Download - Our Future is Essential
Our Future is EssentialInvestor Presentation
Third Quarter 2021
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 (COVID19). 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.
2Investor Presentation | Third Quarter 2021
All representations reflect the WRI merger in August except where explicitly stated.
3Investor Presentation | Third Quarter 2021
Table of ContentsPage 9-10: Growth Components
Page 11-19: High Quality Portfolio & Operating Platform
Page 20-25: Accretive & Opportunistic Capital Allocation
Page 26-28: Financial Strength
Page 29-31: ESG Leadership
Page 33: Appendix
Page 04: Kimco at a Glance
Page 05: Third Quarter Stats
Page 06: Operations Update
Page 07: Strategic Goals
Page 08: Well-Positioned for Sustainable Growth
The Witmer
Arlington, VA
4Investor Presentation | Third Quarter 2021
2020 Dow Jones
Sustainability World Index
S&P500/ DJSI
Baa1/BBB+Moody’s/S&P Credit Ratings
1958/1991Founded / IPO
KIMNYSE Listed
$21.0BTotal Capitalization
545/94MProperties/Total GLA
94.1%Pro-rata Occupancy
79.4% of ABR**
From Grocery
Anchored Centers
San Francisco
Sacramento
San Jose
Seattle
Portland
Los Angeles
Orange County
San Diego
Phoenix
Denver Chicago
DallasAustin Houston TampaAtlanta
Miami
Fort Lauderdale
Orlando
Charlotte
Boston
New York
Philadelphia
Raleigh-Durham
Baltimore
Washington D.C.
Kimco at a Glance
North America’s largest publicly traded
owner and operator of open-air, grocery-
anchored shopping centers and mixed-
use assets. Kimco has a nationally
diversified portfolio of 545 centers located
in the drivable first-ring suburbs of our
top 20 major metropolitan sun belt and
coastal markets.
Our centers provide essential, necessity
based goods and services to the local
communities and are primarily anchored
by grocers, home improvement and
pharmacy tenants.
ESG* leader with a 60+ year track
record delivering value to investors,
tenants, employees and communities.
*Environmental, Social and Governance
**Annual Base Rent
As of 9/30/2021
94.1%Operating Portfolio
Occupancy
79.4%% of ABR from Grocery
Anchored Centers
28%FFO Growth
over 3Q20
12.1%SSNOI Growth
over 3Q20
5Investor Presentation | Third Quarter 2021
Third Quarter Stats
+5.0%Pro-rata rent spread on
comparable new leases
97.7%Q3 Base Rent
Collections
8.7 YRDebt Maturity
Profile
$2.4B+
Total
Liquidity
Operations Update
6Investor Presentation | Third Quarter 2021
96.4% 96.4%96.0%
95.6%
94.6%
93.9%93.5%
93.9%94.1%
3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
OccupancyAll-time high
$17.67
$17.96 $18.09 $18.14 $18.12 $18.19
$18.32 $18.43
$19.05
3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Rent Per Square Foot
8.1%
6.0%7.3%
12.0%
8.2%
6.0%6.8%
5.9%4.9%
3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Comparable Leasing Spreads
Positive spreads continued
through pandemic
2.2% 2.7% 1.5%
-13.6%
-9.1% -10.5%
-5.7%
16.7%
12.1%
3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21*
Same-site NOIPandemic Impacted
Pandemic Impacted
*The Company excluded Weingarten Realty from Same-site NOI calculation since it was not owned for the full period. Kimco expects to include the Weingarten portfolio in same-site NOI for 4Q21.
