our future is essential

Our Future is EssentialInvestor Presentation

Third Quarter 2021

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, real estate taxes and pandemics or other health crises, such as

coronavirus disease 2019 (COVID19). 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 http://investors.kimcorealty.com/ or the SEC.

2Investor Presentation | Third Quarter 2021

All representations reflect the WRI merger in August except where explicitly stated.

http://investors.kimcorealty.com/


Table of ContentsPage 9-10: Growth Components

Page 11-19: High Quality Portfolio & Operating Platform

Page 20-25: Accretive & Opportunistic Capital Allocation

Page 26-28: Financial Strength

Page 29-31: ESG Leadership

3: Appendix

Page 04: Kimco at a Glance

Page 05: Third Quarter Stats

Page 06: Operations Update

Page 07: Strategic Goals

Page 08: Well-Positioned for Sustainable Growth

The Witmer

Arlington, VA


2020 Dow Jones

Sustainability World Index

S&P500/ DJSI

Baa1/BBB+Moody’s/S&P Credit Ratings

1958/1991Founded / IPO

KIMNYSE Listed

$21.0BTotal Capitalization

545/94MProperties/Total GLA

94.1%Pro-rata Occupancy

79.4% of ABR**

From Grocery

Anchored Centers

San Francisco

Sacramento

San Jose

Seattle

Portland

Los Angeles

Orange County

San Diego

Phoenix

Denver Chicago

DallasAustin Houston TampaAtlanta

Miami

Fort Lauderdale

Orlando

Charlotte

Boston

New York

Philadelphia

Raleigh-Durham

Baltimore

Washington D.C.

Kimco at a Glance

North America’s largest publicly traded

owner and operator of open-air, grocery-

anchored shopping centers and mixed-

use assets. Kimco has a nationally

diversified portfolio of 545 centers located

in the drivable first-ring suburbs of our

top 20 major metropolitan sun belt and

coastal markets.

Our centers provide essential, necessity

based goods and services to the local

communities and are primarily anchored

by grocers, home improvement and

pharmacy tenants.

ESG* leader with a 60+ year track

record delivering value to investors,

tenants, employees and communities.

*Environmental, Social and Governance

**Annual Base Rent

As of 9/30/2021

94.1%Operating Portfolio

Occupancy

79.4%% of ABR from Grocery

Anchored Centers

28%FFO Growth

over 3Q20

12.1%SSNOI Growth

over 3Q20


Third Quarter Stats

+5.0%Pro-rata rent spread on

comparable new leases

97.7%Q3 Base Rent

Collections

8.7 YRDebt Maturity

Profile

$2.4B+

Total

Liquidity

Operations Update


96.4% 96.4%96.0%

95.6%

94.6%

93.9%93.5%

93.9%94.1%

3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21

OccupancyAll-time high

$17.67

$17.96 $18.09 $18.14 $18.12 $18.19

$18.32 $18.43

$19.05

3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21

Rent Per Square Foot

8.1%

6.0%7.3%

12.0%

8.2%

6.0%6.8%

5.9%4.9%

3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21

Comparable Leasing Spreads

Positive spreads continued

through pandemic

2.2% 2.7% 1.5%

-13.6%

-9.1% -10.5%

-5.7%

16.7%

12.1%

3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21*

Same-site NOIPandemic Impacted

Pandemic Impacted

*The Company excluded Weingarten Realty from Same-site NOI calculation since it was not owned for the full period. Kimco expects to include the Weingarten portfolio in same-site NOI for 4Q21.

SAME SITE NOI

GROWTH RATE2.5%+

3.0 -5.0%

Strategic Goals


Financial & Operating 2025 Goals

12KRESIDENTIAL UNITS

AFFO GROWTH

RATE6.0-6.5x

LOOK- THROUGH

NET DEBT TO EBITDA

GROCERY

ANCHORED

PORTFOLIOA-/A3

UNSECURED CREDIT

RATINGS

Mid 70%

CONSERVATIVE DIVIDEND

AFFO PAYOUT RATIO

85%

Environmental, Social & Governance (ESG)

