2. 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
3. North America’s Largest Owner & Operator of
Neighborhood & Community Shopping Centers.
Redhawk Towne Center
Temecula, CA
4. History Started in 1958 | IPO that initiated modern REIT era;
NYSE-listed for ~20 years | S&P 500 Index (2006)
Dividend $0.76 annually, ~3.9% yield (03/31/12)
Shopping Center Properties 930 properties; 136.2M / 88.6M sq. ft. (gross/pro-rata)
Geographic Footprint 44 states, Puerto Rico, Canada, Mexico and South America
Occupancy (pro-rata) 5-year average: 93.7% | High: 96.3% (12/31/07) / Low: 92.3% (6/30/09)
Enterprise Value $13.2B (03/31/12)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (S&P | Fitch | Moody’s)
4
5. Vision: The Premier Owner and Operator of Shopping Centers
Continue to strengthen Active Asset
balance sheet Recycling Program
Sell non-retail Opportunistic Retail
assets Investments
Lease-up of Value creation through
Latin America portfolio redevelopment
Capitalize on 50 Year History, Size/Scale and Strength of Retailer Relationships
5
6. The Case for Retail Real Estate: Today’s Market
Healthier Retailers Retail Real Estate
• Strong balance sheets • Virtually no ground up development supply
being absorbed
• Right-sizing of store size & relocating low-performing
stores • Return of growth-focus poised to increase store
count in power centers vs. regional malls in 20121
• 71,539 store openings scheduled over the next two
years2
Supply Growth by Center Type3 Decrease in Retail Development3
1 ISI Group, “Real Estate Research: More Confident in Power Center Demand Following ICR XChange 2012” January 2012.
2 RBC Capital Markets, “Retail REITs: May National Retailer Demand Monthly (NRDM)” May 2012.
3CoStar Group. “The State of Commercial Real Estate Industry: Year-End 2011 Retail Review & Outlook” 2012.
6
7. The Case for Retail Real Estate: Historical Perspective
Kimco U.S. Historical Occupancy
Highest
98.0% Occupancy Average
96.2% Occupancy
96.0% Lowest 93.5%
Occupancy
91.8%
94.0%
92.0%
90.0%
88.0%
86.0%
84.0%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Industry Benchmark Occupancy
98.0% Highest
Occupancy
94.0%
96.0% Average
Occupancy
94.0% Lowest 91.5%
Occupancy
89.8%
92.0%
90.0%
88.0%
86.0%
84.0%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Source: NCREIF
Neighborhood shopping centers occupancy rate was
at five year low in 1Q11 at 89.8% and a high in 1Q07 at 94.0% 7
8. Geographic Footprint of Quality Assets
Faubourg Boisbriand Long Gate S.C. Magnocentro 26
Boisbriand, Quebec, Canada Ellicott City, MD Huixquilucan, EM
Canada United States Mexico
• 65 centers • 795 centers • 55 centers
• 12.2M / 6.7M sq. ft. • 111.4M / 73.0M sq. ft. • 11.8M / 8.2M sq. ft.
(gross / pro-rata) (gross / pro-rata) (gross / pro-rata)
• $15.58 per sq. ft. • $11.96 per sq. ft. • $10.44 per sq. ft.
• 96.4% occupancy • 92.8% occupancy • 89.8% occupancy
• Top tenants: • Top tenants: • Top tenants:
TJ Maxx Home Depot Wal-Mart
Canadian Tire TJ Maxx Cinepolis
Target Wal-Mart HEB
Note: USD$ per sq. ft. and occupancy as of 03/31/12 are shown at pro-rata interest. Centers and square footage include properties not in occupancy.