SAME SITE NOI
GROWTH RATE2.5%+
3.0 -5.0%
Strategic Goals
7Investor Presentation | Third Quarter 2021
Financial & Operating 2025 Goals
12KRESIDENTIAL UNITS
AFFO GROWTH
RATE6.0-6.5x
LOOK- THROUGH
NET DEBT TO EBITDA
GROCERY
ANCHORED
PORTFOLIOA-/A3
UNSECURED CREDIT
RATINGS
Mid 70%
CONSERVATIVE DIVIDEND
AFFO PAYOUT RATIO
85%
Environmental, Social & Governance (ESG)
Pillars and Goals
• Diversity in management
• Employee satisfaction
• Individual development and well-being
• Science-Based Target
• Tenant and vendor collaboration
• Property resiliency
• Sustainability-linked financing structures
• Small business and community giving
• Tenant satisfaction
• Live-work-play environments
• Omni-channel infrastructure
• Low-carbon transportation
• Annual ESG Reporting
• Alignment with recognized ESG frameworks
• Regular and transparent engagement with key stakeholders
COMMUNICATEOpenly With
Our Stakeholders
EMBRACEThe Future
Of Retail
ENGAGEOur Tenants
& Communities
LEADIn Operating
& Resiliency
FOSTERAn Engaged,
Inclusive
& Ethical Team
+
REVISED UP FROM 10K
Well-Positioned for Sustainable Growth
8Investor Presentation | Third Quarter 2021
High Quality Portfolio & Operating PlatformDeliver consistent FFO growth from a portfolio of well-located, essential-anchored shopping
centers and mixed-use assets
• Deliver consistent AFFO growth of 3.0% to 5.0%+
• 85% anchored by grocery stores, home improvement and pharmacy tenants
• Located in the drivable first-ring suburbs of our top 20 major metropolitan sun belt and
coastal markets.
Accretive & Opportunistic Capital Allocation
Generate additional internal and external growth through accretive acquisitions,
(re)development and “Plus”/Structured investments
• 107 properties with redevelopment projects totaling $1.0B and a blended ROI of 8.3%,
since 2015
• Opportunistic acquisition and structured investment (‘plus’ business) platform focused
on accretive unique opportunities
Financial Strength
Maintain a strong balance sheet and liquidity position with an emphasis
on reduced leverage and a sustainable and growing dividend.
• $2.4B+ in immediate liquidity, including full $2.0B available on unsecured revolving
credit facility
• 8.7 years consolidated debt maturity profile, one of the longest in the REIT industry
• 474 unencumbered properties, approximately 87% of the centers in the portfolio
• $1.2B+ market value of remaining ownership interest in Albertsons grocer (NYSE: ACI)
Environmental, Social & Governance Leadership
ESG leader with a 60-year track record delivering value to investors, tenants, employees,
and communities
• ESG approach is aligned with core business strategy, with property-level and
enterprise efforts that bolster FFO growth
• Proactive approach to quantifying, disclosing and managing climate, reputational
and other risks
• Commitment to DE&I, ethics and governance best practices at the Board,
Management, and employee levels
1
2
3
4
9Investor Presentation | Third Quarter 2021
Growth Components
Organic Growth
(Rent Bumps)
Leasing and Mark
to Market
Opportunities(Re)development and
Repositioning
Pipeline
Accretive Capital
Deployment
(Acquisitions,
“Plus”/Structured
Investments)
ESG: Strong
commitments in the
areas of climate
change, DE&I and
small business
support
Westlake Shopping Center
Daly City, CA
10Investor Presentation | Third Quarter 2021
Growth Components
Contributors of NOI Growth Short-Term (1 Year) Medium-Term (2-3 Years) Long-Term (>3 Years)
Organic Growth (Rent Bumps) • Annual rent bumps for small shop leases of 3-4%,
bumps every five years for anchors of 10-12%;
• Improving credit loss
Leasing and Mark to Market Opportunities • Occupancy on the path back to historical levels
• Strong post-pandemic leasing volume
• 166 anchor leases scheduled to expire during 2022;
AVG RPSF of $12.58 vs. $16.15 over the TTM
• Leased to economic occupancy gap narrowing;
• 39% of anchor leases are “Legacy Leases”
(20 years or older)
• ~50% Mark to Market on all anchor leases
(Re)development and Repositioning
Pipeline
• Economic stabilization of Signature Series Projects:
Dania and The Boulevard (slide 22) and West Alex
(slide 23)
• Return of 11.5% on 8 redevelopment projects
completed year to date
• Completion of
Pentagon Phase 2
• 27 Small, active, high-yielding
redevelopment and repositioning
projects
• Entitlement goal of
12K+ MF units by 2025
• Economic stabilization
of Pentagon Phase 2
Accretive Capital Deployment (Acquisitions,
“Plus”/Structured Investments)
• Opportunistic acquisition and structured investment
platform focused on accretive unique opportunities
Monetization of ACI shares
Westlake Shopping Center
Daly City, CA
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High Quality Portfolio & Operating Platform
The Boulevard
Staten Island, NY
Well-Positioned, Grocery Anchored Portfolio in Major Sun Belt & Coastal Markets
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Investor Presentation | Third Quarter 2021
San Francisco
Sacramento
San Jose
Seattle
Portland
Los Angeles
Orange County
San Diego
Phoenix
Denver Chicago
TampaAtlanta
Miami
Fort Lauderdale
Orlando
Boston
New York
Philadelphia
Raleigh-Durham
Baltimore
Washington D.C.
