Klépierre today releases its trading update for the first nine months of 2023
Klépierre on track to meet its 2023 net current cash flow guidance of at least €2.40 per share (+7% y.o.y).
Klépierre, the European leader in shopping malls delivered a strong growth performance over the first nine months of 2023.
- 9-month like-for-like net rental income up 8.6%
- Steady operating KPIs:
o 9-month retailer sales up 7% like-for-like
o 1,197 leases signed, up 21% year-on-year, with a 4.1% positive reversion rate on top of indexation
o Financial occupancy rate at 95.8% - Robust credit metrics:
o Net debt at €7,454 million, below the December 2022 level, after the payment of the full cash dividend
o Net debt to EBITDA of 7.8x and ICR at 8.4x
o Interest rate hedging at 100% in 2023 and 98% in 2024
o Double investment grade: A- rating assigned by Fitch and BBB+ stable outlook by S&P
o €310 million in additional financing executed in the third quarter, bringing the total additional financing raised year-to-date to €1.5 billion - 2023 net current cash flow guidance confirmed at least at €2.40 per share, 7% higher than 2022.
- Ranked first in the “Europe Retail Listed” category by GRESB for the fourth year running and included in the CAC40 ESG index.