Pillars and Goals

• Diversity in management

• Employee satisfaction

• Individual development and well-being

• Science-Based Target

• Tenant and vendor collaboration

• Property resiliency

• Sustainability-linked financing structures

• Small business and community giving

• Tenant satisfaction

• Live-work-play environments

• Omni-channel infrastructure

• Low-carbon transportation

• Annual ESG Reporting

• Alignment with recognized ESG frameworks

• Regular and transparent engagement with key stakeholders

COMMUNICATEOpenly With

Our Stakeholders

EMBRACEThe Future

Of Retail

ENGAGEOur Tenants

& Communities

LEADIn Operating

& Resiliency

FOSTERAn Engaged,

Inclusive

& Ethical Team

+

REVISED UP FROM 10K

Well-Positioned for Sustainable Growth


High Quality Portfolio & Operating PlatformDeliver consistent FFO growth from a portfolio of well-located, essential-anchored shopping

centers and mixed-use assets

• Deliver consistent AFFO growth of 3.0% to 5.0%+

• 85% anchored by grocery stores, home improvement and pharmacy tenants

• Located in the drivable first-ring suburbs of our top 20 major metropolitan sun belt and

coastal markets.

Accretive & Opportunistic Capital Allocation

Generate additional internal and external growth through accretive acquisitions,

(re)development and “Plus”/Structured investments

• 107 properties with redevelopment projects totaling $1.0B and a blended ROI of 8.3%,

since 2015

• Opportunistic acquisition and structured investment (‘plus’ business) platform focused

on accretive unique opportunities

Financial Strength

Maintain a strong balance sheet and liquidity position with an emphasis

on reduced leverage and a sustainable and growing dividend.

• $2.4B+ in immediate liquidity, including full $2.0B available on unsecured revolving

credit facility

• 8.7 years consolidated debt maturity profile, one of the longest in the REIT industry

• 474 unencumbered properties, approximately 87% of the centers in the portfolio

• $1.2B+ market value of remaining ownership interest in Albertsons grocer (NYSE: ACI)

Environmental, Social & Governance Leadership

ESG leader with a 60-year track record delivering value to investors, tenants, employees,

and communities

• ESG approach is aligned with core business strategy, with property-level and

enterprise efforts that bolster FFO growth

• Proactive approach to quantifying, disclosing and managing climate, reputational

and other risks

• Commitment to DE&I, ethics and governance best practices at the Board,

Management, and employee levels

1

2

3

4


Growth Components

Organic Growth

(Rent Bumps)

Leasing and Mark

to Market

Opportunities(Re)development and

Repositioning

Pipeline

Accretive Capital

Deployment

(Acquisitions,

“Plus”/Structured

Investments)

ESG: Strong

commitments in the

areas of climate

change, DE&I and

small business

support

Westlake Shopping Center

Daly City, CA


Growth Components

Contributors of NOI Growth Short-Term (1 Year) Medium-Term (2-3 Years) Long-Term (>3 Years)

Organic Growth (Rent Bumps) • Annual rent bumps for small shop leases of 3-4%,

bumps every five years for anchors of 10-12%;

• Improving credit loss

Leasing and Mark to Market Opportunities • Occupancy on the path back to historical levels

• Strong post-pandemic leasing volume

• 166 anchor leases scheduled to expire during 2022;

AVG RPSF of $12.58 vs. $16.15 over the TTM

• Leased to economic occupancy gap narrowing;

• 39% of anchor leases are “Legacy Leases”

(20 years or older)

• ~50% Mark to Market on all anchor leases

(Re)development and Repositioning

Pipeline

• Economic stabilization of Signature Series Projects:

Dania and The Boulevard (slide 22) and West Alex

(slide 23)

• Return of 11.5% on 8 redevelopment projects

completed year to date

• Completion of

Pentagon Phase 2

• 27 Small, active, high-yielding

redevelopment and repositioning

projects

• Entitlement goal of

12K+ MF units by 2025

• Economic stabilization

of Pentagon Phase 2

Accretive Capital Deployment (Acquisitions,

“Plus”/Structured Investments)

• Opportunistic acquisition and structured investment

platform focused on accretive unique opportunities

Monetization of ACI shares

Westlake Shopping Center

Daly City, CA


High Quality Portfolio & Operating Platform

The Boulevard

Staten Island, NY

Well-Positioned, Grocery Anchored Portfolio in Major Sun Belt & Coastal Markets

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Investor Presentation | Third Quarter 2021

San Francisco

Sacramento

San Jose

Seattle

Portland

Los Angeles

Orange County

San Diego

Phoenix

Denver Chicago

TampaAtlanta

Miami

Fort Lauderdale

Orlando

Boston

New York

Philadelphia

Raleigh-Durham

Baltimore

Washington D.C.