85% of Annual Base Rent comes from Our Top Major Metro Markets*
• KIM’s Top Sun Belt markets estimated 5yr
population growth 67% > the U.S. average.
• KIM’s Top Coastal markets exceed the U.S.
average by 22% for median household income
Major Metro Markets ABR Contribution
82%
Major Metro Markets
Other Major Metro Markets
Coastal and Sun Belt Markets
85%
3%
1
2
3
4
5
Dallas Houston
*Markets noted on the map are Kimco’s top major metropolitan markets by percentage of pro-rata ABR as of 9/30/2021 Target Market for Expansion
San AntonioAustin
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Investor Presentation | Third Quarter 2021
Highly
Diversified
Tenant Base
Led by Healthy
Mix of
Essential,
Necessity-based
Tenants and
Omni-Channel
Retailers
Top Tenants By ABR
1.2%
1.3%
1.5%
1.6%
1.7%
1.9%
1.9%
2.0%
2.2%
3.7%A/A2
A/A2
BB/Ba2
AA-/A1
BBB+/A2
B/B2
BBB/Baa1
BBB/Baa1
BB+/WR
AA/Aa2
S&P/MOODY’S
• Scale: 10,700 leases with 5,000
tenants
• Diversity: Only 10 tenants with
ABR exposure greater than 1.0%
• Stability: Fixed, contractual rents
with bumps
• Security: Weighted average
remaining lease term of 7 years
for anchors and 5 years for small
shops*
/
*For the purposes of this calculation, we assume the tenants do not exercise available options
Highly Diversified Tenant Base Led by Healthy Mix of Essential, Necessity-based Tenants and Omni-Channel Retailers
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Investor Presentation | Third Quarter 2021
QSR, 9.6%
Full Service,
6.2%
4.8% Home Office/ Appliance
3.9% Home Improvement
3.5% Banking/ Finance
4.0% Other Essential
3.5% Pet Stores/ Veterinary
4.5% Medical/ Medical Supply
1.3% Auto Repair & Supply/ Gas Stations
Grocery/
Warehouse Clubs/
Pharmacy
18.3%
Sporting Goods/ Hobby Retail Stores 4.5%
Personal Service 5.1%
Health Club/ Fitness 4.1%
Other Non-Essential 3.1%
Professional Service 1.8%
Entertainment/ Gathering Place 1.4%
Soft Goods 20.4%
% of
Pro-rata ABR*
ESSENTIAL RETAIL: 44%
COMPLEMENTARY RETAIL: 40%
RESTAURANTS: 16%
ABR by Category
*As of 9/30/2021
Grocery Anchor Advantage
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Investor Presentation | Third Quarter 2021
Remaining
Non-Grocery
Current Grocery
Anchored/ Component
79% 85%GOALCURRENT
Visits Trend – Veterans Memorial Plaza
Long Island, NY
Addition of Grocery Anchor Drives Increased Traffic
~$850/SFAVG Grocery Sales in our centers*
*For those that report sales
Highly productive grocers
Veterans Memorial Plaza
Commack, NY
Tenants Use Stores to Fulfill Last Mile Logistic Strategies in a Cost-effective, Sustainable Way
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Investor Presentation | Third Quarter 2021
Free Expedited ShippingDelivery From Store Same Day DeliveryCurbside Pickup Order Pickup/Bopis*
300+ Sites With
Curbside Pickup with more to come from the
expanded portfolio following the
WRI merger
• Reduce carbon emissions and
congestion from truck traffic
• Less wasteful packaging
Environmental
Advantages: Micro-fulfillment
Optionality
*Buy Online Pick-up In Store
Tenants Use Stores to Fulfill Last Mile Logistic Strategies
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Investor Presentation | Third Quarter 2021
“…our stores continue to be the hub of our industry-
leading omnichannel experience, serving both our in-store
athletes and providing over 800 forward points of distribution
for digital fulfillment...our stores enabled over 90% of our total
sales, and it fulfilled more than 70% of our online sales” 3
“our last-mile business has scaled…we're
over 1.5 million deliveries per week from store
environments…we're now in over 3,000 locations…” 4
