Kimco Realty : 2024 First Quarter Supplemental Information

Supplemental Q1 2024 Quarter Ended March 31, 2024

Financial Information

Tradewinds Shopping Center

Key Largo, Florida

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

kimcorealty.com

Supplemental Financial Information
Quarter Ended March 31, 2024
First Quarter 2024 Earnings Release	i - v
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
Statement of Operations to FFO Adjustments	8
FFO Available to Common Shareholders	9
Funds Available for Distribution (FAD)	10
EBITDA	11
EBITDAre	12
NOI Disclosures	13
Same Property NOI	14
Selected Balance Sheet Account Detail	15
Debt Summary
Capitalization and Financial Ratios	17
Bond Indebtedness Covenant Disclosure	18
Line of Credit Covenant Disclosure	19
Schedule of Consolidated Debt	20
Consolidated Debt Detail	21
Schedule of Real Estate Joint Venture Debt	22
Real Estate Joint Venture Debt Detail	23
Transaction Summary
2024 Shopping Center Transactions and Structured Investments	25
Redevelopment Projects and Outparcel Developments	26
Anchor Space Repositionings	27
Future Redevelopment Opportunities	28
Capital Expenditures	29
Shopping Center Portfolio Summary
Shopping Center Portfolio Overview	31
Top 50 Tenants (Ranked by ABR)	32
Top Major Metropolitan Markets (Ranked by ABR)	33
Leasing Summary	34
Lease Expiration Schedule	35
Joint Venture Summary
Joint Venture Summary	37
Selected Pro-rata Data	38
Guidance and Valuation Summary
2024 Guidance and Assumptions	40
Components of Net Asset Value	41
Research Coverage/Rating Agency Coverage	42
On the cover: Tradewinds Shopping Center, Florida

News Release

Kimco Realty® Announces First Quarter 2024 Results

- Strong Growth and Leasing Activity -

- Successful Execution on RPT Realty Acquisition -

- Board Declares Quarterly Dividend -

- Updates 2024 Outlook -

JERICHO, New York, May 2, 2024 - Kimco Realty® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality,open-air,grocery-anchored shopping centers and mixed-use properties in the United States, today reported results for the first quarter ended March 31, 2024. For the three months ended March 31, 2024 and 2023, Kimco Realty's net (loss)/income available to the company's common shareholders per diluted share was ($0.03) and $0.46, respectively.

First Quarter Highlights

• Produced Funds From Operations* (FFO) of $0.39 per diluted share.
• Generated 3.9% growth in Same Property Net Operating Income* (NOI) over the same period a year ago.
• Achieved pro-rata portfolio occupancy of 96.0% with pro-rata anchor and small shop occupancy at 97.8% and 91.5%, respectively.
• Leased 4.0 million square feet, generating blended pro-rata rent spreads on comparable spaces, including renewals and options, of 10.2%.
• Generated pro-rata cash rent spreads of 35.5% for new leases on comparable spaces, including two former Bed Bath & Beyond leases with a blended, pro-rata rent increase of 36%.
• Completed the $2.3 billion acquisition of RPT Realty ("RPT") on January 2, 2024.
• Disposed of ten former RPT properties for an aggregate price of $248 million, which resulted in the company achieving its 2024 disposition target for former RPT properties.

"Our first quarter results surpassed our initial expectations and showcase the robust demand that continues to permeate our open-air,grocery-anchored shopping center portfolio, supported by the exceptional performance of our dedicated team of associates," stated Conor Flynn, CEO of Kimco. "We are thrilled with the successful acquisition of RPT and the swift divestment of ten former properties that did not align with our long-term ownership strategy. Additionally, we achieved four million square feet of leasing with double-digit rent spreads and strong growth in same property NOI. As a result, we are excited to capitalize on this momentum and update our full-year outlook, as we remain committed to maximizing shareholder value."

