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Investing.com -- European shopping center operator Klépierre has raised its full-year guidance after reporting solid third-quarter performance with net rental income growing 4.2% year-over-year on a like-for-like basis.
The company’s Mall Income revenue streams, which include Retail Media, Events, Specialty Leasing and mobility, increased by 10% compared to the same period last year.
Retailer sales maintained positive momentum, rising 3.3% year-over-year, slightly lower than the 3.5% growth recorded in the first half of the year. Footfall also showed strength with a 2.3% increase compared to last year, though this was slightly below the 2.5% growth seen in the first half.
Klépierre achieved 4.6% reversion in the third quarter, an improvement from 4.1% in the first half of the year.
The company’s occupancy rates reached 97.0%, representing a 50 basis point increase both year-over-year and year-to-date. Meanwhile, occupancy cost ratios decreased by 10 basis points year-over-year to 12.5%.
Following these results, Klépierre has upgraded its full-year targets. The company now expects EBITDA growth of 5.5%, up from its previous guidance of 5%. Net current cash flow per share is now projected to reach €2.70, compared to the previous range of €2.65-2.70, representing an approximately 1% uplift from prior guidance.
Klépierre shares rose 1% on Thursday in response to the announcement.
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