Appraisal Institute 2013 Forecast January 25, 2013 1.

Appraisal Institute 2013 Forecast

January 25, 2013

1

North America’s Largest Owner & Operator of

Neighborhood & Community Shopping Centers.

History Started in 1958 | IPO that initiated modern REIT era; NYSE-listed for ~20 years | S&P 500 Index

(2006)

Dividend $0.76 annually, ~3.9% yield (3/31/12)

Shopping Center Properties 946 properties; 138.1M / 89.5M sq. ft. (gross/pro-rata)

Geographic Footprint 44 states, Puerto Rico, Canada, Mexico and South America

Occupancy (pro-rata) 5-year average: 93.9% | High: 96.3% (12/31/07) / Low: 92.3% (6/30/09)

Enterprise Value $13.2B (3/31/12)

Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (S&P | Fitch | Moody’s)

Who is Kimco?

2012 Politics, the Consumer and you.

4

Trends in 2012

Jr. Anchor Movement

Continued New Market Penetration

Inter-market Repositioning

Continued Downsizing and Contraction

Lease Rate Stabilization

2012 retailer expansion

Anchor

Jr. Anchor

Shops

2013 Politics, the Consumer and you.

8

Outlook 2013

Anchor Expansion—New Market Penetration

Minimal Continued Store Closing

Continued Inter-market Repositioning

Improvement of Lease Terms—Higher Rents

Limited, Cautious, Careful Development

9

Outlook 2013

Quick Service, Fast Food, Casual Dining

Expansion of Quasi-Retail

2012 retailer expansion

Anchor

Jr. Anchor

Shops

Retailer Growth

Fastest Growing Restaurant Chains:

--Subway--Little Caesar’s--Jimmy John’s--Five Guys Burgers and Fries--Chipotle

source: QSR Top 50

Retailer Growth

Top Restaurant Franchises:

--McDonald’s--KFC--Subway--Burger King--Pizza Hut

source: 2012 Franchise Times

Retailer Growth

Expanding Boxes 80,000 SF +:

--Wal Mart--Burlington Coat Factory--Kohl’s--Costco--Home Depot

source: 2012 Franchise Times

Retailer Growth

Expanding MID Boxes 40,000 SF +:

--TJ Maxx--Gold’s Gym--LA Fitness--Dick’s Sporting Goods--Bed Bath Beyond

source: 2012 Franchise Times

• Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs.

• Approved applicants receive: • Resources and services • One year of free rent (must pay NNN expenses only)

• This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners.

Kimco Entrepreneurs

What is KEYS?

Year Start

Westlake Shopping Center - Daly City, CA

“There are three ‘I’s in every cycle. The innovator, that’s the

first ‘I’. After the innovator comes the imitator. And after imitator in the cycle

comes the idiot.”

Warren Buffet