INVESTOR PRESENTATION FOURTH QUARTER

The statements in this presentation, including targets and assumptions, state

the Company’s and management’s hopes, intentions, beliefs, expectations or

projections of the future and are forward-looking statements. It is important to

note that the Company’s actual results could differ materially from those

projected in such forward-looking statements. Factors that could cause actual

results to differ materially from current expectations include the key

assumptions contained within this presentation, general economic conditions,

local real estate conditions, increases in interest rates, foreign currency

exchange rates, increases in operating costs and real estate taxes. Additional

information concerning factors that could cause actual results to differ

materially from those forward-looking statements is contained from time to

time in the Company’s SEC filings, including but not limited to the Company’s

Annual Report on Form 10-K. Copies of each filing may be obtained from

http://investors.kimcorealty.com/ or the SEC.

SAFE HARBOR

Cover: Lincoln Square, Philadelphia, PA Suburban Square, Ardmore, PA

KIMCO TODAYat PENTAGON CENTRE, Arlington, VALive,Work,&Play

4

Core Markets 2010

KIMCO TODAY

816 U.S. Properties

507 Sites | 63% ABR

In 20 Top Core Markets309 sites | 37% ABR in Other Markets

63 Canada

31 Mexico

Data as of 12/31/2010

5

2019 Refocused Core Markets to Support Future Growth

KIMCO TODAY

409 U.S. Properties

331 Sites | 82% ABR

In 20 Top Core Markets78 sites | 18% ABR in Other Markets

Data as of 12/31/2019

6

Positioned for Success as Retail Transforms

KIMCO TODAY

Consumer Preference Profile: Kimco Asset Profile:

Instant need for everyday goods

In-person services

Experiences in a social environment

Technology to ease pain points of shopping

Convenient location

✓ 78% of ABR comes from grocery anchored centers

✓ 64% of ABR from small shops is from service-based tenants

✓ 59% of ABR comes from Service & Experiential Tenants

✓ 37% of ABR comes from Omni-Channel Players

✓ 82% of ABR comes from top Major Metro Markets

ABR is defined as Annual Base Rent

Retailers Use Stores as Hubs

KIMCO TODAY

7

Free expedited shippingDelivery from Store Same Day DeliveryDrive Up Order Pickup

40% cost reduction from store fulfillment; 90% for same-day offerings1

Stores fulfilled more than 80% of Target’s Q1 digital sales2

~50% of online orders are picked up in store3

1. Target 1Q19 Earnings Call Transcript; May 2019

2. Target 1Q19 Earnings Press Release; May 2019

3. Home Depot 2Q19 Earnings Call transcript; August 2019

Select products offered in store

Free 2-hour delivery for members

Discounts in-store for members

Free technology consultations both in-store and on-site

Same-day delivery options

Embracing showrooming effect with price-matching policy

In-store

Online

8

Kimco Tenants Successfully Implement Omni-channel Retailing / BOPIS

KIMCO TODAY

1. Walmart fiscal 3Q FY20 Quarterly Results: Management Commentary; Nov. 2019

2. Chipotle 3Q19 Earnings Call transcript (SeekingAlpha.com); Oct. 2019

3. Duluth Trading 3Q19 Earning Call; December 2019

Mobile payments for in store pick up have

grown to 42% of total tender in the U.S.6

4. Dick’s Sporting Goods 2Q FY20 Earnings Call transcript; Aug. 2019

5. Best Buy 3Q FY20 Earnings Call; Nov. 2019

6. Starbucks.com Supplemental Data: Mobile Dashboard; Oct. 2019

Restaurants experienced digitalsales growth of 88% year over year through delivery, order ahead and catering2

Grocery orders can be picked up at more than 3,000 storesand delivery covers more than 75% of the U.S. population1

40% of online sales are picked up in store5

33% of BOPIS customersmade an additional purchase in store3

Nearly 90% of all BOPIS orders are filled

and ready for pickupwithin 30 minutes4

9

Brick and Mortar Remains a Critical Component of Retail Strategy

KIMCO TODAY

+51 stores in 2019

+261 stores in 2019(a record for the brand)

