Investor Presentation March 2015

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. Copies of each filing may be obtained from the Company or the SEC.

Crossroads Plaza | Cary, NC

2

Sunset Valley Marketfair | Austin,TX

Company Overview 3

COMPANY SNAPSHOT Owner and Operator of Largest Publicly Traded Portfolio of Neighborhood & Community Shopping Centers in North America History

Started in 1958 | IPO that initiated Modern REIT Era NYSE listed (1991) | S&P 500 Index (2006)

Dividend

$0.96 annually, ~3.8% yield (based on 12/31/14 closing price)

Retail Portfolio 754 properties totaling 110M sf Footprint

39 States, Puerto Rico, Canada, Mexico and Chile

Occupancy

(1)

Credit Rating

Current: 95.8% | All-time high: 96.3% (12/31/07) Investment Grade: BBB+ S&P

Baa1

BBB+

Moody’s

Fitch Information as of 12/31/14 (1) Pro rata

Focused on Total Shareholder Return 4

SOLID TOTAL SHAREHOLDER RETURN

1 Year

5 Year

Since IPO

12/31/13 –12/31/14

12/31/09 – 12/31/14

11/29/91 – 12/31/14

32.4%

18.0%

13.5% 15.4%

14.2%

9.8%

10.8%

13.7% 10.0%

KIM

S&P 500

DJIA

KIM

S&P 500

DJIA

KIM

S&P 500

DJIA

Note: Return includes dividends & capital appreciation

5

INVESTMENT HIGHLIGHTS Generating Consistent Growth Through Solid Execution of Strategy •

Leveraging 50+ years of management experience and deep local expertise

•

Stability and scale; national operating platform comprising geographic and tenant diversification

•

Industry-leading relationships with tenants and investment partners

•

Focused retail strategy with consistent, safe cash flow growth

•

Necessity versus specialty: grocery/food component-anchored retail

•

IncomePLUS model; long track record of opportunistic investments

•

Strong balance sheet; access to low-cost capital

•

Committed to growing dividends

Committed to Enhancing Portfolio and Increasing NAV 6

THE CASE FOR RETAIL REAL ESTATE: TODAY’S MARKET Strip Center Supply Growth (GLA)(1) 12%

•

More than 76,000 store openings scheduled over the next two years(3)

•

Discounters and off-price concepts are increasing their footprint in terms of square footage and store count

10% 8% 6% 4%

Retail Sales Growth(4)

Retail supply remains historically low

•

Consumer confidence trending higher

•

U.S. retail market occupancy increased with net absorption totaling 34.9M sf during 4Q14(2)

(1) (2) (3) (4)

'17E

1,000 In Billions

•

'15E

'13

'11

'09

'07

'05

'03

'01

'99

'97

'95

'93

'91

'89

'87

1,100

'85

0% '83

1,200

'81

2%

900 800 700 600

GreenStreet Advisors CoStar Group, “The CoStar Retail Report: National Retail Market” Year End 2014 RBC Capital Markets, “Retail REITs: January 2015 National Retailer Demand Monthly (NRDM)” January 2015 Source: Retail Indicators Branch, U.S. Census Bureau

7

KIMCO STRATEGY Kimco is Committed to Total Shareholder Return Plus by:

Transforming Our Portfolio = Great Assets in Great Locations

Simplifying Our Business Model

Redeveloping & Leveraging Operational Excellence

Creating Value Via Opportunistic Retail Activities; THE “PLUS”

Simplification, Growth and Value Creation 8

KIMCO STRATEGY •

Transforming Our Portfolio = Great Assets in Great Locations •

Acquiring high quality assets ‒

Concentrate on key territories where Kimco has scale, physical presence, long standing relationships and properties which possess strong demographics

‒

Focus on larger properties with potential for additional redevelopment, entitlements, and value creation

‒

2014: Acquired interests in 60 shopping centers for a gross purchase price of $1.4B

Exiting non-core markets and lower quality/“at risk” assets ‒

2014: Sold 91 U.S. shopping centers for gross price of $1.0B

Aggressive Efforts to Further Extract Value 9

KIMCO STRATEGY •

Monetizing Latin America assets ‒ Substantially completed exit from Latin America ‒

Simplifying Our Businessto Continue Model the Simplify

•

Reducing JV platform (number of partners and properties)

‒

Buying partner interests accretively

‒

2014: Acquired 33 JV properties for a gross price of $994.9M, which includes 12 KIF properties, ten SEB properties seven BIG properties and four LaSalle properties

‒

2015: Purchased the remaining 66.7% interest in the 39property Kimstone portfolio for $925M

