Kimco Realty Corporation (HC) · NYSE:KIM
Kimco Realty Corporation (HC) — Kimco Realty — Investor Presentation (September 2011)
68 slides from Kimco Realty Corporation (HC)'s investor presentation, September 2011
Slide 1: Kimco Realty
REALTY SKIMCO
Slide 2: North America's Largest Owner, Operator & Manager of Shopping Centers
North America’s Largest Owner, Operator & Manager of Neighborhood & Community Shopping Centers 2
Slide 3: Safe Harbor
SAFE HARBOR The statements in this presentation, including targets and assumptions, state the Company’s and management’s hopes, 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 ma
Slide 4: Kimco Strategy & Direction
Manetto Hill Plaza KIMCO STRATEGY & DIRECTION Plainview, New York 4
Slide 5: Largest Shopping Center Owner and Operator in North America
LARGEST SHOPPING CENTER OWNER AND OPERATOR IN NORTH AMERICA History Started in 1958 | IPO that initiated modern REIT era; NYSE-listed for ~20 years | S&P 500 Index (2006) Dividend $0.72 annually, ~3.9% yield (06/30/11) Shopping Center Properties 946 properties; 137.8M / 88.9M sq. ft. (gross/pro-rata
Slide 6: Strategy
STRATEGY Our Vision Is To Be the Premier Owner and Operator of Shopping Centers Shopping Centers Equity Based Investments Recurring Income Investment Opportunistic Wholly Owned U.S / Canada / Mexico Management Retail Investments Capitalize on 50 Year History, Size/Scale and Strength of Retailer Rela
Slide 7: The Case for Retail Real Estate: Today's Market
THE CASE FOR RETAIL REAL ESTATE: TODAY’S MARKET Retail Sales above Pre-Recession Levels Retail Real Estate 102 100 • June same-store sales had a positive increase of 98 5.7% 96 Index • Planned store openings have increased in 9 of 94 the last 10 months and expected continued growth over the next 24
Slide 8: The Case for Retail Real Estate: Historical Perspective
THE CASE FOR RETAIL REAL ESTATE: HISTORICAL PERSPECTIVE Retail Sales Outpacing Retail Supply Smallest spread between sales and supply Source: Property and Portfolio Research Industry Benchmark Occupancy 98.0% Highest Occ. All-Time 95.7% 96.0% Low Avg. Occ. Occupancy 92.6% 88.7% 94.0% 92.0% 90.0% 88.
Slide 9: Why Kimco
WHY KIMCO Resilient Portfolio • Geographically diversified • Redevelopment program • Asset recycling Solid Tenant Mix Necessity vs. • Credit quality Specialty • Low single tenant • Well-balanced between exposure grocery vs. big box Stability Growth 9
Slide 10: International Exposure Is a Key Differentiator
INTERNATIONAL EXPOSURE IS A KEY DIFFERENTIATOR... • 131 shopping centers totaling 24.7M /15.1M sq. ft. (gross/pro-rata) Canada, Mexico, Chile, Brazil and Peru • High quality portfolio of assets resulting in solid tenant line-up, good mix • Canada remains key element of international portfolio • Me
Slide 11: Investment Management Platform Continues to Serve as Steady Growth Vehicle
INVESTMENT MANAGEMENT PLATFORM CONTINUES TO SERVE AS STEADY GROWTH VEHICLE Investment Management Platform Assets Under Management ($B) $14.0 $14.0 • Low cost of capital Competitive advantage + $12.5 recurring, stable fees $10.5 • 285 shopping center properties totaling $10.0 43.8M sq. ft. • $10B i
Slide 12: Ability to Act Opportunistically with Retailer-Controlled Real Estate
ABILITY TO ACT OPPORTUNISTICALLY WITH RETAILER-CONTROLLED REAL ESTATE… • Remain focused on working directly with retailers on: – Sale leasebacks – Bankruptcy transactions – Property dispositions • Current economic environment coupled with strong retail relationships should continue to yield profitab
