(AOF) – Klépierre recorded a 31.4% increase on a like-for-like basis in its total net rental income over the first 9 months of the year. Net rental income reached 734.6 million euros. This amount includes 47 million in rental income relating to 2020 and 2021, beyond the objectives set. The shopping center specialist’s total revenue for the first nine months of 2022 was 1.10 billion, up 17.1% compared to the same period last year.
Third quarter activity confirms the solid recovery observed in the first half. This trend also reinforces the operational strategy implemented by Klépierre, involving a rigorous selection of assets adapted to the positioning and development of the main brands in the heart of major European cities.
By geographic area, Iberia (+16%) and the Netherlands and Germany (+9%) were the regions with the best performance. Shopping centers located in business districts or more exposed to tourists and travellers, which had experienced a slower recovery after the reopening of stores, recorded an improvement in their turnover throughout the period (+ 16%).
By segment, food – catering and health – beauty experienced the strongest rebounds, up 21% and 8% respectively, benefiting from the end of sanitary restrictions. The Fashion and Culture, Gifts and Leisure segments also topped 2021 levels (both up 4%).
Based on the good performance achieved during the first nine months of the year, Klépierre confirms its net current cash flow target of at least 2.45 euros per share for 2022. This target assumes that the activity does not will not be affected by the end of the year by new disruptions linked to Covid-19 which would penalize the activity of our customers, nor by a major deterioration in the geopolitical situation.
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Property companies facing a less buoyant office market
In 2021, take-up (areas rented or purchased by users) in Ile-de-France remained 22% below its pre-health crisis level (2.38 million in 2019), despite the rebound (+ 32% , to 1.85 million) committed in the second half. It fell back to its 2013 level, far from the 2017 record (2.63 million). On the other hand, in the last quarter of 2021, the immediate supply (stock of empty offices) was at its highest for seven years, at 4 million square meters. The impact of teleworking is difficult to assess and it will be spread over several years, as leases expire (firm terms of three, six or nine years) and companies decide to move. This asset class nevertheless has the advantage of offering rents protected from inflation by indexation. In France, the ILAT index (Index of Rents for Tertiary Activities) takes into account inflation (50%), construction costs (25%) and GDP.