Kimco and Weingarten Strategic Merger investor presentaton
GENERATES POSITIVE
FINANCIAL IMPACT WITH
IMMEDIATE EARNINGS
ACCRETION
MAINTAINS STRONG
BALANCE SHEET
TRANSACTION RATIONALE (CONT'D)
KIMCO™
REALTY
• Transaction is expected to be immediately accretive to earnings
• Kimco's scalable platform along with the significant overlap in portfolio composition provide for substantial
G&A and operating synergies
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Expected annual GAAP expense synergies of $35 - $38 million and cash expense synergies of $31-
$34 million (1)
• Improved cost of capital will further enhance earnings profile, especially as existing debt matures in the
coming years
• Significantly increases shareholder liquidity and opportunities for index inclusion / index re-weighting.
• Transaction de levers the balance sheet on a Net Debt + Preferred / EBITDA basis and accelerates Kimco's
path to further de leveraging in the future.
• Significant unencumbered asset base with secured debt continuing to be a minimal portion of the capital
structure
• Improves debt service coverage ratios
●
• Continued emphasis on conservative credit policies as well as maintaining substantial liquidity and
financial flexibility
1. Cash expense synergies adjusted for capitalized costs and stock-based compensation.
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