Slide 13: Shopping Center Portfolio Strategy
Millside Plaza SHOPPING CENTER PORTFOLIO STRATEGY Delran, New Jersey 13
Slide 14: Kimco Shopping Center History
KIMCO SHOPPING CENTER HISTORY 2011 – 20th Anniversary of IPO Form Acquire/Sell Acquire Pan Kimco Montgomery Pacific Retail Income Ward Asset Properties with Form New REIT JVs: Acquire Prudential R.E. Acquire (KIR) Price REIT Investors 60 leases Acquire Kimmel/Cooper IPO Privatization Form JV w/ Ente
Slide 15: North American Footprint of Quality Assets
NORTH AMERICAN FOOTPRINT OF QUALITY ASSETS Canada U.S. Mexico • 62 centers • 815 centers • 55 centers • 11.7M / 6.0M sq. ft. • 113.2M / 73.8M sq. ft. • 12.2M / 8.6M sq. ft. (gross / pro-rata) (gross / pro-rata) (gross / pro-rata) • $15.57 per sq. ft. • $11.75 per sq. ft. • $11.82 per sq. ft. • 97.0%
Slide 16: Portfolio Has Remained Resilient Over the Great Recession
PORTFOLIO HAS REMAINED RESILIENT OVER THE GREAT RECESSION Leasing Spreads Same-Site NOI Growth KIM vs. Peer Avg. KIM vs. Peer Avg. 92.3% 0.9% vs. vs. -0.1% 92.2% 0.4% vs. -1.2% 6.0% 4.0% 5.3% 5.1% 3.1% 5.0% 3.0% 2.1% 2.2% 1.8% 1.7% 4.0% 2.0% 3.4% 1.3% 1.0% 3.0% 1.0% 0.7% 0.6% 2.1% -0.1% 2.0% 2.0% 1.
Slide 17: U.S. Shopping Center Portfolio Profile by ABR
U.S. SHOPPING CENTER PORTFOLIO PROFILE BY ABR Major Anchor 20% 42% Junior Anchor (Over 60K sq. ft.) (10K – 60 sq. ft.) Mid Shops 11% (5K – 10K sq. ft.) Local 15% 12% National Shops (<5K sq. ft.) (< 5K sq. ft.) 62% of ABR Generated from Major and Junior Anchors – High Quality, Good Credit Tenants 17
Slide 18: U.S. Shopping Center Categorization by ABR
U.S. SHOPPING CENTER CATEGORIZATION BY ABR Grocery Anchored : 39% Centers with food component: : 17% Lifestyle Center Total : 56% Power Center- no food component 2.8% Other 5.8% 2.7% Power Center- with food component Neighborhood & Community 12.6% Center- no food component 33.0% Neighborhood & Commu
Slide 19: Stability Driven by Diversified Tenant Exposure and ABR Across Regions
STABILITY DRIVEN BY DIVERSIFIED TENANT EXPOSURE AND ANNUAL BASE RENT ACROSS MANY REGIONS Top Tenant Overview by ABR Market Exposure by ABR 3.1% * Only 14 tenants International CA 13.4% with exposure > 1.0% 2.8% FL 9.6% Canada 9.6% 2.5% NY 8.0% Latin America 4.9% / 2.2% 1.6%* Puerto Rico 3.4% PA 4.9%
Slide 20: Talented and Experienced Operating Team
TALENTED AND EXPERIENCED OPERATING TEAM Kelly Smith Rob Nadler Managing Director President Canada Central Region 24 Years Experience 30 Years Experience 62 Properties 193 Properties 11.7M sq. ft. 27.7M sq. ft. Conor Flynn Tom Simmons President President Western Region Northeast & 8 Years Experience
Slide 21: Regional Occupancy Trend (Prorata)
REGIONAL OCCUPANCY TREND (PRORATA) 98.0% 96.0% 2Q11 Occupancy 94.0% 92.6% 92.0% 90.0% 88.0% 86.0% 84.0% Northeast Mid-Atlantic Southeast Florida Puerto Rico Central Pacific Southwest Northwest 2Q10 3Q10 4Q10 1Q11 2Q11 21
Slide 22: U.S. Shopping Center Portfolio – Positioned for the Future
U.S. SHOPPING CENTER PORTFOLIO – POSITIONED FOR THE FUTURE Portfolio Profile Strategic Profile 1. Top 20 MSA’s, including Puerto Rico, generate 450 more than 60% of ABR 413 400 2. Remaining strategic assets provide very stable and 350 safe operating cash flows JV Number of Properties 300 211 REIT 3.
