Klépierre reported its FY17 results, revenues increased by 1.6% yoy (in line with our estimates) to €1,321m. Shopping centre NRI was up by 3.3% on an organic basis. The commercial portfolio value reached €23.4bn (c. 98% of the total portfolio), with 4% lfl compared to FY16. The LTV remained stable at 36.8%, thanks to the rise in property values. We remain optimistic following the good set of numbers.