Burlington Store Press Release 11/26/19

Hobby Lobby Newsroom website 1/24/20

Ross Dress for Less Press Release 10/14/19

+98 new stores in 2019

FY2019:+58 Marmaxx

+94 HomeGoods

FY2020: +60 Marmaxx

+80 HomeGoods

+700 stores by the end of 2022

+80 stores in 2019+75 stores in 2020+70 stores in 2021

+180 new stores in 2020 (unit growth of 20%)

TJX 2018 Annual Report - page 6

Aldi Press Release 9/18/18

Orangetheory Fitness Chain Store Age article 10/9/18

+75 new stores in 2019

+55 new locations +15 relocations

in 2020

+260 new locations in 2018+Same pace in 2019

Five Below Press Release 1/13/20

National Vision Holdings Press Release 11/7/19

Planet Fitness Press Release 1/6/20

Ulta Press Release 5/31/19

KIMCO TODAY

Embrace the Future of Retail

Foster a sense of place at our shopping centers, creating

people-centered properties that are more convenient and

accessible

10

Environmental, Social and Governance (ESG): Responsible Practices

Engage our Local Communities

Make a positive impact and be known in the communities

where we operate and live

Lead in Operations & Resiliency

Maximize efficiency of operations and protect our

assets from disruption

Foster an Engaged, Inclusive & Ethical Team

Cultivate high levels of employee satisfaction and

improve diversity of management

Corporate Responsibility ReportAligned with Global Reporting

Initiative Standard (GRI)

Proxy Statement Form 10-K

Detailed Disclosures can be found on our Investor Website:

FOUR PILLAR PROGRAM

High-quality assets, tightly clustered in major metro markets

that provide multiple growth leversPORTFOLIO QUALITY

FINANCIAL STRENGTH

11

KIMCO’S 2020 VISION

Maintain a strong balance sheet and financial flexibility

High-quality assets, tightly clustered in major metro markets

that provide multiple growth levers

NAV CREATIONIncrease net asset value (NAV) through redevelopment,

select ground-up development and active investment

management

PORTFOLIO QUALITYat LINCOLN SQUARE, Philadelphia, PALive,Work,&Play

Major Metro Markets

Over 80% of Annual Base Rent comes from our top Major Metro Markets*

*Markets noted on the map are Kimco’s top major metropolitan markets by percentage of pro-rata ABR as of 12/31/2019

Other Major Metro Markets

Coastal and Sun Belt Markets

Major Metro Markets

ABR Contribution

PORTFOLIO QUALITY

San FranciscoSacramentoSan Jose

Seattle

Portland

Los AngelesOrange CountySan Diego

Phoenix

Denver Chicago

DallasAustin Houston TampaAtlanta

MiamiFort Lauderdale

Orlando

Charlotte

Boston

New York

Philadelphia

Raleigh-Durham

80%

82%

2%

Population growth of 6.3 million

projected within the next 5 years

BaltimoreWashington D.C.

13

SIGNED

Strong Portfolio Fundamentals

PORTFOLIO QUALITY

All figures are at Kimco’s share, for the fourth quarter

*During the trailing twelve months

ALL TIME HIGHU.S. OCCUPANCY

ALL TIME HIGHANCHOR OCCUPANCY

RENTAL RATES FOR NEW LEASES INCREASED OVER

CONSECUTIVE QUARTERS OF POSITIVE SAME-PROPERTY

NOI GROWTH

SAME-PROPERTY NOI GROWTH OF

FOR THE 24TH

CONSECUTIVE QUARTER

98.9%96.4% 3.0%

38

7.8M SFLEASES TOTALING OVER

1,265 10%*

14

*

3.9%

2.5%

2.1% 2.0%1.8% 1.7%

1.5% 1.4%1.2% 1.1%

Tenant Diversity

PORTFOLIO QUALITY

Data as of 12/31/2019, Percentages noted reflect pro-rata annual base rent (ABR)