Slide 23: External Growth Dimension – Quality over Quantity
EXTERNAL GROWTH DIMENSION – QUALITY OVER QUANTITY Acquisition Focus Targets… …With An Eye On More Opportunistic Buys Outside of Top 20 MSAs • Grocery or national big box • Higher CAGR anchored centers • Barriers-to-entry • Top 20 MSAs • Attractive pricing with value creation play • Emphasis on stron
Slide 24: U.S. Shopping Center Execution
Factoria Marketplace U.S. SHOPPING CENTER EXECUTION Bellevue, Washington 24
Slide 25: U.S. Portfolio Profile
U.S. PORTFOLIO PROFILE % of U.S. Strategic Assets – ABR # of Strategic Assets Sites Strategic 674* ABR Top 10 MSA 270 40% Key Assets Next 10 (413) Top 10 MSA, 22% Next 10 MSA 137 22% MSA, 40% P.R. 4% 90% of ABR Puerto Rico (P.R.) 6 4% Remaining Remaining, 261 34% 34% Disposition Non-Strategic Ca
Slide 26: U.S. Strategic Assets – Property and Tenant Overview
U.S. STRATEGIC ASSETS – PROPERTY AND TENANT OVERVIEW Shopping Center Categorization by ABR Top Tenant Overview by ABR 3.6% Grocery Anchored : 39% Centers with food 3.1% component: : 18% Total : 57% / 2.7% 2.1% Power Center- no food component Lifestyle Center 2.5% Neighborhood & 1.9% 6.1% Community C
Slide 27: Top 20 MSA Locations
TOP 20 MSA LOCATIONS Within 3 Mile Radius Market Data MSA *Median @ MSA Ranked By Number of % Total *Household HH Income Level Pop. MSA/ MISA / County Properties ABR *Total Pop. Density (MHHI) (MHHI) 1 New York-Northern New Jersey-Long Island 62 13.2% 189,322 2,332 85,888 62,153 2 Los Angeles-Long B
Slide 28: U.S. Strategic Assets – Demographic Profile
U.S. STRATEGIC ASSETS – DEMOGRAPHIC PROFILE Key Assets Enjoy Favorable Demographic Attributes… Demographic Profile Within A Three-Mile Radius Median HH Market Data KIM Above Total Household Income at MSA Level MSA MHHI Population Density (MHHI) MHHI Strategic Asset Portfolio 107,548 1,394 $68,779 $5
Slide 29: U.S. Strategic Assets – Financial Profile
U.S. STRATEGIC ASSETS – FINANCIAL PROFILE Key Assets (Top 20 MSAs + Puerto Rico) Characterized By Higher Rents, Occupancy and Future Rate Increase Potential Avg. Mark-to-Market Forecasted # of Sites ABR / Sq. Ft. Occupancy For Leases Exp. CAGR Through Next 5 Yrs. 2014 ABR Strategic Asset Portfolio T
Slide 30: Value Capture Through Re-leasing of Below Market Spaces
VALUE CAPTURE THROUGH RE-LEASING OF BELOW MARKET SPACES Incremental Location Tenant Activity Cost Timing NOI Multiple Opportunities In Short-term Springfield S.C. | Springfield, PA Value City Giant Food $7.5M $0.7M 2011 Vista Balboa S.C. | San Diego, CA Albertsons 24 Hr. Fitness $0.4M $0.5M Brid
Slide 31: Examples of Redevelopment Opportunities
EXAMPLES OF REDEVELOPMENT OPPORTUNITIES Recent Current/Ongoing On Deck Planning Renaissance Center Altamonte Springs, FL St. Andrews Center Miller Road Shopping Center Charleston, SC Miami, FL Westlake Shopping Center Daly City, CA New Drop Staten Island, NY Springfield Shopping Center Forest Ave. S
Slide 32: Internal Opportunities Increasing Portfolio Value
INTERNAL OPPORTUNITIES INCREASING PORTFOLIO VALUE Increasing Portfolio Redevelopment Pad/Outlot Development Value Incremental Incremental Site Investment Timing Type / # Investment Timing NOI NOI Merchant's Walk $3.9M $0.4M 2011 Pharmacy -- $0.4M 2011 – 2012 Westlake $5.0M $1.0M 2012 Gas Pads $0.1M
Slide 33: Tenant Retention Key to Maintaining Stability of Center
