Klepierre: Trading At Just 10x FFO And A 7.5% Yield

Mar. 18, 2023 11:45 AM ETKlépierre (KLPEF), KLPPY19 Comments


  • Klepierre is one of the largest mall operators in Europe.
  • The balance sheet has improved as the LTV ratio is less than 38%, although I expect the capitalization rate used to value the properties will have to increase.
  • In this article, I will have a closer look at what the increasing interest rates mean for the REIT.
  • Klepierre will pay a 1.75 EUR dividend this year, of which about half will be tax-free.
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Arc de Triomphe in Paris

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Klepierre (OTCPK:KLPEF) (OTCPK:KLPPY) is a French REIT focusing on commercial real estate. The REIT has done a good job in reducing its leverage, and as of the end of 2022, its LTV ratio stood at

Share Price Chart

Yahoo Finance

Earnings Breakdown

Klepierre Investor Relations

Capitalization Rate

Klepierre Investor Relations

Sensitivity Analysis

Klepierre Investor Relations

Debt Maturity Schedule

Klepierre Investor Relations

Interest Rate Hedging

Klepierre Investor Relations

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This article was written by

The Investment Doctor profile picture
We zoom in on capital gains and dividend income in European small-caps
As I'm a long-term investor, I'll highlight some stockpicks which will have a 5-7 year investment horizon. As I strongly believe a portfolio should consist of a mixture of dividend-paying stocks and growth stocks, my articles will reflect my thoughts on this mixture.

Disclosure: I/we have a beneficial long position in the shares of KLPEF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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