Page 1 of 5 Morningstar Analyst Rating. Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/CF $ 14.31 [-0.21-1.45 % $ 14.41 14.25-14.52 14.33-25.15 7.71 6.10 bil 4.3 mil 4.8 mil 25.51 1.19 5.21 9.6 Stock Price 2018-01-01-2018-02-07 XNYS:KIM: -3.63-20.00% 2018 Morningstar s Take Kimco timed the retail storm quite well, having disposed of approximately $6 billion in assets since 2010. With landlords of low-quality physical retail getting hit the hardest, we... Key Stats Stock Ind Avg Price/Earnings TTM 16.3 30.3 Price/Book 1.2 2.6 Price/Sales TTM 5.2 7 Rev Growth (3 Yr Avg) 10.8 3.3 Net Income Growth (3 Yr Avg) 17-6.3 Operating Margin % TTM 27.9 39.1 Net Margin % TTM 30.9 23.1 ROA TTM 3.2 2.9 ROE TTM 7 8.5 Debt/Equity 1.1 1.6 Financials 30.00 20.00 10.00 Fair Value Estimate $ 16.90 Consider Buying $ 11.83 Consider Selling $ 22.82 Fair Value Uncertainty Medium Economic Moat None Stewardship Standard Growth X Profitability X Morningstar Credit Rating Relative to Industry - Avg + Annual Quarterly Income Statement 2016-12 2015-12 2014-12 2017-09 2016-09 Revenue 1,171 1,167 994 295 285 Operating Income 301 344 310 100 76 Net Income 379 894 424 121-44 Earnings Per Share 0.79 2.00 0.89 0.24-0.13 Shares Outstanding 420 413 411 424 420 Balance Sheet Current Assets 503 549 707 375 374 Non Current Assets 10,727 10,796 9,579 11,327 10,832 Total Assets 11,231 11,344 10,286 11,702 11,206 Current Liabilities 270 265 241 123 118 Total Liabilities 5,974 6,298 5,511 6,489 5,905 Stockholders' Equity 5,256 5,046 4,775 5,213 5,301 Dividends Declared Date 31/01/2018 Ex-Dividend Date 02/04/2018 Latest Indicated Dividend Amount 0.28 Projected Yield 7.71 % Recent Dividends & Type Amount Splits 12/29/2017 Cash Dividends 0.2800 10/03/2017 Cash Dividends 0.2700 07/03/2017 Cash Dividends 0.2700 04/03/2017 Cash Dividends 0.2700 Competitors Name Price % Chg TTM Sales $ mil Kimco Realty Corp $14.31-1.45 [ 1,183 Simon Property Group Inc $154.44-0.25 [ 5,537 GGP Inc $21.71-1.09 [ 2,311 Unibail-Rodamco SE $229.05-9.64 [ 2,191 Unibail-Rodamco SE ADR $23.04-2.46 [ 2,191 Link Real Estate Investment Trust $8.62-4.65 [ 1,227 Recommendations Current 3.3 Total Analysts: 7 5.0 3.0 1.0 Buy Hold Sell Ownership Fund Owners Star Rating % Shares Held % Total Assets Imperial Global Equity Income Pool 0.31 0.55 Scotia Private Real Estate 0.05 1.34 Income Pool United Real Estate Investment Crp Cl WT8 QQQ 0.05 1.06 Fidelity Global Real Estate QQQ 0.03 0.79 Class Sr B HSBC Global Real Estate Equity Pooled 0.04 2.00 Insiders % Change TTM % Shares Outstanding Milton E. Cooper 153,291 2.25 Conor C. Flynn -20,445 0.10 Glenn G. Cohen 17,327 0.06 Richard G. Dooley 6,998 0.05 Frank Lourenso 2,700 0.04 Cash Flow Cash From Operations 592 494 629 194 229 Capital Expenditures -471-861 -583-140 -142
Morningstar Analyst Rating. Page 2 of 5 Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/CF $ 14.31 [-0.21-1.45 % $ 14.41 14.25-14.52 14.33-25.15 7.71 6.10 bil 4.3 mil 4.8 mil 25.51 1.19 5.21 9.6 Financials Annual Quarterly Free Cash Flow 121-368 47 54 87 In millions except "EPS". Currency in USD.