Business

•

2014: Sold 41 retail properties comprising 7.5M square feet for a gross sales price of $622.3 M; Kimco share of sales: $475.4M

Maintaining a strong balance sheet with an investment grade credit rating

Deliberate Approach to Becoming a More Focused Kimco 10

KIMCO STRATEGY: GROW NAV & EARNINGS

Redeveloping & Leveraging Operational Excellence

•

Redevelopment and value creation pipeline of $1.2B

•

Evaluate the highest and best use for a property to drive value creation

•

Continue to increase occupancy

•

Small shop lease-up

•

Embedded organic NOI growth (rent steps, below market leases)

•

Continue to replace higher rate maturing debt

•

Strength of regional team

•

Leverage technology and sustainability to reduce costs

Dependable Value Creation through Relentless Execution 11

KIMCO STRATEGY •

50 years of relationships with retailers and experience when opportunities arise

•

Work directly with retailers on:

Creating Value Via Opportunistic Retail Activities; THE “PLUS” •

‒

Sale leasebacks

‒

Bankruptcy expertise

‒

Repositioning underperforming retail locations

‒

Retail real estate financing

In 2015, the company invested $85.3M of new equity in the consortium that owns AB Acquisition LLC (Albertsons) to facilitate Albertson’s recent acquisition of Safeway Inc. Kimco owns 9.94% ownership interest in the combined company.

The “PLUS” That Further Enhances Returns 12

Newtown S.C. | Danbury, CT

Shopping Center Portfolio 13

GEOGRAPHIC DIVERSIFICATION CANADA

UNITED STATES

# of Centers 67 GLA 12.8M $ Per Sq. Ft. 14.53 Occupancy 96.0% Top Tenants Canadian Tire TJX Cos. Loblaw Companies

ABR Breakdown by MSA

Florida New York 8.0% 8.4% MSA 11-30 27.3%

Canada 9.5% All Other 23.5%

683 96.3 M 13.74 95.7% TJX Cos. Home Depot Kohl's

ABR Breakdown by Geography

MSA 6-10 14.5% MSA 1-5 21.9%

# of Centers GLA $ Per Sq. Ft. Occupancy Top Tenants

Puerto Rico 3.3%

Maryland 5.8% Puerto Rico 3.3%

California 14.4% Canada 9.5%

All Other 50.6%

Note: Stats for shopping centers as of 12/31/14. Amounts are shown on pro-rata basis except for GLA which is shown on gross basis.

14

EXPERIENCED, DEEP OPERATIONAL TEAM

•

Kelly Smith, Managing Dir. Canada Industry Experience: 27 yrs 67 Properties GLA: 12.8M sq. ft.

Josh Weinkranz, President Northeast Region Industry Experience: 18 yrs 113 Properties GLA: 13.0M sq. ft.

Armand Vasquez, President Western Region Industry Experience: 24 yrs 164 Properties GLA: 28.0M sq. ft.

Tom Simmons, President Mid-Atlantic Region Industry Experience: 23 yrs 145 Properties GLA: 15.3M sq. ft.

Rob Nadler, President Central Region Industry Experience: 34 yrs 133 Properties GLA: 19.6M sq. ft.

Paul Puma, President Southern Region Industry Experience: 31 yrs 128 Properties GLA: 20.4M sq. ft.

Local market expertise ‒ ‒ ‒

•

Consumer preferences and trends Market-specific risk assessment Acquisitions and redevelopment opportunities

Strong relationship network ‒ ‒ ‒

Knowledge of buyers/sellers Direct-market transaction opportunities Smoother approval process with local officials Note: Stats are shown for shopping center properties on gross basis as of 12/31/14.

Focus Nationally, Operate Locally 15

STABILITY THROUGH DIVERSIFICATION By Tenant (ABR) 3.3% 2.4% 1.8% 1.8%

1.8% 1.8% 1.5% 1.4%

1.3% 1.3%

• ~11,600 leases with 5,700 tenants

By Geography (ABR) Pro-rata Gross Properties Sq. Ft (M) ABR% California

98

17.2

14.4%

• Well staggered lease maturity with limited rollover in any given year; averages ~8% over next 10 years

New York

60

6.3

8.4%

Florida

69

8.9

8.0%

Maryland

39

4.4

5.8%

Texas

46

7.1

5.3%

• 8 of the top 10 tenants are investment grade based on Moody’s credit ratings

Pennsylvania

37

4.9

4.7%

All Other U.S.