Financial Results

The company reported a net loss available to common shareholders of ($18.9) million, or ($0.03) per diluted share, for the first quarter of 2024. This compares to net income available to common shareholders ("Net income") of $283.5 million, or $0.46 per diluted share, for the first quarter of 2023. The year-over-year change is primarily attributable to:

*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

• $194.1 million one-time special dividend received from Albertsons Companies, Inc. (NYSE: ACI) in the first quarter of 2023 that did not reoccur in 2024.
• $41.2 million increase in provision for income taxes, mainly due to tax gains associated with the sale of ACI common stock during 2024 and 2023.
• $40.4 million less gains on sales of properties, net of impairments in 2024.
• $25.2 million in merger charges related to the acquisition of RPT.
• Other notable year-over-year changes, which were mainly attributable to the acquisition of RPT, include $60.6 million growth in consolidated revenues from rental properties, partially offset by increases of $5.9 million in real estate taxes and $10.5 million in operating and maintenance expenses as well as $28.4 million in higher depreciation and amortization.

FFO was $261.8 million, or $0.39 per diluted share, for the first quarter of 2024 and includes RPT-related merger charges of $25.2 million, or $0.04 per diluted share. FFO was $238.1 million, or $0.39 per diluted share, for the first quarter 2023. The company excludes from FFO all realized or unrealized marketable securities gains and losses as well as gains and losses from the sales of certain real estate assets, depreciation and amortization related to real estate, profit participations from other investments, and other items considered incidental to the company's business.

Operating Results

• Signed 583 leases totaling 4.0 million square feet, generating blended pro-rata rent spreads on comparable spaces of 10.2%, with pro-rata cash rent spreads for new leases up 35.5% and renewals and options growing 7.8%.
• Pro-rataportfolio occupancy ended the quarter at 96.0%, an increase of 20 basis points year-over-year and down 20 basis points sequentially. The acquisition of RPT and the vacating of four Rite Aid leases reduced occupancy by 14 basis points and 10 basis points, respectively.
• Pro-ratasmall shop occupancy ended the quarter at 91.5%, an increase of 80 basis points year-over-year while down 20 basis points sequentially. The acquisition of RPT resulted in a 40-basis-point reduction in small shop occupancy, representing additional potential for leasing upside.
• Reported a 330-basis-point spread between leased (reported) occupancy versus economic occupancy at the end of the first quarter, representing approximately $63 million in anticipated future annual base rent.
• Generated 3.9% growth in Same Property NOI over the same period a year ago, primarily driven by a 2.8% increase in minimum rent.

Investment & Disposition Activities

• Disposed of ten former RPT properties for an aggregate price of $248 million, which totaled 2.1 million square feet of gross leasable area, as previously announced. As part of these sales, Kimco Realty opportunistically invested approximately $67 million in eight of these properties under its Structured Investment program. The company expects to earn a 10% blended return on these investments.
• Completed a $9.0 million structured investment in a shopping center owned by a third party, as previously announced.

Capital Market Activities

• Repaid unsecured notes in the principal amount of $246.9 million at 4.45% and $400.0 million at 2.70% during the first quarter. The company has no remaining unsecured debt and only $11.8 million of secured debt maturing for the remainder of 2024.
• Sold remaining 14.2 million shares of ACI common stock at a net price of $21.05 per share, resulting in $299.1 million of net proceeds, as previously announced. The company recorded a provision for income taxes of $71.8 million on the taxable gain from the sale of the shares during the first quarter.

ii

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

kimcorealty.com

• The company ended the quarter with $2.0 billion of immediate liquidity, including $1.9 billion available on its $2.0 billion unsecured revolving credit facility and over $135 million of cash and cash equivalents.

Dividend Declarations

• Kimco Realty's board of directors declared a quarterly cash dividend on common shares of $0.24 per share, payable on June 20, 2024, to shareholders of record on June 6, 2024.
• The board of directors also declared quarterly dividends with respect to each of the company's Class L, Class M, and Class N series of preferred shares. These dividends on the preferred shares will be paid on July 15, 2024, to shareholders of record on July 1, 2024.

