KIMCO S 2020 VISION. INVESTOR Presentation Third Quarter 2016
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1 KIMCO S 2020 VISION INVESTOR Presentation Third Quarter 2016
2 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 materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include the key assumptions contained within this presentation, general economic conditions, local real estate conditions, increases in interest rates, foreign currency exchange rates, increases in operating costs and real estate taxes. 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 SEC filings, including but not limited to the Company s Annual Report on Form 10-K. Copies of each filing may be obtained from the Company or the SEC. Suburban Square, Philadelphia, PA Cover: Corsica Square, Miami, FL
3 KIMCO S 2020 VISION PORTFOLIO QUALITY Own high-quality assets, tightly concentrated in major metro markets that provide multiple growth levers NAV GROWTH Increase net asset value (NAV) through redevelopment, select ground-up development and active investment management FINANCIAL STRENGTH Maintain a strong balance sheet, on a path to A-/ A3 credit rating 3 3
4 TSR Since IPO 1 KIMCO S HISTORY Dividend Growth 11/29/91 9/30/ % 10.3% $0.64 $0.72 $0.76 $0.84 $0.90 $0.96 $1.02 $1.08* KIM 9.5% DJIA S&P Founded by Milton Cooper & Marty Kimmel 1991 IPO that launched the modern REIT era NYSE KIM 2006 Named to the S&P 500 Index 534 U.S. properties totaling 86M square feet in 35 states and Puerto Rico Total Market Capitalization $18.2 billion Information as of 9/30/ Source: Bloomberg 2 Quarterly dividend annualized 4
5 CASE FOR OPEN-AIR REAL ESTATE Today s Market 12% 38-Year Low for New Supply High Demand Planned Retailer Store Openings 3 Shopping Center Supply Growth (GLA) 1 (in thousands) 90 10% 80 8% 70 6% 60 4% 2% % U.S. retail market occupancy increased with net absorption totaling 43.1M sf during 3Q16 2 More than 79,272 store openings scheduled over the next two years (3) Pure-play online retail opening physical stores Discounters and off-price concepts are increasing store count Next 24 months Next 12 months 1 Green Street Advisors January CoStar Group, The CoStar Retail Report: National Retail Market Third Quarter RBC Capital Markets, Retail REITs: July 2016 National Retailer Demand Monthly (NRDM) July
6 SWEET SPOT OF RETAILING Market Cap ($B): Off-Price Retailers vs. Department Stores Market Cap ($B): 2007 Market Cap ($B): 3Q, 2016 $18 Ross Stores ($5) TJX Companies ($13) Sears ($27) Off-Price $18B $75 Ross Stores ($26) TJX Companies ($49) Sears ($1) Off-Price $75B JC Penney ($19) Dillard s ($3) Nordstrom ($15) Mall Retailers $85B $26 JC Penney ($3) Dillard s ($2) Nordstrom ($9) Mall Retailers $26B Macy s ($21) Macy s ($11) $85 Source: Bloomberg 6
7 PORTFOLIO HIGH QUALITY TIGHTLY CONCENTRATED Riverplace, Jacksonville, FL
8 PORTFOLIO QUALITY Highly Concentrated in Major Metropolitan Markets Seattle Denver Minneapolis/St. Paul Portland St. Louis Chicago Pittsburgh Boston San Francisco Sacremento San Jose Los Angeles Orange County San Diego Charlotte New York Philadelphia Baltimore Washington D.C. Raleigh-Durham Phoenix Orlando Atlanta Dallas Austin Houston Tampa Miami Fort Lauderdale West Palm Beach 79% of Annual Base Rent from sites in Major Metropolitan Markets 8
9 Chicago 14 sites 24 sites 2% of ABR 98K AVG income San Francisco, Sacramento, San Jose 5% of ABR 103K AVG income Los Angeles, Orange County, San Diego 54 sites 10% of ABR 90K AVG income Anchor Mark to Market +27% +30% +58% PORTFOLIO QUALITY Geographic Diversity & Solid Demographics Top 10 Markets New York +64% 65 sites 12% of ABR 113K AVG income Philadelphia, Baltimore, Washington D.C. 72 sites 16% of ABR 106K AVG income Raleigh-Durham 9 sites 2% of ABR 86K AVG income Anchor Mark to Market +89% +14% 13 sites 4% of ABR 61K AVG income +48% 10 sites 2% of ABR +30% Phoenix Dallas Houston 93K AVG income +40% 12 sites 4% of ABR 90K AVG income Miami, Ft. Lauderdale, West Palm Beach 29 sites 5% of ABR 68K AVG income +84% 9