Page 3 of 5 Industry Classification NAICS Lessors of Nonresidential Buildings (except Miniwarehouses) (531120) SIC Operators of Non-Residential Buildings (7512);Real Estate Investment Trusts (6798) ISIC Real Estate Activities With Own or Leased Property (6810) Operation Details Fiscal Year Ends 2017-12-31 CIK 879101 Year Established Employees (31/12/2016) 551 Full Time Part Time Auditor (31/12/2016) PricewaterhouseCoopers LLP Legal Advisor (19/04/2012) Latham & Watkins LLP Key Executives Glenn G. Cohen/Executive Vice President, Chief Financial Officer and Treasurer; Ross Cooper/President and Chief Investment Officer; David Jamieson/Executive Vice President and Chief Operating Officer; Paul Westbrook/Vice President and Chief Accounting Officer Company Profile Kimco Realty Corp is real estate investment trust that owns and operates neighborhood and community openair shopping centers in North America. 30-day Avg Volume Market Cap Net Income Sales Sector Industry Stock Style Direct Investment Dividend Reinvestment 6.3Mil 6.2Bil 0.4Bil 1.2Bil Real Estate REIT - Retail 2 Mid Value Yes Yes
Page 4 of 5 Industry Peers Morningstar Rating Market Cap $Mil Net Income $Mil P/S P/B P/E Dividend Yield% 5 Yr Rev CAGR% Med Oper. Margin% Interest Coverage Kimco Realty Corp QQQQ 6,180 419 5.2 1.2 16.3 7.5 7.5 29.4 1.4 1.1 Simon Property Group Inc (USD) QQQ 48,139 1,771 8.7 13.2 27.3 4.6 4.8 49.0 3.4 6.4 Unibail-Rodamco SE (USD,EUR) 25,313 2,586 11.8 1.1 8.3 2.3 3.8 167.6 11.1 0.9 Unibail-Rodamco SE (USD,EUR) 23,586 2,586 11.0 1.1 7.7 4.6 3.8 167.6 11.1 0.9 GGP Inc (USD) QQQ 21,018 692 9.0 2.6 30.5 4.0-0.4 34.1 2.8 1.7 Link Real Estate Investment Trust (USD,HKD) 18,405 23,890 15.4 1.0 6.2 9.3 257.5 53.3 0.2 Scentre Group (USD,AUD) 16,558 3,248 8.0 1.1 6.6 5.5 42.1 70.3 8.5 0.6 Westfield Corp (USD,AUD) 15,154 1,992 11.5 1.4 9.4 3.6-17.1 106.5 28.2 0.6 Westfield Corp (USD,AUD) 14,582 1,992 12.2 1.5 10.0 1.7-17.1 106.5 28.2 0.6 Realty Income Corp (USD) QQQ 13,784 350 11.0 1.9 40.1 5.2 21.8 26.0 2.5 0.8 Klépierre (USD,EUR) 12,948 1,212 8.9 1.1 9.2 4.6 4.8 73.1 9.7 0.7 Regency Centers Corp (USD) 9,858 152 9.4 1.5 76.5 3.6 5.5 34.4 1.7 0.5 British Land Co PLC (USD,GBP) 8,905 627 11.1 0.7 11.3 4.3 12.1 238.3 3.4 0.3 British Land Co PLC (USD,GBP) 8,905 627 11.4 0.7 11.5 4.2 12.1 238.3 3.4 0.3 Macerich Co (USD) QQQ 8,486 150 8.5 2.3 56.8 4.8 8.7 23.0 4.4 1.3 Federal Realty Investment Trust (USD) QQQ 8,077 297 9.6 3.9 35.3 