Strong operating performance driving to valuation increase and guidance upgrade
Klépierre delivered strong operating growth in the first half of 2024, while property valuations increased by 2%.
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Net current cash flow per share at €1.25, up 3.3% vs. first-half 2023
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EBITDA up 5.4% year on year
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Net rental income up 6.0% like-for-like (4.9% year on year)
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Upward trend in operations:
o Collection rate at 97.7%, up 120 basis points year on year
o Occupancy at 96.2%, up 50 basis points year on year
o Rental uplift +3% and occupancy cost ratio at 12.6%, down 20 basis points year on year, reflecting an upward trend in retailer sales with a 3.9% increase -
Further improvement in credit metrics:
o Historic low net debt to EBITDA at 7.3x, LTV at 37.6% and ICR at 8.2x
o In May, S&P confirmed the BBB+ credit rating and increased its outlook from stable to positive
o Fitch confirmed the ‘A-’ rating with a stable outlook on Klépierre’s senior unsecured debt -
€775 million in long-term financing closed year-to-date
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€625 million of existing bilateral credit facilities renewed for five-years
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Property valuation turned positive, being up 2.0% like-for-like over six months
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EPRA NTA per share at €31.4, up 4.3% over six months
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Active capital rotation with investment in best-in-class destinations: highly accretive acquisitions of O’Parinor and RomaEst and €106 million of disposals closed or secured since January 1st
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IFRS consolidated net income: €602.4 million (attributable to owners of the parent: €535.7 million)
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Upgraded full-year 2024 guidance: EBITDA growth of 5% and NCCF of €2.50-€2.55 per share