“…we’ve never been more confident in the importance of
our physical stores, as they remain the center of the
customer experience…more than 55 percent of our online
orders were fulfilled through our stores, a testament to the
power of our interconnected retail strategy.” 5
“…we believe consumers will increase their use of
eCommerce solutions, especially pick up in store and rapid
delivery…we are committed to continuing to enhance
speed by leveraging our great store locations.” 6
“…it's been everything working together that's driven our
performance. This includes our supply chain work, which
has positioned our stores as fulfillment hubs, while
transforming the way we replenish store inventory.” 1
“…we leveraged our stores to drive fast and
convenient fulfillment of online orders. In Q2, we
continue to see about 60% of our online revenue fulfilled
by stores, including in-store or curbside pickup, ship-from-
store or Best Buy employees who are delivering
product…out of more than 450 of our stores…” 2
1. Target 2Q21 Earnings Call Transcript, August 2021
2. Best Buy Fiscal 2Q22 Earnings Call Transcript, August 2021
3. Dick’s Fiscal 2Q22 Earnings Call Transcript, August 2021
4. Walmart BOA Consumer and Retail Tech Conf., March 2021
5. Home Depot 2Q21 Earnings Call Transcript, August 2021
6. Albertsons 1Q21 Earnings Call Transcript, July 2021
Expanding Brand Leaders
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Investor Presentation | Third Quarter 2021
Leading Retailers are using the current environment to upgrade their locations and/or to try to gain market share
Tenants Expanding Today
Grocer
Off Price Retail
Large Format
Health/Beauty Products
Sporting Goods
Restaurants
Personal Services
Fitness
Misc.
Source: Citi Research, Creditntell, ICSC, company releases, media reports
96.4%
96.0%
95.6%
94.6%
93.9%93.5%
93.9%94.1%
94.1% 94.3%93.9%
93.0%
92.0%
91.2%90.9%
91.1%
90%
91%
92%
93%
94%
95%
96%
97%
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Leased Economic
Leasing Activity
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Investor Presentation | Third Quarter 2021
Lease Volume
• Executed a total of 411 leases for 2.1M SF during 3Q
Mark To Market
• 166 anchor leases scheduled to expire during 2022; AVG RPSF
of $12.58 vs. $16.15 over the TTM
• 10% of Kimco’s Pro Rata ABR from ground leases with a
mark to market of 114%
Leased To Economic Occupancy Spread
1,489 1,131 2,809 1,794 2,050
233247
358 333
411
0
50
100
150
200
250
300
350
400
450
0
1000
2000
3000
3Q'20 4Q'20 1Q'21 2Q'21 3Q'21
Total Volume (GLA, 000s) Deal count
All-time high
Spread Translates
To ~$45M of ABR
of which ~$25-30M
to flow In 2022
20Investor Presentation | Third Quarter 2021
Accretive & OpportunisticCapital Allocation
Stanford Ranch
Roseville, CA
2021 Capital Allocation Priorities
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Investor Presentation | Third Quarter 2021
Leasing
$135M TO $150M
Any additional capital allocated as new opportunities are identified
Includes capex, tenant improvements and landlord work
1
(Re)development
$85M TO $100MFinding the highest and best use for each asset
Adding density while creating community gathering spaces
2
3 Acquisitions/Structured Investments, Net
$150M TO $200M
NOI Growth Through a Curated Collection of Mixed-Use Projects and Redevelopments
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Investor Presentation | Third Quarter 2021
Completed Q2 2020
• 417K SQFT Retail, 66% Leased
• 800 Multi-family Units: Ground Leased
– 264 units open and 99% occupied
• 2 Hotels: Ground Leased; opened Sept.
