First-quarter 2022 business review
Klépierre, the European leader in shopping malls, today reported its first-quarter business update.
Klépierre, the European leader in shopping malls, today reported its first-quarter business update. The main highlights include:
- Total revenues up 4.7% at €359.5 million
- Shopping center gross rental income up 9.7% like for like
- Net rental income up 88.3% like for like
- Rent collection rate for Q1 expected to reach 96.7%
- Strong leasing activity with 372 leases signed, delivering flat reversion, stable occupancy at 94.7%
- February-March retailer sales(2) in line (98%) with the level of sales of the undisturbed period of 2021 (June to December)
- Extension of Gran Reno (Bologna, Italy) due to open in June 2022 (99% pre-leased)
- Strong balance sheet: net debt down to €7.9 billion, 87%-hedged at fixed rates in 2022; net debt to EBITDA of 8.7x, LTV of 38.3%; no refinancing needs before end-2024
- Cash distribution for fiscal year 2021 of €1.70 per share on May 16, 2022
- Guidance confirmed for 2022 with net current cash flow per share of between €2.30 and €2.35