Business review for the first quarter 2018

Paris – April 26, 2018

Klépierre, the owner of the leading shopping center platform in Europe, today released its business review for the first quarter of 2018, which is characterized by continued robust growth in net rental income and retailer sales. The main highlights include:

  • Total revenues of €331.5 million, +3.4% year on year
  • Shopping centers net rental income of €261.0 million, +3.6% and +3.0% on a like-for-like basis
  • Retailer sales +2.0% vs. the first 3 months of 2017
  • Sustained leasing activity with 473 leases signed in the first quarter, representing €7.8 million in additional minimum guaranteed rents
  • Net debt reduced by circa €300 million to €8.7 billion at March 31, 2018 vs. year-end 2017; net cost of debt below 1.8%
  • €301 million of disposals completed in the first quarter of 2018
  • Immediate success for new Prado mall; development projects on schedule at Hoog Catharijne and Créteil Soleil
  • 2018 outlook confirmed: net current cash flow per share expected between €2.57–€2.62

 

Jean-Marc Jestin, Chairman of the Klépierre Executive Board, commented, “Following our record results in 2016 and 2017, our strong activity in the first quarter of 2018 further confirms the relevance and effectiveness of our strategy, which is to focus on the leading assets in the most dynamic catchment areas of Europe. Our diversified pan-European platform continues to deliver positive retailer sales outpacing national indices, sustained leasing flow and growing rents. I am convinced that our portfolio — supported by our ambitious development pipeline, disciplined financial policy and pursuit of operational excellence in all aspects of mall management — will continue to deliver sustained growth and superior returns for our shareholders.

Download the press release

April 26 2018

See also
Back to top