Icade : 2021 Full Year Results up sharply and above guidance

PRESS RELEASE

Paris, February 21, 2022, 7:30 a.m.

2021 FULL YEAR RESULTS UP SHARPLY AND

ABOVE GUIDANCE

REVENUE: +15%; NET CURRENT CASH FLOW: +8.8%;

EPRA NET DISPOSAL VALUE (NDV): +8.6%

POSITIVE OUTLOOK FOR 2022 ACROSS ALL 3 BUSINESS LINES

Group results up sharply, full recovery from 2020

• Revenue up 15% to €1.7bn (+9% vs. 2019)
• Net current cash flow up +8.8% to €389.7m, i.e. +7.2% to €5.19 in per share terms
• EPRA Net Disposal Value (NDV) up +8.6% to €6.9bn, i.e. €90.6 per share, +6.1% vs. 2020 and above 2019 (€90.4 per share)
• 2021 total return1: 11%, back to 2018 performance
• Net profit attributable to the Group: €400.1m vs. €79.5m in 2020
• 2021 dividend: €4.20 per share (+4.7% vs. 2020)

Office and Healthcare Property Investment: strong investment performance, solid financial and operational indicators

• Higher rental income on a proportionate consolidation basis: +2.9% to €551m
• Office Property Investment:

1. Dynamic asset rotation: disposals worth €507m2 in 2021, up c. +11% vs. Fair value as of December 31, 2020 & value-add acquisitions for €243m, average yield of 7%

• 1. Development pipeline: 4 completions totalling €835m, with €232m in value creation; 5 projects launched for €450m, with potential value creation estimated at ~€100m
• Healthcare Property Investment: accelerated growth with €910m invested in 2021, doubling of international portfolio, including €300m in acute care
• 1. Portfolio value up sharply: +18% to €3.9bn on a proportionate consolidation basis, +5% like-for-like

Property Development: Excellent sales performance, strong earnings growth, solid outlook

• Economic revenue at €1,074m, up +30% vs. 2020 and +11% vs. 2019
• Orders: a record year at 6,004 units, up +12% vs. 2020 and +18% vs. 2019
• Backlog of €1.7bn, up +20% (including +90% for the office segment)

Ramp up our low-carbon strategy

• Office Property Investment Division on course to meet its objectives for 2025: -30% by the end of 2021, ahead of target of -45% set for the end of 2025 (in kg CO2/sq.m over the period, compared with 2015)
• Being aligned with a 1.5°C pathway for all 3 business lines by 2030
• "Say on Climate & Biodiversity" resolution at the General Meeting to be held on April 22, 2022

FY 2022 guidance3

• 2022 Group net current cash flow per share: up ~+4% excluding the impact of 2022 disposals
• 2022 net current cash flow from Healthcare Property Investment: up +~5/6%
• 2022 dividend: up +~3/4%, subject to approval by 2023 General Meeting

1. EPRA NDV TSR (net disposal value)
2. 4 core assets sold in 2021
3. Subject to the health situation not worsening

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"With revenue up by 20% versus 2020 and NCCF up by +9%, Icade delivered strong, and better than expected, growth in its full year results for 2021, reflecting solid financial and operational performance across its three business lines. The Office Property Investment Division performed particularly well, with strong leasing activity and a resumption of asset disposals on very favourable terms. The Division also made opportunistic acquisitions in 2021, strengthening its medium-term value creation potential. The Healthcare Property Investment Division continued its strong earnings momentum with a 10% increase in NCCF compared to the previous year. The year saw increased growth in France and abroad, with an investment volume of €910m; the international portfolio doubled and the Division made its first two investments in acute care facilities in Italy and Portugal. Lastly, Icade Promotion confirmed the strong rebound in its results, with revenue up 30%, strong growth in NCCF, and a very positive medium-term trend with the backlog up 20%.

