Klepierre : First-Half 2018 earnings

Paris - July 26, 2018

Klépierre, the pan-European leader in shopping malls, today reported earnings for the six months ended June 30, 2018. The main highlights include:

• Net current cash flow per share +7.8% vs. first half 2017 at €1.31
• Shopping center Net Rental Income +3.2% like-for-like, outperforming indexation by 200 bps
• Retailer sales +1.4% like-for-like
• Cost of debt further reduced by 30 bps vs. June 30, 2017 to 1.6%
• Property portfolio valued at €24.6bn, +2.9% like-for-like over 12 months
• EPRA Net Asset Value at €39.50, +6.8% over 12 months
• Disposals since January 1, 2018 totaling €316.5 million
• Immediate success for new Prado mall (Marseille) opened end March
• Initial cash-flow guidance for full-year 2018 raised to at least €2.62 per share from €2.57-€2.62

Jean-Marc Jestin, Chairman of the Klépierre Executive Board, commented, 'In the first half, Klépierre's teams continued to demonstrate their ability to outperform the market in a polarizing retail environment. This strong performance - as illustrated by our 7.8% increase in net current cash flow per share, exceeding our initial forecast - is the result of our strategy to constantly implement the best of retail in our malls, to create preferred destinations for our retailer and customers, and to enhance the quality of our shopping mall portfolio through refurbishment and extension projects. Thanks to the exceptional level of our leasing deal flow and operating indicators, supported by our continued financial discipline, we are raising our full-year guidance for 2018 and are confident in our ability to sustain growth in the years to come.'

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July 26 2018