8
9. Why Kimco?
Resilient Portfolio
• Geographically diversified
• Redevelopment program
• Asset recycling
Solid Tenant Mix Necessity vs. Specialty
• Credit quality • Well-balanced between
• Low single tenant exposure grocery vs. big box
More than 15,000 leases
with 8,500 tenants
Stability Growth
9
10. Portfolio has Remained Resilient Over the Great Recession
Same-Property NOI Occupancy
5.0% 98.0%
4.0% 96.0%
96.0% 95.2% 95.2%
3.0% 94.3%
3.0% 2.7%
94.0%
92.7%
2.0% 1.5% 92.1% 92.4% 92.2% 92.3%
92.0%
1.2% 1.1% 1.1% 92.0%
1.0% 0.7%
0.4%
90.0%
0.0%
88.0%
-1.0%
-2.0% 86.0%
-3.0% -2.7% 84.0%
-3.2%
-4.0% 82.0%
-5.0% 80.0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
Kimco Realty U.S. Strip Center REIT Average Kimco Realty U.S. Strip Center REIT Average
Source: GreenStreet Advisors Report
10
11. Stability Driven by Diversified Tenant Exposure Across Many Regions
Metropolitan Statistical Area (MSA) Exposure by Annualized Base Rent (ABR)
• Top 30 MSAs & Puerto Rico account for more than 70% of
U.S. ABR. Canada 10.3%
MSA 1-5 19.5%
Latin America 6.5%
• Top 5 MSAs include:
NY-Northern NJ-Long Island
L.A.-Long Beach-Santa Ana
All Other 24.4% MSA 6-10 12.5%
Chicago-Joilet-Naperville
Dallas-Fort Worth-Arlington
Houston-Sugar Land- Baytown
• International portfolio accounts for approx. 17% of ABR.
MSA 11-30 & Puerto
Rico 26.8%
Top Tenant Overview by Annualized Base Rent
3.1% 3.0% Only 14 tenants with
2.5% exposure > 1.0%
2.1%
1.6%* 1.5% 1.3%* 1.2%* 1.1%
* Each
11
13. U.S. Shopping Center Portfolio Profile by ABR
62% of ABR Generated from Major and Junior Anchors – High Quality, Good Credit Tenants
Major Anchor 20%
(Over 60K sq. ft.) 42% Junior Anchor
(10K – 60K sq. ft.)
Mid Tier Stores 11%
(5K – 10K sq. ft.)
13% National Small Shops
Local Small Shops 14% (< 5K sq. ft.)
(<5K sq. ft.)
Tenant Type % by Leased GLA
Major Anchor 34%
Junior Anchor 45%
Mid Shops 8%
National Small Shops 7%
Local Small Shops 7%
13
14. Small Shop Space Lease-Up Initiatives
Fast Track Franchise Program KEYS Program
• Franchisors pre-approve Kimco locations • Business incubator program for qualified startup
entrepreneurs initiated in April 2012 in California
• Kimco then markets to prospective franchisees
• Participant benefits:
• Utilize website (www.fasttrackfranchise.com), signage, One year of free rent,
blog posting, & franchise industry events as marketing Affordable property charges (NNN) to minimize
tools initial overhead,
• 21 chains are currently signed up Access to personal Kimco retail business
counselors
A flexible four-year lease option after the first year
Access to shop space in established retail centers
• Prospecting candidates through colleges, Small Business
Administration (SBA) programs, and local chambers of
commerce
• 300 units less than 2,500 square-feet are available
Since first quarter of 2011, small shop occupancy has
increased by 120 basis points
14
15. U.S. Shopping Center Categorization By ABR
Grocery Anchored: 40%
Centers with food component: 17%
Other Total: 57%
Power Center
5.4% 5.4%
Neighborhood &
Community Center
Power Center 33.4%
(with food component)
12.5%
Neighborhood &
Neighborhood & Community Center
Community Center (with food component)
(grocery anchored)
4.2%
39.1%
Food Component Includes:
15
16. U.S. Strategic Assets – Demographic & Financial Profile
Strategic Assets account for 92% of Annual Base Rent (ABR)
Demographic Profile Within a 3-Mile Radius
Median House Market Data at KIM
Number ABR Total Hold Income MSA Level Above MSA
of Sites Occupancy PSF Population (MHHI) MHHI MHHI
Strategic 673 93.9% $12.24 110,053 $69,466 $60,700 14.4%
Non-Strategic 120 83.8% $9.43 74,835 $57,542 $57,340 0.4%
Total Assets 793 92.8% $11.96 107,205 $68,502 $60,428 13.4%
Mesa Riverview Timonium Square
Mesa, AZ Timonium, MD
Note: Demographics do not include Puerto Rico sites.
