First-Half 2017 earnings


Klépierre, the leading pure player in shopping mall property in Europe, today reported earnings for the six months ended June 30, 2017. The main highlights include:

  • Net current cash flow per share +4.9% in first half 2017 at €1.22
  • Shopping center net rental income +2.7% on like-for-like basis, outperforming indexation by 200 bps
  • Retailer sales trends improving: +1.8% in 2nd quarter like-for-like, +0.8% in the first half
  • Cost of debt further reduced to 1.9%
  • Portfolio valued at €23.3bn, +4.3% like-for-like; EPRA NAV at €37.00, +6.1% over 12 months
  • Acquisition of Nueva Condomina mall in Spain for €233m, and disposals totaling €242m
  • Successful openings in April 2017 of Val d’Europe extension and Hoog Catharijne first phase of redevelopment
  • Initial cash-flow guidance for full-year 2017 raised to at least €2.45 from €2.35–2.40 range.

Jean-Marc Jestin, Chairman of the Klépierre Executive Board, commented, “During this first half of the year, we continued to deliver strong cash flow growth, significantly exceeding our initial forecast, as we leveraged improved economic conditions in Europe with the highest level of consumer confidence in a decade. Our leasing activity was marked by strong deal flow with top international retailers, which demonstrates the attractiveness of our pan-European portfolio. This translated into improved key operational performance indicators, in particular high reversion on new leases and relets, and occupancy increase. We are also very proud to have delivered with great success two exceptional openings in Utrecht at Hoog Catharijne and in Paris at Val d’Europe. All these achievements led us to raise our guidance for 2017. Further down the road, in March 2018, we will deliver Prado in Marseille. Its iconic architecture and high-end retail mix are another illustration of our ambition to ensure that the future of retail happen in our malls.”

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July 25 2017

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