327

45.3

39. 9%

7

2.2

3.3%

96.3

89.8%

Puerto Rico

Subtotal U.S. 683 Latin America

4

0.4

0.7%

Canada

67

12.8

9.5%

109.5

100%

Total 754 Note: Stats for shopping center properties as of 12/31/14.

Solid Tenant Mix with Quality Credit Strengthened by National Exposure 16

IMPROVING TENANT PROFILE

COUNT

ABR%

COUNT

ABR%

Note: Above stats show tenant movement since September 2010

Improving Portfolio Quality by Upgrading Tenant Mix 17

Union Crescent Plaza | Union, NJ

U.S. Shopping Center Portfolio 18

U.S. KEY TERRITORIES: FOCUSED ON CORE MAJOR METROS Denver Metro 1.0M SF/1.3% ABR

Pacific Northwest 4.5M SF/3.4% ABR

Minneapolis/ St. Paul Metro 1.2M SF/1.3% ABR

Chicago Metro 2.7M SF/2.7% ABR

Pittsburgh Metro 1.0M SF/0.7% ABR

Portland to Seattle

Northeast Metros 11.5M SF/16.9% ABR Boston & New York

Mid-Atlantic Metros 13.0M SF/15.0% ABR

Northern California 5.1M SF/5.5% ABR

Philadelphia, Baltimore, Trenton & Washington

Napa, Sacramento, San Francisco & San Jose

Carolinas Metros 4.9M SF/5.5% ABR

Southern California 10.9M SF/9.6% ABR

Charleston, Durham & Raleigh

Los Angeles to San Diego

Phoenix Metro 3.2M SF/3.2% ABR

Florida Metros 8.7M SF/8.9% ABR Texas Metros 5.9M SF/5.0% ABR

Atlanta Metro 1.5M SF/1.2% ABR St. Louis Metro 2.0M SF/1.6% ABR

Miami, Fort Lauderdale, Palm Beach, Orlando & Tampa

Austin, Dallas & Houston

Median HHI in Our Key Territories is 11% Higher Than U.S. Average

U.S. SHOPPING CENTER PROFILE - ABR Local Small Shops(< 5K sq. ft.) | 7% of GLA

13%

National Small Shops (< 5K sq. ft.) | 8% of GLA

15% 12%

• Small Shops provide: ─ Higher rent PSF ─ Shorter term which keeps pace with current market • Anchors provide: ─ Solid credit quality ─ Stability

Mid Tier Stores (5K – 10K sq. ft.) | 8% of GLA

60% Anchors (> 10K sq. ft.) | 77% of GLA

Stable Base with Significant Growth Upside 20

RETAILER BASE: MINIMAL EXPOSURE TO INTERNET Portfolio Composition By ABR

•

Necessity Based, Discount Goods & Services

Clicks to Bricks

‒ Recent trend: online retailers are opening physical stores to increase brand recognition

93%

Internet Resistant

Trends

7%

•

Omni Channel Retailing

Internet Vulnerable

– Align different channels to provide seamless shopping experience

Books & Video Office Supplies Electronics

–

Transforming Internet from a threat to an opportunity KIM Occupancy vs. E-commerce Sales

96%

7% 6% 5% 4% 3% 2% 1% 0%

95% 94%

Off-price retailers (TJX, Ross Stores & Burlington) expected to see growth, in the 6%-8% range, over the next five years. (1)

93% 92% 91% 90% 4Q10 4Q11 4Q12 4Q13 1Q14 2Q14 3Q14

(1) Moody’s Investors Service, September 2014

KIM U.S. Occupancy

E-commerce as a % of Total Retail Sales

Diversified Portfolio: Strong Retailers with a Developed Omni-channel Presence 21

CONTINUED U.S. PORTFOLIO STRENGTHENING Occupancy 96.0% 95.0%

94.7%

95.0%

4Q13

1Q14

2Q14

95.7%

3Q14

4Q14

93.9%

94.0% 93.0%

94.9%

95.5%

92.4%

93.1%

92.0% 91.0% 4Q10

4Q11

4Q12

Occupancy increased by 330 basis points since 4Q10 Rent Per Square Foot $14.00 $13.50

$12.99

$13.00

$13.32

1Q14

2Q14

$13.74

$12.58

$12.50 $12.00

$13.18

$13.48

$11.66

$11.91

$11.50 4Q10

4Q11

4Q12

4Q13

3Q14

4Q14

Rent per square foot increased by ~18 percent since 4Q10 Note: Amounts are shown on pro-rata basis.

