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FIRST-QUARTER for business in 2020

FIRST-QUARTER for business in 2020 

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About revenues

Klépierre’s total revenues for the three-month period ended March 31, 2020 amounted to €316.8 million, a 4.2% decrease compared to the same period last year, mainly attributable to the impact of disposals carried out in 2019.
Gross rental income generated by shopping centers amounted to €291.9 million over the first quarter of 2020 on a total share basis, compared to €304.9 million for the same period last year. The €13.0-million (4.3%) decrease mainly reflects the disposal of assets in Hungary, Portugal and the Netherlands in 2019 as well as a negative foreign exchange effect from Scandinavian currencies.
As of March 31, 2020, like-for-like basis(2) shopping centers net rental income was broadly stable compared to the same period last year (up 0.1%). This was due to lower variable income (sales-based rents, specialty leasing and parking revenues) as a direct consequence of the lockdowns. Restated for this effect, like-for-like net rental income was up 2.3%.
Gross rental income from other retail properties amounted to €5.3 million, €1.0 million lower than in the same prior-year period as a result of disposals carried out in 2019 and early 2020.Management and development fees increased slightly from €19.5 million to €19.7 million.

Support measures

Klépierre has always valued a sustainable, trustworthy and long-term relationship with retailers. In the current environment, the Group has been in constant contact with them and has already taken the following decisions:
to switch from quarterly to monthly invoicing of Q2 rents in countries where monthly invoicing was not already standard practice (France, Italy and Scandinavia);
to defer the payment of April’s rents to the second half of the year(4); and
to grant a three-month rent holiday to small businesses in France(5) in line with the recommendation of several professional property owner associations.
The Group will continue to adjust the support provided to retailers on a case-by-case basis.
Source:https://www.globenewswire.com/news-release/2020/04/29/2023850/0/en/FIRST-QUARTER-2020-BUSINESS-REVIEW.html
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