Slide 1: Investor Presentation September 2022
DESIGNING, BUILDING, MANAGING AND INVESTING in cities, neighbourhoods and buildings that are innovative, diverse, inclusive and connected with a reduced carbon footprint. Desirable places to live and work. This is our ambition. This is our goal. This is our Purpose. INVESTOR PRESENTATION SEPTEMBER 2
Slide 2: Icade at a glance: one of the leading French listed REITs
ICADE AT A GLANCE ONE OF THE LEADING FRENCH LISTED REITS As of 06/30/2022 OFFICE INVESTMENT: Icade, the leading real estate player in Greater Paris €15.5bn property portfolio €12.2bn property portfolio excl. duties, Group share • Portfolio as of 06/30/2022: €8.6bn (100% basis) • Average net initial
Slide 3: Key indicators & H1 2022 highlights
KEY INDICATORS & H1 2022 HIGHLIGHTS STRONG H1 2022 H1 2022 NCCF Solid NCCF generation for the 3 business lines • Above our expectations €205m €2.7 per share • Including impact of H1 2022 and 2021 disposals +7.1% +5.0% Comforting FY 2022 guidance EPRA NAV as of June 2022 NDV NTA Our markets are attra
Slide 4: H1 2022 key highlights 1/2
H1 2022 - KEY INDICATORS & HIGHLIGHTS H1 2022 KEY HIGHLIGHTS 1/2 Office Property Investment Healthcare Property Investment Resilient leasing activity: • > 60,000 sq.m: total floor area of leases signed A growing international diversification or renewed in H1 2022; representing a WALB of 6.8 years •
Slide 5: H1 2022 key highlights 2/2
H1 2022 - KEY INDICATORS & HIGHLIGHTS H1 2022 KEY HIGHLIGHTS 2/2 Property Development Financials CSR Continued business momentum Sound debt indicators to cope Further acceleration in H1 2022 with rising interest rates in the low carbon strategy • Economic revenue(1) up c.+7% Reinforced objectives to
Slide 6: NCCF up +7.1%, +5.0% per share
H1 2022 - FINANCIAL RESULTS – INCOME STATEMENT NCCF UP +7.1%, +5.0% PER SHARE (in €m) +7.1% (in €m) NCCF up for the 3 business lines +5.0% (per share) €2.70 per share • Office Investment Division: +4% resilient leasing activity; improved cost of debt • Healthcare Investment Division: +7% €2.57 per s
Slide 7: Improvement of all debt ratios, far from covenants
H1 2022 - FINANCIAL RESULTS – LIABILITIES IMPROVEMENT OF ALL DEBT RATIOS, FAR FROM COVENANTS Attractive cost of debt at an all-time low: 1.19%; -10 bps vs. Dec. 2021 Debt/EBITDA at 10.7x: slightly decreasing in H1 2022 1,60% 1,50% 11.2x 1.54% 1,40% 1.48% 10.9x 10.3x 10.7x 1,30% 1,20% 1.29% 9.5x 1.19
Slide 8: Office & healthcare values increase on a like-for-like basis
H1 2022 - FINANCIAL RESULTS – VALUE OF THE PROPERTY PORTFOLIO & NAV OFFICE & HEALTHCARE VALUES INCREASE ON A LIKE-FOR-LIKE BASIS H1 2022 change in fair value - Office Investment H1 2022 change in fair value - Healthcare Investment (Group share / excluding duties / in €m) (Group share / excluding dut
Slide 9: Outlook: reasons to be very confident
OUTLOOK 4 REASONS TO BE VERY CONFIDENT Our Office portfolio is more than resilient Growth of Healthcare portfolio will continue We confirm Icade Promotion roadmap Indexation will more than offset rising cost of debt Strong visibility on our cash flows and dividends INVESTOR PRESENTATION SEPTEMBER 20
Slide 10: Main reasons to be very confident 1/2
MAIN REASONS TO BE VERY CONFIDENT 1/2 Our Office portfolio Growth of Healthcare portfolio is more than resilient will continue Best environmental specifications, attractive locations and rents The healthcare real estate are key to attract large corporates remains attractive: volume and cap rate comp
Slide 11: Main reasons to be very confident 2/2
MAIN REASONS TO BE VERY CONFIDENT 2/2 We confirm Indexation will more than offset Icade Promotion roadmap rising cost of debt Ability to manage rising construction costs • Debt schedule: no maturity before 2024 • Robust hedging policy: 94% as of june 22 • Most of the increase in construction costs i