15

Only 14 tenants with ABR exposure greater than 1.0%• Scale: 7,600 leases with 3,500 tenants• Stability: Fixed, contractual rents with bumps• Security: Average lease term of 10 years for anchors and 5 years for small shops

96% of Portfolio Composed of Retailers Adapting to the New Landscape

14% Grocery/ Warehouse Clubs14% Restaurants10% Off-Price10% Service5% Other (i.e. wireless, dollar store)4% Health Clubs/ Fitness2% Medical

Service and Experiential Tenants

59%of ABR

Omni-Channel Players

9% Home Improvement/ Home Decor6% Other (i.e. pet, party, accessories)5% Sporting Goods/ Hobbies5% Pharmacy/ Personal Care4% Apparel4% Banking/ Finance3% Mass Merchandiser1% Electronics

PORTFOLIO QUALITY

Only 4% of our ABR comes from tenant-types that are still finding their ‘sweet spot’ in this environment

Remaining

Data as of 12/31/2019, Percentages reflect pro-rata annual base rent (ABR) 16

37%of ABR

4%of ABR

Did You Know…64% of non-anchor ABR comes from Service based tenants78% of ABR comes from Grocery Anchored Centers

17

PORTFOLIO QUALITY

58.6%

65.8%

71.7%72.2%

73.8%

76.7%77.8%

55%

60%

65%

70%

75%

80%

2013 2014 2015 2016 2017 2018 2019

Percent of KIM ABR from Grocery Anchored Centers

PSF is defined as Per Square Foot

Strength of our Grocers Equates to Strength in our Portfolio

Average Grocer Sales PSF

at Kimco Centers in 2019 was

$675 (up 22% from 2013)

Average Portfolio RPSF of

$17.99 in 4Q 2019

(up 32% since 4Q 2013)

18

$14.12

$15.41 $15.74

$10.14

$11.73 $12.00

$9

$11

$13

$15

$17

2013-2015A 2016-2019A 2016-2020E

PORTFOLIO QUALITYGrowth through Leasing & Value Creation

Anchor Lease Spreads/Mark To Market

▪ Mark to Market Spread on Anchor Leases: ~60%

▪ Total Average RPSF up 37% since 2013

▪ 24 Consecutive quarters of new leasing spreads

exceeding 10%

▪ 37% of Anchor Leases are “Legacy Leases” (20 years

or older); 66% mark to market

▪ Leased vs. Economic Occupancy; 240bp spread

New Rent Expiring Rent Projected Rent

$A

BR

/SF +31.1%

+39.3%

+31.4%

FINANCIAL STRENGTHLive,Work,&Play

20

FINANCIAL STRENGTHFinancial Flexibility is Financial Strength

FLEXIBILITY

▪ Maintain a strong liquidity position

$2.0B+ unsecured line of credit

▪ Extend WAVG debt maturity profile

10.6 yrs

▪ Grow unencumbered asset pool

~80% of our properties

(up from 51% in 2014)

~80% of our Total NOI

(up from 62% in 2014)

= STRENGTH

▪ Committed to strong investment grade ratings

BBB+ S&P

Baa1 Moody’s

▪ Lower Net Debt / Adjusted EBITDA leverage levels

6.4x consolidated

7.2x Pro-rata (including JV’s and preferred stock)

