Kimco Realty : 2021 First Quarter Supplemental Information

SUPPLEMENTAL Q1

FINANCIAL 2021 INFORMATION

QUARTER ENDED MARCH 31, 2021

500 NORTH BROADWAY JERICHO, NY 11753 [phone]

KIMCOREALTY.COM

Supplemental Financial Information

Quarter Ended March 31, 2021

Table of Contents

First 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
Reconciliation of Net Income Available to the Company's Common Shareholders to FFO Available to the Company's Common Shareholders…………	7
Reconciliation of Income to EBITDA………………………………………………………………………………………………………………………	8
Reconciliation of Income to EBITDAre……………………………………………………………………………………………………………………	9
NOI Disclosures……………………………………………………………………………………………………………………………………………	10
Same Property NOI…………………………………………………………………………………………………………………………………………	11
Selected Balance Sheet Account Detail…………………………………………………………………………………………………………………………	12
Debt Summary
Capitalization and Financial Ratios……………………………………………………………………………………………………………………………	14
Bond Indebtedness Covenant Disclosure………………………………………………………………………………………………………………………	15
Line of Credit Covenant Disclosure……………………………………………………………………………………………………………………………	16
Schedule of Consolidated Debt…………………………………………………………………………………………………………………………………	17
Consolidated Debt Detail………………………………………………………………………………………………………………………………………	18
Schedule of Real Estate Joint Venture Debt……………………………………………………………………………………………………………………	19
Real Estate Joint Venture Debt Detail…………………………………………………………………………………………………………………………	20
Transaction Summary
2021 Shopping Center Transactions & Structured Investments………………………………………………………………………………………………	22
Real Estate Under Development and Redevelopment/Expansion Projects……………………………………………………………………………………	23
Capital Expenditures……………………………………………………………………………………………………………………………………………	24
Shopping Center Portfolio Summary
Shopping Center Portfolio Overview……………………………………………………………………………………………………………………………	26
Top 50 Tenants (Ranked by ABR)………………………………………………………………………………………………………………………………	27
Top Major Metropolitan Markets (Ranked by ABR)…………………………………………………………………………………………………………	28
Leasing Summary………………………………………………………………………………………………………………………………………………	29
Lease Expiration Schedule………………………………………………………………………………………………………………………………………	30
COVID-19Business Update: Rent Collections Based on ABR %……………………………………………………………………………………………	31
COVID-19Disclosure..................….......................................................................................….......................................................…..................................	32
Joint Venture Summary
Joint Venture Summary…………………………………………………………………………………………………………………………………………	34
Selected Pro-rataData…………………………………………………………………………………………………………………………………………	35
Guidance and Valuation Summary
2021 Guidance and Assumptions………………………………………………………………………………………………………………………………	37
Components of Net Asset Value………………………………………………………………………………………………………………………………	38
Research Coverage/Rating Agency Coverage……………………………………………………………………………………………………………………	39

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 First Quarter 2021 Results

- Leasing Levels Reach 2.8 Million Square Feet Signed During the Quarter -

- Raises 2021 Outlook -

JERICHO, New York, April 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 first quarter ended March 31, 2021. For the three months ended March 31, 2021 and 2020, Kimco's net income available to the company's common shareholders was $0.30 per diluted share and $0.19 per diluted share, respectively.

First Quarter Highlights:

• Executed 358 leases totaling 2.8 million square feet, the highest combined lease count and gross leasable area since the first quarter of 2019.
• Generated new cash pro-rata leasing spreads of 8.2% on comparable spaces.
• Reported pro-rata portfolio occupancy of 93.5%.
• Collected 94% of total pro-rata base rents billed during the first quarter.
• Ended the quarter with $2.3 billion of immediate liquidity including $254 million in cash.
• Subsequent to quarter end, announced the entry into a strategic merger agreement with Weingarten Realty
  Investors (NYSE: WRI), creating the nation's preeminent open-air,grocery-anchored shopping center and mixed-use real estate platform.

"Our well-positioned, predominately grocery-anchored portfolio that focuses on essential goods and services, enabled us to drive over 2.8 million square feet of leasing in the first quarter, again reaching pre-pandemic levels," said Conor Flynn, Kimco's Chief Executive Officer. "The operating environment remains very favorable, evidenced by our strong leasing levels, positive spreads on new leases and solid rent collections, reflecting increasing tenant health. The success of our ongoing efforts supports raising our outlook for 2021. Looking further ahead, future opportunities for Kimco are strengthened considerably with the pending merger with Weingarten. This highly strategic combination will result in a stronger and more diversified portfolio, with significant embedded growth opportunities in high-growth Sun Belt markets. Upon closing, we will be well positioned to build additional value for all of our stakeholders."

