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Full Year 2023 Klepierre SA Earnings Call Transcript
Good morning, everyone, and thank you for joining us this morning. I'm pleased together with Stéphane to report Klepierre's 2023 full year earnings. And I'm proud to say that it's a very strong set of results.
First, we generated EUR2.48 in net joint cash flow, a remarkable 10.7% growth year on year. This is also 5.5% of our initial guidance of EUR2.35. With an outstanding momentum from top to bottom line, we delivered a strong operating performance as illustrated by the 8.8% like-for-like increase in net rental income and a 9.6% increase in EBITDA.
Throughout the year, our venues have been attracting more and more visitors, translating into a 6% increase in retail sales with all countries and segments contributing to the growth. The very high leasing demand for our irreplaceable shopping centers has driven occupancy rate at 96% and a 4.4% positive reversion. Meanwhile, average lease duration in our portfolio has increased to 5.1 years.
In an evolving environment achieving such results takes a clear positioning. We own and
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