Appraisal Institute 2013 Forecast
January 25, 2013
1
North America’s Largest Owner & Operator of
Neighborhood & Community Shopping
Centers.
Who is Kimco?
History
Started in 1958 | IPO that initiated modern REIT era;
NYSE-listed for ~20 years | S&P 500 Index (2006)
Dividend
$0.76 annually, ~3.9% yield (3/31/12)
Shopping Center Properties
946 properties; 138.1M / 89.5M sq. ft. (gross/pro-rata)
Geographic Footprint
44 states, Puerto Rico, Canada, Mexico and South America
Occupancy (pro-rata)
5-year average: 93.9% | High: 96.3% (12/31/07) / Low: 92.3% (6/30/09)
Enterprise Value
$13.2B (3/31/12)
Credit Rating
Investment Grade  BBB+ | BBB+ | Baa1 (S&P | Fitch | Moody’s)
2012 Politics,
the Consumer
and you.
Trends in 2012
Jr. Anchor Movement
Continued New Market Penetration
Inter-market Repositioning
Continued Downsizing and Contraction
Lease Rate Stabilization
4
2012 retailer expansion
Anchor
Jr. Anchor
Shops
2013 Politics, the Consumer
and you.
Outlook 2013
Anchor Expansion—New Market Penetration
Minimal Continued Store Closing
Continued Inter-market Repositioning
Improvement of Lease Terms—Higher Rents
Limited, Cautious, Careful Development
8
Outlook 2013
Quick Service, Fast Food, Casual Dining
Expansion of Quasi-Retail
9
2012 retailer expansion
Anchor
Jr. Anchor
Shops
Retailer Growth
Fastest Growing Restaurant Chains:
--Subway
--Little Caesar’s
--Jimmy John’s
--Five Guys Burgers and Fries
--Chipotle
source: QSR Top 50
Retailer Growth
Top Restaurant Franchises:
--McDonald’s
--KFC
--Subway
--Burger King
--Pizza Hut
source: 2012 Franchise Times
Retailer Growth
Expanding Boxes 80,000 SF +:
--Wal Mart
--Burlington Coat Factory
--Kohl’s
--Costco
--Home Depot
source: 2012 Franchise Times
Retailer Growth
Expanding MID Boxes 40,000 SF +:
--TJ Maxx
--Gold’s Gym
--LA Fitness
--Dick’s Sporting Goods
--Bed Bath Beyond
source: 2012 Franchise Times
Westlake Shopping Center - Daly City, CA
Kimco Entrepreneurs
Year Start
What is KEYS?
• Kimco Entrepreneurs Year
Start (KEYS) is a business
incubator program for
qualified startup
entrepreneurs.
• Approved applicants
receive:
• Resources and services
• One year of free rent
(must pay NNN
expenses
only)
• This incentive accelerates
the growth of their new
businesses in shopping
centers owned by Kimco and
its joint venture partners.
“There are three ‘I’s
in every cycle. The
innovator, that’s the
first ‘I’. After the
innovator comes the
imitator. And after
imitator in the cycle
comes the idiot.”
Warren Buffet