Slide 12: We are very confident in our FY 2022 guidance
OUTLOOK WE ARE VERY CONFIDENT IN OUR FY 2022 GUIDANCE 2022 guidance maintained Subject to Covid-19 and geopolitical situation 2022 Group NCCF per share Up ≈+4% excluding impact of 2022 disposals 2022 Healthcare Investment NCCF Up ≈+5/6% 2022 dividend Up ≈+3/4% (subject to General Meeting approval) L
Slide 13: Appendices
PULSE Saint-Denis, Seine-Saint-Denis Appendices INVESTOR PRESENTATION SEPTEMBER 2022 13
Slide 14: H1 2022 indicators (Group share basis)
H1 2022 - KEY INDICATORS & HIGHLIGHTS H1 2022 INDICATORS (GROUP SHARE BASIS) +3.9% +7.0% -10 bps +7.1%, +5% per share GROUP INDICATORS LIABILITIES PROPERTY INVESTMENT PROPERTY DEVELOPMENT €285.0m €573.6m 1.19% €2.70 per share vs. €274.2m as of 06/30/2021 vs. €536.3m as of 06/30/2021 vs. 1.29% as of
Slide 15: Performance of business lines – Office Investment: resilient operational activity
PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT A RESILIENT OPERATIONAL ACTIVITY IN A CONTEXT OF SIGNIFICANT DISPOSALS 56% A strong and robust tenant base Leasing activity 71% 64% (1) >60,000 sq.m Total additional Active asset of rental income from tenants with secured annual management CAC 40, SB
Slide 16: Dynamic asset rotation: investor appetite for mature assets remains strong
PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT DYNAMIC ASSET ROTATION: INVESTOR APPETITE FOR MATURE ASSETS REMAINS STRONG 56% PDM4 SOLD FOR €186m GAMBETTA SOLD FOR €219m LE MILLÉNAIRE 4, Paris, 19th district – 24,600 sq.m GAMBETTA, Paris, 20th district – 20,000 sq.m >10% >10% Equity IRR for the 4
Slide 17: A selective development pipeline adapted to the new market environment
PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT A SELECTIVE DEVELOPMENT PIPELINE ADAPTED TO THE NEW MARKET ENVIRONMENT 56% A pipeline valued at €1.3bn at the end of June Next in Lyon Part-Dieu : 100%(1) pre-let • Refurbishment project launched €2.2bn • Prime rent Confirmed • 12 years leases of whi
Slide 18: Healthcare Investment: further rental income growth
PERFORMANCE OF BUSINESS LINES – HEALTHCARE INVESTMENT FURTHER RENTAL INCOME GROWTH 38% GRI: solid growth, driven by international acquisitions, A more international and diversified profile predominance of acute care sector 15% Germany: 28 facilities +6 €104m +13% 83% International assets Italy: 24 f
Slide 19: Continued, diversified and disciplined investments
PERFORMANCE OF BUSINESS LINES – HEALTHCARE INVESTMENT CONTINUED, DIVERSIFIED AND DISCIPLINED INVESTMENTS 38% Investments: continued growth in Southern Europe A significant pipeline 100% pre-let €167m(1)of which €119m 26 years €430m 70% International abroad WALB of acquisitions abroad total investmen
Slide 20: Property Development: excellent performance in H1 2022
PERFORMANCE OF BUSINESS LINES – PROPERTY DEVELOPMENT 6% PROPERTY DEVELOPMENT: EXCELLENT PERFORMANCE IN H1 2022 Strong business momentum in H1 2022 Icade Promotion able Economic revenue €573.6m +7.0% Operating margin 5.5% to offset increasing Change vs. H1 2021 vs. 5% in June 2021 construction costs
Slide 21: Property Development: forward looking indicators strongly up
PERFORMANCE OF BUSINESS LINES – PROPERTY DEVELOPMENT 6% PROPERTY DEVELOPMENT: FORWARD LOOKING INDICATORS STRONGLY UP Solid growth drivers for Icade Promotion Know-how in low-carbon Know-how in large land plots redevelopments construction Acquisition from Engie to convert and redevelop 2 innovative p
Slide 22: Investment division: EPRA earnings Group share up 6.6%
H1 2022 - FINANCIAL RESULTS – INCOME STATEMENT INVESTMENT DIVISION: EPRA EARNINGS GROUP SHARE UP 6.6% IN VOLUME, +4.5% PER SHARE Total Property Investment Change vs. Group share in €m 06/30/2022 06/30/2021 06/30/2021 Gross rental • Solid growth in gross rental income, income 285.0 274.2 +3.9% up +3.