16
17. U.S. Growth Profile: Quality Over Quantity
Active Asset Recycling Program
Disposition of Non Strategic Assets Acquisition Focus Targets
• Grocery or national big box anchored centers
• Located in secondary/tertiary markets
• Emphasis on strong tenancy and rollover
• Limited growth potential Invest
$$$$ • Largest MSAs: Higher CAGR, Barriers-to-entry,
• Stubborn Vacancy Value creation through redevelopment, strong
demographics & growth estimates
• Sold 53 shopping centers for approx. $290M
since Sept. 2010 Kimco Investor Day • Acquired 37 shopping centers for approx. $768M
since Sept. 2010 Kimco Investor Day
Disposed Acquired
Garden State Pavilions, NJ
Acquired in June 2011 Sites Sites
Number of properties 53 37
GLA (000’s) 3,499 3,942
Occupancy % 82.3% 94.3%
ABR per square foot $9.14 $12.44
Estimated Population 77,313 82,296
Household Density 1,066 1,125
Median Household Income 55,143 66,992
Average Household Income 66,475 81,214
17
18. Improving Tenant Profile Through Active Recycling
Top Ten Tenants Top Ten Tenants
Acquisitions Dispositions
(Sept. 2010- Current) (Sept. 2010 – Current)
Occupied ABR Credit Ratings Occupied ABR Credit Ratings
Tenant Name # GLA (000’s) (000’s) (S&P/Moody’s) Tenant Name # GLA (000’s) (000’s) (S&P/Moody’s)
Publix Supermarkets 2 116 $1,287 NR Jo-Ann Stores 2 89 $779 B / B2
Michaels 6 112 1,267 B / B2 Hannaford Bros. 1 39 658 NR
Ross Stores 5 125 1,146 BBB+ / NR Hobby Lobby 2 88 597 NR
Shoprite 3 84 1,143 NR General Motors 2 31 594 BB+ / Ba1
Academy Sports 2 133 1,093 NR Global Fitness 2 43 554 NR
Royal Ahold 2 73 1,081 BBB / Baa3 TJX Companies 2 64 507 A / A3
Kohl’s 3 201 945 BBB+ / Baa1 Super United Furn. 1 100 494 NR
Kroger Company 3 131 880 BBB / Baa2 Sears Holdings 1 80 459 CCC+ / B3
TJX Companies 4 92 812 A / A3 Raley’s 1 60 458 NR
Wal-Mart 1 111 750 AA / Aa2 Lamb’s Thriftway 1 38 437 NR
Top Ten Tenants 31 1,178 $10,404 Top Ten Tenants 15 632 $5,537
* Occupied GLA & ABR are shown at pro-rata interest.
