Kimco Realty (KIM) 8-K 2020 Annual Meeting of Stockholders

Exhibit 99.2

Reconciliation of Non-GAAP Financial Measures

Net Income to EBITDA & Net Debt/EBITDA Calculations

Three Months Ended December 31, 2019

(Dollars shown in thousands)

(unaudited)

Net income	$	110,043
Interest		45,757
Other interest		-
Depreciation and amortization		68,439
Gain on sale of properties/change in control of interests		(31,836	)
Gain on sale of JV properties		(892	)
Impairment charges		7,508
Impairment of JV properties		3,995
Provision/(benefit) for income taxes		263
Consolidated EBITDA		203,277
Transactional income, net		(1,957	)
Consolidated EBITDA as adjusted	$	201,320
Consolidated EBITDA	$	203,277
Prorata share of interest expense - real estate JV's		6,463
Prorata share of depreciation and amortization - real estate JV's		10,910
EBITDA including prorata share - JV's		220,650
Transactional income, net		(1,957	)
EBITDA as adjusted including prorata share - JV's	$	218,693
Debt	$	5,315,767
Cash		123,947
Net Debt	$	5,191,820
Net Debt / EBITDA Calculation Prorata (Including Preferreds)
Net Debt (Prorata Share with JV)	$	5,779,926
Preferred Stock		489,500
Debt	$	6,269,426
Prorata EBITDA	$	209,740
JV Depreciation		10,910
EBITDA Adjustments		(1,957	)
EBITDA	$	218,693
Net Debt and Preferred to Prorata EBITDA as adjusted (including preferreds)	7.2x