Icade : Results as of September 30 2021

PRESS RELEASE

Issy-les-Moulineaux, October 25, 2021, 7:30 a.m.

ICADE - RESULTS AS OF SEPTEMBER 30, 2021

SOLID PERFORMANCE ACROSS OUR 3 BUSINESS LINES

REVENUE AT €1.2BN, +25.2% VS. SEPT. 2020, +20.2% VS. SEPT. 2019

• SOLID BUSINESS PERFORMANCE ACROSS OUR 3 BUSINESS LINES o Gross rental income up nearly 4% to c. €525m for 9M 2021:
• • Office Property Investment: €273.1m, +1.9%, stable like-for-like; c. 140,000 sq.m of new leases signed or renewed, with annualised headline rental income of over €35m;
  • Healthcare Property Investment: €239.3m, +6.6%, +0.5% like-for-like; 10 leases renewed for another 12 years with

Ramsay Santé representing c. €38m in headline rental income.

• 1. Property Development: revenue at €689.2m, up +47% year-on-year (economic revenue1 up c. +55% to €776m); orders increased by +39% and sales by +8% vs. Q3 2020.
• CONTINUED ROBUST INVESTMENTS IN BOTH PROPERTY INVESTMENT DIVISIONS
• 1. Asset rotation in the Office Property Investment Division: sale of the Silky Way building completed for €138m, bringing total

disposals in 2021 to €462m, +9.8% above NAV as of 12/31/2020, and a value-add acquisition completed for €183m, bringing total acquisitions since the beginning of the year to €243m.

• 1. Healthcare Property Investment: Q3 investments totalled €118m, half of which outside France. Including the acquisitions announced in October, year-to-dateinvestments completed or under a preliminary agreement amount to nearly €480m, in line with the annual target of €450/500m for 2021.
• FINANCIAL STRUCTURE: Icade and its subsidiary Icade Santé have solid balance sheets, as evidenced by the BBB+ ratings with a stable outlook affirmed by S&P in July 2021 for both companies.
• FY GUIDANCE RAISED IN JULY REMAINS UNCHANGED
• 1. Group NCCF per share: up c. +6% excl. 2021 disposals, i.e. c. +3% incl. 2021 disposals

1. 2021 dividend: up +3%: payout ratio in line with 2020 (83%) + distribution of part of the gains on disposals

1. Icade also reaffirms its NCCF target for the Healthcare Property Investment Division as of 12/31/2021: €251m

				Chg. 2021	Chg. 2021	LFL chg. 2021
(in millions of euros)	09/30/2021	09/30/2020	09/30/2019	vs. 2020 (%)	vs. 2019 (%)	vs. 2020 (%)

Gross rental income from Office Property Investment

Gross rental income from Healthcare Property Investment

273.1	267.9	256.3	1.9%	6.6%	0.0%
239.3	224.6	195.7	6.6%	22.3%	0.5%

Other income *		12.4	13.6	21.4	(8.6)%	(41.8)%	(4.9)%
Gross rental income from Property Investment		524.8	506.1	473.4	3.7%	10.9%	0.3%
Property Development revenue		689.2	467.5	553.7	47.4%	24.5%	47.4%
Other revenue **		10.1	4.4	(9.2)	N/A	N/A	N/A
CONSOLIDATED REVENUE		1,224.1	978.0	1,017.9	25.2%	20.2%	24.2%
*: Other Office Property Investment assets and intra-group operations
**: "Other revenue" mainly includes intra-group operations

1 Economic revenue: IFRS revenue + revenue from entities accounted for using the equity method

1. OFFICE PROPERTY INVESTMENT: RESILIENT RENTAL INCOME, CONTINUED DYNAMIC ASSET ROTATION

Rental income and leasing activity as of September 30, 2021

					Leasing
			Completions/		activity and
			Developments/		index-linked			LFL chg.
(in millions of euros)	09/30/2020	Acquisitions	Refurbishments	Disposals	rent reviews	09/30/2021	Chg. (%)	(%)
Offices	197.5	1.0	11.2	(7.0)	(0.7)	202.1	2.3%	(0.4)%
Business parks	70.4	-	(0.1)	(0.1)	0.8	71.0	0.8%	1.1%
GROSS RENTAL INCOME FROM	267.9	1.0	11.1	(7.1)	0.1	273.1	1.9%	0.0%
OFFICE PROPERTY INVESTMENT (*)

* Excluding other assets and intra-group operations

Gross rental income from Office Property Investment totalled c. €273m as of September 30, 2021, up +1.9% on a reported basis from September 30, 2020.