TENANT RETENTION KEY TO MAINTAINING STABILITY OF CENTER Know when to hold ‘em and know when to roll ‘em Option Exercise/Renewals Asset Evaluation 1400 8 • Market Profile | Lease Profile | Lease Terms | Future 1,211 1,188 7 Potential 1200 Tenant Evaluation 1,036 6 1000 5.2 • Credit Quality | Tenant S
Slide 34: Watch List Tenant Exposure Is Contained and Manageable
WATCH LIST TENANT EXPOSURE IS CONTAINED AND MANAGEABLE… # of % of KIM ABR KIM ABR Mark-to-Market Impact To Locations Leased GLA (000) % (000) KIM ABR REIT 13 0.08% $1,137 0.12% ($171) (0.02%) JV 12 0.03% $447 0.05% ($2) (0.00%) REIT 1 0.04% $425 0.04% $122 0.01% JV 9 0.11% $1,822 0.19% ($134) (0.01%
Slide 35: Growing Net Operating Income in the Existing Portfolio
GROWING NET OPERATING INCOME (NOI) IN THE EXISTING PORTFOLIO $950M $125M $800M $35M $10M $85M Latin America $70M $10M $80M Canada $5M $1.0B $740M Strategic Assets $650M [U.S. & P.R.] $40M $25M $5M $10M $10M 12/31/10 Dilution Organic Growth/ Lease-up Development Liquidity In Active 2014E BASE From As
Slide 36: Canada Portfolio Overview
Strawberry Hill British Columbia, Canada CANADA PORTFOLIO OVERVIEW 36
Slide 37: Canada Market Overview
CANADA MARKET OVERVIEW 2011 Economic Outlook Retailer Trends • Recently announced expansion plans GDP Projected growth of 2.8% in 2011 include: Inflation Forecast inflation rate of 3.0% • New entrants continuing to explore Canada strategy include: Interest Rates Bank of Canada overnight current rate
Slide 38: Canada Portfolio Overview
CANADA PORTFOLIO OVERVIEW Canada Remains Key Element of International Portfolio Portfolio Snapshot • Entered Canadian market via JV partnership with RioCan in 2001 • Stable portfolio of 62 shopping centers 11.7M / 6.0M sq. ft. (gross/pro-rata) ABR per sq. ft. of $15.57 (pro-rata) • Other portfol
Slide 39: Mexico Portfolio Overview
Plaza San Pedro MEXICO PORTFOLIO OVERVIEW Mexicali, Mexico 39
Slide 40: Mexico Market Overview
MEXICO MARKET OVERVIEW 2011 Economic Outlook Market Trends Economic growth GDP After rebounding by 5.5% in 2010, forecast to grow at 4.6% in 2011 • US recovery, supports firmer growth in Mexico. Domestic demand, still recovering. Inflation Policy Inflation • Disciplined fiscal management and Forecas
Slide 41: Mexico Investment Drivers
MEXICO INVESTMENT DRIVERS Favorable Strong Demand Limited Supply Growing Consumption Opportunistic Returns Demographics • 12th largest global • Rapidly growing • Mexico under retailed • Consumer credit, • Attractive returns economy; projected consumer market ~2.5 sq. ft. per healthy banking compar
Slide 42: Mexico Investment History
MEXICO INVESTMENT HISTORY Sign 20th Wal-Mart lease KIM now largest Wal-Mart Obtain $50M Acquire 1st landlord loan from two Grocery MetLife on Commence anchored single development on 5 shopping property grocery anchored centers projects (Monterrey 1st Best Buy & Saltillo) lease signed Form 50/50
Slide 43: Mexico Portfolio Snapshot
MEXICO PORTFOLIO SNAPSHOT Overview Shopping Center Property Snapshot Operating & • $853M invested to date Stabilized 37 • $746M 55 shopping centers • $11M Mexico Land Fund Development 4 • $99M American Industries • Over 96% of retail GLA is located in centers with grocery anchor Pending Stabil
Slide 44: Mexico Tenant Overview
MEXICO TENANT OVERVIEW Top Tenant ABR Contribution ABR Contribution By Category Retailer Trends 2.1M sq. ft. Other Anchor • Existing retailers look (10.1%) (e.g. Home to strengthen their Depot) 3% position: Department Pads Store 0.7M sq. ft. 5% 1% (6.5%) Food Court/ Small Shop Kiosk 35% 5% 0.7M sq.