Our outlook for 2022 is positive, with NCCF expected to increase by 4%, excluding the impact of disposals, and dividends expected to rise by +~3/4%. The Healthcare Property Investment Division will continue to grow, particularly in the acute care sector where it is the leader in Europe (84% of its portfolio). As a responsible investor, we will also keep pace with changes in the nursing home sector in France. This outlook reflects the strength and relevance of our diversified business model."

Olivier Wigniolle, CEO of Icade

At its meeting held on Friday, February 18, 2022, Icade's Board of Directors chaired by Mr Frédéric THOMAS approved the financial statements for the year 2021:

		12/31/2020		Change 2021	Change 2021
	12/31/2021	Restated*	12/31/2019	vs. 2020 (%)	vs. 2019 (%)
IFRS revenue (in €m)	1,660.9	1,440.2	1,522.2	+15.3%	+9.1%
Revenue on a proportionate consolidation basis (in €m)	1,557.6	1,299.5	1,411.0	+19.9%	+10.4%
Net current cash flow from Property Investment (in €m)	373.6	363.4	368.8	+2.8%	+1.3%
Net current cash flow from Property Development (in €m)	24.2	2.5	33.1	+867.5%	-26.8%
Group net current cash flow (in €m)	389.7	358.3	389.2	+8.8%	+0.1%
Group net current cash flow in € per share	5.19	4.84	5.26	+7.2%	-1.3%
Net profit/(loss) attributable to the Group (in €m)	400.1	79.5

		12/31/2020	Change 2021 vs.
	12/31/2021	Restated*	2020 (%)
EPRA NDV per share	€90.6	€85.4	+6.1%
Average cost of drawn debt	1.29%	1.48%	-19 bps
LTV ratio (including duties)	40.1%	40.1%	+0 bp

• Icade applied the fair value model for the measurement of investment property for the first time in the financial statements for the year ended December 31, 2021. This change in policy was applied retrospectively and the 2020 financial statements were restated.

1. 2021 performance by business line

1.1. Office Property Investment: strong leasing activity, asset rotation actively resumed, dynamic development pipeline

Record year for new leases and renewals, with 266,000 sq.m signed in 2021

Against a backdrop of significantly improved conditions in the rental market (activity up +32% compared to 2020), the asset management teams managed to sign or renew 148 leases covering roughly 266,000 sq.m (the highest level since 2018), for annualised headline rental income of more than €72m, notably including:

• Two pre-letssecured on pipeline projects covering c. 30,000 sq.m. The buildings were let to first-rate tenants for an average lease term of 8.5 years to break, demonstrating Icade's flair for pre-lettingmajor office projects;

1. Fresk (15th district of Paris / Issy-les-Moulineaux,Hauts-de-Seine)completed in Q4 2021: lease for close to 14,000 sq.m (67% of the building's total floor area) signed with PariSanté Campus (8-year lease term with no break option);

• 1. Edenn (formerly, Défense 2) to be completed in Q2 2025: lease for 16,000 sq.m (57% of the building's total floor areal) signed with Schneider Electric (9-year lease term with no break option).
• Leasing activity was very strong in the major French cities outside Paris (where 10% of Icade's portfolio is concentrated, in prime locations), with the signing of 35 leases covering more than 16,000 sq.m.

These new leases were signed at rents broadly in line with market levels.

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New leases taking effect in 2021 covered close to 234,000 sq.m for annualised headline rental income of c. €69m, a high level due to the buildings completed or acquired, including: the Origine building in Nanterre, 79% let to Technip Energies (51,500 sq.m), the West Park 4 building in Nanterre, fully let to Groupama (15,800 sq.m), the Latécoère building in Toulouse, fully let (13,100 sq.m), and the opportunistic acquisitions of the Le Prairial building in Nanterre (13,400 sq.m) and the Equinove complex in Le Plessis-Robinson(64,700 sq.m), both fully let.

In this context, gross rental income (offices and business parks) amounted to €344m on a proportionate consolidation basis as of December 31, 2021:

On a reported basis, gross rental income rose by +1.2%, driven in particular by the acquisitions and completions of office assets during the year. On a like-for-like basis, gross rental income saw a slight decrease of -1.0%, mainly due to tenant departures during the year, which were concentrated in certain assets.