85% of Annual Base Rent comes from Our Top Major Metro Markets*

• KIM’s Top Sun Belt markets estimated 5yr

population growth 67% > the U.S. average.

• KIM’s Top Coastal markets exceed the U.S.

average by 22% for median household income

Major Metro Markets ABR Contribution

82%

Major Metro Markets

Other Major Metro Markets

Coastal and Sun Belt Markets

85%

3%

1

2

3

4

5

Dallas Houston

*Markets noted on the map are Kimco’s top major metropolitan markets by percentage of pro-rata ABR as of 9/30/2021 Target Market for Expansion

San AntonioAustin

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Highly

Diversified

Tenant Base

Led by Healthy

Mix of

Essential,

Necessity-based

Tenants and

Omni-Channel

Retailers

Top Tenants By ABR

1.2%

1.3%

1.5%

1.6%

1.7%

1.9%

1.9%

2.0%

2.2%

3.7%A/A2

A/A2

BB/Ba2

AA-/A1

BBB+/A2

B/B2

BBB/Baa1

BBB/Baa1

BB+/WR

AA/Aa2

S&P/MOODY’S

• Scale: 10,700 leases with 5,000

tenants

• Diversity: Only 10 tenants with

ABR exposure greater than 1.0%

• Stability: Fixed, contractual rents

with bumps

• Security: Weighted average

remaining lease term of 7 years

for anchors and 5 years for small

shops*

/

*For the purposes of this calculation, we assume the tenants do not exercise available options

Highly Diversified Tenant Base Led by Healthy Mix of Essential, Necessity-based Tenants and Omni-Channel Retailers

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QSR, 9.6%

Full Service,

6.2%

4.8% Home Office/ Appliance

3.9% Home Improvement

3.5% Banking/ Finance

4.0% Other Essential

3.5% Pet Stores/ Veterinary

4.5% Medical/ Medical Supply

1.3% Auto Repair & Supply/ Gas Stations

Grocery/

Warehouse Clubs/

Pharmacy

18.3%

Sporting Goods/ Hobby Retail Stores 4.5%

Personal Service 5.1%

Health Club/ Fitness 4.1%

Other Non-Essential 3.1%

Professional Service 1.8%

Entertainment/ Gathering Place 1.4%

Soft Goods 20.4%

% of

Pro-rata ABR*

ESSENTIAL RETAIL: 44%

COMPLEMENTARY RETAIL: 40%

RESTAURANTS: 16%

ABR by Category

*As of 9/30/2021

Grocery Anchor Advantage

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Remaining

Non-Grocery

Current Grocery

Anchored/ Component

79% 85%GOALCURRENT

Visits Trend – Veterans Memorial Plaza

Long Island, NY

Addition of Grocery Anchor Drives Increased Traffic

~$850/SFAVG Grocery Sales in our centers*

*For those that report sales

Highly productive grocers

Veterans Memorial Plaza

Commack, NY

Tenants Use Stores to Fulfill Last Mile Logistic Strategies in a Cost-effective, Sustainable Way

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Free Expedited ShippingDelivery From Store Same Day DeliveryCurbside Pickup Order Pickup/Bopis*

300+ Sites With

Curbside Pickup with more to come from the

expanded portfolio following the

WRI merger

• Reduce carbon emissions and

congestion from truck traffic

• Less wasteful packaging

Environmental

Advantages: Micro-fulfillment

Optionality

*Buy Online Pick-up In Store

Tenants Use Stores to Fulfill Last Mile Logistic Strategies

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“…our stores continue to be the hub of our industry-