• On a like-for-likebasis, gross rental income from offices and business parks was stable, reflecting resilient leasing activity. Gross rental income from business parks rose by +1.1%.

With take-up for office space evolving, particularly due to new demand and new requirements, Icade's asset management teams have been very active: since the beginning of the year, 103 leases covering more than 140,000 sq.m have been signed or renewed, representing annualised headline rental income of more than €35m:

• Two pre-letssecured on pipeline projects covering c. 30,000 sq.m in Q3 2021. The buildings were let to first-rate tenants for an average lease term of 8.5 years to break, demonstrating Icade's know-howfor 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 total) signed with PariSanté Campus (8-year lease term with no break option);

• 1. Edenn (formerly, La Défense 2) to be completed in Q1 2025: lease for 16,000 sq.m (57% of total) signed with Schneider Electric (9-year lease term with no break option).
• 33 leases totalling over 34,000 sq.m signed or renewed for an average term of 8.5 years to first break in Icade's Orly-Rungisbusiness park;
• Leasing activity was dynamic in France outside the Paris region, where over 10% of Icade's portfolio is concentrated in prime locations in the major cities, with the signing of 28 leases covering more than 13,000 sq.m.

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

The balance between new leases and exits over the period (excluding acquisitions and disposals) was positive at roughly 8,300 sq.m, representing an additional €5.1m in annualised headline rental income.

New leases taking effect in the first nine months of the year covered close to 204,000 sq.m for annualised headline rental income of €57.4m and related in particular to the buildings completed or acquired during the period, including:

• The Origine building in Nanterre (Hauts-de-Seine), completed in March and 79% of which (51,500 sq.m) was leased to Technip Energies;
• The 15,800-sq.m West Park 4 building in Nanterre (Hauts-de-Seine), fully leased to Groupama;
• The 13,100-sq.m Latécoère building in Toulouse (Haute-Garonne), completed in Q1 and fully leased;
• The 13,375-sq.m Le Prairial building in Nanterre (Hauts-de-Seine), acquired in June 2021 and fully leased to a government ministry;
• The Equinove property complex in Le Plessis-Robinson(Hauts-de-Seine) covering more than 64,000 sq.m, acquired on September 30, 2021 and fully let to the Renault Group.

The financial occupancy rate stood at almost 89% as of September 30, 2021, down slightly on June 30, 2021. It has notably been impacted since the beginning of the year by the disposal of three fully leased mature assets and the completion during the period of the Origine building, part of the floor area of which is in the process of being let.

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This trend is in line with the slowdown in the office market expected in 2021 and the longer time needed to find tenants as a result of the Covid-19 health crisis, which continues to impact the office market in 2021.

		Financial occupancy rate				Weighted average unexpired lease term
		(in %) (**)					(in years) (**)
Asset classes	09/30/2021	06/30/2021	12/31/2020	LFL chg. *	09/30/2021	06/30/2021	12/31/2020
Offices	90.6%	92.2%	94.9%	(1.9) pp		4.4	4.3	4.4
Business parks	84.0%	85.0%	86.9%	(1.1) pp			3.1	3.1	2.9
OFFICE AND BUSINESS PARK ASSETS	88.9%	90.2%	92.6%	(1.7) pp		4.1	4.0	3.9
Other assets	89.7%	89.8%	91.3%	(0.1) pp		6.7	6.7	6.7
OFFICE PROPERTY INVESTMENT	88.9%	90.2%	92.5%	(1.6) pp		4.2	4.2	4.1

1. Change between June 30, 2021 and September 30, 2021, excluding completions, acquisitions and disposals for the period. (**) On a full consolidation basis, except for equity-accounted assets which are included on a proportionate consolidation basis.

The WAULT to first break again stood at 4.2 years, thanks to new and renewed leases signed during the first nine months of the year with a WAULT to break of 7 years.

Investments as of September 30, 2021

	Acquisitions	Projects under development
(in millions of euros)		and off-plan sales	Other capex	Total
Offices	245.1	79.7	20.6	345.5
Business parks	0.0	16.2	27.7	43.8
OFFICES AND BUSINESS PARKS	245.1	95.9	48.3	389.4
Other assets	0.0	0.0	0.6	0.6
OFFICE PROPERTY INVESTMENT	245.1	95.9	48.9	389.9

Investments during the quarter amounted to nearly €234m, including €37m in the development pipeline.

