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Business review for the first nine months of 2021

Klépierre, the European leader in shopping malls, today released its business update for the first nine months of 2021.

The main highlights include:

  • Guidance for full-year 2021 net current cash flow per share revised upwards by 20 cents to at least €2.00, assuming no severe restrictions through to the end of the year, thanks to:
    Sound shopping centers reopening
    o Strong recovery in retailer sales over the third quarter, up 6% compared to 2020 and almost equaling pre-pandemic levels (94% of 2019 levels)
    o Dynamic leasing activity with 1,061 leases signed over 9 months, with a -0.6% reversion
    Rent collection close to pre-pandemic level
    o Rent collection for the third quarter to reach at least 93% (90% as of October 20, 2021)
    o Collection of 2020 rents and H1 2021 rents higher than forecast
    o Q3 shopping centers net rental income up 11.1% versus Q3 2020
  • Net debt down €583 million compared to June 30, 2021, thanks to €502 million worth of disposals
  • Klépierre ranked once again #1 worldwide by GRESB and upgraded to “AAA” by MSCI for its sustainability performance