Business review for the first nine months of 2018

Paris – October 22, 2018

Klépierre, the pan-European leader in shopping malls, today released its business review for the first nine months of 2018. The main highlights include:

  • Total revenues of €1,005.7 million, +2.0% year-on-year
  • Shopping centers net rental income of €823.7 million, +3.1% like-for-like and +2.3% on a current basis
  • Retailer sales +0.7% vs. the first 9 months of 2017
  • Sustained leasing activity (1,381 leases; €28.6 million in additional minimum guaranteed rents)
  • Net debt reduced by ca. €274 million to €8,879 million at September 30, 2018 vs. June 30, 2018; net cost of debt below 1.6%
  • €575 million in disposals since the beginning of the year, at appraised values
  • Leasing progressing rapidly for Hoog Catharijne and Créteil Soleil extensions
  • 2018 outlook confirmed: net current cash flow per share expected at least at €2.62

 

Jean-Marc Jestin, Chairman of the Klépierre Executive Board, commented, “Klépierre’s performance in the first nine months of the year confirms the relevance of our strategy in a changing retail landscape. Our operational excellence, combined with our portfolio of leading malls, allowed us to keep outperforming the market. We continued to bring the best of retail into our malls through buoyant leasing activity, which ensures dynamic rental growth. Since the beginning of the year, we have continued to streamline our portfolio at a steady pace while further lowering the company’s leverage and buying back our shares. Going forward, we plan to accelerate our investment in our assets to further enhance their positioning in their catchment areas and deliver sustainable growth, while maintaining our rock-solid balance sheet.

Download the press release

October 22 2018

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