The financial occupancy rate stood at 88.1% as of December 31, 2021, down -4.4 pps compared with December 31, 2020. It has notably been impacted since the beginning of the year by the disposal of four fully leased mature assets and the completion during the period of two assets, the Origine and Fresk buildings, part of the floor area of which is in the process of being let.

The weighted average unexpired lease term to first break rose to 4.5 years (4.1 years as of December 31, 2020).

The average annual rent collection rate stood at nearly 99%.

Investments reflecting a dynamic pipeline and the resumption of opportunistic acquisitions

Total investments over the period amounted to €452m, up by almost €180m vs. 2020, including:

• Two value-addacquisitions for a total of €243m: Le Prairial (13,400 sq.m) in Nanterre (Hauts-de-Seine) for €60m, and the Equinove campus (64,700 sq.m) in Le Plessis-Robinson(Hauts-de-Seine), acquired on September 30, 2021 for €183m. These assets are fully leased to first-class tenants and started generating cash flows immediately. In addition, they offer significant potential for redevelopment and value creation;
• Investments in the development pipeline and off-plan projects for €125m, mainly relating to the following projects: Origine for €19m, Fresk for €30m, West Park 4 for €10m, all three completed in 2021, but also the off-planacquisition of Grand Central in Marseille (Bouches-du-Rhône)for €13m and the Jump project (Portes de Paris business park) for €18m;
• Other capex for c. €73m related mainly to maintenance work and improvements in technical and environmental quality.

Four major pipeline projects were completed in 2021, representing more than 115,000 sq.m, €47m in annualised rental income and value creation of €232m.

At the same time, in 2021 five new projects covering 50,000 sq.m were added to the pipeline of projects launched for a total investment of around €450m, of which €300m remains to be invested, and potential value creation of almost €100m.

As a result, the development pipeline totalled €904m (c. 150,000 sq.m) as of December 31, 2021, including €581m of committed projects. Taking into account additional opportunities of €785m relating to projects ready to be launched, the pipeline amounts to €1.7bn.

Disposal plan actively resumed in 2021

With the sale of four Core properties for a total of €507m, Icade has achieved its objectives in terms of disposal volume for 2021:

• The Loire building in Villejuif (Val-de-Marne), with a floor area of around 20,000 sq.m, which is fully leased to LCL;
• The 29,000-sq.m Millénaire 1 building in the 19th district of Paris, which is fully leased to two first-rate tenants from the financial sector;
• The Silky Way building in Lyon (Rhône), which covers nearly 36,600 sq.m and is fully leased to Alstom Transport;
• The office building located at 11-15 avenue Morizet in Boulogne-Billancourt(Hauts-de-Seine) covering 5,000 sq.m.

These four sales were made on very favourable terms, with a roughly 11% average premium to appraised value as of December 31, 2020, reflecting the strong liquidity in the market for core office assets.

Resilient asset values as of December 31, 2021

As of December 31, 2021, the Office Property Investment portfolio was worth €8.3bn on a proportionate consolidation basis, a slight decrease of -1.7% compared with December 31, 2020, since the business line was a net divestor in 2021.

The slight decline on a like-for-like basis (-1%) was mainly due to the longer timeline required to lease operating assets and launch development projects on the land bank.

Of particular note were the like-for-like increases in the value of our assets located in Nanterre-Préfecture (+4%) and outside the Paris region (+4%4), and of the business premises in our Rungis business park (+11%4).

On a full consolidation basis, the portfolio was valued at €8.9bn.

4 Operating assets

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1.2. Healthcare Property Investment: Stepped-up expansion, further growth in rental income and diversification into acute care in Europe

Robust leasing activity

Gross rental income from the Healthcare Property Investment Division amounted to €188.4m5 in FY 2021, up 8.2% on a reported basis (+€14.3m), mainly driven by the acquisitions in H2 2020 and FY 2021 both in France and internationally. On a like-for-like basis, the increase was +0.4% (mainly due to index-linked rent reviews).

