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First-half 2021 earnings

Klépierre, the European leader in shopping malls, today reported earnings for the six-month period ended June 30, 2021. The main highlights include:

  • First-half 2021 net current cash flow (total share) of €248 million or €0.72 per share
  • Collection rate of 70% over the first-half as of July 21, 2021, reflecting 5 months of severe restrictions (out of which 2.5 months of full store closures)
  • Strong sales recovery since reopening, with June sales reaching 96%(2) of the 2019 level, and up 15% compared to June 2020
  • Dynamic leasing activity with almost 800 leases signed, and positive reversion
  • Loan-to-Value flat compared to December 31, 2020 at 41.1% pro forma(3)
  • €472 million in disposals closed since January 1st (including the sale of five assets in Norway on July 8, for a total consideration of €435 million)
  • EPRA Net Tangible Asset Value per share at €29.70(4)
  • Guidance confirmed for 2021 net current cash flow per share expected at €1.80(5), assuming no more store closures or severe restrictions