18
19. U.S. Recent Acquisition Profile
Garden State Pavilions in Cherry Hill, New Jersey
GLA: 257, 378 square feet
Metropolitan Statistical Area (MSA):
Philadelphia-Camden-Wilmington
Anchor Tenants:
Petco, Ross Dress for Less, ShopRite, Staples
Demographics:
Total Population 145,993
Avg. HH Income $79,016
Med. HH Income $66,576
Centre Court in Pikesville, Maryland
GLA: 105,530 square feet
Metropolitan Statistical Area (MSA):
Baltimore- Towson
Anchor Tenant: Giant Food
Demographics:
Total Population 106,065
Avg. HH Income $82,359
Med. HH Income $64,820
19
20. U.S. Recent Acquisition Profile
College Park in Tempe, Arizona
GLA: 62,285 square feet
Metropolitan Statistical Area (MSA):
Phoenix-Mesa-Scottsdale
Anchor Tenant: Whole Foods Market
Demographics:
Total Population 135,858
Avg. HH Income $68,887
Med. HH Income $56,545
Independence Plaza in Selden, New York
GLA: 245,457 square feet
Metropolitan Statistical Area (MSA):
New York-Northern New Jersey- Long Island
Anchor Tenant: Home Depot, King Kullen
Demographics:
Total Population 101,807
Avg. HH Income $102,469
Med. HH Income $88,295
20
21. Increasing Portfolio Value Through Redevelopment
Investment Incremental
Property Name City State Opportunity
($M) NOI ($M)
Projects estimated completion in 2012
Demolished Value City & built new Giant Food; in process of adding
Springfield S.C. Springfield PA $12.4 $1.3
outparcel
Metro Crossing Council Bluffs IA Construction of TJX & Ulta; Multi-tenant building w/ Panera Bread 10.5 1.1
West Farm S.C Farmington CT Redevelopment of vacant Linens box for Nordstrom Rack 4.2 0.4
Demolish Barnes & Noble and replace with Sports Authority;
Oakwood Plaza North Hollywood FL 5.8 0.6
Expand BJ’s Wholesale
Center at Baybrook Webster TX Ground up Buybuy Baby project 4.2 0.3
Wexford Plaza Pittsburgh PA Convert six small shop spaces into Whole Foods 6.6 0.8
Cypress Towne Center Houston TX Proposed anchor project and small shop space 3.5 0.5
Mesa Riverview Mesa AZ Redevelopment / rebranding of existing movie theater district 4.8 0.8
Subtotal for 2012 $52.0 $5.8
Projects estimated completion in 2013 and thereafter
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 3.9 2.5
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 2.6 0.3
Demolish anchor space to build new specialty grocer & national
Pompano Beach Pompano Beach FL 11.7 1.1
sporting goods retailer
Wilde Lake Columbia MD Residential & retail redevelopment including vacant anchor 16.9 1.4
Subtotal for 2013 & thereafter $46.9 $6.7
Grand Total $98.9 $12.5
21
22. Increasing Portfolio Value Through Redevelopment
Future Redevelopment Projects
Center Name City State
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 Orlando FL
North Brunswick Plaza North Brunswick NJ
Airport Plaza Farmingdale NY
Manhasset Center Manhasset NY
Westlake S.C. Additional outlot opportunities: $11.2M investment resulting in
Daly City, CA $4.2M incremental NOI
Estimated spending of approximately $200M
22
23. U.S. Category Exposure
% Category Exposure by Gross ABR % & Gross GLA %
45
ABR
40
Approximately 92% of GLA
35 31.7 32.6 portfolio with limited
30 Internet exposure
25
20 16.2
14.5 13.3
15 11.4 11.1
10.7 10.8
10 8.5 8.1 7.4
6.2 5.9
3.9
5 1.7 2.2 2.0 1.1 0.5
0
Hardlines Service Supermarkets QSR & Major Offprice/ Apparel & Financial Pharmacies Telecom
Related Casual Dining Discounters Dollar Stores Footwear Services & Drug Stores
% Hardline Subcategories Exposure by Gross ABR % & Gross GLA %
8.0 ABR
7.0 GLA
6.0 Limited internet
exposure
5.0
4.0
3.0 2.7 2.4 2.6 2.8 2.4
2.0 1.8
1.3
1.1
1.0
0.0
Home Home Sporting Pet & Computers Office Hobby, Books & Cosmetics/ Gift/Novelty/ Auto/Auto Sewing/ Optical Flower/ Jewelry Other
Furnishings Improvement Goods Pet Supply & Electronic Supplies Toys Video Fragrances Souvenir Parts Needlework/ Goods Cards Stores
Stores Stores Appliances & Game Stores Stores Piece Goods Stores
Stores
23 23
24. Steps to Address Internet Exposure
• Own Quality Real Estate: continue to build portfolio that includes centers that have sustainable retail use or has
potential to be reconstituted into more valuable uses.
