🏢 High Income REIT Q1 2025 update: 15% Dividend, 66% discount - European small cap
Still Getting Paid to Wait
Update Q1 2025
Here’s a quick update on ICADE, following the release of its Q1 2025 financial results.
As a reminder, I personally own 485 shares of the company, purchased at €20.50, with a very long-term outlook.
🔍 In a Nutshell
✅ Results are in line with the 2025 guidance
📈 Revenue from property investment is slightly up (+0.2%)
🏗️ Property development revenue is showing a modest rebound (+2.3%)
👉 Source
📊 What Stands Out
Encouraging momentum in the property development business — especially in the residential segment (+22% in value), while the office segment remains under pressure (–20.7%)
Rental income is stable, suggesting the company may be coming out of its toughest phase
Cash position remains strong at €2.3 billion — a solid buffer in this environment.
💡 My Take
This remains a high-yield but high-risk investment — I’m estimating a 15% long-term yield
Access the Full Investment Thesis and Final Analysis
The full Q1 2025 update, the deep-dive analysis, and all archives are now hosted on our dedicated platform.
You have the latest news, but to understand why Icade is a compelling contrarian bet and to see the full financial breakdown, you need the original investment thesis:
The Investment Case: Detailed analysis of the 66% NAV discount.
The Dividend Outlook: Proof that the 15% yield is sustainable, even with potential cuts.
The full Icade Strategy and my rationale for maintaining a position.
Click the button below to access the full archive, read the complete update and thesis, and join the Pipart Global Income revolution!
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Disclaimer: This article is for informational and educational purposes only and should not be considered financial or investment advice. The views expressed are solely those of the author and do not constitute a recommendation to buy, sell, or hold any security. Always conduct your own research and consult with a professional before making any investment decisions.