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Q1 LFL NRI UP 4.8% confirming 2023 growth momentum

Klépierre, the European leader in shopping malls, delivered a solid performance over the first quarter of 2024.

  • Like-for-like net rental income up 4.8% year on year, outpacing indexation by 200 basis points
  • 4.4% EBITDA growth
  • Good momentum for sales and footfall:
    o Retailer sales, up 4.3% compared to Q1 2023
    o Footfall up 3%
  • Continuous operating excellence:
    o 2.1% positive reversion on renewals and re-lettings
    o Financial occupancy rate at 96.0%, up 30 bps over one year
  • Strong capital base and value-creating investments:
    o Net debt to EBITDA at 7.4x
    o €600-million bond with a maturity of 9.6 years issued in February
    o No significant refinancing needs in the coming 18 months
    o Accretive acquisition of O’Parinor with strong double digit levered annual cash return
    o €66 million disposals closed year-to-date
  • Guidance reiterated for 2024 with EBITDA growth of at least 4%, along with net current cash flow per share for full-year 2024 of €2.45–2.50
  • Cash distribution of €1.80 per share: interim dividend of €0.90 per share paid on March 26, 2024 with the balance of €0.90 per share to be paid on July 11, 2024

Read the press release