Highly predictable revenue, mainly from rental income of real estate properties, with long leases and sound tenants. Large portfolio of sizable assets, located in France, with good geographic allocation and high tenant diversity. Strong position in health care and prime-quality office property markets. Cyclical nature of the office property sector (especially business parks), which is more sensitive to economic trends and valuation volatility than some other segments. Exposure to more volatile and cyclical development activities, although they represent a limited portion of Icade's equity and the market recovery for housing new builds in France is well underway. Moderately leveraged capital structure, with a ratio of debt to debt and equity close to, but below, 45%. Low cost of debt and
