Klepierre shopping center owner sees higher cash flow per share in 2022

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(Reuters) – French shopping center owner Klepierre on Wednesday forecast its net current cash flow per share in 2022 to exceed last year’s level, after footfall and rent collection at its shopping centers fell close to pre-pandemic levels in the second half of 2021.

The group, whose tenants include brands like Inditex, owner of Zara, H&M and Sephora, said it expects to generate net current cash flow per share of between 2.30 and 2.35 euros, up 9 .5% to 11.9% compared to 2.10 euros. per share reached in 2021.

Shopping center owners are anticipating a return to more normal shopping patterns after two years of on and off restrictions to curb the spread of the coronavirus.

“All of our operational indicators (are) close to or above pre-COVID levels as illustrated by the recovery in rental activity, the improvement in the occupancy rate and the rebound in retailer sales”, declared the president of the management board of Klepierre, Jean-Marc Jestin. , in a quarterly income statement.

“2022 will be an important year in terms of getting back to normality,” he said on a call with reporters.

The company, which owns more than 100 shopping centers across Europe, reported net rental income of 879.5 million euros ($1 billion) for 2021, up 3.9% from last year. ‘last year.

It has also reduced net debt by 1.05 billion euros over the past year, thanks to proceeds from asset sales.

The group has indicated that it will propose a dividend of 1.70 euros per share, up 70% compared to the previous year.

Unibail, owner of Westfield, Klepierre’s biggest rival, said last week it expected earnings per share this year to top last year’s levels, after an encouraging trend in the second half of 2021. .

($1 = 0.8791 euros)

(Reporting by Federica Mileo in Gdansk; Editing by Mark Potter)

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