10 PORTFOLIO QUALITY Tenant Diversity Top Tenants % of ABR Only 15 tenants with an ABR exposure greater than 1.0% SCALE: Approximately 8,900 leases with 4,100 tenants STABILITY: Well staggered lease maturity; averages ~8% of GLA each year for next 10 years 3.4% QUALITY: ~55% of ABR from the top 50 tenants is from investment grade retailers SECURITY: Single tenant exposure no more than 3.4% of total ABR. 2.4% 2.2% 2.0% 1.9% 1.7% 1.6% 1.4% 1.3% 1.2% 1.1% As of 9/30/
11 PORTFOLIO QUALITY Necessity Based Goods and Services Omni-Channel Players 40.9% Internet Vulnerable 4.6% % of ABR 0.6% Books 2.0% Electronics 2.0% Office Supply Stores Internet Resistant 54.5% % of ABR 7.1% Apparel/ Accessories 3.5% Banking/ Finance 5.1% Department Stores 9.5% Home Improvement/ Home Goods 4.9% Pharmacy/ Personal Care 6.1% Sporting Goods/ Hobbies 4.7% Other Omni Channel % of ABR 14.6% Grocery/ Warehouse Clubs 8.5% Off-Price 12.5% Restaurants 3.1% Health Clubs/ Fitness 1.9% Medical 8.6% Service 5.3% Other Internet Resistant 72% of Site ABR from Grocery Anchored Centers 11
12 PORTFOLIO QUALITY Multi-Year Highs and Continued Growth in Operating Metrics Occupancy 3Q16 4Q15 4Q14 4Q % 95.1% 95.8% 95.7% 3Q Annual New Leasing Spreads 15.6% 19.5% 25.0% 26.6% 4Q % % 4Q % 3.6% 2011 Annual Same Property NOI 3Q % 1.1% 3.1% 3.3% 3.8% 3.3% Rent Per Square Foot 3Q16 3Q16 4Q15 4Q15 4Q14 4Q14 4Q13 4Q13 4Q12 4Q12 4Q11 4Q11 $12.99 $12.58 $11.91 $13.74 $14.46 $14.46 $13.74 $12.99 $12.58 $11.91 $14.94 Note: All figures are at Kimco s share 12
13 PORTFOLIO QUALITY Quality Leads to Multiple Growth Levers bps NOI Growth Walk Through bps bps bps bps Organic Growth (Rent Bumps) Leasing & Value Creation Redevelopment Ground-Up Development Targeted Annual Growth Rate 13
14 PORTFOLIO QUALITY Building Blocks of Growth Ground-Up Development Net Acquisitions 3 $10M Redevelopment Pipeline $55M Rent Spreads/ Lease-up/ Value Creation $70M U.S. Portfolio Organic Growth $50M $1.2B $935M $65M Canada $40M Debt Reduction ($40M) BASE E is based on population at 12/31/15 2 Assumes proceeds from sales used to pay down debt. 3 Acquisition NOI in excess of dispositions 14
15 PORTFOLIO QUALITY Growth through Leasing & Value Creation % 83.9% 84.7% 87.0% 88.0% 89.2% 90.0% Small Shop Occupancy Progress to Date Improved small shop ABR= $26.02 psf Small shop spreads for last four quarters New Leases = +11% Renewals & Options = +8% The Path to 90% occupancy Deal and occupancy bounties Operator portfolio reviews Targeting of service-oriented tenants 76 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 15
16 $ABR/SF PORTFOLIO QUALITY Growth through Leasing & Value Creation $20 $18.51 $18 Anchor Lease Spreads/Mark To Market $16 $14 $12 $10 $8 $15.50 $15.56 $14.42 $ % +48% +44% +35% $11.27 $10.51 $10.05 $ % $ Actual 2014 Actual 2015 Actual E 2019E & After Mark to Market Spread on Anchor Leases: +59% 82 Naked Leases expiring through 2018 totaling 1.5M sf 5 Kmart Leases expiring through 2018: 362% below market Actual anchor spreads for 1H16 were +46% Total Average RPSF up 30% since 2010 New Rent Expiring Rent Projected Rent 16
17 NAV CREATION Crossroads Plaza, Raleigh, NC
18 NAV CREATION: REDEVELOPMENT Highest and Best Use Total Pipeline $3.0B+ Current: ~$1.0B+ (through 2020) Shadow: $2.0B+ (beyond 2020) $80M Projected NOI $550M Value Creation $XXX M Existing property expansion Mixed-use densification opportunities Land & outparcel optionality: Construct Sell Ground Lease Incremental Return: 8%-13% 18
