BUSINESS REVIEW FOR THE FIRST NINE MONTHS OF 2019

Paris — October 21, 2019

Klépierre, the European leader in shopping malls, today reported its business review for the first nine months of 2019. The main highlights include:

  • Shopping center Net Rental Income of €829.3 million, +3.2% on a like-for-like basis and +0.7% year on year
  • Retailer sales +1.9% like-for-like vs. the first 9 months of 2018
  • Sustained leasing activity with 1,224 leases signed, representing €27.9 million in additional minimum guaranteed rents
  • Average cost of net debt further reduced to below 1.5%
  • Créteil Soleil extension 99% let one month before opening; leasing progressing well at Gran Reno extension (53%pre-leasing rate; opening in April 2021)
  • New confirmation of Klépierre’s European leadership in ESG from GRESB and MSCI
  • Full-year 2019 outlook confirmed: net current cash flow per share of at least €2.76

 

Jean-Marc Jestin, Chairman of the Executive Board, commented, “In a market that remains globally mild, retailer sales are clearly improving in our malls across Europe. They grew by 1.6% year on year in the first half and by 1.9% over the first nine months, which is twice the pace of last year. At the same time, our like-for-like growth in net rental income remains solid at 3.2%, which makes us confident in our ability to meet our 2019 cash-flow guidance and pursue sustainable growth going forward. I am particularly gratified with the significant improvements in our ESG ratings, as proof of the relevance of our Act for Good® strategy and our success at making our malls environmentally and socially responsible, even as they provide a unique showcase for our retailers and a premium lifestyle experience for our consumers.”

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October 21 2019

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