Slide 23: Resilient office division, strong growth for healthcare
H1 2022 - FINANCIAL RESULTS – INCOME STATEMENT RESILIENT OFFICE DIVISION, STRONG GROWTH FOR HEALTHCARE Office Investment Healthcare Investment (Group share in €m) (Group share in €m) Chg. vs. Chg. vs. 06/30/2022 06/30/2021 06/30/2021 06/30/2022 06/30/2021 06/30/2021 Gross rental income 180.6 182.2 (
Slide 24: Property Development: financial indicators strongly up
H1 2022 - FINANCIAL RESULTS – INCOME STATEMENT PROPERTY DEVELOPMENT: FINANCIAL INDICATORS STRONGLY UP 06/30/2022 06/30/2021 YoY change Total (in €m) Residential Office TOTAL(2) TOTAL change Residential Office Economic revenue(1) 475.4 97.0 573.6 536.3 7.0% 3.7% 26.7% Revenue (Group share) 438.4 87.9
Slide 25: EPRA NAV NDV: €103.0 per share
H1 2022 - FINANCIAL RESULTS – VALUE OF THE PROPERTY PORTFOLIO & NAV EPRA NAV NDV: €103.0 PER SHARE, +13.8% OVER 6 MONTHS (+19.9% YoY) (€ per share) NDV: +13.8% (per share) EPRA NTA NTA: +1.8% (per share) 8.9 €7.299m: +1.9% 103.0 €96.2 per share: +1.8% (2.0) (+5.2% YoY) 1.7 98.3 +4.0% cum dividend 2.
Slide 26: NAV: contribution of Office & Development and Healthcare
H1 2022 - FINANCIAL RESULTS – VALUE OF THE PROPERTY PORTFOLIO & NAV NAV: CONTRIBUTION OF OFFICE & DEVELOPMENT AND HEALTHCARE Icade Group NAV NTA as of June 30, 2022 €96.2 per share Healthcare Property Investment Division Office Investment and Healthcare Investment NAV NTA as of June 30, 2022 Propert
Slide 27: Liability management in H1 2022
H1 2022 - FINANCIAL RESULTS – LIABILITIES LIABILITY MANAGEMENT IN H1 2022: COST OF DEBT, LIQUIDITY AND MATURITY • Issue of an 8-year €500m Green Bond with a coupon of 1.0% in early January 2022 • Early redemption of a €279m bond maturing in 2023 A very active • Reinforcement of Icade Santé’s financi
Slide 28: Office market on an upward trend favourable to high-quality assets
APPENDICES – OFFICE MARKET MARKET ON AN UPWARD TREND FAVOURABLE TO HIGH-QUALITY ASSETS H1 2022 take-up is up Large transactions are back 77% in new offices (sq.m) Paris Region Office Market 1m sq.m Take-up gained momentum reaching new heights +25% vs. H1 2021 28 17 outside of Paris -2% vs. 10-year a
Slide 29: Office take-up picks up further, reaching new heights
APPENDICES – OFFICE MARKET OFFICE TAKE-UP PICKS UP FURTHER, REACHING NEW HEIGHTS Take-up rebounds despite macroeconomic concerns: office tenants catch up their postponed projects Where is the office market most active so far? Take-up in line with expectations for 2022 Large transactions are back Tak
Slide 30: Paris CBD, La Défense and Inner Ring outperformed the market
APPENDICES – OFFICE INVESTMENT PARIS CBD, LA DÉFENSE AND INNER RING OUTPERFORMED THE MARKET Western Paris CBD La Défense Crescent Inner Ring Outer Ring Physical vacancy rate 2.8% ▼ 12.2% ▼ 13.4% ▲ 12.2% ▲ 5.1% ▼ Q2 2022 vs. a year earlier) Take-up 229,000 sq.m 114,000 sq.m 179,000 sq.m 124,000 sq.m
Slide 31: Lyon and Marseille: dynamic markets gaining the attention of investors
APPENDICES – OFFICE MARKET LYON AND MARSEILLE: DYNAMIC MARKETS GAINING THE ATTENTION OF INVESTORS Lyon Large markets outside Paris trending up Marseille Dynamic office market facing limited new supply 3% of annual rent 2% of annual rent Lyon Marseille • 2nd best start in 5 years - 80% in inner Lyon