3.6 7.8 40.0 3.4 1.6 Riocan Real Estate Investment Trust (USD,CAD) 6,170 670 6.7 1.0 11.5 5.8-5.7 59.0 4.8 0.7 Forest City Realty Trust Inc (USD) 6,021 104 6.2 1.8 47.8 2.1-21.6 1.5 1.1 National Retail Properties Inc (USD) 5,700 258 9.6 1.8 26.4 5.0 11.9 59.8 3.2 0.9 CapitaLand Mall Trust (USD,SGD) 5,443 630 10.8 1.1 11.6 2.6 1.8 62.9 5.5 0.4 Hammerson PLC (USD,GBP) 5,184 441 1.4 0.6 8.2 3.8-3.9 247.5 3.7 0.6 Japan Retail Fund Investment Corp (USD,JPY) 5,182 23,090 7.4 1.3 23.6 4.4 5.8 41.4 7.3 0.8 Japan Retail Fund Investment Corp (USD,JPY) 4,859 23,090 8.9 1.2 24.4 4.0 5.8 41.4 7.3 0.8 Brixmor Property Group Inc (USD) 4,571 323 3.6 1.6 14.3 7.0 2.8 31.9 2.2 2.0 EPR Properties (USD) 4,133 255 8.9 1.4 16.6 7.3 12.2 3.8 1.0 Champion Real Estate Investment Trust (USD,HKD) 4,103 4,567 12.3 0.6 5.5 2.2 5.7 69.3 10.9 0.3 Shaftesbury PLC (USD,GBP) 4,059 301 23.5 1.1 8.7 1.6 5.1 274.4 10.6 0.4 Suntec Real Estate Investment Trust (USD,SGD) 3,895 251 15.2 1.0 22.0 4.6 4.0 53.4 3.9 0.6 SmartCentres Real Estate Investment Trust 3,660 340 6.3 1.2 13.4 5.7 7.2 63.1 3.6 0.8 (USD,CAD) Weingarten Realty Investors (USD) 3,504 211 6.2 2.2 18.2 5.6 4.9 35.4 3.0 1.4 Taubman Centers Inc (USD) 3,448 89 5.6 239.0 53.6 4.4-1.0 18.1 2.4 238.3 DDR Corp (USD) 2,700 10 2.8 1.0 10.4 7.1 19.1 1.0 1.5 Retail Properties of America Inc (USD) 2,634 159 4.9 1.3 5.7 1.9 21.6 1.3 0.7 Fortune Real Estate Investment Trust (USD,HKD) 2,245 2,230 8.8 0.7 5.5 5.4 12.8 65.4 19.5 0.3 Seritage Growth Properties (USD) 2,240-45 5.2 2.7 2.5-12.2-0.4 1.6 CT Real Estate Investment Trust (USD,CAD) 2,236 123 10.1 2.6 12.4 5.0 51.4 4.0 0.8 Tanger Factory Outlet Centers Inc (USD) 2,225 60 4.6 3.8 37.4 5.8 8.1 32.5 4.2 3.1 Cole Credit Property Trust IV Inc (USD) 2,175 78 5.2 1.1 26.9 17.7 3.1 1.2 Eurocommercial Properties NV (USD,EUR) 2,109 269 8.0 0.9 8.1 6.0 2.2 129.7 9.5 0.6 Retail Opportunity Investments Corp (USD) 1,932 37 7.9 1.7 50.6 4.4 35.6 28.1 1.9 1.1 Acadia Realty Trust (USD) 1,900 60 8.0 1.2 13.6 4.6 14.2 24.1 2.5 1.0 Alexander's Inc (USD) 1,729 84 7.5 5.1 20.6 5.1 9.8 46.5 4.9 3.6 Wereldhave NV (USD,EUR) 1,613 165 6.5 0.8 10.5 7.3 9.0 54.8 5.0 0.7 Frasers Centrepoint Trust (USD,SGD) 1,556 194 11.2 1.1 10.6 3.8 4.3 51.2 12.5 0.4 American Assets Trust Inc (USD) 1,545 30 6.8 1.8 49.0 3.2 7.8 32.2 1.9 1.6 Agree Realty Corp (USD) 1,407 54 11.0 1.7 22.4 4.5 24.8 56.3 6.3 0.6 Shopping Centres Australasia Property Group 1,309 184 7.9 1.1 10.0 5.5 62.6 12.2 0.5 (USD,AUD) Kite Realty Group Trust (USD) 1,257 12 3.5 0.8 8.1 31.8 20.3 1.0 1.1 Starhill Global Real Estate Investment Trust 1,206 105 7.7 0.8 16.2 4.3 68.4 3.7 0.6 (USD,SGD) Saul Centers Inc (USD) 1,144 48 5.1 7.7 32.1 3.9 4.5 25.1 2.3 6.4 D/E