Completed Q3 2020
• 400K SQFT Retail, 88% Leased
• ShopRite, Chase Bank, LA Fitness,
PetSmart, Marshalls and Ulta are open;
Other retailers opening in 2021
LEASED OCCUPANCY: 88%
ECONOMIC OCCUPANCY: 65%
Estimated Cost: $135.4M
• 253 multi-family units
• 16K SQFT of ground floor retail
PHASE II: THE MILTON
ESTIMATED COMPLETION: 2024
DANIA POINTE: Phase II & IIIDania Beach, FL
THE BOULEVARDStaten Island, NY
PENTAGON CENTRE: The MiltonArlington, VA
PH II & III RETAIL:LEASED OCCUPANCY: 66%
ECONOMIC OCCUPANCY: 42%
NOI Growth Through a Curated Collection of Mixed-Use Projects and Redevelopments
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Investor Presentation | Third Quarter 2021
Acquired via WRI Merger
• 318 Multi-family units, 95% Leased
Acquired via WRI Merger
• 278 Multi-family units, 79% Leased
• 123K SQFT of retail/office, anchored by a
62K SQFT Harris Teeter grocer
Acquired via WRI Merger
• 366 Multi-family units, 96% Leased
• 72K SQFT of retail anchored by a 52K SQFT
Harris Teeter grocer, 100% Leased
DRISCOLL AT RIVER OAKSHouston, TX
WEST ALEXAlexandria, VA
CENTRO ARLINGTONAlexandria, VA
Future Mixed-Use Opportunities
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Investor Presentation | Third Quarter 2021
Opportunities are distributed across the portfolio, diversifying against market-specific circumstances
Units Built, 2,218
Future Entitlements
2025 Goal:
12,000+ Units
5,865 Units
*Future Phases
**Excludes Retail GLA in Scope and Residential Units for 7 projects in Master Planning
$75K-$100K/Unit
Estimated Unit
Value
Multi-family Entitlements*
Units Entitled, 3,647
40+Potential
Mixed-Use
Projects
and
Master Plans
1.7M SFRetail GLA in Scope*
>10,000 Multi-family Units**
Kimco Plus Investments (KPI): Opportunistic Investing
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Investor Presentation | Third Quarter 2021
Decades of retail property experience, financial acumen, and strong retailer relationships have resulted in unlocking real estate
value for both retailers and property owners
What is the “Plus” Business? Kimco’s strategy of investing in real estate rich retailers
Albertsons - Monetization Is Primarily Allocated For Debt Reduction
• Marketable Securities Valuation: $1.2B+
• Dividend Yield: <2.0%
• Lockup Period: 25% Expires Every 6 Months Beginning June 2020. All
restrictions expire by July 2022
Rite Aid Distribution Centers
1Q21: Purchased 2 centers as a sale-leaseback: $85M
• Off-market transaction utilized strong tenant relationship
• Triple net format
2Q21: Sold for $108M with gain on sale of $18.8M & IRR ~72%
“Plus” Business Transactions Structured Investments
• Current returns: High single digit - low double-digit
• ROFR/ROFO* to buy: Creates potential acquisition pipeline
• Located: Core target markets
• Recent Investments:
3Q21: Alamo Ranch, San Antonio, TX (Mezz Financing: $22M)
2Q21: The RIM Shopping Center, San Antonio, TX (Preferred Equity: $55M)
4Q20: Pompano Citi Centre, Pompano, FL (Mezz Financing: $25M)
4Q20: The Shoppes at 82nd Street, Queens, NY (Preferred Equity: $10M)
In an environment where financing options can be limited, Kimco has the
capital, operational expertise, and fundamental belief in the long-term viability
of physical retail that make us the partner of choice for owners and operators
of retail real estate
*Right of First Refusal/Right of First Offer
26Investor Presentation | Third Quarter 2021
SignificantFinancial Strength
Grand Parkway Marketplace
Spring, TX
$2.4+ Billion of Financial Capacity to Support Growth
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Investor Presentation | Third Quarter 2021
SOURCES
No maturing consolidated or JV debt
in 2021
Spend on (re)development:
$85M to $100M
Unencumbered Properties
~87% of our properties (474);
~88% of our Total NOI
Albertsons (NYSE:ACI) Marketable
Securities Valuation: $1.2B+
Full Availability under $2.0B Revolving
Credit Facility (green pricing grid)
Dividend Payout Ratio: High 60%’s to
Mid 70%’s of FAD (+$200M of FCF
After Dividends)
Improving investment grade credit
ratings from:
BBB+ S&P / Baa1 Moody’s
Lowering Net Debt to EBITDA from
current levels of:
6.6x* Consolidated
7.0x* Preferred Stock & Pro-rata
Debt
Maintaining Fixed Charge Coverage
of 4.0x or better. Current level: 4.3x
COMMITTED TO USES
*Net debt to EBITDA includes only two months of WRI EBITDA but the full level of debt
Well-Staggered Debt Maturity Profile with Accretive Near-Term Refinancing Opportunities
