First-half 2022 earnings
Klépierre, the European leader in shopping malls, today reported its earnings for the six-month period ended June 30, 2022.
- First-half 2022 net current cash flow at €1.32 per share, up 83.7% year-on-year
- Retailer sales near or above pre-pandemic level in the 5 undisturbed months of 2022, with a significant acceleration in the second quarter
- Like-for-like net rental income up 66.7% year on year
- Steady leasing activity with a 2.7% positive reversion and occupancy rate improving to 94.7% year on year
- Successful inauguration of the extension of Gran Reno (Bologna, Italy) early July, 98% occupied, with a yield on cost of 7.6% and better-than-expected rents
- €431 million in disposals closed since January 1, 2022
- Stronger financial metrics with a Loan-to-Value ratio of 38.8%, a net debt to EBITDA ratio of 8.6x and an ICR of 10.0x
- EPRA Net Tangible Assets per share of €30.60, with a broadly stable portfolio value
- 2022 net current cash flow guidance raised to at least €2.45 per share, a 5.4% increase compared to the midpoint of the initial guidance