Q3 2024 Icade SA Earnings Call Transcript
Key Points
- Icade (CDMGF) reported a solid rental activity with 51,000 square meters signed or renewed during the third quarter.
- Property rental income grew by 3.6% like-for-like, driven by indexation.
- The company successfully disposed of four office assets above their latest appraised value, demonstrating the appeal of its asset portfolio.
- Icade (CDMGF) maintained a strong liquidity position of EUR2.4 billion, covering debt maturities until mid-2028.
- The company expects its 2024 group net current cash flow to be towards the top of the guidance range, indicating strong financial performance.
- The rental market in the Paris region continued to slow, with take-up down for the third consecutive quarter.
- The financial occupancy rate declined to 86.6% as of September 30, 2024, down 1.3 points compared to the end of last year.
- The investment market remains calm with a significant year-on-year decline in investment volume, particularly outside the Paris region.
- The property development division's revenue was slightly down, driven by a reduction in the backlog.
- The company remains cautious about the months ahead due to uncertainty linked to interest rate cuts and the political environment in France.
Hello and welcome to the Icade results as of September 30, 2024. My name is Caroline, and I'll be your coordinator for today's event. Please note this call is being recorded. (Operator Instructions)
I will now hand over the call to your host, Nicolas Joly, the CEO, to begin today's conference. Thank you.
Good morning, Nicolas Joly speaking. Thank you all for being here today on this call. I am with our CFO, Christelle de Robillard. This morning, we are pleased to present Icade's results as of September 30, 2024. This presentation will be, of course, followed by the usual Q&A session.
So let's start with slide 5 for an overview of the main messages for the third quarter of the year. The investment division reported a solid rental activity with almost 51,000 square meters signed or renewed during the quarter. Property rental income continued to grow, rising by 3.6% like-for-like, driven by indexation. Property development indicators showed a slight
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