Slide 32: Investment volumes over the 10-year average
APPENDICES – OFFICE MARKET INVESTMENT VOLUMES OVER THE 10-YEAR AVERAGE Direct real estate investments in France Higher unit sizes leading to higher volume (Commercial real estate, €bn) 1 €12.5bn invested in H1 2022 (+29% over a year) with 30 transactions over €100m (vs. 13 in H1 2021) Q1 Q2 Q3 Q4 50
Slide 33: Office Investment key figures
APPENDICES – OPERATIONAL PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT KEY FIGURES 12/31/2021 06/30/2022 1 +1.3% valuation increase on a like-for-like Portfolio value (100%, excl. duties) €8.9bn €8.6bn basis, reflecting the quality and diversity of the portfolio Portfolio value (Group share, exc
Slide 34: Most investments are concentrated in Greater Paris
APPENDICES – PORTFOLIO OVERVIEW – OFFICE INVESTMENT MOST INVESTMENTS ARE CONCENTRATED IN GREATER PARIS: C.91% Land bank 877,000 sq.m(2) – €0.1bn Paris region portfolio OUR BUSINESS PARKS 1,622,100 sq.m – €7.3bn(1) AREAS (IMMOSTAT) ASSETS LAND BANK ON THE DOORSTEP OF PARIS Extended Paris CBD area Lef
Slide 35: Development pipeline as of June 30, 2022
APPENDICES – ICADE OFFICE INVESTMENT STRATEGY DEVELOPMENT PIPELINE AS OF JUNE 30, 2022 Remaining Cost on a Cost to be invested Rental Group share on a 100% on a 100% basis Estimated date Floor area income (1) basis(2) basis(2) > Q2 2022 Project name Location Type of works In progress Property type o
Slide 36: Nanterre-Préfecture: a strategic location in a booming area
APPENDICES – FOCUS N A N T E R R E - P R É F E C T U R E NANTERRE-PRÉFECTURE: A STRATEGIC LOCATION IN A BOOMING AREA ICADE’S PROPERTIES: PROPERTIES IN OPERATION over 200,000 sq.m 19% of total portfolio value +0.5% LFL change in value ÉTOILE PARK DÉFENSE 4/5/6 GRANDS AXES GRANDS AXES • Prime rent in
Slide 37: Nanterre-Préfecture: Origine
APPENDICES – OPERATIONAL PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT NANTERRE-PRÉFECTURE: ORIGINE 66,400 sq.m of office space & amenities • Total investment: €450m (completed in Q1 2021) • Occupancy rate: 79% (tenant: Technip Energies) • Office rent: €420/sq.m / Annual rental income: €29m • Yo
Slide 38: Fresk: value creation in Paris 15th / Issy-les-Moulineaux
APPENDICES – OPERATIONAL PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT FRESK: VALUE CREATION IN PARIS, 15th DISTRICT / ISSY-LES-MOULINEAUX 2016 2019 2021 September 30 Le Parissy building The tenant Technicolor FRESK reaches is acquired by Icade moves out. practical completion from Union Investme
Slide 39: Le Plessis-Robinson: Équinove potential conversion into housing
APPENDICES – OPERATIONAL PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT LE PLESSIS-ROBINSON, HAUTS-DE-SEINE: ÉQUINOVE - POTENTIAL CONVERSION OF OFFICES INTO HOUSING 1 2 Acquisition of Équinove Potential redevelopment into housing in the medium term, for €183m (in Q2 2021) in synergy with Icade Pr
Slide 40: Offices and business parks valued at €7.9bn (Group share)
APPENDICES – HY 2022 FINANCIAL RESULTS – VALUE OF THE PROPERTY PORTFOLIO OFFICES AND BUSINESS PARKS VALUED AT €7.9bn (GROUP SHARE), €8.3bn (100% BASIS) Offices Business parks (Group share, in €m / excl. duties) (Group share, in €m / excl. duties) -4.1% on a reported basis +3.5% on a reported basis 1
Slide 41: A solid and diversified tenant portfolio