Dispose marginal assets
Quality includes A properties in A markets, and B+/B markets that maintain competitive advantages in local
trade area
Acquire centers with no at-risk retailers or concepts
• Quality Retailers: focus on properties with tenants best suited to withstand or benefit from e-commerce impact
Bias for dominant players who will be the winners in capitalizing on omni-channel strategies
Essential use, food, personal service, unique/boutique tenancies
• Use Social Media: deliver tools and technology to benefit tenants
Use facebook, twitter, and other media tools to enhance shopping experience
Align programs with national retailers
Support small tenants
Kimco social media sites: blog.kimcorealty.com www.facebook.com/KimcoRealty
www.twitter.com/kimcorealty
24
25. Corporate RESPONSIBILITY Initiative
Focused on Reducing Our Environmental Footprint
Program Objectives
Enhance Kimco’s environmental & economic performance by:
• Reducing operating expenses
• Proactively addressing regulatory & other risks
• Improving tenant satisfaction & loyalty
• Developing additional sources of income & enhancing
the value of our portfolio
• Enhancing our reputation as an industry leader in Westlake Shopping Center
sustainability Daly City, CA
North Brunswick Plaza
North Brunswick, NJ Key Initiatives
• Utility Management
• Building Controls (EMS)
• Lighting Efficiency
• Smart Irrigation
• Integrated Waste Management
• Solar Energy Production
RETHINK • RENEW • RESTORE
25 25
27. Key Differentiator: International Exposure
…First Mover Status Has Positioned Kimco as a Strong International Player
• 135 shopping centers totaling 24.8M /15.5M sq. ft.
(gross/pro-rata) Canada, Mexico, Chile, Brazil and
Peru
• High quality portfolio of assets resulting in solid
tenant line-up, good mix
• Canada remains key element of international
portfolio
• Mexico and Latin America Long-term investment
opportunity
U.S.-based retailers, such as Wal-Mart and
Home Depot, extending their reach
Leveraging established local relationships to
add value
27
28. Canada Market Overview
2012 Economic Outlook
GDP Projected growth of 2.0% in 2012
Inflation Forecast inflation rate of 2.2%
Interest Rates Bank of Canada overnight lending rate forecast to remain at 1.0%
Unemployment Forecast average unemployment rate of 7.2%
Forecast to range between $0.99 CAD/USD and $0.98 CAD/USD
Exchange Rate
for 2012
Retailer Trends
New entrants continuing to explore Canada strategy Target has acquired 220 Zeller leases . 83 Target stores
include: are confirmed to open in March/early April 2013,
additional stores will be announced in next several
months.Wal-Mart will take 39 of the additional locations.
*Kimco has 15 Zellers with 9 being converted to Target and
one Super Wal-Mart
28
29. Canada Portfolio Overview
Canada Remains Key Element of International Portfolio
Portfolio Snapshot
• Entered Canadian market via JV partnership with RioCan in 2001
• Stable portfolio of 65 shopping centers
12.2M / 6.7M sq. ft. (gross/pro-rata)
ABR per sq. ft. of $15.58 (pro-rata)
• Other portfolio metrics
96.4% Occupancy (pro-rata)
4.6% SS NOI for 1Q12
Total leasing spread trailing 12 months 22.0%; new leases 10.9% and renewals/ options 24.1%
Tenant Exposure
4.9%
5.0%
4.4%
4.0%
3.1%
3.0% 2.7% 2.6% 2.6%
2.4% 2.4% 2.3%
2.1%
2.0%
1.0%
0.0%
Approximately 30% of Canadian Annual Base Rent is Diversified Across Top 10 Tenants
High Quality Domestic and International Retailer Relationships
29
30. Mexico Market Overview
2012 Economic Outlook
Forecast to grow at 3.4% in 2012; moderate growth but exceeding other
GDP
advanced economies
Forecast to be 4.0% in 2012; continues to be one of the most stable rates in
Inflation
Latin America
Interest Rates Benchmark lending rate forecast to remain at 4.5%
Unemployment Forecast to average 5% in 2012; 600K new jobs predicted
Exchange Rate Forecast to average $13.00 for 2012
Retailer Trends
• Existing retailers look to strengthen their position: • Retailers actively expanding around the country:
• Looking to become an active brand in Mexico:
30
31. Mexico Investment Drivers
• 12th largest global economy; projected to be 5th largest by 2050
Favorable Demographics • 106M people expected to grow 1.2% annually; median age of 26
• Expanding middle class
• Rapidly growing consumer market driven by demographics, stable economy, access to consumer credit
Strong Demand • Major retailers continue aggressive expansion plans Wal-Mart: 300 units in 2011
• Mexico under retailed ~3.9 sq. ft. per capita vs. U.S. 23.0 sq. ft.