22

U.S. SAME-SITE NOI DRIVERS Achieving 3-Year Average Same-Site NOI Growth: 3.0%+

Leasing 70 - 100 bps

• • • •

Awaiting rent commencements Renewals & options Occupancy gains Mark-to-market

Organic Growth 120 - 150 bps

• • • •

Contractual rent bumps Ancillary income Percentage rent Improving credit loss

Value Creation 60 - 100 bps

• Redevelopment • Re-tenanting • Pads/outlots

23

ABR DISSECTION • Insight #I: • Insight #2: • Insight #3:

Ground Lease Population Reduces Average ABR Vintage Lease Population Reduces Average ABR Ratio of Anchor to Non-Anchor GLA Reduces Average ABR % of GLA

% of ABR

Rent/ SF

2014 Total Population Impact of: Ground Leases

100%

100%

$13.74

15%

11%

$10.04

Vintage Leases

17%

14%

$11.35

2014 Population Less Ground & Vintage Leases

ABR Impact ∆ = ($1.59)

$15.33

Tenant-Type Ratio of $15.33/sf: Anchor = 71% of GLA at $11.93/sf Average 24

EMBEDDED VALUE IN OUR PORTFOLIO U.S. Portfolio ~ 9.7K Leases | 67.4M sf Anchor Leases (≥ 10K sf)

Small Shop Leases (=20 years or older: ~22% and 72% below market Continued Upside for Anchor Spaces: Limited New Supply • Near term expirations (through 2018) = 27%+ spread on mark-to-market • Expiring leases through 2018 include: ‒ 7 Kmart leases: 214% below market ‒ 8 office supply leases: 24% below market ‒ 157 “Naked leases”: $9.35/ sf blended average base rent Notable 4Q14 Anchor Leases • Redwood City Plaza, CA: Orchard Supply Hardware replaces 30 year old lease = 80.0%+ spread • Covina Town Square, CA: Jo-Ann Fabrics replaces Staples paying %rent in lieu = 237.7%+ spread

26

EMBEDDED VALUE IN OUR PORTFOLIO Runway to NOI through Small Shop Space Small Shop Value Creation: Opportunity • Current small shop occupancy = 88.0%; 280 bps increase since 4Q 2013 •

Small shop space occupancy target: 90% by 2016

Small Shop Leasing Initiatives •

Implement bounty program for executed small shop leases with positive spreads

•

Small shop regional operator portfolio reviews

•

Expanded marketing focus on service-oriented users (e.g. , quick-service restaurants, urgent care, dental clinic, hair salons, etc.)

•

“Clicks to Bricks” program: attracting web-based retailers to a “Bricks & Mortar” location

27

Webster Square | Nashua, NH

Portfolio Transformation 28

HOW WE LOOK AT OUR PORTFOLIO: OPERATING METRICS Site Count

Household Density

Median HHI

Average HHI

Population

Tier I Properties

584

1,475

$74,020

$88,268

111,280

Tier II Properties

93

1,040

$61,038

$72,082

73,792

U.S. Subtotal

677

1,443

$73,058

$87,068

108,501

Canada

67

1,628

$67,818

$89,778

116,359

744

1,461

$72,538

$87,337

109,279

$52,961

$72,440

North America U.S. Average

Note: 12/31/14 stats for operating shopping centers, excluding development properties.

29

FUTURE U.S. PORTFOLIO FOOTPRINT Longer Term Portfolio Footprint – Tier 1

 Tier 1 Kimco Offices Key Territories

A More Focused Kimco 30

ACQUISITION / DISPOSITION STRATEGY •

Acquisition Criteria Focus on Core Major Metros ─ Consist of the largest MSAs in the U.S.

─ Markets where Kimco has scale ─ Local offices supply “boots on the ground” •

Low risk / high quality/ high barriers to entry

•

Redevelopment potential with embedded growth

•

Grocer, national big-box-anchored centers

•

Strong tenancy and rollover opportunities •

Disposition Criteria Non-core properties located in secondary and tertiary markets – operationally inefficient

•

Limited growth potential, higher risk

‒ CAGR < 1.5% ‒ Chronic vacancy > 10%

31

U.S. PORTFOLIO EVOLUTION* Acquired

Disposed

Number of Properties

142

234

Gross Price ($B)

$3.3

$2.2

Gross GLA (000’s)

17,277

24,449

Pro-rata Occupancy %

95.9%

88.6%

730 bps

Pro-rata ABR/sq. ft.

$14.49

$9.09

59.4%

Average HHI

$91,464

$66,349

37.9%

Median HHI

$77,623

$57,327

35.4%

Estimated Population

90,306

81,308

11.1%

1,242

1,115

11.4%

Household Density

Results

• Increasing average rent • Improving occupancy • Stronger, strategic markets • Improving demographics

Note: Demographics weighted by Pro-rata Annualized Base Rent (ABR) Includes acquisitions & dispositions through 12/31/14.

