Klépierre (LI) Q3 2024 TU earnings summary

Executive summary

• Upward revision of 2024 guidance after strong nine-month performance, with net current cash flow now expected at €2.55 per share.

• 1,280 leases signed, up 7% year-on-year, with a 4.0% positive rental uplift and financial occupancy rate at 96.5%.

• Retailer sales up 4.0% like-for-like, supported by a 2.4% increase in footfall.

• Recognized as global leader in sustainability by GRESB, ranked first worldwide in listed retail.

Financial highlights

• Net rental income for nine months reached €783.7 million, up 5.7% year-on-year or 6.3% like-for-like.

• Total revenue for the first nine months was €1,155.7 million.

• Gross rental income amounted to €902.0 million.

• Occupancy cost ratio at 12.6%, down 20 bps year-on-year.

Outlook and guidance

• 2024 net current cash flow guidance raised to €2.55 per share.

• EBITDA and net current cash flow expected to increase by 6% in 2024.