...Business Risk: Strong Financial Risk: Intermediate + Highly predictable revenues, mainly from rental income of real estate properties, with long leases and sound tenants. + Large portfolio of sizable assets in France, with good geographic allocation and high tenant diversity. + Strong position in the prime-quality health care and office markets. + Cyclical nature of the commercial property sector (in particular business parks), which is dependent on economic trends. + Exposure to more volatile and cyclical development activities, which represent a limited portion of Icade's equity and EBITDA, however. Commercial assets developed by Icade are largely pre-sold or pre-let and the market recovery for housing new builds in France is gaining momentum. + A moderately leveraged capital structure, with a ratio of debt to debt and equity close to, but below, 45%. + Low cost of debt and strong capacity to service debt, with an EBITDA interest coverage ratio well above 4.0x. + Good access to debt funding;...
