Mall owner Klepierre sees higher cash flow per share in 2022
16/02/2022 18:01
Feb 16 (Reuters) - French mall owner Klepierre LOIM.PA
forecast on Wednesday its 2022 net current cash flow per share
would top last year's level, after footfall and rent collection
at its malls recovered close to pre-pandemic levels in the
second half of 2021.
The group, whose tenants include retailers such as
Zara-owner Inditex ITX.MC , H&M HMb.ST and Sephora LVMH.PA ,
said it expected to generate a net current cash flow per share
of between 2.30 and 2.35 euros, an increase of 9.5% to 11.9%
compared with the 2.10 euros per share achieved in 2021.
Mall owners are anticipating a return to more normal
shopping trends after two years of on-and-off restrictions to
curb the spread of the coronavirus.
"All of our operating indicators (are) near or outpace
pre-COVID levels as illustrated by the upturn in leasing
activity, the improvement in the occupancy rate and rebound in
retailer sales," said the chairman of Klepierre's executive
board, Jean-Marc Jestin, in a quarterly earnings statement.
"2022 will be an important year in terms of a return to
normality," he said in a call with journalists.
The company, which owns more than 100 malls across Europe,
reported a net rental income of 879.5 million euros ($1 billion)
for 2021, up 3.9% compared to the previous year.
It also cut net debt by 1.05 billion euros over the last
year, thanks to the proceeds from asset sales.
The group said it will propose a dividend of 1.70 euros per
share, up 70% on the previous year.
Westfield-owner Unibail URW.AS , Klepierre's bigger rival,
said last week it expected its earnings per share this year to
exceed last year's levels, after an encouraging trend in the
second half of 2021. urn:newsml:reuters.com:*:nL1N2UL0EW
($1 = 0.8791 euros)
(Reporting by Federica Mileo in Gdansk
Editing by Mark Potter)
((Federica.mileo@thomsonreuters.com))