leading omnichannel experience, serving both our in-store

athletes and providing over 800 forward points of distribution

for digital fulfillment...our stores enabled over 90% of our total

sales, and it fulfilled more than 70% of our online sales” 3

“our last-mile business has scaled…we're

over 1.5 million deliveries per week from store

environments…we're now in over 3,000 locations…” 4

“…we’ve never been more confident in the importance of

our physical stores, as they remain the center of the

customer experience…more than 55 percent of our online

orders were fulfilled through our stores, a testament to the

power of our interconnected retail strategy.” 5

“…we believe consumers will increase their use of

eCommerce solutions, especially pick up in store and rapid

delivery…we are committed to continuing to enhance

speed by leveraging our great store locations.” 6

“…it's been everything working together that's driven our

performance. This includes our supply chain work, which

has positioned our stores as fulfillment hubs, while

transforming the way we replenish store inventory.” 1

“…we leveraged our stores to drive fast and

convenient fulfillment of online orders. In Q2, we

continue to see about 60% of our online revenue fulfilled

by stores, including in-store or curbside pickup, ship-from-

store or Best Buy employees who are delivering

product…out of more than 450 of our stores…” 2

1. Target 2Q21 Earnings Call Transcript, August 2021

2. Best Buy Fiscal 2Q22 Earnings Call Transcript, August 2021

3. Dick’s Fiscal 2Q22 Earnings Call Transcript, August 2021

4. Walmart BOA Consumer and Retail Tech Conf., March 2021

5. Home Depot 2Q21 Earnings Call Transcript, August 2021

6. Albertsons 1Q21 Earnings Call Transcript, July 2021

Expanding Brand Leaders

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Leading Retailers are using the current environment to upgrade their locations and/or to try to gain market share

Tenants Expanding Today

Grocer

Off Price Retail

Large Format

Health/Beauty Products

Sporting Goods

Restaurants

Personal Services

Fitness

Misc.

Source: Citi Research, Creditntell, ICSC, company releases, media reports

96.4%

96.0%

95.6%

94.6%

93.9%93.5%

93.9%94.1%

94.1% 94.3%93.9%

93.0%

92.0%

91.2%90.9%

91.1%

90%

91%

92%

93%

94%

95%

96%

97%

4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21

Leased Economic

Leasing Activity

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Lease Volume

• Executed a total of 411 leases for 2.1M SF during 3Q

Mark To Market

• 166 anchor leases scheduled to expire during 2022; AVG RPSF

of $12.58 vs. $16.15 over the TTM

• 10% of Kimco’s Pro Rata ABR from ground leases with a

mark to market of 114%

Leased To Economic Occupancy Spread

1,489 1,131 2,809 1,794 2,050

233247

358 333

411

0

50

100

150

200

250

300

350

400

450

0

1000

2000

3000

3Q'20 4Q'20 1Q'21 2Q'21 3Q'21

Total Volume (GLA, 000s) Deal count

All-time high

Spread Translates

To ~$45M of ABR

of which ~$25-30M

to flow In 2022


Accretive & OpportunisticCapital Allocation

Stanford Ranch

Roseville, CA

2021 Capital Allocation Priorities

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Leasing

$135M TO $150M

Any additional capital allocated as new opportunities are identified

Includes capex, tenant improvements and landlord work

1

(Re)development

$85M TO $100MFinding the highest and best use for each asset

Adding density while creating community gathering spaces

2

3 Acquisitions/Structured Investments, Net

$150M TO $200M

NOI Growth Through a Curated Collection of Mixed-Use Projects and Redevelopments

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Completed Q2 2020

• 417K SQFT Retail, 66% Leased

• 800 Multi-family Units: Ground Leased

– 264 units open and 99% occupied

• 2 Hotels: Ground Leased; opened Sept.

Completed Q3 2020

• 400K SQFT Retail, 88% Leased

• ShopRite, Chase Bank, LA Fitness,

PetSmart, Marshalls and Ulta are open;

Other retailers opening in 2021

LEASED OCCUPANCY: 88%

ECONOMIC OCCUPANCY: 65%

Estimated Cost: $135.4M

• 253 multi-family units

• 16K SQFT of ground floor retail

PHASE II: THE MILTON

ESTIMATED COMPLETION: 2024

DANIA POINTE: Phase II & IIIDania Beach, FL

THE BOULEVARDStaten Island, NY

PENTAGON CENTRE: The MiltonArlington, VA

PH II & III RETAIL:LEASED OCCUPANCY: 66%

ECONOMIC OCCUPANCY: 42%

NOI Growth Through a Curated Collection of Mixed-Use Projects and Redevelopments

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Acquired via WRI Merger

• 318 Multi-family units, 95% Leased



• 123K SQFT of retail/office, anchored by a

62K SQFT Harris Teeter grocer



• 72K SQFT of retail anchored by a 52K SQFT

Harris Teeter grocer, 100% Leased

DRISCOLL AT RIVER OAKSHouston, TX

WEST ALEXAlexandria, VA

CENTRO ARLINGTONAlexandria, VA

Future Mixed-Use Opportunities

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Opportunities are distributed across the portfolio, diversifying against market-specific circumstances

