Full-year 2021 earnings
Klépierre, the European leader in shopping malls, today released its full-year 2021 earnings.
- 2021 net current cash flow of €2.18 per share, (up 10.6% versus 2020), and 9% higher than guided in October 2021
- Strong recovery in retailer sales since reopening, almost equaling pre-pandemic levels (95% of 2019 levels), up 10% year on year
- Like-for-like Net Rental Income up 6.9% compared to 2020
- Occupancy up 50 basis points over 6 months to 94.7% due to a strong leasing activity on a par with pre-Covid levels in absolute terms delivering a 0.9% reversion
- Full-year 2021 collection rate to reach at least 87%, and at least 93.5% from July to December
- Shopping centers portfolio valuation up 0.6% on a like-for-like basis over 6 months
- Disposal of non-core assets in Norway, Germany, France and Sweden for €874 million
- Net debt down by more than €1 billion and Loan-to-Value ratio at 38.7%, down 270 basis points compared to December 2020
- EPRA Net Tangible Assets per share stable at €31.20
- Proposed cash distribution to shareholders of €1.70 per share, up 70% versus last year
- 2022 net current cash flow per share expected between €2.30 and €2.35, (up by between 9.5% and 11.9% compared to 2021)