"Low" industry risk and highly predictable revenue, mainly from rental income, with long leases and sound tenants. Large portfolio of sizable assets, with good geographic allocation and high tenant diversity. "Strong" competitive position in prime-quality office and health care property markets. Cyclical nature of office property sector, which is highly sensitive to economic trends. Exposure to more volatile development activities in France, which currently faces weak demand. Moderately leveraged capital structure, with a debt-to-debt and equity ratio at or less than 45%. Low cost of debt and strong capacity to service debt, with an EBITDA interest coverage ratio about 3.5x. Good access to debt funding, controlled cost of debt, and strong shareholder base. High cash requirements, due the dividend pay-out