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0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter
0%
14%
9% 9%
12%11%
6% 6%
1%
6%
26%
DE
BT
IN
MIL
LIO
NS
Consolidated DebtFixed Rate 3.4%*
Floating Rate N/A
WAVG Term 8.7 Yrs
Secured Debt 6%
Unsecured Debt 94%
Joint Venture Debt
Fixed Rate 3.91%*
Floating Rate 1.59%*
WAVG Term 3.8 Yrs
Secured Debt 77%
Unsecured Debt 23%
As of 9/30/2021
Percentages are annual maturities of total pro-rata debt stack
*Weighted average
Includes Green Bonds and/or credit facility with green pricing grid
29Investor Presentation | Third Quarter 2021
ESG Leadership
The District @ Tustin Legacy
Tustin, CA
Environmental, Social and Governance
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Investor Presentation | Third Quarter 2021
Industry Leading Platform
COMMUNICATE
EMBRACE
ENGAGE
LEAD
FOSTER
Openly With
Our Stakeholders
The Future Of Retail
Our Tenants
& Communities
In Operating
& Resiliency
An Engaged, Inclusive
& Ethical Team
Our Pillars Results
Achieved #1 GRESB peer group ranking for both The
Real Estate Assessment and Public Disclosure Kimco remained a constituent of the FTSE4Good Index Series
Completed 2021 Curbside Pickup® installations at 300+
properties with more to come from the expanded portfolio
following the WRI merger
Reached 6,793 residential units and hotel keys constructed or
entitled
Donated $300,000+ YTD to support small businesses and
charitable causesLaunched an innovative Tenant Assistance Program, securing
an estimated $20 million in relief funds
Published inaugural annual Green Bond ReportInitiated the enrollment of all new properties into Kimco’s integrated
waste management program
Finalized launch plan for KIMunity Councils to drive
employee engagement towards achieving ESG goalsRe-certified as a Great Place to Work® for the 4th year in a row
Our full 2020 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).
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for additional ESG information see our ESG deck
Environmental,
Social and
Governance
Industry Leading
Platform
Partnerships
• GRESB Member
• US EPA Energy Star® Partner
• DOE Better Buildings Alliance Member
• Landlord Tenant Energy Partnership
(IMT, ICSC, RILA)
• Green Lease Leaders
• Nareit RESC Executive Committee
• Real Estate Roundtable Sustainability
Policy Advisory Committee
Recognition
America’s Most Responsible
Companies – Top Real Estate Owner
2019 Nareit Retail
Leader In The Light
DJSI World & North
America Indexes
FTSE4Good Index
GRESB Public Disclosure –
“A” Rating
Great Place To Work
Certified for the 4th
year in a row
Fortune Best
Workplaces in New
YorkTM 2021
Dania Pointe “Most Intelligent
Mixed-use Project”
Gold Green Lease Leader
Investor Presentation | Third Quarter 2021
Well-Positioned for Sustainable Growth
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Investor Presentation | Third Quarter 2021
High Quality Portfolio & Operating Platform
Accretive & Opportunistic Capital Allocation
Financial Strength
Environmental, Social & Governance Leadership
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Appendix
Belmart Plaza
West Palm Beach, FL
Reconciliation of Non-GAAP Measures
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AP
PE
ND
IX
Investor Presentation | Third Quarter 2021
Net Debt/EBITDA Calculations
Net income/(loss) 509,204$ Net Debt / EBITDA Calculation
Interest 52,126
Depreciation and amortization 114,238 Net Debt 7,033,210$
Gain on sale of properties (1,975) Annualized Consolidated EBITDA 1,072,796$
Impairment charges 850 Net Debt to Consolidated EBITDA 6.6x
Impairment of joint venture properties 1,191
Merger charges 46,998
Profit participation from other real estate investments, net 2,380
Gain on marketable securities, net (457,127)
Provision/(benefit) for income taxes 314 Net Debt / EBITDA Calculation Pro-Rata (Including Preferreds)
Consolidated EBITDA 268,199$
Annualized Consolidated EBITDA 1,072,796 Net Debt (Pro-rata Share with JV) 7,609,928$
Preferred Stock 489,500
Consolidated EBITDA 268,199$ Debt 8,099,428$
Prorata share of interest expense - real estate JV's 5,050
Prorata share of depreciation and amortization - real estate JV's 15,365 Annualized Pro-rata EBITDA 1,154,460$
EBITDA including prorata share - JV's 288,615$
Annualized Pro-rata EBITDA 1,154,460$ Net Debt and Preferred to Pro-rata EBITDA
(including preferreds) 7.0x
Debt 7,516,681$ Pro-rata JV Debt 632,449$
Cash 483,471 Pro-rata JV Cash 55,731
Net Debt 7,033,210$ Pro-rata JV Net Debt 576,718$