APPENDICES – OFFICE INVESTMENT A SOLID AND DIVERSIFIED TENANT PORTFOLIO % of annualised IFRS rental income as of 06/30/2022 Sport and entertainment 3% Other 1% Other 2% Transport and warehousing 3% Manufacturing, water and waste, Small businesses/SMEs 12% Health, education and welfare 4% electricity
Slide 42: Imagin'Office: a flexible and complementary solution
APPENDICES – WE ARE RESILIENT AND PROACTIVE IMAGIN’OFFICE: A FLEXIBLE AND COMPLEMENTARY SOLUTION A new generation of offices for companies on the move LA DÉFENSE SAINT-DENIS MONCEAU NEUILLY-SUR-SEINE BASTILLE LYON BORDEAUX ORLY-RUNGIS 8 locations(1) Target: Occupancy rate: c.100% • Fully equipped, t
Slide 43: Healthcare: a secure market based on growing needs
APPENDICES – HEALTHCARE INVESTMENT HEALTHCARE: A SECURE MARKET BASED ON GROWING NEEDS Growth potential for the Healthcare Real Estate (in France and Europe) Predictable Twice as many seniors over 80 Growth market due to long-term fundamentals in Europe by 2050 (+29 million) demographic trends Growin
Slide 44: Icade Santé, the leader in healthcare property in France
APPENDICES – HEALTHCARE INVESTMENT ICADE SANTÉ, THE LEADER IN HEALTHCARE PROPERTY IN FRANCE Properties Properties Main type of facility Other types of facilities owned in France in Europe (excl. France) Nursing home (17%) (1) €5.8bn €1bn Germany, Italy, Spain, Portugal Acute care (75%) and PAC/menta
Slide 45: Large-scale healthcare operators
APPENDICES – HEALTHCARE INVESTMENT LARGE-SCALE HEALTHCARE OPERATORS Major acute care operators in our target markets Major nursing home operators in our target markets based on 2020 revenue (HBI updated based on the announced business combinations) in number of beds (sources: Cushman & Wakefield, Pf
Slide 46: Scarce supply constrains the market in H1 2022
APPENDICES – HEALTHCARE INVESTMENT SCARCE SUPPLY CONSTRAINS THE MARKET IN H1 2022 Healthcare investments in Icade’s European markets (€bn) Investment profile by country (source: Your Care Consult & Catella/CBRE/MSCI-RCA/ in-house market research for 2021& H1 2022) (source: Yourcare Consult, JLL, RCA
Slide 47: Lower prime yields across Europe despite rising bond yields
APPENDICES – HEALTHCARE INVESTMENT LOWER PRIME YIELDS ACROSS EUROPE DESPITE RISING LONG-TERM BOND YIELDS Lower yields in France still driven by: Prime yields still compressed across Europe • Increased appeal of healthcare real estate to investors despite a highly regulated • Strong demand for health
Slide 48: Segments have different but attractive risk-return profiles
APPENDICES – HEALTHCARE INVESTMENT … HOWEVER THE SEGMENTS HAVE DIFFERENT BUT ATTRACTIVE RISK-RETURN PROFILES ACUTE CARE NURSING HOMES • Average size of €59m(1) • Average size of €13m(1) Asset • A large amount of technical equipment (operating theaters, • Mostly accommodation space specificities imag
Slide 49: Healthcare portfolio by geography as of June 30, 2022
APPENDICES – HEALTHCARE INVESTMENT HEALTHCARE PORTFOLIO BY GEOGRAPHY AS OF JUNE 30, 2022 Breakdown by property type as of June 30, 2022 209 facilities (as a % of portfolio value) €6.8bn 28 nursing homes 3 nursing homes French (100% basis) – €4.0bn Icade Group share Durlangen nursing home, under a pr
Slide 50: Healthcare Investment key figures