2024 Full Year Outlook

The company has updated 2024 guidance for Net income and FFO per diluted share as follows:

	Current*	Previous*
Net income:	$0.40 to $0.44	$0.47 to $0.51
FFO:	$1.56 to $1.60	$1.54 to $1.58

*Includes ($0.04) of RPT merger-related charges.

The company has also updated the assumptions that support its full year outlook for Net income and FFO in the following table (Pro-rata share; dollars in millions):

		1Q 2024	Current Assumptions	Prior Assumptions
	Dispositions:	$248		$350 to $450	$350 to $450
	• Cap rate (blended)	• 8.50%	•	8.25% to 8.75%	•	8.25% to 8.75%
	Total acquisitions & structured investments	$76		$300 to $350		$300 to $350
	combined:
	• Cap rate (blended)	• 10.0%	•	7.0% to 8.0%	•	7.0% to 8.0%
	Same Property NOI growth (inclusive of RPT)	3.9%	2.25% to 3.0%	1.5% to 2.5%
	Credit loss as a % of total pro-rata rental	(0.62%)	(0.75%) to (1.00%)	(0.75%) to (1.00%)
	revenues
	RPT-relatednon-cash GAAP income (above &	$1		$4 to $5	No material impact
	below market rents and straight-line rents )
	RPT-related cost saving synergies included in	Only showing		$34 to $35		$30 to $34
	G&A	full year impact
	Lease termination income	$1		$1 to $3		$1 to $3
	Interest income - Other income (attributable to	$9		$10 to $12		$2 to $4
	cash on balance sheet)
	Capital expenditures (tenant improvements,	$44		$225 to $275		$225 to $275
	landlord work and leasing commissions)

iii

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

kimcorealty.com

Conference Call Information

When: 8:30 AM ET, May 2, 2024

Live Webcast:1Q24 Kimco Realty Earnings Conference Callor on Kimco Realty's websiteinvestors.kimcorealty.com(replay available through July 31, 2024)

Dial #: 1-888-317-6003 (International: 1-412-317-6061). Passcode: 2629713

About Kimco Realty®

Kimco Realty® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchoredshopping centers and mixed-useproperties in the United States. The company's portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. 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. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of March 31, 2024, the company owned interests in 569 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.

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 (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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) general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets; (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company's income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center,

1. the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the
   Company's ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflatio n and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management's ability to estimate the impact of such changes, (xi) the Company's failure to realize the expected benefits of the merger with RPT Realty (the "RPT Merger"), (xii) significant transaction costs and/or unknown or inestimable liabilities related to the RPT Merger, (xiii) the risk of litigation, including shareholder litigation, in connection

iv

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

kimcorealty.com

with the RPT Merger, including any resulting expense, (xiv) the ability to successfully integrate the operations of the Company and RPT and the risk that such integration may be more difficult, time-consuming or costly than expected, (xv) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company, (xvi) effects relating to the RPT Merger on relationships with tenants, employees, joint venture partners and third parties, (xvii) the possibility that, if the Company does not achieve the perceived benefits of the RPT Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company's common stock could decline, (xviii) valuation and risks related to the Company's joint venture and preferred equity investments and other investments, (xix) collectability of mortgage and other financing receivables, (xx) impairment charges, (xxi) criminal cybersecurity attacks disruption, data loss or other security incidents and breaches, (xxii) risks related to artificial intelligence, (xxiii) impact of natural disasters and weather and climate- related events, (xxiv) pandemics or other health crises, such as the coronavirus disease 2019 ("COVID-19"), (xxv) our ability to attract, retain and motivate key personnel, (xxvi) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xxvii) the level and volatility of interest rates and management's ability to estimate the impact thereof, (xxviii) changes in the dividend policy for the Company's common and preferred stock and the Company's ability to pay dividends at current levels, (xxix) unanticipated changes in the Company's intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity,

1. the Company's ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxxi) other risks and uncertainties identified under Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023. Accordingly, there is no assurance that the Company's expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in other filings with the Securities and Exchange
   Commission ("SEC").

