Despite the challenges of the year, we were

able to make significant progress on our

Signature Series® projects as construction
continued during the pandemic.

The October 2020 grand opening of the ShopRite grocer at The Boulevard, our
Signature Series redevelopment project on Staten Island, was a true testament
to the strength and staying power of bricks-and-mortar, with a steady stream of
shoppers driving record sales volume for the brand in the first few days. Our high-
quality portfolio provides meaningful opportunities for long-term value creation
for our shareholders. We continue expanding our mixed-use entitlements, and
we are on track to achieve our 5-year goal of 10,000 entitled apartment units
in our portfolio by 2025. With parking lots taking up approximately 80 percent
of the land area of our retail properties, and the other 20 percent containing
single-story buildings, our assets are in an ideal position for growth, offering
us flexibility and adaptability to create value in the future if cost of capital and
supply and demand conditions are favorable.

On the acquisitions front, we are on the lookout for opportunities that may
present themselves if pricing dislocation manifests. In the meantime, we see
opportunity in providing preferred equity and mezzanine financing given
the pullback of traditional lending sources from the market. We are taking a
disciplined approach, evaluating only assets that fit in our portfolio, provide an
accretive spread to our current cost of capital, and offer the opportunity for an
eventual acquisition through a right of first refusal or offer.

$2.3B 10.9-YR
IMMEDIATE WEIGHTED AVERAGE
CONSOLIDATED DEBT
LIQUIDITY
MATURITY PROFILE

THE BOULEVARD
6 METRO AREA: NEW YORK-NEWARK-JERSEY CITY (NY-NJ-PA)
Our balance sheet strength has been key
to our resiliency and is also a launching pad
for the opportunities we’ll see in the future.

Kimco leads our sector in liquidity, with $2.3 billion in immediate liquidity, including
$293 million in cash and cash equivalents, and $2 billion available on our untapped
revolving credit facility at year-end 2020. Our 10.9-year weighted average
consolidated debt maturity profile remains one of the longest in the REIT industry,
with 2021 consolidated debt maturities totaling only approximately $140 million, or
3 percent of total pro-rata debt, and no unsecured debt maturing in 2021. We also
ended the year holding over $700 million of Albertsons’ common stock. We continue
to seek ways to mitigate costs, notably with the adoption of a voluntary early
retirement program and the streamlining of regional operations in 2020. Moving into
2021, our Board of Directors declared a $0.17 dividend for the first quarter on the
Company’s common shares, which reflects a more normalized level.