Klépierre, the French shopping centre group 27%-owned by Simon Property Group, saw flat pre-tax earnings per share in the first half largely as a result of strong disposal activity.
Klépierre, the French shopping centre group 27%-owned by Simon Property Group, saw flat pre-tax earnings per share in the first half largely as a result of strong disposal activity.
Rental income amounted to EUR 491 mln in the first six months of 2012, an increase of 2.7% compared to EUR 478 mln in the same period a year before.
Net current cash flow per share amounted to EUR 1 a share versus 99 eurocents a year earlier. The company reiterated its forecast of a slight increase in net current cash flow per share for 2012, excluding the effects of an increase in the number of shares resulting from the payment of the dividend in shares.
Klépierre has sold or has agreed to sell a total of EUR 520 mln worth of assets so far in 2012, and said it is ahead of schedule on its target of EUR 1 bn worth of disposals for the end of 2013.
The retail specialist expects rents to grow by 2% to 2.5% on a constant portfolio basis over the full year 2012. On a current portfolio basis, Klépierre has lowered its outlook due to the faster-than-expected execution of the asset sale programme. It is now expecting a 3 to 4% increase in rents, a slightly lower level than the circa 4% initially anticipated, it said.
