2021 Third Quarter Supplemental Information

Supplemental Q3 2021

Financial Information

Quarter Ended September 30, 2021

Dania Pointe

Dania Beach, FL

8000 Sunset Strip Shopping Center

Los Angeles, CA

500 North Broadway, Jericho, NY 11753 | [phone]

kimcorealty.com

Supplemental Financial Information

Quarter Ended September 30, 2021

Table of Contents

Third Quarter 2021 Earnings Release………………………………………………………………………………………………………………………………	i - v
Glossary of Terms…………………………………………………………………………………………………………………………………………………	1
Financial Summary
Condensed Consolidated Balance Sheets………………………………………………………………………………………………………………………	3
Condensed Consolidated Statements of Operations……………………………………………………………………………………………………………	4
Condensed Consolidated Statements of Cash Flows……………………………………………………………………………………………………………	5
Non-GAAP Measures
Income Statement to FFO Reconciliation……………………………………………………………………………………………………………………	6-7
Reconciliation of Net Income/(Loss) Available to the Company's Common Shareholders to FFO Available to the Company's Common Shareholders…	8
Reconciliation of FFO Available to the Company's Common Shareholders to Funds Available for Distribution (FAD)…………………………………	9
Reconciliation of Net Income/(Loss) to EBITDA……………………………………………………………………………………………………………	10
Reconciliation of Net Income/(Loss) to EBITDAre…………………………………………………………………………………………………………	11
NOI Disclosures……………………………………………………………………………………………………………………………………………	12
Same Property NOI…………………………………………………………………………………………………………………………………………	13
Selected Balance Sheet Account Detail…………………………………………………………………………………………………………………………	14
Debt Summary
Capitalization and Financial Ratios……………………………………………………………………………………………………………………………	16
Bond Indebtedness Covenant Disclosure………………………………………………………………………………………………………………………	17
Line of Credit Covenant Disclosure……………………………………………………………………………………………………………………………	18
Schedule of Consolidated Debt…………………………………………………………………………………………………………………………………	19
Consolidated Debt Detail………………………………………………………………………………………………………………………………………	20
Schedule of Real Estate Joint Venture Debt……………………………………………………………………………………………………………………	21
Real Estate Joint Venture Debt Detail…………………………………………………………………………………………………………………………	22
Transaction Summary
2021 Shopping Center Transactions & Structured Investments………………………………………………………………………………………………	24
Redevelopment and Repositioning Projects……………………………………………………………………………………………………………………	25
Capital Expenditures……………………………………………………………………………………………………………………………………………	26
Shopping Center Portfolio Summary
Shopping Center Portfolio Overview……………………………………………………………………………………………………………………………	28
Top 50 Tenants (Ranked by ABR)………………………………………………………………………………………………………………………………	29
Top Major Metropolitan Markets (Ranked by ABR)…………………………………………………………………………………………………………	30
Leasing Summary………………………………………………………………………………………………………………………………………………	31
Lease Expiration Schedule………………………………………………………………………………………………………………………………………	32
COVID-19Business Update: Rent Collections Based on ABR %……………………………………………………………………………………………	33
COVID-19Disclosure…………………………………………………………………………………………………………………………………………	34
Joint Venture Summary
Joint Venture Summary…………………………………………………………………………………………………………………………………………	36
Selected Pro-rataData…………………………………………………………………………………………………………………………………………	37
Guidance and Valuation Summary
2021 Guidance and Assumptions………………………………………………………………………………………………………………………………	39
Components of Net Asset Value………………………………………………………………………………………………………………………………	40
Research Coverage/Rating Agency Coverage……………………………………………………………………………………………………………………	41

Safe Harbor Statement

The statements in this release state the company's and management's 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 which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions,

1. the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the company, (iv) the company's ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and management's ability to estimate the impact of such changes, (vi) the level and volatility of interest rates and management's ability to estimate the impact thereof, (vii) pandemics or other health crises, such as coronavirus disease 2019 (COVID-19), (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) valuation and risks related to the company's joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the company's common and preferred stock and the company's ability to pay dividends at current levels, (xiii) the reduction in the company's income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the company's intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. 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 Securities and Exchange Commission ("SEC") filings. Copies of each filing may be obtained from the company or the SEC.

