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9-month 2022 trading update

Klépierre, the European leader in shopping malls, today released its trading update for the first nine months of 2022. Third-quarter activity has confirmed the solid business recovery observed in the first half:

  • Third-quarter retailer sales up 6% on a like-for-like basis compared to 2021
  • 3% positive reversion on renewals and releasings, on top of annual indexation of 4.2% in 2022
  • High financial occupancy rate of 95.6%, up 150 bps year on year
  • Net rental income up 31.4% year on year on a like-for-like basis
  • Ongoing asset rotation strategy: €472 million worth of disposals over the first nine months, in line with appraisal values
  • Leading to even better credit metrics as of September 30:
    • net debt down to €7,667 million
    • net debt to EBITDA of 8.2x, LTV of 37.8% and ICR at 10.0x
  • Guidance confirmed for 2022 with net current cash flow per share of at least €2.45
  • Klépierre ranked first in the Global Retail Listed category by GRESB for the third year in a row

Read the press release