• France: gross rental income up 5.1% to €172.2m, mainly due to asset acquisitions (+€4.5m) and completions (+€1.5m);
• International: gross rental income increased by nearly 59% to €16.2m (+€6.0m) due to acquisitions at the end of the period and the full-yearimpact of acquisitions made at the beginning of the year.

As in previous years, the rent collection rate stood at nearly 100% at the end of December 2021.

The financial occupancy rate of the portfolio as of December 31, 2021 remained unchanged at 100%.

The weighted average unexpired lease term to first break stood at 8.2 years as of December 31, 2021, an increase of 0.8 years, mainly as a result of renewals and extensions during the year, with 21 leases renewed or extended for headline rental income of nearly €55m and an impact of +1.3 years on the WAULT on the entire portfolio.

The WAULT stood at 15.3 years for the international portfolio and 7.1 years for the assets in France.

Continued expansion in France and abroad, Spain and Portugal added to the portfolio, first investments in acute care abroad

Investment activity was strong in 2021, with transactions worth €910m6 signed and committed: €740m invested in 2021 (including €478m in Q4) and preliminary agreements worth €170m signed for future developments.

• In France: acquisition of 12 additional acute, medium- and long-term care facilities worth €209m
• • This includes two private hospitals for €70m and four PAC7 facilities for €57m. The private hospitals owned by Icade Santé in France represent assets worth €4.8bn on a full consolidation basis (83% of the portfolio in France) and have the highest levels of certification from the French National Authority for Health (HAS).
  • Continued diversification into nursing homes, with six facilities acquired for €83m. Icade Santé systematically analyses the impact of its acquisitions. Icade Santé has implemented a Quality of Life in Nursing Homes Charter and an internal reference framework developed with AFNOR8 that it uses in all acquisition audits.
• Internationally: acceleration in acquisitions and diversification into acute care, for €420m
• • In Germany: Two long-term care facilities acquired for €62m:

• 1. Acquisition of a nursing home in Berlin from ORPEA for €46m in Q3 and of a nursing home in Papenburg for €16m in Q4
• In Italy: 13 facilities acquired for €147m, of which 27% in acute care:
• 1. Acquisition of a nursing home in Castenaso operated by KOS for €7m in Q1

• • 1. Acquisition from KOS of two nursing homes (Monza, Sanremo) and a psychiatric facility (Maiolati Spontini) for €27m in Q2
    1. Acquisition of a new nursing home operated by Gheron in Campodarsego for €13m in Q3
    1. Acquisition of a nursing home in Grosseto for €11m in Q3 and of another nursing home in Villalba for €13m in Q4, both operated by KOS
    1. Acquisition of four nursing homes and a psychiatric facility from the operator La Villa for €36m in Q4
    1. Diversification into acute care with the acquisition in Q4 of a private hospital in Bologna for €40m from the operator Gruppo Villa Maria as part of a transaction involving a portfolio of four private hospitals for a total of €85m
       (the acquisitions of the other three assets are expected to be completed during 2022)
  • In Portugal, first investment in the healthcare property market (4 facilities acquired):
  • 1. Acquisition of a prime portfolio of four private hospitals for €211m in Q4
• Preliminary agreements signed but not yet paid for, amounting to €170m:
• • In France:
  • 1. Property development contract entered into to build a PAC facility in Salon-de-Provence to be operated by Korian, representing a total of c. €25m to be invested until the end of the project.

• 1. Signing of an off-plan agreement worth €17m for the construction of a nursing home in Bellerive-sur-Allier to be operated by ORPEA.
• In Germany:
• 1. Preliminary agreement signed to acquire a nursing home in Durlangen (in the German state of Baden-Württemberg) for c. €14m. The home will be operated by Charleston, German subsidiary of the KOS Group.

1. Preliminary agreements signed to acquire the property assets of two off-plan nursing homes in Krefeld and Wathlingen, for €41m, which ORPEA will operate.