The company refers you to the documents filed by the company from time to time with the SEC, specifically the section titled "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2020, as may be updated or supplemented in the company's Quarterly Reports on Form 10-Q and the company's other filings with the SEC, which discuss these and other factors that could adversely affect the company's results. The company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

Listed on the New York Stock Exchange (KIM)

NEWS RELEASE

Kimco Realty Announces Third Quarter 2021 Results

- Strong Operating Results from the Expanded Portfolio Following Strategic Merger -

- Raises 2021 Outlook -

JERICHO, New York, November 5, 2021 - Kimco Realty Corp. (NYSE: KIM), North America's largest publicly traded owner and operator of open-air,grocery-anchored shopping centers and mixed-use assets, today reported results for the third quarter ended September 30, 2021. For the three months ended September 30, 2021 and 2020, Kimco's net income/(loss) available to the company's common shareholders was $0.91 per diluted share and ($0.10) per diluted share, respectively.

Third Quarter Highlights:

• Completed the strategic merger with Weingarten Realty Investors on August 3, 2021.
• Produced FFO of $0.32 per diluted share, which includes merger-related costs of $47.0 million, or $0.08 per diluted share.
• Grew pro-rata portfolio occupancy 20 basis points sequentially to 94.1%.
• Increased pro-rata small shop occupancy 180 basis points sequentially to 87.3%.
• Signed 411 leases totaling 2.1 million square feet of gross leasable area (GLA).
• Same property Net Operating Income (NOI), which excludes the impact of the Weingarten Realty portfolio, grew 12.1% over the prior year.
• Ended the quarter with Kimco's investment in Albertsons Companies Inc. (NYSE: ACI) common stock valued at over $1.2 billion.
• Achieved an "A" rating from the Global Real Estate Sustainability Benchmark (GRESB) for both Public Disclosure and Real Estate Performance Assessment placing Kimco as the top company in its respective US Retail peer group. Additionally, Kimco was again named as a constituent of the FTSE4Good Index Series and was certified as a Great Place to Work® company for the 4th consecutive year.

Kimco CEO Conor Flynn commented, "We are extremely proud to have completed another quarter where leasing volume exceeded two million square feet, bringing year-to-date leasing to 6.7 million square feet. We remain committed to 'leasing, leasing and leasing,' and our success continues to validate the importance and value of the real estate we own. With the strategic addition of the Weingarten portfolio and our highly desirable open-air, last- mile grocery-anchored centers in growing markets, we are excited to again raise our outlook for 2021 as we embrace the opportunity to create additional value for shareholders."

Financial Results:

Net income/(loss) available to the company's common shareholders for the third quarter of 2021 was $501.4 million, or $0.91 per diluted share, compared to ($44.7) million, or ($0.10) per diluted share, for the third quarter of 2020. The year-over-year change includes:

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• $534.1 million increase in gain on marketable securities, primarily as a result of the mark-to-market fluctuations on 39.8 million shares of common stock of Albertsons Companies, Inc. (NYSE: ACI) held by the company which was valued at over $1.2B at the end of the third quarter of 2021.
• $26.6 million improvement in consolidated credit loss on potentially uncollectible accounts receivable.
• $7.5 million less in charges related to early extinguishment of debt.
• $47.0 million in charges during the third quarter of 2021 related to the merger with Weingarten Realty.

NAREIT Funds From Operations (FFO) was $173.7 million, or $0.32 per diluted share, for the third quarter of 2021 and includes merger charges with Weingarten Realty of $47.0 million, or $0.08 per diluted share. NAREIT FFO was $106.7 million, or $0.25 per diluted share, for the third quarter 2020. A reconciliation of net income available to the company's common shareholders to NAREIT FFO is provided in the tables accompanying this press release.