19 NAV CREATION: REDEVELOPMENT Growth through Redevelopment $250 Spending ($M) $225 $225 $225 $200 $190 $150 $118 $135 $100 $47 $50 $42 $ E 2017E 2018E 2019E 2020E Note: Numbers are represented in gross terms. 19
20 NAV CREATION Growth through Selective Ground-up Development Pipeline $740M Projected ROIC 7%-9% Dania Pointe, Dania Beach, FL Development Approach Retailer demand-driven Building additional concentration Build to own Risk Management 75% Pre-leased to build Phased construction Experienced team 20
21 NAV CREATION Growth in the top 10 Kimco Assets Westlake S.C. (San Francisco) 2 Oakwood Plaza (Ft. Lauderdale) 3 The Tustin Legacy (Orange County) 4 Mesa Riverview (Phoenix) 5 Suburban Square (Philadelphia) 6 Towson Place (Baltimore) 7 The Marketplace at Factoria (Seattle) 8 Crossroads Plaza (Raleigh-Durham) 9 Dulles Town Crossing (Washington D.C.) 10 Christown Spectrum (Phoenix) $99M NOI (11% of Total) 1 Dania Pointe (Ft. Lauderdale) 2 Westlake S.C. (San Francisco) 3 The Boulevard (Staten Island) 4 Suburban Square (Philadelphia) 5 The Tustin Legacy (Orange County) 6 Oakwood Plaza (Florida) 7 Mesa Riverview (Phoenix) 8 Pentagon Centre (Washington D.C.) 9 Grand Parkway (Houston) 10 Crossroads Plaza (Raleigh-Durham) $152M NOI (15% of Total) Redevelopment Site Development Site *NOI metrics are pro-rata 1 Before planned acquisitions 21
22 NAV CREATION Growth through Active Asset Management Acquisition Criteria Core markets where Kimco has scale/ density Asset/ tenant quality NAV impact NOI growth potential Redevelopment and value creation potential Disposition Criteria Assets with above average risk Assets with limited growth potential Secondary markets Airport Plaza, Farmingdale, NY Plaza Paseo, Albuquerque, NM Maintain Conservative Capital Structure 22
23 NAV CREATION Growth through Active Asset Management ACQUIRED 202 Assets That reflect our 2020 Vision Non-Strategic Assets +540bps Pro-rata Occupancy +58% Pro-rata ABR/sq. ft. +28% Average Household Income +20% Population DISPOSED OF 349 Improved Occupancy Stronger Strategic Markets Improved Demographics *Reflects transactions since Investor Day 2010 through 6/30/2016. Note: Demographics are weighted by pro-rata ABR within a 3-mile radius 23
24 NAV GROWTH Growth through Simplification JV Site Count Reduced by 74% % of Consolidated NOI Increased by 39% % 84.7% % 67.5% Q Q16 24
25 FINANCIAL STRENGTH Davidson Commons, Charlotte, NC
26 2020 VISION BALANCE SHEET STRENGTH Strong liquidity position; $1.75B available from unsecured line of credit Increase unencumbered asset pool Lower Net Debt/Recurring EBITDA leverage levels Consolidated 5.0x 5.5x Pro rata (including preferreds) 6.4x 6.9x Fixed Charge Coverage 3.0x+ Extended WAVG debt maturity profile Committed to strong investment grade ratings S&P: BBB+ Moody s: Baa1 Fitch: BBB
27 Investor Day 2010 STRONG CAPITAL STRUCTURE Today 12% 6% 2% Total Market Cap: $10.6B 52% Since Investor Day 2013, refinanced $3.2B of maturing debt at significantly lower rates & extended average debt maturity using a 30-year bond 21% 7% 4% 1% Total Market Cap: $18.2B 28% ATM program Issued 9.8M shares; generated net proceeds of $285.1M 67% Common Equity Unsecured Debt Mortgage Debt Preferred Stock Non-controlling Interest * As of 9/30/
28 Debt in Millions Debt in Millions WELL-STAGGERED DEBT MATURITIES 1 Consolidated Debt Joint Venture Debt Fixed Rate 4.10%* Fixed Rate 5.14%* 1,200 Floating Rate 1.69%* Maturity 8.9 Yrs* 26% 1,200 Floating Rate 2.40%* Maturity 3.9 Yrs* % 13% % 8% 8% 7% 7% 8% % 14% 9% 5% 10% 20% 12% 11% 7% 1% 0% 0 0 Secured Unsecured Line of Credit Term Loan Kimco s Share Partner s Share 1 Proforma includes the subsequent issuance of 7-year $400M 2.7% and 30-year $350M 4.125% Notes and the payoff of $400M of the term loan, $225M of line of credit and $55M of mortgage debt maturing in Q1, 2017 *Weighted average Note: Percentages are annual maturities of total debt stack 28
