Kimco Realty : 2021 Second Quarter Supplemental Information

SUPPLEMENTAL Q2

FINANCIAL 2021 INFORMATION

QUARTER ENDED JUNE 30, 2021

500 NORTH BROADWAY JERICHO, NY 11753 [phone]

KIMCOREALTY.COM

Supplemental Financial Information

Quarter Ended June 30, 2021

Table of Contents

Second Quarter 2021 Earnings Release……………………………………………………………………………………………………………………………	i - vi
Glossary of Terms…………………………………………………………………………………………………………………………………………………	1
Financial Summary
Condensed Consolidated Balance Sheets………………………………………………………………………………………………………………………	3
Condensed Consolidated Statements of Income………………………………………………………………………………………………………………	4
Condensed Consolidated Statements of Cash Flows……………………………………………………………………………………………………………	5
Non-GAAP Measures
Income Statement to FFO Reconciliation……………………………………………………………………………………………………………………	6-7
Reconciliation of Net Income Available to the Company's Common Shareholders to FFO Available to the Company's Common Shareholders…………	8
Reconciliation of Income to EBITDA………………………………………………………………………………………………………………………	9
Reconciliation of Income to EBITDAre……………………………………………………………………………………………………………………	10
NOI Disclosures……………………………………………………………………………………………………………………………………………	11
Same Property NOI…………………………………………………………………………………………………………………………………………	12
Selected Balance Sheet Account Detail…………………………………………………………………………………………………………………………	13
Debt Summary
Capitalization and Financial Ratios……………………………………………………………………………………………………………………………	15
Bond Indebtedness Covenant Disclosure………………………………………………………………………………………………………………………	16
Line of Credit Covenant Disclosure……………………………………………………………………………………………………………………………	17
Schedule of Consolidated Debt…………………………………………………………………………………………………………………………………	18
Consolidated Debt Detail………………………………………………………………………………………………………………………………………	19
Schedule of Real Estate Joint Venture Debt……………………………………………………………………………………………………………………	20
Real Estate Joint Venture Debt Detail…………………………………………………………………………………………………………………………	21
Transaction Summary
2021 Shopping Center Transactions & Structured Investments………………………………………………………………………………………………	23
Real Estate Under Development and Redevelopment/Expansion Projects……………………………………………………………………………………	24
Capital Expenditures……………………………………………………………………………………………………………………………………………	25
Shopping Center Portfolio Summary
Shopping Center Portfolio Overview……………………………………………………………………………………………………………………………	27
Top 50 Tenants (Ranked by ABR)………………………………………………………………………………………………………………………………	28
Top Major Metropolitan Markets (Ranked by ABR)…………………………………………………………………………………………………………	29
Leasing Summary………………………………………………………………………………………………………………………………………………	30
Lease Expiration Schedule………………………………………………………………………………………………………………………………………	31
COVID-19Business Update: Rent Collections Based on ABR %……………………………………………………………………………………………	32
COVID-19Disclosure..................….......................................................................................….......................................................…..................................	33
Joint Venture Summary
Joint Venture Summary…………………………………………………………………………………………………………………………………………	35
Selected Pro-rataData…………………………………………………………………………………………………………………………………………	36
Guidance and Valuation Summary
2021 Guidance and Assumptions………………………………………………………………………………………………………………………………	38
Components of Net Asset Value………………………………………………………………………………………………………………………………	39
Research Coverage/Rating Agency Coverage……………………………………………………………………………………………………………………	40

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 Second Quarter 2021 Results

- Sequential Growth in Portfolio Occupancy Highlights Strong Operating Fundamentals -

- Raises 2021 Guidance on Improved Outlook -

JERICHO, New York, July 29, 2021 - Kimco Realty Corp. (NYSE: KIM), one of North America's largest publicly traded owners and operators of open-air,grocery-anchored shopping centers and mixed-use assets, today reported results for the second quarter ended June 30, 2021. For the three months ended June 30, 2021 and 2020, Kimco's net income available to the company's common shareholders was $0.25 per diluted share and $1.71 per diluted share, respectively.

Second Quarter Highlights:

• Grew pro-rata portfolio occupancy 40 basis points sequentially to 93.9%.
• Increased pro-rata anchor occupancy 70 basis points sequentially to 96.9%.
• Generated new cash pro-rata leasing spreads of 9.2% on comparable spaces.
• Same property Net Operating Income (NOI) including redevelopments grew 16.7% year-over-year.
• Produced FFO of $0.34 per diluted share which reflects only $0.8 million of credit loss recognized during the quarter.
• Ended the quarter with over $780 million of Albertsons Companies Inc. (NYSE: ACI) common stock.
• Subsequent to quarter end, issued 2020 Corporate Responsibility Report.

"Our core focus remains on leasing, leasing and leasing which helped drive the sequential improvement in occupancy at a pace much greater than initially anticipated. With over 4.6 million square feet leased in the first half of 2021, we are demonstrating the value that our tenants and their customers place on last mile real estate anchored by highly desirable grocers in open-air centers," stated Conor Flynn, Kimco's Chief Executive Officer.

"We've raised our outlook for 2021 as our operating fundamentals are returning to pre-pandemic levels at a faster pace than originally projected," Mr. Flynn continued. "Our raised outlook also reflects our confidence that the upcoming merger with Weingarten Realty will create additional value for our shareholders, as the combined business will benefit from enhanced diversification and embedded growth opportunities to drive future cash flow."