• Addition by subtraction • Occupancy & rent increases • Strategically adding higher quality by reducing non-core properties *Since Investor Day- September 2010

12/31/2014

09/30/2010

677

810

Gross GLA (000’s)

96,100

111,703

Pro-rata Occupancy %

95.7%

92.3%

340 bps

Pro-rata ABR/sq. ft.

$13.74

$11.62

18.2%

Number of Properties

Progress

Note: Stats for operating shopping centers, excluding development properties.

32

TRANSFORMING THE PORTFOLIO ACQUIRED SOLD

ACQUIRED

Washington Street Plaza, Medford, MA (MSA: Boston-Cambridge-Newton)

Centennial Plaza, Oklahoma City, OK (MSA: Oklahoma City)

Memorial Plaza, Cambridge, MA (MSA: Boston-Cambridge-Newton)

Butterfield Square, Downers Grove, IL (MSA:Chicago-Naperville-Elgin)

Webster Square, Nashua, NH (MSA: Seattle-Tacoma-Bellevue)

Erskine Plaza, South Bend, IN (MSA: South Bend-Mishawaka) 33

TRANSFORMING THE PORTFOLIO SOLD

ACQUIRED

Festival at Hyannis S.C. Hyannis, MA (MSA: Barnstable Town)

Tri County Commons, Springdale, OH (MSA: Cincinnati)

Radcliffe Center, Towson, MD (MSA: Baltimore-Columbia-Towson)

Maple Hill Mall, Kalamazoo, MI (MSA: Kalamazoo-Portage)

Wilkens Beltway Plaza, Baltimore, MD (MSA: Baltimore-Columbia-Towson)

Davenport Center, Davenport, IA (MSA: Davenport-Moline-Rock Island) 34

Santee Trolley Square | Santee, CA

Portfolio Simplification

REDUCING JV PARTNERSHIPS – SIMPLIFYING THE STORY Kimco as Buyer = Benefits Partners •

Minimal due diligence costs and time to close

•

Certainty of close for the partner

•

Most secured debt on properties can be assumed quickly and inexpensively

•

Negotiated transactions result in no / reduced brokerage commissions

•

Property history and operation are well known by Kimco providing an excellent fundamental understanding of the property for additional investment

•

No additional overhead required associated with additional equity investment

Reduction in JV Portfolio Since 2010 Properties

551 $12.3B

337 $9.1B

Gross Investment

Gross SF

2010 83.4M

4Q14 51.8M

•

38% Reduction in number of properties

•

26% Reduction in gross investment

Path Forward Promising…Excellent Reservoir of Opportunities 36

Wilde Lake| Columbia, MD

Portfolio Redevelopment & Development Activity 37

PROPERTY REDEVELOPMENT/ VALUE CREATION Increasing Portfolio Value •

Aggressive pursuit of redevelopment opportunities within portfolio

•

$1.2B redevelopment pipeline to generate an incremental NOI of approx. $100M that will add over $625M in NAV value

•

Focus remains on Core Major Metros and highly productive centers

•

Revitalized centers and improve the stability of the recurring NOI and cap rates

•

Cottman & Bustleton Center | Philadelphia, PA BEFORE

AFTER

Current Return on Investment: ‒ Total redevelopment yield range of 8% - 16% ‒ Retail Redevelopment Yield: 9%

‒ Mixed-Use / Residential Yield: 6%

38

CURRENT PIPELINE: ~$1.2B ($953M KIM SHARE) Gross Costs by Stage ($MM)

Gross Costs by Project Type ($MM)

$650

$48 $59 $1,135

Redevelopments (Change in GLA)

Active

Value Creation (Anchor Repositioning)

Design/Entitlements

Pads/Outlots

$329

$263

$453

Costs by Estimated Year of Completion ($MM) Completed $19 $16

2013

$200

$68 $49

2014

$260 $152

2015 Gross Costs

$329 $195

2016 Pro Rata Costs

Evaluation

$352 $254

2017

Future

39

VALUE CREATION: MANHASSET CENTER | MANHASSET, NY  Gross Costs: $7.3M  Incremental NOI: $0.7M  ROI: 10%

• Reconfiguration of former 2 level Filene’s Basement • New operators include DSW & Nordstrom Rack • New vertical transportation • Building façade was renovated to create architectural distinction, contemporary appeal, and improved signage

BEFORE

AFTER

Incremental Value Creation: $7.3M 40

REDEVELOPMENT: CUPERTINO VILLAGE | CUPERTINO, CA  Gross Costs: $17.5M  Incremental NOI: $1.4M  ROI: 8%