29 2020 VISION LEVERAGE VIEW 6.0x 5.8x 3.4x 3.5x 3.6x 3.6x 3.2x 5.6x 3.0x 5.4x 5.3x 5.2x Fixed Charge Coverage Net Debt/ Recurring EBITDA Grow Recurring EBITDA & Funds Available for Distribution (after common dividends) Exit Canada Monetize Albertsons investment Opportunistic use of ATM program Development/Redevelopment spending $250M - $400M per year Modest net acquirer 29
30 $1.14 $1.20 $1.26 $1.33 $1.40 $1.46 $ $1.51 A LOOK BACK SUCCESSFUL 5 YEARS of growth Funds From Operations Maintained a ~5% Recurring FFO CAGR Through Our Transformation Dividends Consistently Raised Dividend Commensurate With Recurring FFO/ Share Growth $1.02 $1.08* $0.96 $0.90 $0.84 $0.72 $0.76 $ Headline FFO Conservative FFO Payout Ratio *Quarterly dividend annualized 30
31 2016 GUIDANCE 2016 Guidance (per diluted share) EPS FFO FFO as Adjusted $ $0.79 $ $1.32 $ $ Operational Assumptions Transactional Income/ (Expense), net U.S. Portfolio Occupancy U.S. Same Site NOI Operating Property Acquisitions Operating Property Dispositions $(79) million - $(78) million 95.2% % +2.70% % $450 million - $500 million $1.1 billion - $1.2 billion *Excludes transactional income/(expense), net Note: All figures are at Kimco s share 31
32 2016 FFO GUIDANCE FFO ($M) FFO/Share (2) 2015A 2016F 2015A 2016F RECURRING: U.S. Retail Portfolio $964 $965 - $979 $2.33 $ $2.33 International & Other Corporate Financing (275) (233) - (236) (0.66) (0.55) - (0.56) G&A (121) (116) - (118) (0.29) (0.28) - (0.28) Income Taxes & Other (28) (6) - (9) (0.08) (0.01) - (0.02) RECURRING FFO $604 $625 - $632 $1.46 $ $1.51 Transactional Income, Net (1) 40 (79) (78) 0.10 (0.19) (0.19) HEADLINE FFO $644 $546 - $554 $1.56 $ $1.32 (1) Net of non-controlling interests ranges include bond/ mortgage prepayment charges and charge for merger of TRS (2) Reflects diluted per share basis and the potential impact if certain units were converted to common stock at the beginning of the period 32
33 APPENDIX The Marketplace at Factoria, Bellevue, WA
34 RECONCILIATION OF FFO TO NET INCOME FFO ($M) FFO/Share (2) 2015A 2016F 2015A 2016F FFO $644 $546 - $554 $1.56 $ $1.32 Depreciation and amortization (334) (346) - (358) (0.81) (0.82) - (0.85) Depreciation and amortization real estate JV s (1) (67) (45) - (49) (0.17) (0.11) - (0.12) Gain on disposition of operating properties Gain on disposition of JV operating properties, and change in control of interests Impairments of operating properties (52) (78) - (78) (0.13) (0.19) - (0.19) Benefit/(Provision) for income taxes (3) (54) (41) - (41) (0.13) (0.10) - (0.10) Noncontrolling interests (3) Net income available to common shareholders $831 $322 - $334 $2.00 $ $0.79 (1) Net of non-controlling interests (2) Reflects diluted per share basis and the operational impact if certain units were converted to common stock at the beginning of the period (3) Related to gains, impairments and depreciation on operating properties, where applicable 34
35 SIGNATURE SERIES The Boulevard, Staten Island, NY
36 SHOPPES AT WYNNEWOOD Ground-up Development Project Summary Phase I: 45K sf Whole Foods super market Phase II: 10K sf small shop retail pad Location: Wynnewood, PA in the Philadelphia-Camden-Wilmington MSA Center is located 1 mile from Kimco s Suburban Square one of our flagship properties (~$900 sales psf) Timing & Economics Phase I: Total costs = $27.5M Date completed = 3Q 2016 Phase II: Total costs = $10.9M Date Completed = 1Q
