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Profit stagnates at French firm with Simon Property ties

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Klepierre SA, the Paris-based shopping-center landlord that's 27-percent owned by Simon Property Group Inc., said first-half profit was little changed as disposals curbed rental income growth.

Pretax earnings excluding one-time charges, known as net current cash flow, increased to the equivalent of $1.21 a share from about $1.20 a year earlier, the company said in a statement after the market closed Tuesday.

Klepierre, Europe’s second-largest publicly traded mall operator by market value, predicted a “slight” drop in the full-year figure after the company issued more shares in May. Indianapolis-based Simon bought its stake in the French company from BNP Paribas SA in March for about $2 billion.

Klepierre said it’s on target to raise about $1.2 billion from disposals by the end of 2013 after selling or agreeing to sell $630 million of real estate in the first half.

The company manages or owns properties valued at about $20 billion. Net asset value fell to about $35.90 a share from $38.10 at the end of last year, according to Tuesday’s statement.

Rental income gained 3.2 percent, to $590 million, Klepierre said. The company has dropped 5.2 percent in Paris trading in the past 12 months, cutting its market value to roughly $6.3 billion.

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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