•

Constructed a two-story parking structure & entitlements to build 24K sf

•

Creating three points of connectivity to the new Apple II Campus

•

Broadening the national / regional retailers to diversify tenant mix beyond the traditional Asian influence

•

Redesigning interior courtyard and adding amenities, such as Wi-Fi

BEFORE

AFTER

Phase II included

Incremental Value Creation: $10.7M 41

REDEVELOPMENT:TRI-CITY PLAZA | LARGO, FL  Gross Costs: $31.2M  Incremental NOI: $2.8M  ROI: 9%

• Redeveloping 90% of shopping center to improve traffic and pedestrian circulation • Adding seven junior anchor and anchor tenants, as well as 38K sf of small shop space • Executed leases with LA Fitness, Sports Authority, Ross and Petco

BEFORE

AFTER

Incremental Value Creation: $8.9M 42

REDEVELOPMENT: POMPANO BEACH | POMPANO, FL  Gross Costs: $11.3M  Incremental NOI: $1.2M  ROI: 11%

• Opportunistically terminated Kmart lease early to demolish building and redevelop property • Build-to-suit leases with Whole Foods (40K sf) & The Sports Authority (35K sf); construction of both new stores underway • Vacant outparcel restaurant was demolished & a new “People Dedicated to Quality” (PDQ) restaurant was built ground-up in its place and is open for business

AFTER

BEFORE

Incremental Value Creation: $9.4M 43

REDEVELOPMENT: MIXED USE OPPORTUNITIES Reasons Why? • Unlocks the highest and best use for EXISTING Real Estate, benefits the surrounding community and makes the RETAIL more valuable • Kimco mitigating risk by either ground leasing the mixed use component or partnering with best in class consultants • Unlocks the most value for our shareholders while retaining the ownership of the fee position Active Projects • Wilde Lake (Apartments to be constructed ground leasing a portion of site to best in class apartment developer)

• Concourse (Office above retail near Yankee Stadium) Design/Entitlements • Pentagon (Increasing NAV by developing apartment towers, garage; retail & exterior facelift) • Cupertino (Future opportunity for hotel on a ground lease or additional retail in phase II)

44

MIXED USE: WILDE LAKE | COLUMBIA, MD  Gross Costs: $18.2M

•

250 residential rental units and retail redevelopment replacing a vacant food anchor

 Incremental NOI: $1.5M

•

 ROI: 8%

Recaptured an old underutilized gas pad and will redevelop into new CVS Pharmacy pad site

•

Redevelopment will be a LEED-certified project

BEFORE

AFTER

Incremental Value Creation: $5.3M 45

FUTURE MIXED USE: PENTAGON | ARLINGTON,VA • Multi-phase project expected to be completed in 2019

 Gross Costs: $233.0M

• Construct 426 space parking garage (Phase I)

 Incremental NOI: $14.5M

• Develop two residential towers: 450 units (Phase II) and 264 units (Phase III)

 ROI: 6%

• Accommodate highly-dense CBD by adding 30K sf of new retail in both residential towers & renovating existing retail areas

BEFORE

AFTER

46

DEVELOPMENT ACTIVITY Grand Parkway Marketplace, Spring,TX • • •

• •

Acquired 74 acres of land for a gross price of $24.9M along the Grand Parkway. In close proximity to the new Exxon Corporate Campus with over 10,000 employees. Housing demand is outpacing supply - 147,000 people within a 5-mile radius. Median household income greater than $90,000. Estimated project costs of $85.0M with an estimated completion date of 3Q 2017 Promenade at Christiana, Delaware •

Acquired 45.6 acres of land for a gross price of $13.4M located off I-95 and Route 273 in New Castle County, Delaware.

•

Future development of a 424k sf power center.

•

Estimated project costs of $80.3M with an estimated completion date of Q2 2017. 47

DEVELOPMENT ACTIVITY Dania Beach, FL • Acquired 95 acres of land for a gross price of $65.1M off I-95 in Dania Beach, FL (5 miles south of Ft. Lauderdale). • Project adjacent to Kimco’s Oakwood Plaza S.C.- a 900k sqft retail center that is 100% occupied. Combined with Dania project will control 2.5 miles along I-95. • Proposed mixed-use project with over a million square feet of retail stores and restaurants, luxury apartments, cafes, and more. • Estimated project costs of $263M; Partners with Canada Pension Plan on both Oakwood and Dania DevelopmentKIM ownership @ 55%. Wynnewood, PA • Acquired 4.9 acres of land for a gross price of $13.7M that will be developed with a 40k sf Whole Foods grocery store. • Estimated project costs of $27.5M with an estimated completion date of Q1 2016. • Project is in a core market with high barriers to entry; adjacent to Federal’s Wynnewood S.C. & one mile from Kimco’s Suburban Square our flagship property. 48

