Icade - Challenging start of the year
Gross rental income totaled EUR 93.7 m, up 1.7% on an LfL basis and up 3.8% year-on-year. Average occupancy stood at 87.8%, slightly down (-10bps) on December 2023.Economic revenues from the property development business amounted to EUR 259.3m, up 14.4% due to the sale of residential units and a low comparative base in Q1 2023. The company maintains its guidance for net current cash flow from strategic operations between EUR 2.75 and EUR 2.90 per share.Icade is a property developer/real estate investment trust (REIT). Co. offers its clients and business partners a range of complementary products and expertise in the development, design, contracting, marketing, and administrative and technical management of their properties. Co.'s activities are segmented into three divisions: Property Investment, Property Development, and Services. Property Investment focuses especially energy, water, waste and carbon comprises significant properties; Property Development targets properties and operations whose service orders were launched during the year, and Services division manages office buildings and housing units on behalf of third parties.
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