Limited Supply • ~800 shopping centers; heavily concentrated in large urban areas (vs. 110k in U.S.)
• Consumer credit, healthy banking sector will continue to grow purchasing power
Growing Consumption • Consumer spending per capita expected to increase by 48% by 2014
• 7th largest American Express user in the world
• Attractive returns compared to U.S; Targeting 12–14% stabilized NOI yield on cost in Mexico
Opportunistic Returns • All leases include annual cost of living adjustments
• Percentage rent clauses in many leases provide additional upside
Tijuana
Monterrey
Cancun
Guadalajara
Mexico City
Kimco Shopping Centers
31
32. Mexico Portfolio Overview
Portfolio Snapshot
• 55 Shopping Centers Totaling 11.8M sq. ft. • All leases have cost of living increases
• Portfolio Occupancy: 85.0% (pro-rata) • Percentage rent clauses in many leases provide
Operating & Stabilized: 89.8% (pro-rata) additional upside
Pending Stabilization: 74.0% (pro-rata)
Completed Pending Lease-Up: 77.0% (pro-rata) • Solid partnerships with 6 leading local developers
• $780M invested to date • Over 96% of retail GLA is located in centers with
$680M 55 shopping centers grocery anchor
$ 12M Mexico Land Fund
$ 88M American Industries
Tenant Exposure
21 leases;
2.3M sq. ft.
(7.8% ABR)
14 leases;
0.7M sq. ft. 8 leases;
(4.6%) 0.7M sq. ft.
12 leases;
(4.3%)
0.5M sq. ft. 6 leases;
(2.6%) 4 leases; 3 leases;
0.6M sq. ft. 0.4M sq. ft. 0.3M sq. ft.
(1.6%) (1.3%) (1.0%)
32
35. Strategy and Overview
Investment Management Business Leverages Core Competencies to Create Long-Term Shareholder Value
Expertise Creativity Strong Relationships
• Building on 50 years retail real estate • Provides access to a low cost of capital • Leveraging experience to build
experience, formed Investment and expand upon mutually
Management business in 1999 • Allows us to remain competitive in advantageous relationships with
acquiring high-quality retail properties large, sophisticated & high-quality
• 281 properties totaling 43.0M sq. ft. domestic & foreign partners
• Enhances ROE through long-term,
• $10.4B in assets under management recurring asset and property • 14 different co-investment
Kimco ranked #19 among largest management fees programs
real estate investment managers*
• 24 institutional partners
Favorable Trends Emerging
• Institutional investors confidence in all investment classes has improved on a global basis
• According to recent a survey of foreign institutional investors, the U.S. real estate market offers a stronger investment opportunity for
investors’ money then it has in the last 10 years (Source: AFIRE; Jan 2011)
• Improved investor confidence amid improved results has led to investors seeking partnership with Kimco
* Source: Pensions & Investments, 2011
35
36. Sources of Capital
Pros Cons
Common Equity • Flexible source of capital • Expensive to raise
• Cheap source of capital • Limited practical use priority
Debt
in capital structure and
(Bonds & Mortgages)
bondholder protections
• Attractive source of capital • “Less expensive” than common
Equity From Willingness on behalf of equity but results in shared
Limited Partners investors to pay for ownership
management expertise
36
37. Income Fee Structures
Recurring Non-Recurring
Asset Acquisition
(50 – 100 bps) 50 – 100 bps
KIM’s ROIC *
Hurdles
Competitive 9% - 20%
Advantage: Property Mgmt. Disposition
4% – 5% 25 – 50 bps
In-house
Operating
Platform Lease Commission Construction Mgmt.