▪ Sustain Fixed Charge Coverage of 3.0+

3.4x

As of 12/31/2019

21

Significant Improvement in Credit Metrics

FINANCIAL STRENGTH

62.2%

78.0%

83.6%86.3% 86.1% 85.9%

50%

60%

70%

80%

90%

2010 2015 2016 2017 2018 2019

Consolidated NOI %

Near-TermGoal of 87%+

2.8x 3.0x

3.7x3.2x 3.2x 3.4x

1.0x

2.0x

3.0x

4.0x

5.0x

2010 2015 2016 2017 2018 2019

Debt Coverage Metrics

Fixed Charge Debt Service

75.0%

76.0% 83.6% 86.9% 90.0% 89.1%

$200

$400

$600

$800

$1,000

$1,200

2010 2015 2016 2017 2018 2019

Unencumbered Consolidated NOI

Unencumbered Encumbered % Unencumbered

7.8

7.1 7.2 7.1 7.5

7.2

5.0x

6.0x

7.0x

8.0x

2010 2015 2016 2017 2018 2019

Net Debt/ Recurring EBITDA

Consolidated Pro-Rata Including Preferreds

Near-Term Goal of 7.0

on a look-through basis

Near-TermGoal of 97%+

Near-TermGoal of 3.7x+

Fixed Charge Coverage

60%

33%

3%3% 1%

FINANCIAL STRENGTHStrong Capital Structure

Total Capitalization*

$14.8B

Common Equity

Unsecured Debt

Preferred Stock

Mortgage Debt

Non-controlling Interest

Balance Sheet Highlights

▪ Redeemed $575M of Preferred Stock with a blended weighted average interest rate of 5.69%

▪ Issued 9.5 million shares of common stock at a weighted average net price of $21.03 per share under the company’s ATM program, generating net proceeds of $200.1 million

▪ Issued $350M of 3.70% notes maturing October 1, 2049, with an effective yield of 3.765%

▪ Weighted average debt maturity profile at 10.6 years, one of the longest in the REIT industry

22*As of 12/31/2019

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2020 2021 2022 2023 2024 2025 2026 2027 2028 Thereafter

Deb

t in

Mill

ion

s

Fixed Rate 4.15%*

Floating Rate 3.29%*

WAVG Term 4.1 Yrs

Secured Debt 95%

Unsecured Debt 5%

Fixed Rate 3.61%*

Floating Rate 3.23%*

WAVG Term 10.6 Yrs

Secured Debt 9%

Unsecured Debt 91%

Percentages are annual maturities of total pro-rata debt stack

2022 includes the expiration of a $2.25B line of credit

*Weighted average

Well-Staggered Debt Maturities

FINANCIAL STRENGTH

One of the longest debt maturity profiles in the REIT industry

Consolidated Debt Joint Venture Debt

23

3%

12%

16%

9%8%

9% 9%7%

0%

27%Consolidated and Pro-rata Joint Venture Debt

NAV CREATIONat DANIA POINTE, Dania Beach, FLLive,Work,&Play

1. Select investments >$15MM stated based on Q4 2019 Supplemental

2. Investment to Date reflects activity through 12/31/19

Active Projects: De-Risked for Success

NAV CREATION

. Project 1 Market Project TypeProjected Total

InvestmentInvestment to Date

(% Complete)2

Projected Completion /

Stabilization Year Redevelopment

The Boulevard New York Retail $213.5M $157.6M (74%) 2020 / NA

Development

Dania Pointe – Phase II & III Ft. Lauderdale Mixed-Use $256.0M $216.9M (85%) 2020 / 2021

Projected Total Investment for Redevelopment and Development Projects 1 $469.5M

25

0

100

200

300

400

2015A 2016A 2017A 2018A 2019A 2020E 2021E & beyond*

$102 $87

$136

$227 $208$130-$165

$150-$250

$41

$125

$160

$191

$131

$70-$85$143

$212

Development and Redevelopment Investment

All figures are at Kimco’s share

*Annually

Total Investment ($M)

NAV CREATION

DevelopmentRedevelopment

$296

$418

$339

$200 to $250

26

$150 to $250

Mixed-Use Redevelopment: Pentagon Centre

NAV CREATION

Pentagon Centre

Headquarters

Head-

quarters

Pentagon

Centre

27

Pentagon CentreArlington, VA (across from Amazon’s HQ2)

Phase I Residential: 440 units, ‘The Witmer’ (open, 95% leased)Interior renovation and parking structure

Completed: Q4 2019

Phase II Residential: 253 units, ‘Tower C’

Commencement: 2020

Residential ‘Tower C’

