...Klepierre S.A.'s operating performance showed positive momentum in the first nine months of 2022, largely reflecting the improving retail activity since the easing of pandemic-related restrictions. The retailers reported like-for-like sales growth of about 6% in the third quarter of 2022, while net rental income was up 31.4% for the first nine months of 2022 compared with 2021. Klepierre's leasing activity was also robust, with 3% positive reversion rate achieved on renewals and re-leasings (on top of indexation of 4.2% applied in January 2022) and the occupancy rate slightly up to 95.6%. That said, our expectations of more challenging economic and retail conditions over the next 12-24 months, in the context of a fall in consumer confidence and continued high inflation, may weigh on retailers' performance and Klepierre's ability to pass on full inflation. Therefore, we assume a modest like-for-like rental income growth in 2023-2024, after a robust recovery in 2022. So far, in 2022, asset...
