French mall owner Klepierre's nine-month rental income rises by almost a third
19/10/2022 16:58
Oct 19 (Reuters) - French shopping mall owner Klepierre
LOIM.PA on Wednesday reported a 31% increase in net rental
income for the first nine months of the year as retail trends
normalise after two years of on-and-off restrictions to curb the
spread of the coronavirus.
The group said footfall for the three months to Sept. 30
increased by 12% compared to the same period last year, in part
thanks to an increase in activity in malls in areas dependent on
commuters or tourists which had experienced a slower resumption
after restrictions were eased.
Klepierre, which leases commercial space to retailers such
as Zara-owner Inditex ITX.MC , H&M HMb.ST and Sephora
LVMH.PA across Europe, reported a 6% rise in like-for-like
third-quarter retailer sales compared to the same period last
year.
Net rental income came in at 734.6 million euros ($718.6
million) for the first nine months of the year, which it
attributes to "good business resumption" thanks to normalised
invoicing, higher collection rates and a rebound in other
variable streams of income.
Total revenues for the period came in at 1.1 billion euros,
a 17% rise compared to the first nine months of 2021.
Klepierre confirmed its guidance for 2022 of at least 2.45
euros of net current cash flow per share.
($1 = 1.0223 euros)
(Reporting by Elena Vardon;Editing by Elaine Hardcastle)
((Elena.Vardon@thomsonreuters.com;))