Year-to-date investments as of September 30, 2021 amounted to nearly €390m vs. €179.9m as of September 30, 2020, including:

• Two value-add acquisitions for a total of €243m: Le Prairial in Nanterre (Hauts-de-Seine) for €60m, and the Equinove campus in Le Plessis- Robinson (Hauts-de-Seine), acquired on September 30, 2021 for €183m.
• Investments in the development pipeline amounting to c. €96m, including:

1. Origine in Nanterre (Hauts-de-Seine) completed in Q1 2021 for c. €18m;

• 1. West Park 4 (formerly, Fontanot) in Nanterre (Hauts-de-Seine) completed and handed over to Groupama in Q2 for €10m; o Fresk in Issy-les-Moulineaux(Hauts-de-Seine) completed at the beginning of Q4 2021 for c. €23m;
     o Jump (Portes de Paris business park): project currently being developed (pre-let on a 12-year lease) for c. €13m.
• "Other capex" for c. €49m related mainly to maintenance work and improvements in technical and environmental quality.

Three major projects in the development pipeline were completed in the first nine months of the year, representing over 90,000 sq.m and €36m in annual rental income:

• The 66,000-sq.m Origine building in Nanterre, nearly 80% of which has been let to Technip Energies.
• The 13,000-sq.m Latécoère building in Toulouse, leased in full for a term of 12 years by this aeronautical equipment manufacturer.
• The 15,800-sq.m West Park 4 (formerly, Fontanot) building in Nanterre, handed over in full to Groupama under a 12-year lease with no break option.

With the completion of the Fresk building on October 1, 67% of which has been let to PariSanté Campus, the four completions in 2021 represent nearly 115,000 sq.m, with 80% let to date.

Once fully let, they will generate annual rental income of c. €47m for the Office Property Investment Division, resulting in expected total value creation of c. €232m, i.e. c. 30% of the amount invested.

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Strong asset rotation during the period

The Office Property Investment Division completed the sale of the Silky Way building for €138m, bringing the year-to-datedisposals total to €462m. The three disposals were completed at a +9.8% premium to GAV as of December 31, 2020, and at a slight premium to the values as of December 31, 2019.

During the quarter ended September 30, 2021, Icade also completed the acquisition of the 64,000-sq.m Equinove property complex in Le Plessis- Robinson (Hauts-de-Seine) for €183m. This complex consists of two assets fully leased to Renault with a remaining lease term of over four years. They will generate €14m in annual rental income. This acquisition will open up significant redevelopment opportunities in the medium term, with the possibility of converting space into housing units, in synergy with Icade Promotion.

This transaction, together with the acquisition of the Le Prairial building in Nanterre closed in June 2021 for €60m, brings the total amount of

Icade's value-add investments in office properties since the beginning of the year to €243m.

2. HEALTHCARE PROPERTY INVESTMENT: LEASE RENEWALS, FURTHER GROWTH IN RENTAL INCOME AND OUR EUROPEAN PORTFOLIO

Rental income and leasing activity as of September 30, 2021

			Completions/		Leasing activity
			Developments/		and index-linked		Chg.	LFL chg.
(in millions of euros)	09/30/2020	Acquisitions	Refurbishments	Disposals	rent reviews	09/30/2021	(%)	(%)
France	212.8	5.1	1.6	(0.4)	1.0	220.1	3.4%	0.5%
International	11.8	7.2	-	-	0.2	19.2	63.0%	1.5%
GROSS RENTAL INCOME FROM	224.6	12.4	1.6	(0.4)	1.2	239.3	6.6%	0.5%
HEALTHCARE PROPERTY INVESTMENT

Gross rental income amounted to €239m, up nearly 7% year-on-year, mainly driven by the acquisitions in H2 2020 and 9M 2021:

• France: gross rental income at €220m, up +3.4% due to asset acquisitions (+€5.1m) and completions (+€1.6m);
• International: gross rental income increased by +63% to €19.2m mainly due to acquisitions in Germany (7 nursing homes acquired at the end of 2020 from the operator ORPEA) and in Italy (3 nursing homes acquired in 2020 and another 3 in 2021).