Financial Results:

Net income available to the company's common shareholders for the second quarter of 2021 was $110.3 million, or $0.25 per diluted share, compared to $741.5 million, or $1.71 per diluted share, for the second quarter of 2020. The year-over-year change includes:

• ($501.9) million decrease in gain on marketable securities mainly attributable to the 39.8 million shares of Albertsons Companies, Inc. (NYSE: ACI) common stock held by the company. During the second quarter of 2020, ACI completed its initial public offering which resulted in Kimco recognizing a one-timemark-to-market

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adjustment of $524.7 million to reflect the company's ACI holdings at fair value. Previously, Kimco accounted

for this investment on the cost method.

• ($190.8) million decrease in gain on sale of cost method investment, as these gains related to the partial monetization of Kimco's investment in ACI from the sale of stock during the second quarter of 2020.
• $43.8 million improvement in consolidated credit loss on potentially uncollectible accounts receivable.
• $17.0 million increase from gains on sales of properties driven by an $18.8 million gain recognized on the sale of two Rite Aid distribution centers during the second quarter of 2021.

NAREIT Funds From Operations (FFO) was $148.8 million, or $0.34 per diluted share, for the second quarter of 2021 and includes charges related to the pending merger with Weingarten Realty of ($3.2) million, or ($0.01) per diluted share. NAREIT FFO was $103.5 million, or $0.24 per diluted share, for the second 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 93.9%, an increase of 40 basis points sequentially, with the spread between leased (reported) occupancy vs. economic occupancy approximately 300 basis points at the end of the second quarter of 2021.
• Pro-rataanchor occupancy ended the quarter at 96.9%, representing a 70-basis-point sequential improvement from the first quarter of 2021 and the largest sequential increase in the past 10 years.
• Pro-ratasmall shop occupancy ended the quarter at 85.5%, a decline of 30 basis points sequentially from the first quarter of 2021, reflecting the impact from the inclusion of Dania Pointe Phases II & III into occupancy at the end of the second quarter. Excluding the impact of Dania Pointe Phases II & III, small shop occupancy would be 86.1%, up 30 basis points sequentially.
• Pro-ratarental-rate spreads on comparable spaces during the second quarter of 2021 increased 5.9%, with rental rates for new leases up 9.2% and renewals/options up 4.7%.
• During the second quarter, the company signed 333 leases totaling 1.8 million square feet of gross leasable area (GLA), which includes 139 new leases for 691,000 square feet, and exceeds the trailing five-year average GLA for leases executed during the second quarter by 11%.
• Same-propertyNOI, including redevelopments, increased 16.7% for the second quarter of 2021 over the comparable period in 2020. 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.

Transaction Activities:

• As previously announced, Kimco and Weingarten Realty Investors (NYSE: WRI), a grocery-anchored Sun Belt shopping center owner, manager and developer, entered into a definitive merger agreement providing for the merger of Weingarten with and into Kimco, with Kimco continuing as the surviving public company. The transaction is expected to close following the approval of shareholders at their respective special meetings on August 3, 2021 and the completion of other customary closing conditions. The transaction is expected to be immediately accretive to earnings and further improve the leverage metrics for Kimco.
• Contributed $54.9 million of preferred equity funding in conjunction with the acquisition of The Rim, a 1.1 million square foot, mixed-use shopping center located in San Antonio, Texas.

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• During the second quarter, the company sold two Rite Aid distribution centers located in California for $108 million. Kimco recognized an $18.8 million gain on the sale of these properties which the company acquired for a cash purchase price of $84.8 million in January 2021.

Capital Markets:

• Ended the second quarter with over $2.2 billion of immediate liquidity, including full availability under the company's $2.0 billion unsecured revolving credit facility.
• Kimco's consolidated net debt to EBITDA improved to pre-pandemic levels of 6.3x at the end of the second quarter of 2021.
• At the end of the quarter, Kimco maintains $783.2 million of ACI common stock, subject to certain lock-up provisions.

Dividend Declarations:

• Kimco's board of directors 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 October 15, 2021, to shareholders of record on October 1, 2021.
• With respect to the common stock dividend, the board of directors intends to declare a regular quarterly cash dividend, payable during the third quarter, shortly after the pending merger with Weingarten closes.

2021 Full Year Outlook:

Kimco's 2021 guidance is presented on a stand-alone basis and does not incorporate any additional impact from its pending merger with Weingarten other than the $(3.2) million, or $(0.01) per diluted share, of merger- related charges incurred during the second quarter of 2021. The company has raised its 2021 guidance ranges as follows:

Guidance (per diluted share)	Current*	Previous
Net income available to common shareholders:	$0.83 to $0.87	$0.66 to $0.70
NAREIT FFO:	$1.29 to $1.33**	$1.22 to $1.26

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

**Includes $(0.01) per diluted share of merger-related charges incurred during the second quarter of 2021.

Conference Call and Supplemental Materials

Kimco will hold its quarterly conference call on Thursday, July 29, 2021, at 8:30 a.m. Eastern Time (ET). The call will include a review of the company's second 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: 7581643).

Audio replay from the conference call will be available on Kimco Realty's website at investors.kimcorealty.comthrough Wednesday, October 27, 2021.

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