Tower C

The

Witmer

Completed Mixed-Use Development Project: Lincoln Square

NAV CREATION

Lincoln SquarePhiladelphia, PA

Residential: 322 Units, 94% leased

Retail: 100K SQFT, 100% Leased

Anchors: Target, Sprouts Farmers Market, Petsmart

Completed: Q4 2018

28

BEFORE

Completed Development Project: Mill Station

NAV CREATION

Mill StationOwings Mills, MD

Retail: 621K SQFT, 93% Leased

Anchors: Costco, Lowe’s, AMC, Marshalls, Giant Food, Burlington

Completed: Q4 2019

Residential: 300 units undergoing entitlement

Potential commencement: 1 to 3 Years

29

Mixed-Use Development: Dania Pointe

NAV CREATION

Dania BeachDania Beach, FL

Phase I Retail: 330K SQFT

Anchors: TJMaxx, Ulta, BrandsMart, Hobby Lobby, YouFit Health Club

Completed: Q4 2018

Phase II & III Retail: 417K SQFT (70% pre-leased)

Anchors: Urban Outfitters, Anthropologie, Regal Cinema, Bowlero, Tommy Bahama, Saito Japanese Steakhouse

Residential: 850 units,Spirit Airlines, Meyers Group

Hotel: 350 rooms, two Marriotts

Office: 500K SQFT, Spirit Airlines

Est. Retail costs/completion: $256M/2020

30

RetailResidentialOfficeHotelMulti-level ParkingPublic Space

Phase 1

Mixed-Use Redevelopment: Suburban Square

NAV CREATION

Suburban SquareArdmore, PA

Phase I

Retail: Trader Joe’s & parking structure

Completed: Q3 2017

Phase II

Retail: Conversion of former Macy’s to West Elm and Life Time Fitness & Common Areas

Completed: Q4 2017

Phase III

Office: Station Row & courtyard

Completed: Q4 2019

Phase IV

Retail: 19K SQFT Residential: 150 units

Potential Commencement: 1 to 3 years

31

Phase 1

Phase 3

Phase 4

Phase 2

Redevelopment Projects

NAV CREATION

32

The BoulevardStaten Island, NY

Retail: ~400K SQFT (89% pre-leased)Anchors: ShopRite, Marshalls, Ulta, Alamo Drafthouse

Est. costs/completion: $213.5/2020

Kentlands – Phase IGaithersburg, MD

Redeveloped to create a placemaking environment

Anchors: Cinepolis, Whole FoodsCompleted: Q4 2019

92PROPERTIES W/ PROJECTS

$686.7MGROSS INVESTMENT

8.9%

Redevelopment Activity Since 2015

BLENDED ROI

Completed Projects: Value Creation Realized

NAV CREATION

COMPLETED

22

REDEVELOPMENT

PROJECTS

WITH

A BLENDED RETURN

OF

7.6%

2019 Highlights

33

27 POTENTIAL PROJECTS

1.7M SFRETAIL GLA IN SCOPE*

>7,000RESIDENTIAL UNITS*

*Excludes Retail GLA in Scope and Residential Units for 6 projects in Master Planning

Future Opportunities

NAV CREATION

34

Project MarketRetail

Scope

Residential

Scope

Hotel

Scope

Office

ScopeStatus Timeline

The Shoppes at Wilde Lake Baltimore, MD 32,000 SF 230 Units 15,000 SF Completed Q3 2016

Lincoln Square Philadelphia 101,226 SF 322 Units Completed Q4 2018

Pentagon Centre - Phase I (The Witmer) Washington D.C. 346,5002 SF 440 Units Completed Q4 2019

Dania Pointe - Phase II & III Ft. Lauderdale 417,000 SF 850 Units 350 Rooms 506,000 SF Active Estimated Retail Completion: 2020

Pentagon Centre - Phase II Washington D.C. 16,000 SF 253 Units Entitled Commencement: 2020

Camino Square Ft. Lauderdale 40,000 SF 350 Units Entitled Potential Commencement: 1 to 3 Years

Kentlands Market Square - Phase II Washington D.C. 12,000 SF 245 Units Entitled Potential Commencement: 1 to 3 Years

Dania Pointe – Future Phases Ft. Lauderdale 150 Units Entitled Potential Commencement: 1 to 3 Years