###

CONTACT: David F. Bujnicki

Senior Vice President, Investor Relations and Strategy Kimco Realty Corporation

1. [e-mail]

v

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

kimcorealty.com

Glossary of Terms

Annualized Base Rent	Calculated as monthly base rent (cash basis), as of a certain date, multiplied by 12.
(ABR):
	A supplemental non-GAAP measure utilized to evaluate the Company's operating performance. EBITDA is generally calculated
EBITDA:	by the company as net income/(loss) attributable to the company before interest, depreciation and amortization, provision/benefit
for income taxes, gains/losses on sale of operating properties, losses/gains on change of control, profit participation from other
	investments, pension valuation adjustments, gains/losses on marketable securities and impairment charges.
	A supplemental non-GAAP measure utilized to evaluate the operating performance of real estate companies. The National
	Association of Real Estate Investment Trusts ("Nareit") defines EBITDAre as Net income/(loss) attributable to the company plus
EBITDAre:	interest expense, income tax expense, depreciation and amortization, minus or plus gains/losses on the disposition of
depreciated property including losses/gains on change of control, plus impairment write-downs of depreciated property and of
	investment in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate and adjustments to
	reflect the entity's share of EBITDAre of unconsolidated affiliates.
Economic Occupancy:	Units are occupied at the time rent is flowing.
Non-GAAP Performance	Either the net return on investment where the incremental expenses exclude land costs and the cash flow is incremental over the
Measures:	prior tenants' financial obligations or the cash on cash yield.
Expense Recovery Ratio:	The proportion of consolidated real estate tax expense and operating & maintenance expense recuperated through recovery
income.
Funds Available for	A supplemental non-GAAP financial metric that measures a REIT's ability to generate cash and to distribute dividends to its
shareholders. The Company calculates FAD by adjusting FFO for capital expenditures from operating properties, debt-related
Distribution (FAD):
non-cash items, non-cash revenues, other consolidated capitalized costs and expenses and merger-related charges.

A supplemental non-GAAP financial measure utilized to evaluate the operating performance of real estate companies. NAREIT defines FFO as net income/(loss) available to the Company's common shareholders computed in accordance with generally accepted accounting principles in the United States ("GAAP"), excluding (i) depreciation and amortization related to real estate,

1. gains or losses from sales of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment writedowns of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in

Funds From Operations the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated partnerships and joint

(FFO):ventures calculated to reflect FFO on the same basis. The Company also made an election, in accordance with the NAREIT Funds From Operations White Paper 2018 Restatement, to exclude from its calculation of FFO (i) gains and losses on the sale of assets and impairments of assets incidental to its main business and (ii) mark-to-market changes in the value of its equity securities. As such, the Company does not include gains/impairments on land parcels, mark-to-market gains/losses from marketable securities, allowance for credit losses on mortgage receivables, gains/impairments on other investments or other amounts considered incidental to its main business in NAREIT defined FFO.

FFO Payout Ratio:	A measure used to determine a company's ability to pay its common dividend. Computed by dividing Kimco Realty's common
dividend per share by its basic funds from operations per share.
Gross Leasable Area	A measure of the total amount of leasable space in a commercial property.
(GLA):
Joint Venture (JV):	A co-investment in real estate, usually in the form of a partnership.
Leased Occupancy:	Units are occupied at the time a lease is executed.
Net Operating Income	Revenues from all rental property less operating and maintenance, real estate taxes and rent expense including the Company's
(NOI):	pro-rata share of real estate joint ventures.
NOI Margin:	The ratio of Same Property NOI to total revenues.
Redevelopment:	Either projects that require demolition and/or the addition of GLA to the site or an outparcel development/redevelopment (single
or multi-tenant).
Repositioning:	Re-leasing of space over 15,000 SF that may include the combining or subdividing of units.
Retail Stabilization:	The company policy is to include completed retail projects in occupancy at the earlier of (i) reaching 90 percent leased or (ii) one
year following the projects inclusion in operating real estate.

kimcorealty.com

1

Same Property NOI:

Same Space Rental Spreads:

Same property NOI is a supplemental non-GAAP financial measure of real estate companies' operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity. Same property NOI is considered by management to be an important performance measure of the Company's operations and management believes that it is frequently used by securities analysts and investors as a measure of the Company's operating performance because it includes only the net operating income of properties that have been owned and stabilized for the entire current and prior year reporting periods excluding properties under development and pending stabilization. Same property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the Company's properties.

