Kimco and Weingarten Strategic Merger investor presentaton
CREATES PREMIER OPEN-AIR SHOPPING CENTER & MIXED-USE REAL ESTATE COMPANY
Enhances Scale and Portfolio Quality
Leading
Shopping
Center REIT
With IG-Rated
Balance Sheet
Unmatched,
High-Quality,
Grocery-
Anchored
Portfolio
Š
Equity Value ($bn)
Enterprise Value ($bn)
Net Debt + Preferred / EV
Net Debt + Preferred / EBITDA (1)
# of Operating Properties
Total GLA (mm)
Occupancy
% Exposure to Grocers by ABR
ABR PSF
(2)
% Sun Belt Markets by ABR
% Top 10 Tenants by ABR
KIMCO™
REALTY
KIM
4Q20
$8.5
$14.6
42%
7.9x
400
70
93.9%
$18.19
78%
42%
21%
+
Market data as of 4/14/2021.
Note: WRI excludes $54 million debt service guarantee liability. Capitalization and leverage metrics include pro rata share of unconsolidated joint ventures.
1.
Based on Q4 2020 annualized EBITDA. Pro forma includes impact of expected cost synergies, Prop 13 and interest income.
Sun Belt markets defined as AZ, southern CA, FL, GA, southern NV, NM, NC, SC, TN and TX.
2.
WRI
4Q20
$3.5
$5.3
34%
6.0x
159
30
92.9%
$20.43
82%
81%
18%
Pro Forma
$12.0
$20.5
41%
7.6x
559
100
93.6%
$18.79
79%
53%
19%
+
+
+
+
+
+ 1
+
+
+
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