq. Ft.: $14.98
Demographics:
Total Population: 29,157
Avg. HH Income: $114,506
Med. HH Income: $95,636
Devon Village in Devon, Pennsylvania
GLA: 69,000 square feet
Occupancy: 100%
Rent Per Sq. Ft.: $31.49
Anchor Tenant: Whole Foods Market
Demographics:
Total Population: 48,741
Avg. HH Income: $152,318
Med. HH Income: $109,341
25Joint Venture Platform
Portfolio Overview JV Consolidation Activity Opportunity
• 270 properties totaling 40.8M gross sq. JVs Transfers to • Kimco’s Acquisition Opportunity: buying
ft. with gross occupancy of 94.6% Wholly-Owned partner’s interest in well known
properties on an off-market negotiated
Number of Sites 10
• 14 different co-investment programs basis.
Gross Price $395M
• 24 institutional partners Gross GLA (000’s) 1,920 • Structure enhances ROE through long-
term, recurring asset and property
Gross Occupancy % 97.9%
• $10.1B in assets under management management fees
Provides recurring fee income of Pro-rata ABR/sq. ft. $14.35
$37.5M annually • Additional source of capital to acquire
Note: Statistics provided from 2012 through January 2013. high-quality retail properties
Partner Buyouts- Quality Play with Long Term Growth
• Towson Marketplace in Towson, MD: 70% partner buyout
Fully-occupied 680,000 sq. ft. power center anchored by Weis Markets, Wal-Mart, Target, Babies ‘R’ Us, Sports Authority, Bed Bath &
Beyond, Marshalls, TJ Maxx, PetSmart, DSW Shoe Warehouse and Michaels located in Baltimore-Towson MSA serves a population of
140,000 in 3-mile radius
• Santee Trolley Square in Santee, CA: 55% partner buyout
311,000 sq. ft. power center anchored by TJ Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness and Old Navy located in San
Diego-Carlsbad-San Marcos MSA serves a population of 103,000 in 3-mile radius
• Shops at Kildeer: Kildeer, IL: 81% partner buyout
168,000 sq. ft. center anchored by Bed Bath & Beyond, Michaels, Old Navy, Cost Plus and Ulta located in Chicago-Joliet-Naperville MSA
with an average household income of $109,000 in 3-mile radius
• Putty Hill Plaza in Baltimore, MD: 89.4% partner buyout
91,000 sq. ft. center grocery anchored by Giant Food in Baltimore-Towson MSA serves a population of 135,133 in 3-mile radius
26CORPORATE RESPONSIBILITY PROGRAM
RETHINK Business • RENEW Community • RESTORE Environment
Program Overview
Objective:
Improve Kimco’s economic, social & environmental performance through
a series of initiatives that enhance tenant satisfaction, reduce operating
expenses, mitigate business risks, & generate new sources of income.
Key Initiatives:
• Utility Management • KimCares
• Lighting and Irrigation Efficiency • KEYS
• Integrated Waste Management • FastTRACK Franchise
Westlake Shopping Center
• Tenant Energy Services • Redevelopment Daly City, CA
North Brunswick Plaza Additional Information/Resources
North Brunswick, NJ
• NAREIT leader in The Light Group
• Participates in Global Real Estate Sustainability
Benchmark (GRESB) & Carbon Disclosure Project (CDP)
• CR Web Portal: www.KimcoCR.com
• Kimco Blog: blog.kimcorealty.com
• Twitter: twitter.com/KimcoCR
• Email: CorporateResponsibility@kimcorealty.com
27Direct to Retail Investment Opportunities
Alamosa Plaza
Las Vegas, NVKey Differentiator: Strong Retailer Relationships
Ability to Act Opportunistically with Retailer-Controlled Real Estate…
• Current economic environment coupled with strong retail relationships should continue to yield profitable investment opportunities.
• Decades of retail property experience and financial acumen resulting in solid track record of unlocking real estate value for retailers.
• Remain focused on working directly with retailers on:
Sale leasebacks
Bankruptcy transactions
Acquire and reposition underperforming retail locations
Retail real estate financing
• In January, Kimco announced its participation in the consortium to acquire five grocery banners totaling 877 locations from SUPERVALU
INC. (NYSE: SVU). The company will contribute up to $76.5 million as its investment & hold approx. 15% interest in the consortium.
