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