Slide 45: Mexico Growth Profile
MEXICO GROWTH PROFILE $700 $90 $75-$80 $599 $80 $600 $523 $70 Under Development ($M) $500 $60 $400 NOI ($M) $360 $50 $330 $41 $300 $40 $32 $25 $192 $30 $200 $166 $16 $20 $100 $7 $10 $4 $- $- $- 2005 2006 2007 2008 2009 2010 2014E Real Estate Development NOI Growth In $USD Stabilized Yield (2014) 11%
Slide 46: Investment Management Platform
Cherrydale Point Greenville, South Carolina INVESTMENT MANAGEMENT PLATFORM 46
Slide 47: Strategy and Overview
STRATEGY AND OVERVIEW • Building on 50 years retail • Provides access to a low • Leveraging experience to real estate experience, cost of capital: build and expand upon formed Investment mutually advantageous Strong Relationships Management business in • Allows us to remain relationships with large,
Slide 48: Sources of Capital
SOURCES OF CAPITAL Pros Cons Common Equity • Flexible source of capital • Expensive to raise • Cheap source of capital • Limited practical use priority Debt (Bonds & in capital structure and Mortgages) bondholder protections • Attractive source of capital • “Less expensive” than common Equity Fro
Slide 49: Income Fee Structures
INCOME FEE STRUCTURES Recurring Non-recurring Asset Acquisition (50 – 100 bps) 50 – 100 bps KIM’s ROIC Hurdles 9% - 20% Property Mgmt. Disposition Competitive Advantage: 4% – 5% 25 – 50 bps In-house Operating Platform Lease Commission Construction Mgmt. Potential Var. ~ $3/sq. ft. 2.5% – 5.0% Upsi
Slide 50: Example: Economic Return of Investment Management Program
EXAMPLE: ECONOMIC RETURN OF INVESTMENT MANAGEMENT PROGRAM Assumption A Consolidated Purchase Assumption B Joint Venture Purchase Price: $75M Price: $75M NOI Yield: 7.25% NOI Yield: 7.25% Creative Approach Finance 55% with mortgage debt @ 5.0% amortizing $100M of Leverage (Net Debt/EBITDA) 5.5x o
Slide 51: Governance Structure
GOVERNANCE STRUCTURE Partnership Structure Exit Mechanisms Risk Management • Partners share in major • Buy / sell provision allows • No puts to Kimco decisions either partner to initiate an • Buying, selling and offer • No Kimco guarantees of debt financing for joint ventures • Mutual agreement to s
Slide 52: Typical Investor Profile
TYPICAL INVESTOR PROFILE Core “A” Property Buyers Income Buyers Opportunistic Buyers • Prefer major metropolitan • Willing to buy outside top • Willing to take on risk to get markets MSAs where they can earn higher returns better yield on investment • Re-tenanting strategy • Tenant credit, type very
Slide 53: Investment Management Program History
INVESTMENT MANAGEMENT PROGRAM HISTORY CPP Acquire 5 former PL Retail properties Mexico Retail Land & Development Fund Kimco Income BIG Shopping Centers Fund II (KIF II) Acquire 20 Former PL Kimco Kimco Acquire Well UBS Wealth Located Land Retail and Prudential Income Income Fund Management Prudentia
Slide 54: A Growing Business, Which Will Continue to Generate Significant Returns
A GROWING BUSINESS, WHICH WILL CONTINUE TO GENERATE SIGNIFICANT RETURNS Assets Under Management ($B) $16.0 $14.0 $14.0 $14.0 $12.5 Favorable Trends Emerging $12.0 $10.5 $10.0 $10.0 • Institutional investors confidence in all $8.0 $7.0 investment classes has improved on a $5.5 global basis $6.0 $3.5
Slide 55: Joint Venture Investment Programs
JOINT VENTURE INVESTMENT PROGRAMS KIM Partner Number of Properties Total GLA Sq. Ft. (M) Occupancy Own % 15% Prudential Inv. 63 10.9 90.9% Programs 45% Kimco Income REIT 59 12.6 95.6% (KIR) 15 – 20% UBS Programs 43 6.2 93.0% 33 – 50% BIG 23 3.8 88.6% 15% Kimco Income Fund I (KIF) 12 1.5 94.5% 15% SE
Slide 56: Summary
SUMMARY Leveraging Kimco’s Platform and Infrastructure to… • Third party equity investment diversifies risk while Airport Plaza providing ability to acquire interests in high quality Farmingdale, NY properties • Fee revenue boosts shareholder ROI to an attractive level • Fee stream is long-term, rec
