Klepierre - Sound H1 leads to guidance uplift
Net rental income stood at EUR 484.1m, up 7.3% on a LfL basis excluding the positive non-recurring income from 2020 and 2021 receivables. Indexation stood at 6.1%.Portfolio value stood at EUR 19.2bn, down 1.4% LfL since December end. EPRA NIY stood at 5.7%, up 30bps since December end.The company lifts its net current cash flow per share guidance to EUR 2.40 (EUR 2.35 previously), implying a YoY increase of 7%. The new guidance is fully in line with our estimate (DPe EUR 2.39). ‘Hold' reiterated.Klepierre specializes in the development, rental, and asset management of real estate properties in 13 Continental Europe countries. Co. also provides services to third party customers. Co.'s properties include shopping centers, office buildings and shops. It structures its operation into business segments and geographic regions: Shopping centers are structured into 6 operating segments, and the remaining two operating segments are Retail Assets and Office Buildings. As of Dec 31 2013, Co.'s portfolio comprised 91 centers in France/Belgium, 25 centers in Scandinavia, 35 centers in Italy, 76 centers in Spain/Portugal, 23 centers in Central Europe, and 6 centers in other countries.
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