Investor Alert

Oct. 23, 2020, 2:09 a.m. EDT

Klepierre cautious amid new Covid-19 restrictions

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By Pietro Lombardi

Klepierre SA said Friday that business conditions strengthened in the third quarter, as people returned to malls and the collection of rents from retailers improved, but offered a cautious outlook for the rest of 2020 after new restrictions were imposed in countries affected by new waves of coronavirus cases.

The French shopping-mall operator said total revenue fell 7.9% in the first nine months of the year to 918.5 million euros ($1.09 billion). Rental income from shopping centers, which accounts for most of the company's revenue, fell 7.1%.

"During the third quarter of 2020, Klepierre observed an encouraging recovery in terms of sales, footfall and collection rates, marking a clear improvement compared to the first half of the year," it said.

However, new restrictions to curb recent waves of coronavirus cases affect roughly 10% of its portfolio.

Looking at the fourth quarter, "Klepierre is maintaining a cautious stance regarding how the pandemic will evolve and impact its various geographies and the group's businesses."

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