Westlake S.C. San Francisco 34,500 SF 179 Units Entitled Potential Commencement: 1 to 3 Years

Jericho Commons / Milleridge New York 93 Rooms Entitled Potential Commencement: 1 to 3 Years

Cupertino Village San Jose 185 Rooms Entitled Potential Commencement: 1 to 3 Years

Suburban Square - Phase IV Philadelphia 19,000 SF 150 Units Entitled Potential Commencement: 1 to 3 Years

Kentlands Market Square – Phase III Washington D.C. TBD1 1,384 Units TBD1 TBD1 Entitled Potential Commencement: 10+ Years

Pentagon Centre – Phase III Washington D.C. 346,5002 SF 200 Rooms 705,500 SF Entitled Potential Commencement: 15+ Years

Total 1,364,726 SF 4,553 Units 828 Rooms 1,226,500 SF

Mixed-Use Project Detail

NAV CREATION

1. Approved for 1.2M sf (breakdown for use has not yet been determined)

2. Reworked existing retail sf 35

Select Mixed-Use Projects Undergoing Entitlement

NAV CREATION

Project Market Retail Scope Residential ScopeHotel

Scope

Office

Scope

Potential Commencement

Horizon

The Marketplace at Factoria Seattle 10,000 SF 295 Units 1 to 3 Years

Mill Station Baltimore 300 Units 1 to 3 Years

Kissena Blvd. S.C. New York 75,500 SF 215 Units 1 to 3 Years

Fremont Hub San Jose 57,000 SF 255 Units 4 to 6 Years

North County Plaza San Diego 5,500 SF 260 Units 4 to 6 Years

Hickory Ridge Baltimore 34,000 SF 230 Units 4 to 6 Years

Washington Street Plaza Boston 44,000 SF 270 Units 4 to 6 Years

Memorial Plaza Boston 57,000 SF 215 Units TBD 7 to 10 Years

Additional Density Opportunities 5,000 to 7,000 Units

Total 283,000 SF 7,040 to 9,040 Units

Residential scope rounded

36

at SUBURBAN SQUARE, Ardmore, PALive,Work,&Play APPENDIX

(1) Reflects diluted per share basis and the operational impact if certain units were converted to common stock at the beginning of the period

(2) Net of non-controlling interests

(3) Related to gains, impairments and depreciation on operating properties, where applicable

FFO to Net Income Available to the Company’s Common Shareholders

RECONCILIATION OF NON-GAAP MEASURES

38

2019A($M)

2019AFFO/Share (1)

2020E($M)

2020EFFO/Share (1)

Net income available to common shareholders $340 $0.80 $345 - $364 $0.80 - $0.84

Gain on sale of properties/change in control of interests (79) (0.19) (12) – (30) (0.03) – (0.07)

Gain on disposition of JV properties/change in control of interests (16) (0.04) (4) – (8) (0.01) – (0.02)

Depreciation and amortization real estate related 276 0.65 265 – 280 0.61 - 0.65

Depreciation and amortization real estate JVs (2) 41 0.10 37 – 42 0.09 - 0.10

Impairment charges 57 0.14 0 – 0 0.00 - 0.00

Profit participation from other real estate investments, net (9) (0.02) 0 – 0 0.00 - 0.00

Loss on marketable securities (1) (0.00) 0 – 0 0.00 - 0.00

Noncontrolling interests (3) (1) (0.00) 0 – 0 0.00 - 0.00

NAREIT FFO $608 $1.44 $631 - $648 $1.46 - $1.50

RECONCILIATION OF NON GAAP MEASURESNet Income to EBITDA & Net Debt/EBITDA Calculations

39

Net income/(loss) 110,043$ Net Debt / EBITDA Calculation

Interest of $2,398,588, $2,345,766 and $2,115,320, respectively45,757

Other interest - Net Debt 5,191,820$

Depreciation and amortization 68,439

Gain on sale of properties/change in control of interests (31,836) Consolidated EBITDA 203,277$

