The following is a summary of the Icade (CDMGF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Icade reported a Q1 2024 revenue increase of 12.3%, rising from €286.7 million to €322 million.

• Gross rental income from property investments amounted to €93.7 million for the first quarter 2024, up 3.8% compared with the same period in 2023.

• Economic revenue from property development rose by 14.4% from €227 million to €259 million.

• Icade has a strong balance sheet and a solid liquidity position at €2.9 billion at the end of 2023, including cash and undrawn credit lines.

• The residual nonconsolidated interest in the healthcare business is expected to generate additional net current cash flow of around €0.80 per share based on the current shareholder base.

Business Progress:

• Icade outlined a new strategic plan, ReShape, for 2024-2028 featuring four priorities: adaptation of its office portfolio, diversification of three asset classes, development of a mixed-use and sustainable city, and maintenance of a solid financial policy.

• The company witnessed an increase in revenues from both property investment and development.

• They signed or renewed 23 leases, which covered over 14,000 square meters.

• Icade has been further pursuing energy efficiency, reducing energy consumption by an additional -5% over the winter 2023 to '24.

• The company has approved resolutions towards climate change and biodiversity challenges.

• Significant progress noted in key development projects including Champs Elysees, Ottawa, and City Park.

• While the company expects pressure on revenue and margins in 2024 due to uncertainties, it possesses a strong backlog to support activity.

• The new financial strategy aims to maintain a strong balance sheet and prudent financial policy. Growth in rent and leasing spread are in line with this strategy.

• Icade is considering repositioning some office assets to other types of properties while maintaining as much cash flow during the transition.

• The company is reviewing its development business due to pressures on revenue, margin, and cash flow, with further details expected in the half-year results.

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