Klépierre, the pan-European leader in shopping malls, today reported earnings for full-year 2018 ended December 31, 2018.(1) The main highlights include:
– Net current cash flow per share +6.5% vs. 2017 at €2.65, exceeding initial guidance of €2.57–€2.62
– Cash dividend proposal(2) of €2.10 per share, +7.1% vs. previous year
– Shopping center Net Rental Income +3.4% like-for-like,(3) outperforming indexation by 220 bps
– Net debt down year on year; cost of debt reduced by another 20 bps to 1.6%
– EPRA Net Asset Value per share +2.3% over twelve months to €40.50(4)
– Total disposals in 2018 for €613.4 million(5)
– New €400-million share buyback program
– Net current cash-flow guidance for full-year 2019 at €2.72–€2.75