Kimco Realty : 2023 Second Quarter Supplemental Information

Fellsway @ 630

Medford, Massachusetts

Supplemental Q2 2023

Financial

Information

Quarter Ended June 30, 2023

500 North Broadway, Suite 201, Jericho, NY 11753 | [phone]

kimcorealty.com

Supplemental Financial Information
Table of Contents
Quarter Ended June 30, 2023
Second Quarter 2023 Earnings Release	i - iv
Glossary of Terms	1
Results Summary and Guidance	3
Financial Summary
Condensed Consolidated Balance Sheets	5
Condensed Consolidated Statements of Operations	6
Condensed Consolidated Statements of Cash Flows	7
Non-GAAP Measures
Income Statement to FFO Adjustments	8
FFO Available to Common Shareholders	10
Funds Available for Distribution (FAD)	11
EBITDA	12
EBITDAre	13
NOI Disclosures	14
Same Property NOI	15
Selected Balance Sheet Account Detail	16
Debt Summary
Capitalization and Financial Ratios	18
Bond Indebtedness Covenant Disclosure	19
Line of Credit Covenant Disclosure	20
Schedule of Consolidated Debt	21
Consolidated Debt Detail	22
Schedule of Real Estate Joint Venture Debt	23
Real Estate Joint Venture Debt Detail	24
Transaction Summary
2023 Shopping Center Transactions and Structured Investments	26
Redevelopment Projects and Outparcel Developments	27
Anchor Space Repositionings	28
Future Redevelopment Opportunities	29
Capital Expenditures	30
Shopping Center Portfolio Summary
Shopping Center Portfolio Overview	32
Top 50 Tenants (Ranked by ABR)	33
Top Major Metropolitan Markets (Ranked by ABR)	34
Leasing Summary	35
Lease Expiration Schedule	36
Joint Venture Summary
Joint Venture Summary	38
Selected Pro-rata Data	39
Guidance and Valuation Summary
2023 Guidance and Assumptions	41
Components of Net Asset Value	42
Research Coverage/Rating Agency Coverage	43
On the cover: Fellsway @ 630, Medford, MA

News Release

Kimco Realty® Announces Second Quarter 2023 Results

- Leasing Results Propelled by Robust Demand and Strong Absorption Opportunities -

- Further Expands Liquidity with Ongoing Monetization of Albertsons Investment -

- Board Declares Dividends and Expects to Announce Special Dividend to Shareholders by Year End -

- Updates 2023 Outlook -

JERICHO, New York, July 27, 2023 - Kimco Realty® (NYSE: KIM), North America's largest publicly traded owner and operator of open-air,grocery-anchored shopping centers and a growing portfolio of mixed-use assets, today reported results for the second quarter ended June 30, 2023. For the three months ended June 30, 2023 and 2022, Kimco Realty's net income/(loss) available to the company's common shareholders per diluted share was $0.16 and ($0.21), respectively.

Second Quarter Highlights

• Produced Funds From Operations* (FFO) of $0.39 per diluted share.
• Increased pro-rata portfolio occupancy 70 basis points year-over-year to 95.8%.
• Grew pro-rata small shop occupancy 30 basis points sequentially to 91.0%, representing an increase of 180 basis points year-over-year.
• Generated pro-rata cash rent spreads of 25.3% for new leases on comparable spaces, including four former Bed Bath & Beyond (Nasdaq: BBBY) leases with a blended rent increase of 31%.
• Produced 2.3% growth in Same-Property Net Operating Income* (NOI) over the same period a year ago.
• Generated $144.9 million in proceeds from the sale of 7.0 million shares of Albertsons Companies, Inc. (NYSE: ACI).
• Published 10th annual Corporate Responsibility Report detailing ESG performance.

"Our results demonstrate the strength of our operating platform with the strong execution on backfilling vacancies in an accretive manner at meaningful rental spreads that will drive cashflow. It is a true testament to the quality of our portfolio and dedicated leasing team," stated Kimco CEO Conor Flynn. "Further, with over $500 million of cash on hand from the ongoing monetization of our Albertsons stock, we also have a unique advantage to quickly execute on external growth opportunities as well as further reduce leverage in our continuous effort to maximize results for all of our stakeholders. This includes the returning of capital to shareholders in the form of a one-time special dividend, expected to be announced and paid by year end."

Financial Results

Net income available to the company's common shareholders for the second quarter of 2023 was $100.4 million, or $0.16 per diluted share, for the second quarter of 2023, compared to Net (loss) available to the company's common shareholders of ($125.8) million, or ($0.21) per diluted share, for the second quarter of 2022. Included in the change was a $276.0 million benefit from mark-to-market gains on marketable securities, primarily stemming from a change in the value of ACI common stock held by the company. Partially offsetting this benefit was a $30.9 million increase in provision for income taxes, net, mainly attributable to the capital gains from the monetization of 7.0 million shares of ACI during

*Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release.

i

500 North Broadway, Suite 201 | Jericho, NY 11753 | [phone]

kimcorealty.com

the second quarter of 2023, and a $27.0 million reduction in Equity in income of joint ventures, net, primarily due to a lower level of gains on sales of properties during the second quarter of 2023, compared to the second quarter of 2022.

