Icade : 2020 Annual Integrated Report

BUILDING DESIRABLE CITIES TO LIVE AND WORK

2 0 2 0 A N N U A L I N T E G R A T E D R E P O R T

CONTENTS

Messages from Frédéric Thomas and Olivier Wigniolle

p. 04

RESILIENCE OF ICADE'S MODEL

IN THE FACE OF THE HEALTH AND ECONOMIC CRISIS

2020: Icade on firm ground despite the crisis	p. 08
The keys to Icade's resilience	p. 10
Proximity and solidarity	p. 12
Preventing and managing our risk in a crisis environment	p. 14
Business lines that are solid, resilient and ready to bounce back	p. 16
Low Carbon by Icade, a growth opportunity	p. 18

ICADE'S PURPOSE, A BEACON FOR THE FUTURE

An integrated model that creates sustainable value for all	p. 22
Promoting innovation	p. 24
Promoting mixed uses and diversity	p. 26
Promoting inclusion	p. 28
Promoting connectivity	p. 30
Promoting low-carbon living	p. 32
Real estate: what are the new demands of French consumers?	p. 34
Rethinking the city of the future together	p. 36
The Board of Directors	p. 38
Putting our Purpose into action every day	p. 40
Contributors to this report	p. 42

03

MESSAGES FROM FRÉDÉRIC THOMAS AND OLIVIER WIGNIOLLE

"OUR PURPOSE:

1. POWERFUL TOOL FOR GROWTH AND RESILIENCE"

Frédéric Thomas

Chairman of the Board of Directors

It is in times of crisis that we discover what sustains us, what allows us to resist and move forward despite the obstacles.

In 2020, we adopted our Purpose and it has guided Icade's teams. It has helped us stay the course in a very turbulent environment.

Our Purpose was approved by our General Meeting last April with over 99% of the votes and we have included it in the preamble of our Articles of Association.

In a year of extreme upheaval, Icade's teams were fully mobilised and able to adapt and react quickly to get through the crisis, resulting in a limited impact on our business.

We will integrate our Purpose in concrete operational ways into each of our business lines and with our stakeholders to prepare for the future and continue to grow. It is the strength and expansion of our three business lines, together with the skills and commitment of the men and women in the Company, that make and will make the difference.

"A ROADMAP ADJUSTED FOR THE TIMES, STRATEGIC PRIORITIES REAFFIRMED"

Olivier Wigniolle

Chief Executive Officer

It is a source of collective pride for all Icade employees that we were able to brave the shock of the health and economic crisis and get through 2020 relatively unscathed, despite the uncertainties and difficulties.

We have continued to carry out our goals, to invest, to build, to complete our construction projects, to best serve our tenants and to meet our customers' expectations. We have of course taken all the necessary measures to protect our employees. We have also done our best to help our tenants get through the crisis that has affected the French economy.

Thanks to the adaptability, energy and tenacity of all of Icade's employees, we stood firm and resilient in a highly challenging 2020. Icade is fundamentally strong. Our three business lines have held up well and the strength of our model has enabled us to weather the crisis. Nevertheless, our business has been somewhat adversely affected, not least because our customers, suppliers and partners have been directly impacted.

Faced with a changed environment as a result of the crisis, we are continuing with our medium-term plan while adapting it to seize new opportunities.

Icade's teams have shown imagination, tenacity and creativity in furthering our growth. As such, many projects were worked on in 2020 despite the circumstances. During the year, we also defined an even more ambitious carbon footprint strategy called Low Carbon by Icade. We are convinced that our commitment to the climate is an opportunity not to be missed for growth. Integrating our Purpose into our day-to-day operations is a source of motivation for our teams and a real challenge to be taken up over the coming years.

I am confident in our collective ability to achieve this.

04

05

RESILIENCE OF ICADE'S

MODEL IN THE FACE

OF THE HEALTH AND

ECONOMIC CRISIS

Icade held up well despite Covid-19's impact on the real estate industry. What explains its resilience? A diversified and robust model, a responsible financial assistance policy, a head start in terms of work practices and business digitalisation as well as strong support from the Company's ecosystem. While reaffirming its commitment to the main pillars of its strategy to 2023, Icade is adapting all of its business lines to the post-Covid world.

Ôm, Issy-les-Moulineaux(Hauts-de-Seine)

0 6

07

2020: ICADE ON FIRM GROUND

DESPITE THE CRISIS

As an integrated real estate player involved in office and healthcare property

investment and property development, Icade has been able to foster the emergence of tomorrow's greener, smarter and more resilient cities. The diversity of its business activities, strength of its balance sheet and support of its employees were undeniable assets in 2020

in the face of an unprecedented health and economic crisis.

Data as of 12/31/2020

Three business lines supported by a solid balance sheet and increased liquidity

OFFICE PROPERTY

HEALTHCARE PROPERTY

PROPERTY

INVESTMENT

INVESTMENT

DEVELOPMENT

Icade's offices are strategically located

Icade's Healthcare Property Investment Division has

Through its extensive national coverage in France,

in the Paris region and other large French cities.

become the leading healthcare property investor in

Icade Promotion develops office and residential

France and will soon do the same in Europe. Its success

projects, large-scale public amenities and

is based on building long-term relationships with

healthcare facilities.

healthcare providers to co-create value.

Stable, long-term shareholders

Crédit Agricole

19%

Assurances Group

42%

Free float(1)

Caisse des dépôts

39%

Resilient 2020 results

GROSS RENTAL INCOME

GROUP

PROPERTY INVESTMENT

EPRA NTA

DEVELOPMENT

2020

FROM PROPERTY INVESTMENT

NCCF

PORTFOLIO

PIPELINE

DIVIDEND

€678m

€4.84

€11.8bn

€93.2

€1.9bn

€4.01(2)

+ 7%

- 8%

~+ 2%

+ 1.1%

stable

(excluding duties on a

(before dividend)

proportionate consolidation basis)

Best-in-class Innovation and CSR

INNOVATION FUND

GRESB

SUSTAINALYTICS

2020 BBCA RANKING

A SIGNIFICANT PLAYER IN THE GREATER PARIS AREA AND MAJOR FRENCH CITIES

Data as of 12/31/2020

OFFICE AND BUSINESS PARK

PORTFOLIO

ICADE'S REGIONAL

OFFICES

110 short- and

medium-term care facilities(1)

and 29 nursing homes €5.2bn excl. duties 15 operators

26 nursing homes

1 nursing home

under a preliminary

agreement

€0.4bn excl. duties

2 operators

10 nursing homes

14 nursing homes under a preliminary agreement €0.1bn excl. duties

4 operators

€2m	Sector Leader	3rd	Among the top 3
dedicated to funding	in the category of listed	out of 420 listed real estate	low-carbon developers
Urban Odyssey start-ups.	diversified companies	investment companies.	in France.
	in Europe.

(1) Including 4.86% for Icamap, GIC Pte Ltd and Future Fund Board of Guardians acting in concert, 0.72% of treasury shares, and 0.26% for Icade's FCPE employee-shareholding fund. (2) Subject to approval at the General Meeting on April 23, 2021.

(1) Acute care facilities (medicine, surgery and obstetrics), post-acute care (PAC) facilities, mental health facilities

08

09