Greenbrier Shopping Center | Bel Air, MD

Income “Plus” Business 49

KEY DIFFERENTIATOR: THE “PLUS” Ability to Act Opportunistically with Retailer-Controlled Real Estate…

(Acquire/Release to tenants)

(Designation Rights) (Acquire/Release to tenants) (Acquire/Release to tenants)

(Acquire 60 leases)

Pre -1991

•

•

1995

(Acquire/Sale Leasebacks)

1997

1998

(Real Estate Financing) (Designation (Bond Purchase) Rights) (Real Estate Financing/ Designation Rights)

(Real Estate Financing)

(Acquire/Real Estate Financing)

2001

2002

Decades of retail property experience and financial acumen resulting in solid track record of unlocking real estate value for retailers Current economic environment coupled with strong retail relationships should continue to yield profitable investment opportunities

(Real Estate Financing)

(Acquire/Reposition)

2003

2005

•

(Real Estate Financing)

(Privatization)

(Consortium acquires five grocery banners)

(Real Estate Financing)

2006

2007

(Albertsons Consortium acquires Safeway)

2008

2013

2015

Remain focused on working directly with retailers on: ‒ Sale leasebacks ‒ Bankruptcy transactions ‒ Repositioning underperforming retail locations ‒ Retail real estate financing

…Has Led to Long History of Value Creation 50

Centre Court | Pikesville, MD

Corporate Sustainability 51

CORPORATE RESPONSIBILITY PROGRAM Objective: Improve Kimco’s economic, social & environmental performance through a series of initiatives that enhance tenant satisfaction, reduce operating expenses, mitigate business risks, and generate new sources of income.

Recognition: •

Key Initiatives: •

Tenant Energy Services

•

Utility Management

•

Illumi-Nation Lighting Improvements

•

Property Gateway

•

Waste Management & Recycling

•

KEYS (Kimco Entrepreneurs Year Start)

•

Redevelopment

•

Community Connections

2014 DOE LEEP Campaign – Largest Absolute

Number of Parking Facility Upgrades •

2014 PR News CSR Award – Best Blog

•

2014 Green Lease Leader

•

2014 CDP Climate Disclosure Leader

•

2014 Green Star designation from GRESB

Additional Information: •

CR Web Portal: www.kimcocr.com

•

Kimco Blog: blog.kimcorealty.com

•

GRI Report: www.kimcorealty.com/CRReport

RETHINK Business • RENEW Community • RESTORE Environment 52

Memorial Plaza | Cambridge, MA

Financial Overview

Financial Overview

53

BALANCE SHEET STRATEGY •

Positioned to access capital at all times in multiple forms ‒

•

•

‒

Repays and replaces the company’s existing $400M term loan

‒

Matures on January 30, 2017, with three additional one-year options to extend the maturity date at Kimco’s discretion

Preserve strong liquidity position ‒

•

Closed on a new $650M unsecured term loan in February 2015; LIBOR + 95 bps

$1.75B available from new unsecured line of credit with better pricing; matures March 2019

Maintain strong balance sheet metrics ‒

Net Debt to EBITDA, as adjusted: 5.5x – 6.0x

‒

Fixed charge coverage: 2.5x+

Maintain strong investment grade ratings; stable outlook ‒

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

54

SOLID FINANCIAL POSITION Consolidated Market-cap: $16.1B(1) Noncontrolling Preferred Stock Ownership 1% 6% Mortgage Debt 9%

Unsecured Debt 20%

Market Equity Shares 64%

Achieved Target Levels on All Key Metrics… 12/31/14

12/31/10

Gross Assets

$12.2B

$11.3B

Debt/Gross Assets

37.7%

35.8%

Debt/Equity (Book)

.94:1

.79:1

Net Debt/EBITDA, as adj.

