Close Back to main website
  • News
  • Press Release

First-quarter 2023 business review

Klépierre, the European leader in shopping malls, today reported its first-quarter trading update, confirming the positive momentum observed in 2022:

  • First-quarter retailer sales up 13.2% and footfall up 14.1% compared to 2022;
  • Strong growth in net rental income, up 6.2% adjusted for disposals and developments
  • Steady leasing activity with 304 leases signed, and significant year-on-year growth in occupancy to 95.7%
  • Robust credit metrics:
    o Net debt to EBITDA ratio of 8.1x
    o Cost of debt at 1.3%
    o Interest rate hedging at 100% in 2023 and 93% in 2024
  • €530 million in long-term financing closed and drawn year-to-date with an average maturity of 6.4 years
  • Guidance confirmed for 2023 with net current cash flow per share of €2.35 (up 5% compared to 2022 adjusted NCCF per share of €2.24)
  • Cash distribution of €1.75 per share: interim distribution of €0.87 per share paid on March 30, 2023 with the balance of €0.88 per share to be paid on July 11, 2023
  • Ambitious and quantitative objectives disclosed for the new Act4GoodTM strategy to build the most sustainable platform for commerce.

Read the press release