Gain on sale of JV properties (892) Consolidated EBITDA as adjusted 201,320$

Impairment charges 7,508

Impairment of JV properties 3,995

Provision/(benefit) for income taxes 263 Net Debt to Consolidated EBITDA 6.4x

Consolidated EBITDA 203,277 Net Debt to Consolidated EBITDA as adjusted 6.4x

Transactional charges / (income), net (1,957)

Consolidated EBITDA as adjusted 201,320$ Net Debt / EBITDA Calculation Pro-Rata (Including Preferreds)

Consolidated EBITDA 203,277$ Net Debt (Pro-rata Share with JV) 5,779,926$

Prorata share of interest expense - real estate JV's 6,463 Preferred Stock 489,500

Prorata share of depreciation and amortization - real estate JV's 10,910 Debt 6,269,426$

EBITDA including prorata share - JV's 220,650

Transactional charges / (income), net (1,957) Pro-rata EBITDA 209,740$

EBITDA as adjusted including prorata share - JV's 218,693$ JV Depreciation 10,910

EBITDA Adjustments (1,957)

Debt 5,315,767$ EBITDA 218,693$

Cash 123,947

Net Debt 5,191,820$ Net Debt and Preferred to Pro-rata EBITDA as adjusted

(including preferreds) 7.2x

RECONCILIATION OF NON GAAP MEASURESNet Income to EBITDA & Net Debt/EBITDA Calculations

40Certain amounts in prior periods have been reclassified in order to conform with the current period presentation

2010 2015 2016 2017 2018 2019

Net Income 46,675$ 378,711$ 80,686$ 84,566$ 87,947$ 110,043$

Interest 54,962 56,152 43,067 52,126 42,881 45,757

Depreciation and amortization 62,603 86,095 90,884 85,024 74,266 68,439

Gain on sale of properties/change in control of interests (738) (45,228) (11,607) (33,798) (49,379) (31,836)

Gain on sale of JV properties - (327,933) (14,880) (6,849) (12,446) (892)

Impairment charges 25,859 17,475 25,140 33,051 45,352 7,508

Impairment of JV properties 4,971 81 4,284 226 6,749 3,995

Provision/(benefit) from income taxes 90 53,113 (647) 1,344 2,584 263

Unrealized Remeasurement Adjustment of Derivative Instrument (1,305) - - - - -

Consolidated EBITDA 193,117 218,466 216,927 215,690 197,954 203,277

Transactional income, net (28,470)$ (2,277)$ (7,590)$ 8,019$ (869) (1,957)

Consolidated EBITDA as adjusted 164,647$ 216,189$ 209,337$ 223,709$ 197,085$ 201,320$

Consolidated EBITDA 193,117 218,466 216,927 215,690 197,954 203,277

Pro-rata share of interest expense - real estate JV's 44,858 16,119 5,850 6,645 7,152 6,463

Pro-rata share of depreciation and amortization - real estate JV's 35,908 14,552 9,477 9,835 10,717 10,910

EBITDA including pro-rata share - JV's 273,883 249,137 232,254 232,170 215,823 220,650

Transactional income, net (28,470)$ (2,277)$ (7,590)$ 8,019$ (869) (1,957)

EBITDA as adjusted including pro-rata share - JV's 245,413$ 246,860$ 224,664$ 240,189$ 214,954$ 218,693$

Consolidated Debt 4,058,987 5,376,310 5,066,368 5,478,927 4,873,872 5,315,767

Consolidated Cash (125,154) (189,534) (142,486) (238,513) (143,581) (123,947)

JV Debt 2,966,577 1,091,927 769,757 610,859 680,374 616,440

JV Cash (73,260) (38,351) (23,797) (24,501) (27,246) (28,334)

Preferred Stock 810,000 800,000 800,000 1,030,000 1,064,500 489,500

Total 7,637,150 7,040,352 6,469,842 6,856,772 6,447,919 6,269,426

Look Through Net Debt / EBITDA 7.8 7.1 7.2 7.1 7.5 7.2

Quarter Ended December 31,

KIMCO NOTES

41