PARIS (Agefi-Dow Jones)–Shopping center operator Klépierre confirmed its full-year forecast on Thursday after an increase in rental income in the first quarter.
For 2022, the property company still anticipates net current cash flow of between 2.30 and 2.35 euros per share, i.e. an increase of between 9.5% and 11.9% compared to the cash flow of 2.1 euros generated in 2021.
Total revenue was up 4.7% in the first quarter, to €359.5 million, driven by a 9.7% growth in shopping center gross rental income.
Rental activity was also sustained, with 372 leases signed during the quarter and an occupancy rate of 94.7%, Klépierre said.
“The group does not operate in Ukraine or Russia and does not expect the inflationary pressures created by this situation to have a material impact on its cost structure or on the cost of its projects under development,” the property company said in a statement. “Based on the current macroeconomic outlook, however, the group has not identified the need to revise its financial guidance for 2022.”
At the end of March, Klépierre’s net debt stood at 7.94 billion euros, down slightly over three months. The debt ratio stood at 38.3% of the value of the assets.
-Thomas Varela, Agefi-Dow Jones; +33 (0)1 41 27 47 99; [email protected] ed: ECH
FINANCIAL RELEASES FROM KLÉPIERRE:
http://www.klepierre.com/espace-finance/communication-financiere/communiques/
Agefi-Dow Jones The financial newswire
Dow Jones Newswires
April 28, 2022 12:41 ET (16:41 GMT)