Same property NOI available to the Company's common shareholders is calculated using revenues from rental properties (excluding straight- line rent adjustments, lease termination fees and amortization of above/below market rents) less charges for credit losses, operating and maintenance expense, real estate taxes and rent expense plus the Company's proportionate share of Same property NOI from unconsolidated real estate joint ventures, calculated on the same basis. The Company's method of calculating Same property NOI available to the Company's common shareholders may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Comparable rental spreads shown for leases executed over the last 4 quarters and calculated based on the total dollar amount from new rent compared to that of the prior rent.

Non-GAAP Performance Measures:

The Company presents the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance.

EBITDA & EBITDAre:

FFO & FAD:

Same Property NOI:

Safe Harbor Statement:

Considering the nature of its business as a real estate owner and operator, the Company believes that EBITDA and EBITDAre are useful to investors in measuring its operating performance because they exclude items included in net income that do not relate to or are not indicative of the operating performance of the Company's real estate. The Company believes EBITDA and EBITDAre are widely known and understood measures of performance, independent of a company's capital structure and items which can make periodic and peer analyses of performance more difficult, and that these metrics can provide investors with a more consistent basis by which to compare the Company with its peers.

The Company presents FFO available to the Company's common shareholders as it considers it an important supplemental measure of our operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO available to the Company's common shareholders when reporting results. Comparison of our presentation of FFO available to the Company's common shareholders to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs.

Same property NOI is a supplemental non-GAAP financial measure of real estate companies' operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity. Same property NOI is considered by management to be an important performance measure of the Company's operations and management believes that it is frequently used by securities analysts and investors as a measure of the Company's operating performance because it includes only the net operating income of properties that have been owned and stabilized for the entire current and prior year reporting periods excluding properties under development and pending stabilization. Same property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the Company's properties.

This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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) general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets; (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company's income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company's ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management's ability to estimate the impact of such changes, (xi) the Company's failure to realize the expected benefits of the merger with RPT Realty (the "RPT Merger"),

1. significant transaction costs and/or unknown or inestimable liabilities related to the RPT Merger, (xiii) the risk of litigation, including shareholder litigation, in connection with the RPT Merger, including any resulting expense, (xiv) the ability to successfully integrate the operations of the Company and RPT and the risk that such integration may be more difficult, time-consuming or costly than expected, (xv) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company, (xvi) effects relating to the RPT Merger on relationships with tenants, employees, joint venture partners and third parties, (xvii) the possibility that, if the Company does not achieve the perceived benefits of the RPT Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company's common stock could decline, (xviii) valuation and risks related to the Company's joint venture and preferred equity investments and other investments, (xix) collectability of mortgage and other financing receivables, (xx) impairment charges, (xxi) criminal cybersecurity attacks disruption, data loss or other security incidents and breaches, (xxii) risks related to artificial intelligence, (xxiii) impact of natural disasters and weather and climate-related events, (xxiv) pandemics or other health crises, such as the coronavirus disease 2019 ("COVID-19"), (xxv) our ability to attract, retain and motivate key personnel, (xxvi) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xxvii) the level and volatility of interest rates and management's ability to estimate the impact thereof, (xxviii) changes in the dividend policy for the Company's common and preferred stock and the Company's ability to pay dividends at current levels, (xxix) unanticipated changes in the Company's intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, (xxx) the Company's ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxxi) other risks and uncertainties identified under Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023. Accordingly, there is no assurance that the Company's expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in other filings with the Securities and Exchange Commission ("SEC").

kimcorealty.com

2

Results Summary and Guidance

(unaudited, dollars in thousands, except per share and per square foot amounts)