Var. ~ $3/sq. ft. 2.5% – 5.0% Potential
Upside*
15% - 25%
Finance Sourcing
(25 – 50 bps)
Management fee income of $35M in 2011 is expected to increase by approximately 30% in next three years
*ROIC – Return on Invested Capital
* Varies based on Promoted IRR
37
38. Governance Structure
• Partners share in major decisions
Buying, selling and financing
Partnership Structure
Approving annual business plans/deviations and major leases
• Capital calls are funded by partners on a pro rata basis
• Buy / sell provision allows either partner to initiate an offer
Exit Mechanisms • Mutual agreement to sell
• Some fund vehicles may have stated life third party or negotiated sale
at end of life
• No puts to Kimco
• No Kimco guarantees of debt for joint ventures
Risk Management • No preferred returns to partners
• Non-recourse, non-cross collateralized property-specific debt
• Debt service coverage of 1.5x or better
38
39. Direct to Retail Investment Opportunities
Alamosa Plaza
Las Vegas, NV
40. Key Differentiator: Strong Retailer Relationships
Ability to Act Opportunistically with Retailer-Controlled Real Estate…
• Remain focused on working directly with retailers on:
Sale leasebacks
Bankruptcy transactions
Property dispositions
• 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
value
…Has Led to Long History of Value Creation
40
42. EBITDA Composition
Retail Shopping Center Flows Grow from 83% in 2008 to a Projected 99% in 2014
Where We Were 2008 Where We Are 2012 Where We Are Going 2014
Non-retail Inv. 17% Non-retail Inv. 3% Non-retail Inv. 1%
Mgmt. Fee Income 5% Mgmt. Fee Income 4% Mgmt. Fee Income 4%
Canada 6% Canada 7% Canada 7%
83% 97% Latin America 7% 99%
Latin America 4% Latin America 9%
U.S. Centers 68% U.S. Centers 79% U.S. Centers 79%
42
43. Recurring Retail Earnings Growth
• Consistently growing recurring retail earnings – 2011 grew by 6.9% * Forecasted
• Over 95% of recurring earnings contribution in 2012 will be from retail
• Recurring retail earnings have a CAGR of over 8% from 2005 to 2011
43
44. Non-Retail Assets
Non-retail Plan Book Value of Non-retail Assets
As of
Monetize ~$485M of remaining assets by the following: 03/31/12 Monetized over $500M since 2008
Urban portfolio assets being marketed for sale 1.20
• $194M
1.05
New York, Philadelphia & Chicago
1.00
• Working on sale of InTown Suites $89M 0.88
$ Billions (% of gross assets)
Second round of bidding 0.80
0.80
Three qualified bidders
Sale anticipated by end of 2012 0.49*
0.60
0.51
• Continued sales of non-retail preferred equities $74M
• Evaluating positions in marketable securities for disposal 0.40
$35M
• Anticipating repayment of Mortgage Financing Receivables $57M
0.20
Repayment expected on healthcare facility in 2012 0.07
0.00
2008 2009 2010 2011 2014E
*As of 03/31/12
44
46. Well Staggered Debt Maturity Profile
Consolidated Debt
800
Weighted Avg. Fixed Rate: 5.80%
700 17.1%
15.1% Weighted Avg. Floating Rate: 3.53%
600
Debt in Millions
13.0%
500 11.7% 12.0% 12.1%
400
8.0% 8.3%
300
200
2.2%
100
0.6% 0.0%
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Thereafter
Secured Unsecured
Kimco Share Joint Venture Debt
700
Weighted Avg. Fixed Rate: 5.71%
600 20.1%
Weighted Avg. Floating Rate: 2.97%
17.9%
500
Debt in Millions
13.2% 13.8%
400
300 10.1%
8.1%
200 6.3%
5.1%
100 2.2% 1.9% 1.4%