On a like-for-likebasis, this represented an increase of 0.5%, mainly due to index-linked rent reviews.

The financial occupancy rate of the portfolio remained stable at 100%.

The weighted average unexpired lease term to first break stood at close to 8 years as of September 30, 2021, increasing by half a year due in particular to significant lease renewals in France:

• France: the WAULT to break stood at 7.1 years; 10 leases renewed2 for another 12 years with Ramsay Santé in July 2021 representing headline rental income of nearly €38m;
• International: WAULT to break of 16.6 years, up compared to June 2021 thanks to newly acquired properties.

		Financial occupancy rate		Weighted average unexpired lease term
		(in %)				(in years)
Asset classes	09/30/2021	06/30/2021	12/31/2020	09/30/2021	06/30/2021	12/31/2020
France	100.0%	100.0%	100.0%		7.1	6.4	7.5
International	100.0%	100.0%	100.0%		16.6	16.2	16.3
HEALTHCARE
PROPERTY	100.0%	100.0%	100.0%		7.9	7.2	7.4
INVESTMENT

2 Memorandum of understanding for 10 leases: 7 leases scheduled to start in 2021 with another 3 in 2022. The WAULT to break of 7.1 years includes the 7 renewed leases with a start date in H2 2021

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Investments as of September 30, 2021

		Projects under
(in millions of euros)	Asset acquisitions	development	Other capex		Total
France	98.2		49.9	9.5	157.7
International	92.8		11.1	(0.1)	103.9
HEALTHCARE PROPERTY INVESTMENT	191.0		61.1	9.5	261.6

Investment activity remained strong over 9M 2021 with transactions worth €317m signed and committed: €261.6m invested as of September 30, 2021 (including €118m over Q3) and preliminary agreements signed for €55.7m.

• Investments in France in short-, medium- and long-term care worth nearly €108m, including:

1. The H1 acquisition of a short-term care facility, two PAC3 facilities and two nursing homes for a total of c. €66m;

1. The Q3 acquisition of a PAC facility from ORPEA for c. €28m; a plot of land was also acquired to build a PAC facility in Salon-de- Provence for the operator Korian, representing a total of €25m to be invested until the end of the project;

• 1. Other capex including other operational capex for €10m.
• Investments outside France worth €93m, including:
• 1. In Germany, acquisition from ORPEA of a nursing home in Berlin for €46m;

1. In Italy:
2. • Acquisition of a nursing home operated by KOS for c. €7m;
   • Acquisition from KOS of two nursing homes and a psychiatric facility for €27m.

These acquisitions bring the number of facilities owned by the Healthcare Property Investment Division and operated by KOS, the largest Italian operator which specialises in long-term care, to 7 as of the end of September.

• • Acquisition from Numeria of a new nursing home property operated by Gheron in Campodarsego for €13m.
• Investments in the development pipeline for €61m, including:

1. €50m in France, relating in particular to the completion of 4 healthcare facilities in H1 (+€4m in headline rental income);

• 1. €11m in Italy (completion of a nursing home operated by KOS and located in Grosseto in September).
• Preliminary agreements totalling €56m:
  o Preliminary agreements signed with the Amavir group to acquire 3 nursing homes in Spain for c. €32m, including duties (acquisition scheduled for 2022/2023, once the appropriate permits required for their operation have been obtained).
  o Preliminary agreement signed with KOS to acquire 2 off-plan nursing homes in Italy for €23.6m.

Since early October 2021, the Healthcare Property Investment Division has also acquired assets in France and Italy for a total of close to €170m4: In France:

• Preliminary agreement signed on October 8 to acquire 5 healthcare properties operated by Korian for €64m
• Acquisition of a nursing home property from ORPEA for €17m on October 20
• Acquisition of the property assets of Groupe Hospitalier Mutualiste de Grenoble for €51m on October 22

In Italy: Acquisition of four nursing homes and a psychiatric facility from the operator La Villa for €36m on October 6 as part of a sale-and-leaseback deal.

(see dedicated press releases:October 11, 2021 press release;October 25, 2021 press release)

These transactions have brought year-to-date investments to over €480m5, in line with the investment target of €450/500m for 2021.

1. PAC : Post-Acute Care
2. Including €95m under preliminary agreements
3. Including €151m of acquisitions under preliminary agreements

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