Units Built, 2,218

Future Entitlements

2025 Goal:

12,000+ Units

5,865 Units

*Future Phases

**Excludes Retail GLA in Scope and Residential Units for 7 projects in Master Planning

$75K-$100K/Unit

Estimated Unit

Value

Multi-family Entitlements*

Units Entitled, 3,647

40+Potential

Mixed-Use

Projects

and

Master Plans

1.7M SFRetail GLA in Scope*

>10,000 Multi-family Units**

Kimco Plus Investments (KPI): Opportunistic Investing

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Decades of retail property experience, financial acumen, and strong retailer relationships have resulted in unlocking real estate

value for both retailers and property owners

What is the “Plus” Business? Kimco’s strategy of investing in real estate rich retailers

Albertsons - Monetization Is Primarily Allocated For Debt Reduction

• Marketable Securities Valuation: $1.2B+

• Dividend Yield: <2.0%

• Lockup Period: 25% Expires Every 6 Months Beginning June 2020. All

restrictions expire by July 2022

Rite Aid Distribution Centers

1Q21: Purchased 2 centers as a sale-leaseback: $85M

• Off-market transaction utilized strong tenant relationship

• Triple net format

2Q21: Sold for $108M with gain on sale of $18.8M & IRR ~72%

“Plus” Business Transactions Structured Investments

• Current returns: High single digit - low double-digit

• ROFR/ROFO* to buy: Creates potential acquisition pipeline

• Located: Core target markets

• Recent Investments:

3Q21: Alamo Ranch, San Antonio, TX (Mezz Financing: $22M)

2Q21: The RIM Shopping Center, San Antonio, TX (Preferred Equity: $55M)

4Q20: Pompano Citi Centre, Pompano, FL (Mezz Financing: $25M)

4Q20: The Shoppes at 82nd Street, Queens, NY (Preferred Equity: $10M)

In an environment where financing options can be limited, Kimco has the

capital, operational expertise, and fundamental belief in the long-term viability

of physical retail that make us the partner of choice for owners and operators

of retail real estate

*Right of First Refusal/Right of First Offer


SignificantFinancial Strength

Grand Parkway Marketplace

Spring, TX

$2.4+ Billion of Financial Capacity to Support Growth

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SOURCES

No maturing consolidated or JV debt

in 2021

Spend on (re)development:

$85M to $100M

Unencumbered Properties

~87% of our properties (474);

~88% of our Total NOI

Albertsons (NYSE:ACI) Marketable

Securities Valuation: $1.2B+

Full Availability under $2.0B Revolving

Credit Facility (green pricing grid)

Dividend Payout Ratio: High 60%’s to

Mid 70%’s of FAD (+$200M of FCF

After Dividends)

Improving investment grade credit

ratings from:

BBB+ S&P / Baa1 Moody’s

Lowering Net Debt to EBITDA from

current levels of:

6.6x* Consolidated

7.0x* Preferred Stock & Pro-rata

Debt

Maintaining Fixed Charge Coverage

of 4.0x or better. Current level: 4.3x

COMMITTED TO USES

*Net debt to EBITDA includes only two months of WRI EBITDA but the full level of debt

Well-Staggered Debt Maturity Profile with Accretive Near-Term Refinancing Opportunities

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0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter

0%

14%

9% 9%

12%11%

6% 6%

1%

6%

26%

DE

BT

IN

MIL

LIO

NS

Consolidated DebtFixed Rate 3.4%*

Floating Rate N/A

WAVG Term 8.7 Yrs

Secured Debt 6%

Unsecured Debt 94%

Joint Venture Debt

Fixed Rate 3.91%*

Floating Rate 1.59%*

WAVG Term 3.8 Yrs

Secured Debt 77%

Unsecured Debt 23%

As of 9/30/2021

Percentages are annual maturities of total pro-rata debt stack

*Weighted average

Includes Green Bonds and/or credit facility with green pricing grid


ESG Leadership

The District @ Tustin Legacy

Tustin, CA

Environmental, Social and Governance

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Industry Leading Platform

COMMUNICATE

EMBRACE

ENGAGE

LEAD

FOSTER

Openly With

Our Stakeholders

The Future Of Retail

Our Tenants

& Communities

In Operating

& Resiliency

An Engaged, Inclusive

& Ethical Team

Our Pillars Results

Achieved #1 GRESB peer group ranking for both The

Real Estate Assessment and Public Disclosure Kimco remained a constituent of the FTSE4Good Index Series

