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 position in prime-quality office and health care 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 in France is showing signs of recovery. Moderately leveraged capital structure, with a ratio of debt to debt and equity close to 45%. Low cost of debt and strong capacity to service debt, with an EBITDA interest coverage ratio of