Financial Results

Net income available to the company's common shareholders for the first quarter of 2021 was $131.6 million, or $0.30 per diluted share, compared to $83.7 million, or $0.19 per diluted share, for the first quarter of 2020. The year-over-year change includes:

• $65.8 million increase in gain on marketable securities, net, primarily as a result of the mark-to-market adjustment on 39.8 million shares of common stock of Albertsons Companies, Inc. (NYSE: ACI) held by the company.
• $6.2 million increase from gains on sales of properties.

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Listed on the New York Stock Exchange (KIM)

NEWS RELEASE

• ($7.2) million decrease in equity in income of other real estate investments, net due to gains on sales of net leased assets sold during 2020.
• ($7.4) million decrease in total revenue resulting from $3.8 million of higher rent abatements, partially offset by a change in reserves over the same period in the prior year, as well as $4.2 million in lower income recognized from above and below market rents.

NAREIT Funds From Operations (FFO) was $144.3 million, or $0.33 per diluted share, compared to $160.5 million, or $0.37 per diluted share, for the first 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

• Executed 358 leases totaling 2.8 million square feet, representing the highest quarterly level of square footage leased since the first quarter of 2019.
• The 121 new leases signed during the quarter for 586,000 square feet represented an increase in gross leasable area of 44% over the fourth quarter of 2020 and 71% for the comparable period in the prior year.
• Pro-ratarental-rate spreads on comparable spaces increased 6.8%, with rental rates for new leases up 8.2% and renewals/options growing by 6.4%.
• Pro-rataportfolio occupancy ended the quarter at 93.5% with anchor and small shop occupancy at 96.2% and 85.8%, respectively. The spread between leased (reported) occupancy vs. economic occupancy was 230 basis points at the end of the first quarter of 2021.
• Same-propertyNet Operating Income (NOI) decreased 5.7% from the first quarter of 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:

• During the first quarter, Kimco disposed of two shopping centers totaling 490,000 square feet for $56.0 million. The company's pro-rata share of the sales price was $30.2 million.
• The company also sold four land parcels for a total of $18.5 million. Kimco's pro-rata share of the sales price was $15.0 million.

Capital Markets

• Ended the quarter with $2.3 billion of immediate liquidity, including full availability under the company's $2.0 billion unsecured revolving credit facility, and $254 million in cash and cash equivalents. In addition, Kimco held $760 million of Albertsons common stock at the end of the quarter, subject to certain lock-up provisions.
• Kimco's consolidated weighted-average debt maturity profile of 10.7 years remains one of the longest in the REIT industry. The company's upcoming debt maturities in 2021 total approximately 3% of total pro-rata debt, which is the lowest level over the next seven years. This includes only $150.2 million of total pro-rata mortgage debt coming due with no unsecured debt maturities in 2021. Kimco's next unsecured notes do not mature until November of 2022.

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Listed on the New York Stock Exchange (KIM)

NEWS RELEASE

Dividends

• Kimco's board of directors declared a quarterly cash dividend of $0.17 per common share, payable on June 23, 2021, to shareholders of record on June 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 July 15, 2021, to shareholders of record on July 1, 2021.

Subsequent Event

Subsequent to quarter end on April 15, Kimco and Weingarten Realty Investors (NYSE: WRI), a grocery- anchored Sun Belt shopping center owner, manager and developer, announced that they had entered into a definitive merger agreement under which Weingarten will merge with and into Kimco, with Kimco continuing as the surviving public company. The parties expect the transaction to close during the second half of 2021, subject to customary closing conditions, including the approval of both Kimco and Weingarten shareholders. The transaction is expected to be immediately accretive to earnings and further improve the leverage metrics for Kimco.

2021 Full Year Outlook

Kimco's 2021 guidance is presented on a stand-alone basis and does not incorporate any impact from its pending merger with Weingarten Realty Investors (NYSE: WRI). The company has raised its 2021 guidance ranges as follows:

Guidance (per diluted share)	Current*	Previous
Net income available to common shareholders:	$0.66 to $0.70	$0.46 to $0.52
NAREIT FFO:	$1.22 to $1.26	$1.18 to $1.24

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

Conference Call and Supplemental Materials

Kimco will hold its quarterly conference call on Thursday, April 29, 2021, at 8:30 a.m. Eastern Time (ET). The call will include a review of the company's first 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: 6983834).

Audio replay from the conference call will be available on Kimco Realty's website at investors.kimcorealty.comthrough Wednesday, July 28, 2021.

About Kimco

Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America's largest publicly traded owners and operators of open-air,grocery-anchored shopping centers and 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

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