9-month 2022 trading update
Klépierre, the European leader in shopping malls, today released its trading update for the first nine months of 2022. Third-quarter activity has confirmed the solid business recovery observed in the first half:
- Third-quarter retailer sales up 6% on a like-for-like basis compared to 2021
- 3% positive reversion on renewals and releasings, on top of annual indexation of 4.2% in 2022
- High financial occupancy rate of 95.6%, up 150 bps year on year
- Net rental income up 31.4% year on year on a like-for-like basis
- Ongoing asset rotation strategy: €472 million worth of disposals over the first nine months, in line with appraisal values
- Leading to even better credit metrics as of September 30:
- net debt down to €7,667 million
- net debt to EBITDA of 8.2x, LTV of 37.8% and ICR at 10.0x
- Guidance confirmed for 2022 with net current cash flow per share of at least €2.45
- Klépierre ranked first in the Global Retail Listed category by GRESB for the third year in a row