(Reuters) - French shopping mall owner Klepierre on Wednesday reported a 31% increase in net rental income for the first nine months of the year as retail trends normalise after two years of on-and-off restrictions to curb the spread of the coronavirus.
The group said footfall for the three months to Sept. 30 increased by 12% compared to the same period last year, in part thanks to an increase in activity in malls in areas dependent on commuters or tourists which had experienced a slower resumption after restrictions were eased.
Klepierre, which leases commercial space to retailers such as Zara-owner Inditex (BME:ITX), H&M and Sephora across Europe, reported a 6% rise in like-for-like third-quarter retailer sales compared to the same period last year.
Net rental income came in at 734.6 million euros ($718.6 million) for the first nine months of the year, which it attributes to "good business resumption" thanks to normalised invoicing, higher collection rates and a rebound in other variable streams of income.
Total revenues for the period came in at 1.1 billion euros, a 17% rise compared to the first nine months of 2021.
Klepierre confirmed its guidance for 2022 of at least 2.45 euros of net current cash flow per share.
($1 = 1.0223 euros)