Page 5 of 5 Industry Peers Washington Prime Group Inc (USD) 1,142 172 1.7 1.3 7.2 16.3 26.8 2.0 3.4 Ramco-Gershenson Properties Trust (USD) 954 55 3.6 1.2 20.0 7.3 17.9 24.3 2.4 1.4 Choice Properties Real Estate Investment Trust 941 624 1.4 1.3 1.8 5.8 71.1 0.3 4.3 (USD,CAD) Getty Realty Corp (USD) 924 42 7.2 1.7 19.4 5.0 4.2 31.0 3.5 0.6 CBL & Associates Properties Inc (USD) 891 153 0.9 0.8 8.1 19.1 0.2 31.4 1.9 3.7 Lippo Malls Indonesia Retail Trust (USD,SGD) 866 31 5.7 0.9 36.5 6.3 6.7 85.8 2.4 0.4 Pennsylvania Real Estate Investment Trust (USD) 715-60 1.9 1.0 8.2-0.9 16.6 2.1 Urstadt Biddle Properties Inc (USD) 681 52 5.6 1.7 20.4 5.9 8.5 35.7 4.6 0.7 Urstadt Biddle Properties Inc (USD) 681 52 5.2 1.6 19.0 5.6 8.5 35.7 4.6 0.7 Capital & Regional PLC (USD,GBP) 527 0 4.7 0.8 569.2 3.0 24.7 42.0 0.7 1.0 Whitestone REIT (USD) 475 6 3.5 1.4 43.6 9.2 24.5 23.0 1.4 Cedar Realty Trust Inc (USD) 425 16 2.6 1.0 4.3 3.1 28.2 1.3 0.3 Slate Retail REIT (USD) 423 3 4.0 33.4 6.8 65.9 3.0 60.4 Plaza Retail REIT (USD,CAD) 331 23 4.3 1.0 18.9 6.0 12.5 53.8 2.2 1.1 Hektar Real Estate Investment Trust (USD,MYR) 143 32 5.7 1.0 9.2 6.9 5.6 41.3 2.9 0.8 Partners Real Estate Investment Trust (USD,CAD) 109 3 2.1 0.7 36.2 8.0 18.6 15.1 1.5 1.0 Wheeler Real Estate Investment Trust Inc (USD) 46-7 0.8 1.3 22.0 87.1-23.0 0.0 8.6 HMG/Courtland Properties Inc (USD) 14 0 213.0 0.7-61.3-2,681.4-6.2 0.1 Horizon Group Properties Inc (USD) 0-29.1 8.5 JER Investors Trust Inc (USD) -76 77.5 39.2 CNPR Group 2,744 3.7 InvenTrust Properties Corp (USD) 84 4.8 0.6 13.6 2.3-23.0-0.5 2.8 0.3 Vastned Retail NV (USD,EUR) 76 9.3 1.0 26.2 7.1-7.6 34.2 2.5 0.7 Scentre Group (USD,AUD) 3,248 42.1 70.3 8.5 0.6 Phillips Edison Grocery Center REIT II Inc (USD) -9 0.0 0.0-5.2 0.9 Phillips Edison Grocery Center REIT I Inc (USD) -4 6.5 1.5 183.2 6.1 1.2 Torunlar Gayrimenkul Yatirim Ortakligi AS (USD,TRY) 971 32.5 132.0 9.4 0.4 Resilient REIT Ltd (USD,ZAR) 11,202 220.8 4.4 0.2 Strategic Realty Trust Inc (USD) 7-17.8 0.2 0.9 Nomura Real Estate Master Fund Inc (USD,JPY) 7,838 46.7 8.9 0.7 SPH REIT (USD,SGD) 157 67.7 8.0 0.2 Industry Average 5,519 1,586 7.0 2.6 30.3 5.0 9.7 25.1 5.6 1.6