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PRESS RELEASE FIRST - QUARTER 2021 BUSINESS REVIEW Paris - May 7 , 2021 Klépierre , the European leader in shopping malls , today reported its first - quarter business update ( ) . The main highlights include : - - - - - Shopping center reopening underway : 55 % of our stores have already reopened and close to 95 % are expected to be open by end - May ( 2 ) First - quarter shopping center gross rental income down 10 % Strong rent collection rate at 65 % ( 3 ) in a context of store closures , set to improve further when tenant negotiations are finalized When open , retailer sales remained highly resilient in March ( 87 % of the March 2019 level ) Net debt down to € 9,016 million compared to December 31 , 2020 Proposed cash distribution of € 1.00 ( 5 ) per share 2021 net current cash flow expected at € 1.80 ( 6 ) per share due to longer lockdowns than anticipated ( 2.6 months versus an anticipated 1.5 months ) Klépierre recognized by BRE for its Act for GoodⓇ policy and included in the Euronext CAC 40 ESG Index Jean - Marc Jestin , Chairman of the Klépierre Executive Board , commented , " With the expected reopening of our French shopping centers as from May 19 , close to 95 % of our portfolio will soon be open again , albeit with certain restrictions such as the trading ban at weekends in Italy . We are enthusiastic and confident in the rapid resumption of our business . We are already observing encouraging signs of recovery , proving that our vibrant malls continue to attract both shoppers and expanding retailers . As we turn the corner , I would like to pay special tribute to our teams , our retail partners and local stakeholders who have worked with us to prepare and implement all the reopening health measures designed to protect customers in our venues . Over the first quarter of 2021 , almost all European countries in which Klépierre operates ordered the closure of retail activities for a period averaging 1.5 months , and before being gradually eased , these measures were extended in April for an aggregate period longer than anticipated . Based on the official reopening dates , we have revised our 2021 net current cash flow guidance at € 1.80 per share . Furthermore , we are proposing a distribution of € 1.00 per share in cash , which demonstrates our confidence in our business recovery . " K KLEPIERRE