1. On a proportionate consolidation basis
2. On a full consolidation basis
3. PAC: Post-acute care
4. AFNOR: French Standardisation Association

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• In Italy:

1. Preliminary agreement signed with KOS to acquire an off-plan nursing home for €12m.

• 1. Preliminary agreement signed with Gruppo Villa Maria to acquire three private hospitals for a total of €45m, with all three acquisitions expected to be completed during 2022.
• In Spain, first investment in the healthcare property market through preliminary agreements signed with the Amavir group to acquire three nursing homes for c. €32m, including duties (acquisition scheduled for 2022/2023, once the appropriate permits required for their operation have been obtained).

Thus, 62% of the Healthcare Property Investment Division's investments in 2021 were made outside France and the business line continued to strengthen its position in the acute and medium-term care segments, which accounted for 56% of investments for the year. At the same time, diversification into nursing homes accounted for 44% of investments, particularly in Italy and Germany.

With these investments, around 30% of the €3.0bn investment plan for 2021-2025 had been completed as of the end of December 2021.

The Healthcare Property Investment Division's development pipeline amounted to €493m on a full consolidation basis as of December 31, 2021. The proportion of projects outside France (€320m) increased due to the signing of new development projects and acquisitions under preliminary agreements, while there were significant completions in France and abroad.

Entirely pre-let, the development pipeline will eventually generate an additional €25.9m of rental income on a full consolidation basis (expected average net initial yield: 5.3%).

+5% like-for-like increase in portfolio value

As of December 31, 2021, the Healthcare Property Investment portfolio was worth €3.9bn excluding duties on a proportionate consolidation basis (€6.7bn on a full consolidation basis), up +18.0% on a reported basis and +5.0% like-for-like. This increase reflects both the strong investment activity during the year, which notably saw the value of the international portfolio double, and the growing attractiveness and increasing liquidity of the healthcare real estate asset class (yield compression of around 30 bps). The EPRA NDV of the Healthcare Property Investment Division stood at €4.1bn9, or €95.1 per share, up +11% year-on-year.

The IPO of Icade Santé planned for the end of September 2021 had to be postponed due to market conditions.

(NB: the Healthcare Property Investment Division's combined financial statements are available on the website icade.fr)

1.3. Property Development: Excellent sales performance, strong earnings growth and positive outlook

Sales momentum remains strong, positive operational indicators across the business line

• Indicators for the residential segment are pointing in the right direction:
• • Orders reached a record high of 6,004 units, +12% in volume terms vs. 2020 and +18% vs. 2019, reflecting strong demand from both individual and institutional buyers;
  • The increased focus on its development strategy saw Icade Promotion expand its controlled land portfolio by +27% vs. 2020 and +31% vs. 2019 (more than 15,000 units);
  • Despite a market context still impacted by increased delays in obtaining building permits due to municipal elections, successful permit applications were up +86% compared to 2020 and 39% compared to 2019 thanks to Icade Promotion's efforts to adapt to current needs.
• The office segment also rebounded compared with 2020, with preliminary off-plan sale agreements representing 115,000 sq.m signed,
  3.6 times the figure for 2020. This included the following projects:
• • A 9,000-sq.m office building in the Athletes Village in Saint-Ouen-sur-Seine sold to a consortium made up of Banque des Territoires and Icade's Office Property Investment Division for €53m in preparation for the Olympic Games;
  • An off-plan sale agreement entered into with Macifimo for a c. 9,000-sq.m office building in the Emblem complex in Lille, under joint development;
  • A property development contract signed with La Française for the construction of a c. 31,000-sq.m property complex in Nanterre, under joint development;
  • A preliminary sale agreement signed for construction of c. 48,600 sq.m of office space in the Horloge development zone (ZAC) in Romainville, under joint development.
• 2021 economic revenue amounted to €1,074m, up +30% compared to 2020 and +11% compared to 2019. This increase was due to a catch-upeffect vs. 2020 (shutdown of construction sites) and an excellent sales performance, mainly in the residential segment (85% of total revenue in 2021). However, there was also a very strong momentum in the office segment.

9 Based on the Healthcare Property Investment Division's 2021 combined financial statements

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