(Designation (Designation (Real Estate Financing)
(Acquire/Release (Acquire/Release to tenants) Rights) (Privatization)
Rights)
to tenants)
(Bond Purchase)
(consortium to acquire
(Acquire/Release to tenants) (Real Estate Financing) (Real Estate Financing)
(Real Estate Financing/ five grocery banners)
Designation Rights)
(Acquire 60 leases) (Acquire/Sale Leasebacks) (Acquire/Reposition)
(Real Estate Financing) (Sale Leasebacks)
(Acquire/Real Estate Financing)
Pre -1991 1995 1997 1998 2001 2002 2003 2005 2006 2007 2008 2013
…Has Led To Long History of Value Creation
29Financial Highlights & Strategy
Hamden Mart
Hamden, CTCapital and Balance Sheet Strategy
Timonium Square
Timonium, MD
• Growing free cash flow (after common dividends) for investment and debt reduction
• Maintain strong balance sheet metrics
Net Debt to EBITDA, as adjusted: 5.5x – 6.0x
Improving fixed charge coverage
• Maintain a strong liquidity position – $1.5B available of unsecured line of credit
• Large unencumbered asset pool – Repay existing secured debt of over $400M through 2015
• Maintain investment grade ratings
• Active portfolio management
31Strong Balance Sheet Strength
Solid Improvement since 2008
12/31/08 12/31/11 12/31/12 Improved Consolidated Market Cap: $13.2B*
Gross Assets $10.6B $11.3B $11.5B 8% Mortgage Debt
Unencumbered Assets (416 properties*) $8.7B $9.2B $9.6B 7% Preferred Stock
1% Non-controlling
Ownership Interests
Debt / Gross Assets 43.2% 36.4% 36.5%
Debt/ Total Market Cap (Book) 0.53 : 1 0.46 : 1 0.46:1
Debt / Equity (Book) 1.12 : 1 0.84 : 1 0.85:1
Net Debt /EBITDA, as adjusted 8.3x 6.2x 5.7x
Debt Service Coverage 3.1x 3.4x 3.5x
Fixed Charge Coverage 2.6x 2.7x 2.8x
FFO Payout Ratio 77.7% 56.7% 61.3% 24% Unsecured Debt
60% Market Equity Shares
Investment Grade Ratings:
• S&P: BBB+ • Moody’s: Baa1 • Fitch: BBB+
Raised over $2.0 billion in capital during 2012 at a significantly lower cost
*As of 12/31/12
Strong balance sheet ensures ready access to capital markets
32Well Staggered Debt Maturity Profile
Consolidated Debt
900 21%
19% Weighted Avg. Fixed Rate: 5.79%
800
700 Weighted Avg. Floating Rate: 1.56%
15%
Debt in Millions
600
500 12% 11% 12%
400
7%
300
200
100 2%
1% 0% 0%
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Thereafter
Secured Unsecured Revolving Credit Facility Term Loan
Kimco Share Joint Venture Debt
700
23% Weighted Avg. Fixed Rate: 5.52%
600 Weighted Avg. Floating Rate: 2.37%
18% 18%
500
Debt in Millions
400
300 10%
8% 7%
200 7%
100 3% 2% 2%
2%
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Thereafter
Secured Unsecured
Note: Percentages represent what is maturing as a % of the total debt stack
33EBITDA Composition
Retail Shopping Center Flows Grow from 83% in 2008 to Projected 100% in 2014
Where We Were 2008 Where We Are 2012 Where We Are Going 2014
Shopping Centers 83% Shopping Centers 96% Shopping Centers 100%
Non-retail Investments 17% Non-retail Investments 4% All EBITDA contributions generated
from retail shopping center flows.
