Klépierre Reports Strong Q1 2023 Results with 3.3% Revenue Growth and Confirms 2023 Guidance

(AOF) – Klépierre’s total revenue for the first quarter of 2023 amounted to 371.5 million euros, up 3.3% compared to the first quarter of 2022. The gross rental income of the first three months of 2023 amounted to €287.1 million, reflecting the rebound in retailer turnover and footfall, the dynamism of rental activity, as well as an increase in variable income and other income . Gross rental income for the first three months of 2023 amounted to €287.1 million.

These revenues reflect the rebound in retailer sales and footfall, the dynamism of rental activity, as well as an increase in variable income and other income.

Net rental income amounted to €228.5 million, up 6.2% compared to the first quarter of 2022, adjusted for developments and disposals carried out in 2022. This growth was notably driven by a positive indexation of 5.75%.

Income related to the re-invoicing of rental charges and management and development fees amounted to €84.4 million, in line with 2022.

Given the first quarter performance, Klépierre confirms its guidance for 2023 and expects to generate net current cash flow per share of 2.35 euros, up 5% compared to the adjusted figure for 2022 of 2.24 euros (i.e. €2.62 restated for €0.30 of reversals of provisions and €0.08 relating to the cash flow generated by the assets sold).

These forecasts assume the maintenance of the momentum in merchant turnover, the stability of the occupancy rate and the stability of the collection rate compared to 2022. They also include the impact on costs of the inflation forecast in Europe for 2023 and the current level of funding costs.