Operating Results:

• Pro-rataportfolio occupancy ended the quarter at 94.1%, an increase of 20 basis points sequentially, with the spread between leased (reported) occupancy vs. economic occupancy 300 basis points.
• Pro-rataanchor occupancy ended the quarter at 96.9%, flat on a sequential basis.
• Pro-ratasmall shop occupancy ended the quarter at 87.3%, an increase of 180 basis points sequentially from the second quarter of 2021.
• Pro-ratarental-rate spreads on comparable spaces during the third quarter of 2021 increased 4.9%, with rental rates for new leases up 5.0% and renewals/options up 4.9%.
• During the third quarter, the company signed 411 leases totaling 2.1 million square feet of GLA benefitting from the Weingarten merger. This was bolstered by 141 new leases for 605,000 square feet.
• Same-propertyNOI, including redevelopments, increased 12.1% for the third quarter of 2021 over the comparable period in 2020. The company excluded Weingarten Realty from the calculation of same- property NOI since it was not owned for the full period. Kimco expects to include the Weingarten portfolio in its Same-property NOI beginning in the fourth quarter of 2021. A reconciliation of net income available to the company's common shareholders to Same-property NOI is provided in the tables accompanying this press release.

Weingarten Merger:

• In August, completed the strategic merger with Weingarten Realty Investors further expanding Kimco's grocery-anchored portfolio and its presence in fast growing Sunbelt markets with the addition of 149 properties totaling 23.5 million square feet of GLA.
• In connection with the merger, Kimco previously disclosed annualized cost synergy ranges of $35 million to $38 million on a GAAP basis and $31 million to $34 million on a cash basis. At the end of the third quarter, the company had achieved synergies at the upper end of both ranges. The company anticipates achieving the full benefit of these synergies by the end of 2022.

Transaction Activities:

• Provided $21.5 million of third-party mezzanine funding towards the acquisition of Alamo Ranch, a 465,000 square foot retail center located in San Antonio, Texas.
• Sold two single-tenant centers located in Massachusetts and one land parcel in San Antonio for a total of $23.5 million.

ii

• Subsequent to quarter end, acquired the remaining 70 percent interest in a portfolio of six Publix-anchored, Sunbelt shopping centers from Kimco's existing joint venture partner, Jamestown, for a gross purchase price of $425.8 million. The company then entered into a joint venture partnership with Blackstone Real Estate Income Trust, Inc. ("BREIT") in which both Kimco and BREIT will own 50 percent of the portfolio, with Kimco continuing to manage the properties on behalf of the joint venture.

Capital Markets:

• Established a new continuous "At The Market" (ATM) equity offering program through which the company may offer and sell shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500 million.
• Generated net proceeds of $76.9 million through the issuance of approximately 3.5 million shares of common stock through the company's ATM program at a weighted average price of $22.08 per share.
• Issued $500 million of 2.250% notes maturing December 2031, which represents the lowest coupon for ten- year, unsecured notes issued by the company in its history.
• Ended the third quarter with over $2.4 billion of immediate liquidity, including full availability under the company's $2.0 billion unsecured revolving credit facility, and $483 million of cash and cash equivalents. In addition, Kimco maintains over $1.2 billion of ACI common stock, subject to certain lock-up provisions.

Dividend Declarations:

As previously announced:

• Kimco's board of directors declared a quarterly cash dividend of $0.17 per common share, payable on December 23, 2021, to shareholders of record on December 9, 2021.
• The board of directors also declared quarterly dividends with respect to each of the company's Class L and
  Class M series of cumulative redeemable preferred shares. These dividends on the preferred shares will be paid on January 17, 2022, to shareholders of record on January 3, 2022.

2021 Full Year Outlook:

Kimco's 2021 guidance has been updated to include the impact for the completed merger with Weingarten and includes merger-related cost totaling $50.2 million, or $0.10 per diluted share. As a result, the company has raised its 2021 guidance ranges as follows:

Guidance (per diluted share)	Current*	Previous
Net income available to common shareholders:	$1.70 to $1.72**	$0.83 to $0.87
NAREIT FFO:	$1.36 to $1.37**	$1.29 to $1.33

*The tables accompanying this press release provide a reconciliation for this forward-lookingnon-GAAP measure.

**Includes $0.10 per diluted share of merger-related charges incurred during 2021.

Conference Call and Supplemental Materials

Kimco will hold its quarterly conference call on Friday, November 5, 2021, at 8:30 a.m. Eastern Time (ET). The call will include a review of the company's third quarter results as well as a discussion of the company's strategy and expectations for the future. To participate, dial 1-888-317-6003 or 1-412-317-6061 for international calls, (Passcode: 7894589).

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