34Recurring Retail Earnings Growth
$1,200
$1,030
$995 $1010-$1044
$1,000 $975
$934 $945-$978
$903
$840
$815
$800
$667
$ in Millions
$600
$1010
$930 -
$914 - $1040
$860 $957
$400 $786 $814
$769
$716
$653
$541
$200
$-
2005 2006 2007 2008 2009 2010 2011 2012 2013* 2016*
Recurring Retail Recurring Non-Retail Non-Recurring * Forecasted
• Consistently growing recurring retail earnings – 2012 grew by 6.3% • Eleven consecutive quarters of positive same-site NOI
• More than 97% of recurring earnings contribution in 2013 will be from retail • 4Q12 gross occupancy of 94.0%, an increase of 70 basis points over 4Q11
• Recurring retail earnings have a CAGR of 6% from 2009 to 2012 • 2,678 new leases, renewals & options totaling 10.0 M sq. ft. executed in 2012
352013 Funds From Operations (FFO) Guidance
FFO ($ in millions) FFO $/Diluted Share
2012A 2013F 2012A 2013F
Recurring:
Retail $ 914 $ 930 — $ 957 $ 2.23 $ 2.26 — $ 2.33
Non-Retail 40 15 — 21 0.10 0.04 — 0.05
Financing Costs (299) (278) — (283) (0.73) (0.68) — ( 0.69)
G&A (122) (122) — (126) (0.30) (0.30) — ( 0.31)
Other (19) (18) — (21) (0.04) (0.04) — ( 0.05)
Total FFO as Adjusted $ 514 $ 527 — $ 548 $ 1.26 $ 1.28 — $ 1.33
Transactional Income, Net (1) 18 - — - 0.04 - — -
$ 532 $527 — $ 548 $ 1.30 $ 1.28 — $ 1.33
Preferred Stock Redemption Charge (2) (22) - — - (0.05) - — -
FFO Before Impairments $ 510 $527 — $ 548 $ 1.25 $ 1.28 — $ 1.33
Impairments - - — - - - — -
FFO (3) $ 510 $ 527 — $ 548 $ 1.25 $ 1.28 — $ 1.33
Capital Recycling Assumptions for 2013:
• Acquisition of shopping centers: $500M to $600M which includes Kimco's contribution of $375M to $425M
• Disposition of shopping centers with sales price of $600M to $700M generating Kimco proceeds of $500M to $550M
• Continuing disposition of non-retail assets → $225M to $275M (including InTown in first half of 2013)
(1) Includes normal course of business events such as outparcel sales, acquisition fees and other transactional events
(2) Non-cash charge to FFO associated with the redemption of preferred stock issues F (6.65%) and G (7.75%)
(3) Reflects the potential impact if certain units were converted to common stock at the beginning of the period.
36Reconciliation of FFO to Net Income Available to Common Shareholders
($ in millions, except per share data) 2012A 2013F 2012A* 2013F*
FFO $ 510 $ 527 — $ 548 $ 1.25 $ 1.28 — $ 1.33
Depreciation & amortization (257) (256) — (264) (0.63) (0.62) — (0.64)
Depreciation & amortization real estate joint ventures (1) (134) (126) — (134) (0.33) (0.31) — (0.33)
Gain on disposition of operating properties 85 4 — 12 0.21 0.01 — 0.03
Gain on disposition of joint venture operating properties (1) 28 4 — 8 0.07 0.01 — 0.02
Impairments of operating properties, net of tax (1) (59) - — - (0.15) - — -
Net income available to common shareholders $ 173 $ 153 — $ 170 $ 0.42 $ 0.37 — $ 0.41
(1) Net of noncontrolling interests
* Reflects diluted per share basis
Certain reclassifications of prior year amounts have been made to conform with the current year presentation.
Manetto Hill Plaza
Plainview, NY
37The Kimco Difference
Largest owner/operator/investment U.S. shopping center portfolio growth Strong balance sheet and related credit
manager of U.S. shopping centers with from occupancy increases, ratings with excellent liquidity, access
50 years of history, retailer recapture/re-tenanting of below to capital and banking relationships
relationships, leasing expertise and market leases, and redevelopment
redevelopment experience programs
Proven opportunistic investor in retail
International platform with incremental Retail operating partner of choice for
real estate owned by U.S. retailers
earnings from strong Canadian market large, blue chip domestic and
through structured sales leaseback and
and lease-up of Mexico development international pension funds and
purchase transactions
portfolio insurance companies
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