Tear Sheet: Klepierre S.A.

Klepierre reported like-for-like rental growth of 6.3% over the first nine months of 2024 and portfolio occupancy of 96.5% (up 70 basis points year-on-year). We expect this positive trend to continue, driven by indexation and high collection and occupancy rate, and benefitting from rental uplift on renewal remains quite robust at about 4%. Klepierre reported sound turnover growth of its diversified tenant base (4% like-for-like growth in the first nine months of 2024), while the occupancy cost ratio remained broadly flat at 12.6% as of Sept. 30, 2024 compared to 12.8% a year prior. Klepierre?s tenants are willing and able to bear further indexation, even though this should progressively diminish. Additionally, exposure to more than 10 countries in continental Europe

...November 15, 2024 Klepierre S.A. delivers strong operating performance as its large, diversified portfolio of shopping centers generates robust tenant demand; good, embedded rent growth; and exhibits healthy retail fundamentals. Klepierre reported like-for-like rental growth of 6.3% over the first nine months of 2024 and portfolio occupancy of 96.5% (up 70 basis points year-on- year). We expect this positive trend to continue, driven by indexation and high collection and occupancy rate, and benefitting from rental uplift on renewal remains quite robust at about 4%. Klepierre reported sound turnover growth of its diversified tenant base (4% like-for-like growth in the first nine months of 2024), while the occupancy cost ratio remained broadly flat at 12.6% as of Sept. 30, 2024 compared to 12.8% a year prior. Klepierre's tenants are willing and able to bear further indexation, even though this should progressively diminish. Additionally, exposure to more than 10 countries in continental Europe...

Full Report