5.5x

6.3x

Debt Service Coverage

4.1x

3.5x

Fixed Charge Coverage

3.2x

2.8x

63.2%

56.1%

FFO Payout Ratio

$675M+ Capital Raised in 2014 at a Significantly Lower Cost (1) As of 12/31/14

Positioned for Ongoing Strong Performance 55

WELL-STAGGERED DEBT MATURITY PROFILE Consolidated Debt $1,400

Weighted Avg. Floating Rate: 1.55%

25.2%

$1,200

Weighted Avg. Fixed Rate: 5.04%

$MM

$1,000 $800 $600

14.2%

10.8%

10.5%

$400

13.7% 8.7%

7.8%

6.0%

1.6%

$200

0.4%

1.1%

2024

Thereafter

$2015

2016

2017

2018

Secured

2019

Unsecured

2020

2021

Line of Credit

2022

2023

Term Loan

JV Debt $2,000 $1,600 $MM

Weighted Avg. Fixed Rate: 5.24%

33.8%

Weighted Avg. Floating Rate: 2.40%

$1,200 $800

15.9%

11.4%

10.5%

$400

3.7%

9.4%

7.6%

2.9%

2.8%

1.4%

0.6%

2023

2024

Thereafter

$2015

2016

2017

2018 2019 Kimco's Share

2020 2021 Partner's Share

2022

Note: Percentages represent what is maturing as a % of the total debt stack as of 12/31/2014

56

RECURRING RETAIL EARNINGS GROWTH $MM $1,100 $1,000 $954 $900

$856

$971

$990

•

Consistently growing recurring retail earnings; grew by 4% in 2014

•

Recurring retail earnings have 5% CAGR from 2010 to 2014

•

Dividend grew at CAGR of 9% from 2010 to 2014

•

Nineteen consecutive quarters of positive samesite NOI

•

4Q14 pro-rata occupancy of 95.8%, an increase of 130 basis points over 4Q13

$1,011 -$1,040

$901

$800 $700 $600 $814

$860

$914

$951

$988

$500 $400 $300 2010

2011

2012 Recurring Retail

2013

2014

2015E

Recurring Non-Retail

Retail Contribution is now ~100% 57

SUMMARY: WHY KIMCO We Will Build on Our Successes and Continue to Drive Total Shareholder Return (“TSR”) •

Largest owner & operator of shopping centers with 50 years of history and retail expertise

•

Strong balance sheet and related credit ratings with excellent liquidity

•

Growth embedded in U.S. shopping center portfolio through leasing and redevelopment/value creation

•

Additional value creation via intense focus on active portfolio management and capital recycling

•

Proven opportunistic investor in retail real estate owned by U.S. retailers - The “Plus”

Transforming, Simplifying and Redeveloping to Grow TSR 58

Wilton River Park S.C. | Wilton, CT

Appendix

2014 FUNDS FROM OPERATIONS (FFO) & 2015 GUIDANCE FFO ($MM)

FFO/Diluted Share

2014

2015F

2014

2015F

Portfolio Contribution

$990

$1,011 – $1,040

$2.39

$2.39 – $2.46

Corporate Financing

(262)

(278) – (283)

(0.63)

(0.66) – (0.67)

G&A

(119)

(119) – (123)

(0.29)

(0.28) – (0.29)

Other

(31)

(20) – (25)

(0.07)

(0.05) – (0.06)

$577

$594 – $609

$1.40

$1.40 – $1.44

19

20 – 38

0.05

0.05 –0.09

$596

$614 – $647

$1.45

$1.45 – $1.53

Recurring:

Total FFO, as Adjusted Transactional Income, Net(1) FFO(2)

2015 Assumptions

• Acquisitions: $1,100M to $1,300M • Dispositions: $550M to $750M

(1) (2)

Includes normal course of business events such as outparcel sales, acquisition fees and other transactional events Reflects the potential impact if certain units were converted to common stock at the beginning of the period

60

RECONCILIATION

OF

NET INCOME TO FFO ($MM)

Per Diluted Share

2014

2015F

2014

2015F

$366

$380 – $461

$0.89

$0.90 – $1. 09

Depreciation and amortization

264

296 – 304

0.64

0.70 – 0.72

Depreciation and amortization real estate JVs(1)

92

65 – 73

0.22

0.15 – 0.17

Gain on disposition of operating properties(1)

(190)

(21) – (64)

(0.46)

(0.05) – (0.15)

Gain on disposition of JV operating properties(1)

(194)

(106) – (127)

(0.47)

(0.25) – (0.30)

Impairments of operating properties, net of tax(1)

258

- – -

0.63

- – -

$596

$614-$647

$1.45

$1.45 – $1.53

(19)

(20)-(38)

(0.05)

(0.05) – (0.09)

$577

$594 – $609

$1.40

$1.40 – $1.44

Net income available to common shareholders

FFO Transactional Income, Net*

FFO, as Adjusted

(1) Net of non-controlling interests Certain reclassifications of prior year amounts have been made to conform with the current year presentation *Includes normal course of business events such as outparcel sales, acquisition fees and other transaction events

61