Mall owner Klepierre sees higher cash flow per share in 2022

(Reuters) - French mall owner Klepierre forecast on Wednesday its 2022 net current cash flow per share would top last year's level, after footfall and rent collection at its malls recovered close to pre-pandemic levels in the second half of 2021.

The group, whose tenants include retailers such as Zara-owner Inditex, H&M and Sephora, said it expected to generate a net current cash flow per share of between 2.30 and 2.35 euros, an increase of 9.5% to 11.9% compared with the 2.10 euros per share achieved in 2021.

Mall owners are anticipating a return to more normal shopping trends after two years of on-and-off restrictions to curb the spread of the coronavirus.

"All of our operating indicators (are) near or outpace pre-COVID levels as illustrated by the upturn in leasing activity, the improvement in the occupancy rate and rebound in retailer sales," said the chairman of Klepierre's executive board, Jean-Marc Jestin, in a quarterly earnings statement.

"2022 will be an important year in terms of a return to normality," he said in a call with journalists.

The company, which owns more than 100 malls across Europe, reported a net rental income of 879.5 million euros ($1 billion) for 2021, up 3.9% compared to the previous year.

It also cut net debt by 1.05 billion euros over the last year, thanks to the proceeds from asset sales.

The group said it will propose a dividend of 1.70 euros per share, up 70% on the previous year.

Westfield-owner Unibail, Klepierre's bigger rival, said last week it expected its earnings per share this year to exceed last year's levels, after an encouraging trend in the second half of 2021.

($1 = 0.8791 euros)

(Reporting by Federica Mileo in Gdansk; Editing by Mark Potter)