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Thereafter
Secured Unsecured
Note: Percentages represent what is maturing as a % of the total debt stack
46
47. Capital and Balance Sheet Strategy
Timonium Square
Timonium, MD
• Growing free cash flow (after common dividends) for investment and debt reduction
• Continue to improve balance sheet metrics
Net Debt/Recurring EBITDA targeted at 6.0x by 2012
Stable fixed charge coverage
• Maintain a strong liquidity position – $1.75B available of unsecured line of credit
• Large unencumbered asset pool – Repay existing secured debt of $525M through 2015
• Maintain investment grade ratings
• Monetize Non-retail and Non-strategic Assets
47
48. 2012 Guidance
FFO ($ in millions) FFO $/ Diluted Share
2011 2012F 2011 2012F
Recurring:
Retail $ 860 $ 900 — $ 925 $ 2.10 $ 2.19 — $ 2.25
Non-Retail 41 27 — 35 0.10 0.07 — 0.09
Financing Costs (285) (300) — (306) (0.69) (0.73) — ( 0.75)
G&A (119) (120) — (124) (0.29) (0.29) — ( 0.30)
Other (7) (9) — (13) (0.02) (0.02) — ( 0.03)
Total FFO, as Adjusted $ 490 $ 498 — $ 517 $ 1.20 $ 1.22 — $ 1.26
Transactional Income, Net * 33 - — - 0.08 - — -
$ 523 $ 498 — $ 517 $ 1.28 $ 1.22 — $ 1.26
Debt Extinguishment - - — - - - — -
FFO Before Impairments $ 523 $ 498 — $ 517 $ 1.28 $ 1.22 — $ 1.26
Impairments (5) - — - (0.01) - — -
FFO (1) $ 518 $ 498 — $ 517 $ 1.27 $ 1.22 — $ 1.26
(1) Reflects the potential impact if certain units were converted to common stock at the beginning of the period
* Includes normal course of business events such as outparcel sales, acquisition fees and other transactional events
Reconciliation of FFO to Net Income Available to Common Shareholders:
($ in millions, except per share data) 2011 2012F 2011** 2012F**
FFO $ 518 $ 498 — $ 517 $ 1.27 $ 1.22 — $ 1.26
Depreciation & amortization (247) (246) — (254) (0.61) (0.60) — (0.62)
Depreciation & amortization real estate joint ventures (2) (139) (136) — (144) (0.34) (0.33) — (0.35)
Gain on disposition of operating properties 19 12 — 20 0.05 0.03 — 0.05
Gain on disposition of joint venture operating properties (2) 4 16 — 20 0.01 0.04 — 0.05
Remeasurement of derivative instrument (4) - - (0.01) - — -
Impairments of operating properties, net of tax (2) (41) (10) — (10) (0.10) (0.03) — (0.03)
Net income available to common shareholders $ 110 $ 134 — $ 149 $ 0.27 $ 0.33 — $ 0.36
(2) 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
48
49. The Kimco Difference
Largest owner/operator/investment U.S. shopping center portfolio growth Strong balance sheet and related
manager of U.S. shopping centers with from occupancy increases, credit ratings with excellent liquidity,
50 years of history, retailer recapture/re-tenanting of below access to capital and banking
relationships, leasing expertise and market leases, and redevelopment relationships
redevelopment experience programs
Proven opportunistic investor in
International platform with Retail operating partner of choice for
retail real estate owned by U.S.
incremental earnings from strong large, blue chip domestic and
retailers through structured sales
Canadian market and lease-up of international pension funds and
leaseback and purchase transactions
Mexico development portfolio insurance companies
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