FFO was $243.9 million, or $0.39 per diluted share, for the second quarter of 2023, compared to $246.4 million, or $0.40 per diluted share, for the second quarter 2022. The company excludes from FFO all realized or unrealized marketable securities gains and losses as well as any income tax implications, including those related to its investment in ACI. Also excluded from FFO are gains and losses from the sale of operating properties, real estate-related depreciation, and profit participations from other investments.

Operating Results

• Executed 485 leases totaling 2.7 million square feet, generating blended pro-rata rent spreads on comparable spaces of 9.9%, with pro-rata rental rates for new leases up 25.3% and renewals and options growing 7.6%.
• Pro-rataportfolio occupancy ended the quarter at 95.8%, which was flat sequentially and an increase of 70 basis points year-over-year. This includes the impact of vacating 8 BBBY and 11 Tuesday Morning spaces during the second quarter of 2023 which reduced occupancy by approximately 25 basis points.
• Pro-ratasmall shop occupancy expanded 30 basis points sequentially and 180 basis points year-over-year to 91.0%, which is 10 basis points below the company's all-time high.
• Pro-rataanchor occupancy ended the quarter at 97.7%, representing an increase of 10 basis points year-over-year.
• Reported a 300-basis-point spread between leased (reported) occupancy versus economic occupancy at the end of the second quarter, representing approximately $50 million in future annual base rent.
• Produced 2.3% growth in Same-Property NOI over the same period a year ago, driven by a 3.1% increase in minimum rent.

Investment Activities

• Sold five wholly-owned parcels during the second quarter for $46.2 million, totaling 87,000 square feet of gross leasable area.

Capital Market Activities

• As previously announced, Kimco sold 7.0 million shares of ACI common stock resulting in net proceeds of $144.9 million. The company recorded a $31.0 million provision for income taxes during the second quarter of 2023.
• Repurchased 38,237 depositary shares of its 5.125% Preferred Series L with a weighted average price of $22.56 for over $862,000. In addition, the company also repurchased 16,050 depositary shares of its 5.250% Preferred Series M with a weighted average price of $22.37 for over $359,000.
• Ended the second quarter with over $2.5 billion of immediate liquidity, including full availability of the company's $2.0 billion unsecured revolving credit facility and over $500 million of cash and cash equivalents on the balance sheet. In addition, the company held 14.2 million shares of ACI common stock valued at $310.1 million as of June 30, 2023.

Dividend Declarations

• Kimco's board of directors declared a cash dividend of $0.23 per common share, representing a 4.5% increase over the quarterly dividend in the corresponding period of the prior year. The quarterly cash dividend on common shares is payable on September 21, 2023, to shareholders of record on September 7, 2023.
• 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 October 16, 2023, to shareholders of record on October 2, 2023.

ii

500 North Broadway, Suite 201 | Jericho, NY 11753 | [phone]

kimcorealty.com

2023 Full Year Outlook

Based on the actual results of the second quarter, including gains, net of impairments and other charges impacting net income available to the company's common shareholders and outlook for the remainder of 2023, the company has updated its full-year guidance ranges as follows:

	Current	Previous
Net income available to the company's common shareholders (per diluted share):	$0.92 to $0.95	$0.92 to $0.96
FFO (per diluted share)*:	$1.55 to $1.57	$1.54 to $1.57

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

Conference Call Information

When: 8:30 AM ET, July 27, 2023

Live Webcast:2Q23 Kimco Realty Earnings Conference Callor on Kimco Realty's websiteinvestors.kimcorealty.com(replay available through October 27, 2023)

Dial #: 1-888-317-6003 (International: 1-412-317-6061). Passcode: 0454076

About Kimco Realty®

Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America's largest publicly traded owner and operator of open-air,grocery-anchored shopping centers and a growing portfolio of mixed-use assets. The company's portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of June 30, 2023, the company owned interests in 528 U.S. shopping centers and mixed-use assets comprising 90 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com.

The company announces material information to its investors using the company's investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook

(www.facebook.com/kimcorealty), Twitter(www.twitter.com/kimcorealty) and LinkedIn(www.linkedin.com/company/kimco-realty-corporation).The list of social media channels that the company uses may be updated on its investor relations website from time to time.

Safe Harbor Statement

This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe

harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "expect," "intend," "commit," "anticipate," "estimate," "project," "will," "target," "plan," "forecast" or similar expressions. You should not rely

on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in

some cases, are beyond the company's control and could materially affect actual results, performances or achievements.

Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i)

iii

500 North Broadway, Suite 201 | Jericho, NY 11753 | [phone]

kimcorealty.com