Completed 2021 Curbside Pickup® installations at 300+

properties with more to come from the expanded portfolio

following the WRI merger

Reached 6,793 residential units and hotel keys constructed or

entitled

Donated $300,000+ YTD to support small businesses and

charitable causesLaunched an innovative Tenant Assistance Program, securing

an estimated $20 million in relief funds

Published inaugural annual Green Bond ReportInitiated the enrollment of all new properties into Kimco’s integrated

waste management program

Finalized launch plan for KIMunity Councils to drive

employee engagement towards achieving ESG goalsRe-certified as a Great Place to Work® for the 4th year in a row

Our full 2020 Corporate Sustainability Report is available at kimcorealty.com. The report was prepared in accordance with the Global Reporting Initiative’s (GRI) Sustainability Reporting Standard and

incorporates disclosures aligned with the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD).

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for additional ESG information see our ESG deck

Environmental,

Social and

Governance

Industry Leading

Platform

Partnerships

• GRESB Member

• US EPA Energy Star® Partner

• DOE Better Buildings Alliance Member

• Landlord Tenant Energy Partnership

(IMT, ICSC, RILA)

• Green Lease Leaders

• Nareit RESC Executive Committee

• Real Estate Roundtable Sustainability

Policy Advisory Committee

Recognition

America’s Most Responsible

Companies – Top Real Estate Owner

2019 Nareit Retail

Leader In The Light

DJSI World & North

America Indexes

FTSE4Good Index

GRESB Public Disclosure –

“A” Rating

Great Place To Work

Certified for the 4th

year in a row

Fortune Best

Workplaces in New

YorkTM 2021

Dania Pointe “Most Intelligent

Mixed-use Project”

Gold Green Lease Leader


https://s1.q4cdn.com/944058265/files/doc_presentations/2021/Environmental-Social-and-Governance-at-Kimco-8.2021.pdf

Well-Positioned for Sustainable Growth

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ES

G L

EA

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HIP


High Quality Portfolio & Operating Platform

Accretive & Opportunistic Capital Allocation

Financial Strength

Environmental, Social & Governance Leadership

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Appendix

Belmart Plaza

West Palm Beach, FL

Reconciliation of Non-GAAP Measures

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AP

PE

ND

IX


Net Debt/EBITDA Calculations

Net income/(loss) 509,204$ Net Debt / EBITDA Calculation

Interest 52,126

Depreciation and amortization 114,238 Net Debt 7,033,210$

Gain on sale of properties (1,975) Annualized Consolidated EBITDA 1,072,796$

Impairment charges 850 Net Debt to Consolidated EBITDA 6.6x

Impairment of joint venture properties 1,191

Merger charges 46,998

Profit participation from other real estate investments, net 2,380

Gain on marketable securities, net (457,127)

Provision/(benefit) for income taxes 314 Net Debt / EBITDA Calculation Pro-Rata (Including Preferreds)

Consolidated EBITDA 268,199$

Annualized Consolidated EBITDA 1,072,796 Net Debt (Pro-rata Share with JV) 7,609,928$

Preferred Stock 489,500

Consolidated EBITDA 268,199$ Debt 8,099,428$

Prorata share of interest expense - real estate JV's 5,050

Prorata share of depreciation and amortization - real estate JV's 15,365 Annualized Pro-rata EBITDA 1,154,460$

EBITDA including prorata share - JV's 288,615$

Annualized Pro-rata EBITDA 1,154,460$ Net Debt and Preferred to Pro-rata EBITDA

(including preferreds) 7.0x

Debt 7,516,681$ Pro-rata JV Debt 632,449$

Cash 483,471 Pro-rata JV Cash 55,731

Net Debt 7,033,210$ Pro-rata JV Net Debt 576,718$

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