...May 16, 2022 PARIS (S&P Global Ratings) May 16, 2022--S&P Global Ratings today said that first-quarter results for Icade S.A. (###+/Stable/A-2) are in line with its expectations, with healthcare investment and property development businesses offsetting weaker office rental performance. Icade's first-quarter performance, including a fall in like-for-like rental income from offices, remains within our base-case scenario. The 12.9 billion French real estate company, operating in the office (48% of group EBITDA in 2021), healthcare (46%), and property developments (5%) segments reported a first-quarter performance in line with our expectations. Icade's overall revenue grew by 6.1%, compared with the same period of 2021, mainly thanks to acquisitions and rental growth in the healthcare segment (+14.6%, 2.1% like-for-like), office building completions, and a continued rise in real estate development sales (+5.9%). That said, the office division reported a 3.3% like-for-like rental decline due...
