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Icade logs 13.5% YOY decrease in Q3 consolidated revenue

Icade's third-quarter consolidated revenue amounted to €1.02 billion, a 13.5% decrease from the year-ago figure of €1.18 billion.

Property development revenue came to €553.7 million, compared with the restated €708.9 million in the prior-year period.

Gross rental income from property investment totaled €473.4 million, down 1.6% year over year.

The company's board named Marianne Louradour, Île-de-France regional director at Banque des Territoires, as an Icade director, replacing Nathalie Tessier, who stepped down.

Icade also noted that it agreed to buy five nursing home properties and is committed to acquiring two additional facilities totaling 582 beds in northern Italy. The overall investment, made via a sale-and-leaseback transaction, totals €39 million.

The Sereni Orizzonti Group will continue to operate the assets under 29-year leases with no break options.

In reporting results, the French property giant confirmed its guidance for 2019, saying the group's net current cash flow per share should at the very least remain stable, excluding the impact of 2019 sales.