Slide 57: Financial Highlights & Strategy
FINANCIAL HIGHLIGHTS & STRATEGY Ridgewood Shopping Center Ridgewood, NJ 57
Slide 58: EBITDA Composition
EBITDA COMPOSITION Retail Shopping Center Flows Grow from 78% in 2008 to a Projected 94% in 2014 Where We Were 2008 Where We Were 2010 Where We Are Going 2014 Non-retail Inv. 17% Non-retail Inv. 1% Non-retail Inv. 7% Mgmt. Fee Income 5% Mgmt. Fee Income 5% Mgmt. Fee Income 4% Canada 6% Canada
Slide 59: Kimco Earnings Drivers
KIMCO EARNINGS DRIVERS • Organic growth of 2% – 4% per year • Improve Operating CF U.S. through lease-up and Shopping Center Shopping below-market rent Dispositions Center opportunities Focused • Redevelop select centers to improve NOI Identified ~ $500M – Growth Shopping Center $700M of assets Stra
Slide 60: Recurring Retail Earnings Growth
RECURRING RETAIL EARNINGS GROWTH $1,200 $915 $1,030 $872 to $995 $915 - $975 $1,000 to $975 $904 $904 $885 - $910 $902 $815 $840 $800 $667 $ in Millions $600 $910 $845 - $400 $814 - $960 $786 $769 $862 $716 $653 $541 $200 $- 2005 2006 2007 2008 2009 2010 2011* 2014* Recurring Retail Recurring Non-Re
Slide 61: Non-Retail Assets
NON-RETAIL ASSETS Non-retail Plan Book Value of Non-retail Assets *Monetized approx. $400M since 2008 As of Monetize ~$600M of remaining assets by the following: 06/30/11 1.20 1.05 Urban portfolio assets being marketed for sale 1.00 $222M Sales in New York and Boston 0.88 0.80 Working on exit plan
Slide 62: Improving Balance Sheet Strength
IMPROVING BALANCE SHEET STRENGTH 12/31/08 12/31/09 12/31/10 6/30/11 • Solid improvement since Jan. 2009 Gross Assets $10.6B $11.5B $11.4B $11.3B • Focused on balance sheet strength Investment Grade Ratings: S&P BBB+ BBB+ BBB+ BBB+ • Ensures ready access to various capital markets Moody’s Baa1 Baa1 B
Slide 63: Well Staggered Debt Maturity Profile
WELL STAGGERED DEBT MATURITY PROFILE Consolidated Debt 700 16.6% 600 14.1% 500 12.0% 11.8% 12.0% Debt in Millions 10.3% 10.5% 400 8.1% 300 200 2.3% 2.0% 100 0.2% 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Thereafter Secured Unsecured Joint Venture Debt 2500 25.4% 2000 Debt in Millions 1500
Slide 64: Capital and Balance Sheet Strategy
CAPITAL AND BALANCE SHEET STRATEGY • Growing free cash flow (after common dividends) for investment and debt reduction • Improve balance sheet metrics • Net Debt/Recurring EBITDA targeted at 6.0x by 2012 • Stable fixed charge coverage • Strong liquidity position – $1.7B available of unsecured lines
Slide 65: 2010/2011 Guidance
2010/2011 GUIDANCE FFO ($ in millions) FFO $/ Share 2009 2010 2011F 2009 2010 2011F Recurring: Retail $ 761 $ 814 $ 845 — $ 862 $ 2.16 $ 2.00 $ 2.07 — $ 2.11 Non-Retail 52 42 33 — 41 0.15 0.10 0.08 — 0.10 Corporate Financing ( 257) ( 282) ( 282) — ( 286) ( 0.73) ( 0.69) ( 0.69) — ( 0.70) G&A ( 110)
Slide 66: Financial Strategy Summary
FINANCIAL STRATEGY SUMMARY • Grow EBITDA & FFO/Share From Recurring Sustainable Shopping Center Flows • Increase Dividend At A Consistent, Sustainable Rate • Continue Balance Sheet Strengthening While Maintaining A Strong Liquidity Position • Monetize Non-retail and Non-strategic Assets 66
Slide 67: Summary & Close
Suburban Square SUMMARY & CLOSE Ardmore, Pennsylvania 67
Slide 68: The Kimco Difference
THE KIMCO DIFFERENCE Largest owner/operator/investment U.S. shopping center portfolio growth Strong balance sheet and related manager of U.S. shopping centers from occupancy increases, credit ratings with excellent with 50 years of history, retailer recapture/re-tenanting of below liquidity, access
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