37 GRAND PARKWAY MARKETPLACE Ground-up Development Project Summary Phase II Phase I Phase I: 488K sf power center anchored by Target Phase II: 255K sf open-air center Location: Houston-The Woodlands-Sugar Land MSA On Grand Parkway toll road near Exxon Corporate Campus (>10k employees) 168k people (5 mile radius) Avg. household income >$100k (5 mile radius) Timing & Economics Phase I: Estimated costs = $87.0M Estimated completion = 3Q 2017 Phase II: Estimated costs = $52.0M Estimated completion = 4Q
38 DANIA POINTE Ground-up Development Project Summary Phase I: Traditional power center with 320K sf of retail anchored by Costco Phase II: 490K sf of full price and fast fashion retail anchored by H&M, restaurants, and entertainment in a Main Street setting with two hotel towers, residential, and office space Location: 108 acres of land off I-95 in Dania Beach, FL (5 miles south of Fort Lauderdale) Project adjacent to Kimco s Oakwood Plaza S.C. a 900K sf retail center. Combined projects will control 2.5 miles along I-95 Timing & Economics Phase I: Estimated costs = $109.0M Estimated completion = 1Q
39 PROMENADE AT CHRISTIANA Ground-up Development Project Summary Develop 435k sf power center Location: New Castle County, Delaware Fronting one half mile of I-95 1/2 mile from GGP s Christiana Mall which produces sales of $1,200 psf Destination shopping market due to no sales tax Timing & Economics Estimated costs = $64.0M Estimated completion = 2Q
40 OWINGS MILLS Ground-up Development Project Summary Develop 615K sf open-air center (de-malling) Location: Baltimore-Columbia-Towson MSA Direct access ramp to 795 which connects Carrol County with Baltimore County Mass transit access within walking distance of the property Timing & Economics Estimated Costs = $108.0M Estimated Completion = 3Q
41 WILDE LAKE COLUMBIA, MD Mixed Use Redevelopment The Project Total Project Costs: $18.9M Anticipated Stabilization: 4Q 2016 Value Creation: $14.1M Incremental ROI: 8% Future Projects 4 additional Columbia village centers for redevelopment Total Project Costs: $300M-320M Value Creation: $150M-200M Original Village Center located ½ mile from Downtown Strategically located market with minimal class A residential Specialty grocer located at project Favorable entitlement process implemented, easing future entitlements in same markets Redevelop existing retail and newly construct: 32,000 sf retail 15,000 sf office 230 residential units Ground lease residential structure 41
42 PENTAGON CENTRE PENTAGON CITY, VA In Progress Redevelopment Gross Costs (Phase I): $164.5M Incremental NOI: $10.1M Incremental ROI: 6%-7% Incremental Value Creation: $66.9M Before Multi-phase project with first phase expected to be completed 1Q, 2019 Above grade retail parking structure (426 spaces) Develop two residential towers: 440 units (Tower I) 250 units (Tower II), and modernize existing retail Located in Washington D.C. MSA, #7 in U.S. Site sits above Pentagon City Metro After A B C D 42
43 THE BOULEVARD STATEN ISLAND, NY Future Redevelopment Gross Costs: $173.5M Incremental NOI: $11.0M Incremental ROI: 6%-7% Incremental Value Creation: $71.1M Before Trophy NY metro asset Leasing overflow to other cluster assets Transformative, innovative site plan design - Maximize density - Improve parking efficiency - Enhance visibility & signage - Accommodate anchor prototypes After 43
44 CORPORATE SUSTAINABILITY Established Priorities Tangible Results Transparency & Leadership Operational Leadership Tenant Partnerships Common Area Energy Consumption 129, , ,099 Stakeholder Engagement 113, , % #1 Retail Owner, 2016 Newsweek Top Green Companies in the U.S. Sole Retail Owner, 2016 Dow Jones Sustainability North America Index Quality Team Community MWH consumed GRESB Green Star 2014 CDP Climate Disclosure Leadership 44
45 KIMCO NOTES
46 KIMCO NOTES
47 KIMCO NOTES
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