Financial Results Summary

Total consolidated revenues (p. 6)

Net (loss)/income available to the company's common shareholders (p. 6) Net (loss)/income available per diluted share (p. 6)

Total NOI (p. 13)

Annualized consolidated EBITDA (p. 11)

Annualized EBITDA including pro-rata share - joint ventures (p. 11) EBITDAre (p. 12)

FFO (p. 9)

FFO per diluted share (p. 9)

Common dividends paid per share (p. 17)

Payout ratio (as % of FFO per diluted share)

Operating Ratios Summary

Same property NOI (p. 14)

Financial Ratios Summary

Debt service coverage (p. 17)

Fixed charge coverage (p. 17)

Net debt to consolidated EBITDA (p. 11)

Net debt to EBITDA on a look-through basis (p. 11)

Three Months Ended

	3/31/2024		3/31/2023
$	503,754	$	442,892
$	(18,916)	$	283,512
$	(0.03)	$	0.46
$	395,519	$	341,820
$	1,409,320	$	1,172,104
$	1,529,724	$	1,266,764
$	327,688	$	500,764
$	261,829	$	238,087
$	0.39	$	0.39
$	0.24	$	0.23
	61.6%		59.7%

Three Months Ended

3/31/20243/31/2023

3.9%1.4%

3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
4.9x	4.4x	4.9x	5.0x	4.8x
4.3x	3.9x	4.3x	4.4x	4.2x
5.3x	5.6x	5.5x	5.5x	5.8x
5.6x	6.0x	5.9x	5.9x	6.2x

Shopping Center Portfolio Statistics Summary (GLA shown in thousands)

Total operating properties (p. 31)

GLA @ 100% (p. 31)

GLA (pro-rata) (p. 31)

• leased (pro-rata) (p. 31) Anchor (p. 35) Non-anchor (p. 35)

$ ABR/SF (pro-rata) (p. 31)

New rent spread (p. 34)

Renewal and options rent spread (p. 34)

Total - new, renewal and options rent spread (p. 34)

Total - new, renewal and options GLA leased (p. 34)

Signed Not Opened (SNO) spread (bps) (1)

Outstanding Classes of Stock (in thousands, except share data)

Common stock shares outstanding (p. 17)

Preferred stock 5.125% series L (callable: 8/16/2022) (p. 17)

Preferred stock 5.25% series M (callable: 12/20/2022) (p. 17) Preferred Stock 7.25% Series N (Convertible) (p. 17)

2024 Guidance (per diluted share)

Net income available to the company's common shareholders (p. 40) FFO (p. 40)

See all other pages for respective footnotes.

(1) Spread between leased (reported) occupancy versus economic occupancy.

kimcorealty.com

	3/31/2024			12/31/2023		9/30/2023		6/30/2023		3/31/2023
	569			523		527		528		529
	100,763			89,679		90,358		90,050		90,232
	86,792			76,977		77,119		76,693		76,850
	96.0%			96.2%		95.5%		95.8%		95.8%
	97.8%			98.0%		97.2%		97.7%		97.8%
	91.5%			91.7%		91.1%		91.0%		90.7%
	$20.09			$20.32		$20.19		$20.00		$19.86
	35.5%			24.0%		34.9%		25.3%		44.0%
	7.8%			7.8%		8.8%		7.6%		7.7%
	10.2%			11.2%		13.4%		9.9%		10.3%
	3,996			2,703		2,076		2,748		4,506
	330			350		320		300		280
	3/31/2024			12/31/2023		9/30/2023		6/30/2023		3/31/2023
	674,117,917			619,871,237		619,874,590		619,888,890		619,891,809
$	222,543	$	222,543	$	222,543	$	222,543	$	223,409
$	261,636	$	261,636	$	261,636	$	261,636	$	262,037
$	92,427			-		-		-		-
	Current			Previous
	$0.40 to $0.44			$0.47 to $0.51
	$1.56 to $1.60			$1.54 to $1.58

3