(Boursier.com) — Klepierre rose 1.4% to 22.50 euros, while JP Morgan raised its target price from 19 to 23 euros, while remaining ‘underweight’ on the file… The total turnover of first 9 months stood at 1.104 billion euros, up 17.1% compared to the same period last year. The sustained recovery in activity resulted in a sharp increase in rental income reflecting normalization of invoicing and an increase in collection rates, to which is added a rebound in variable income and other income.
Thus, over the first 9 months of the year, the group’s gross rental income increased by +27.4% on a like-for-like basis to reach 855 ME. Similarly, net rental income increased by 31.4% on a like-for-like basis, to reach €734.6 million. This amount includes €47 million in rental income relating to 2020 and 2021, beyond the objectives set.
Portfolio turnover
Since January 1, 2022, the group has pursued its portfolio rotation strategy and sold assets worth €472 million, mainly in Norway and France. These disposals were concluded for amounts in line with the appraisal values.
As of September 30, Klépierre’s debt ratios continued to improve with a net debt/EBITDA ratio of 8.2x and a high financial expense coverage ratio (10.0x). Consolidated net debt amounted to 7.667 MdsE, down 457 ME compared to June 30, 2022, and the Loan-to-Value (LTV) ratio stood at 37.8%.
On the same date, the average maturity of the group’s gross debt was 6.4 years and its liquidity position at 2.7 billion euros, an increase of 400 ME compared to June 30, 2022.
Based on the good performance achieved during the first 9 months of the year, the group confirmed its net current cash flow target of at least 2.45 euros per share for 2022.
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