APPENDICES – OPERATIONAL PERFORMANCE OF BUSINESS LINES – HEALTHCARE INVESTMENT KEY FIGURES 12/31/2021 06/30/2022 1 Slightly compressed yields across the Healthcare portfolio Portfolio value (100%, excl. duties) €6.7bn €6.8bn Portfolio value (Group share, excl. duties) €3.9bn €4.0bn 2 WALB roughly st
Slide 51: A portfolio encompassing main healthcare subsectors
APPENDICES – HEALTHCARE INVESTMENT A PORTFOLIO ENCOMPASSING MAIN HEALTHCARE SUBSECTORS (On a 100% basis) Acute and post-acute care sectors Long-term care sector Acute care Acute care Acute care Acute care PAC/MHE PAC/MHE NH NH NH NH Total # of assets 81 2 4 1 28 2 38 28 20 5 209 GAV - incl. duties €
Slide 52: Productive relationships with tenants based on healthy rent coverage ratios
APPENDICES – HEALTHCARE INVESTMENT PRODUCTIVE RELATIONSHIPS WITH TENANTS BASED ON HEALTHY RENT COVERAGE RATIOS EBITDAR-to-rent ratio Rent-to-turnover ratio 9.7% 2.0 9.4% 1.9 8.8% 1.8 2019 2020 2021 2019 2020 2021 INVESTOR PRESENTATION SEPTEMBER 2022 52
Slide 53: Long-term leases with high visibility on cash flows
APPENDICES – HEALTHCARE INVESTMENT LONG-TERM LEASES WITH HIGH VISIBILITY ON CASH FLOWS Cash flows secured by indexation Secured leases Long WALB Breakdown of GRI by indexation type Breakdown by type of guarantee in % of GRI Breakdown of GAV by WALB (06/30/2022 annualised IFRS GRI) (06/30/2022 annual
Slide 54: A significant & attractive healthcare investment pipeline, 100% pre-let
APPENDICES – HEALTHCARE INVESTMENT A SIGNIFICANT & ATTRACTIVE HEALTHCARE INVESTMENT PIPELINE, 100% PRE-LET Total Remaining Estimated Type Operator Country/region/town investment(1) (€m) to be invested (€m) completion 430 368 France 129 66 Saint-Charles PAC facility Extension SISIO La-Roche-sur-Yon 1
Slide 55: Healthcare Investment EPRA NAV NDV: €102.4 per share
APPENDICES – HEALTHCARE INVESTMENT : EPRA NAV EPRA NAV NDV: €102.4 PER SHARE, +8% vs. 12/31/2021 (COMBINED FINANCIAL STATEMENTS) (€ per share(1)) NDV: +8% (per share) NTA: +2% (per share) EPRA NTA: €4,360m: +6% €97.9 per share: +2% +0.6 103.0 +4.7 102.4 (+8% YoY) +3.2 +7.2% cum dividend (0.1) +3.1 E
Slide 56: Portfolio valued at €12.2bn (Group share)
APPENDICES – FINANCIAL RESULTS – VALUE OF THE PROPERTY PORTFOLIO & NAV PORTFOLIO VALUED AT €12.2bn (GROUP SHARE), €15.5bn (100% BASIS) (Group share, excl. duties, in €m) -0.7% -€86m 12,241 12,154 209 195 1 Portfolio value almost stable Healthcare (490) on a reported basis (-0.7%, -€86m). Investment
Slide 57: A strong medium-term growth outlook
APPENDICES – HEALTHCARE INVESTMENT : CONTINUED STRONG EXECUTION OF THE STRAT EGIC PLAN, TARGETS TO 2025 WELL UNDERWAY A STRONG MEDIUM-TERM GROWTH OUTLOOK As of June 30, 2022 Pipeline under control and launched c.€430m 70% international Backlog of acquisitions under exclusivity c.€500m c.85% internat
Slide 58: Implied yields of operating assets
APPENDICES – PROPERTY INVESTMENT IMPLIED YIELDS(1) OF OPERATING ASSETS (Group share) Yields incl. duties – Office Investment 12/31/2021 06/30/2022 Office Investment(2) 7.5% 7.3% 7.2% Offices 4.9% 5.0% Offices Business Parks Business parks 7.3% 7.2% 5.0% 5.0% Total Office Investment 5.5% 5.6% 4.9% He
Slide 59: Lease expiry schedule for the Property Investment divisions
APPENDICES – PROPERTY INVESTMENT LEASE EXPIRY SCHEDULE(1) FOR THE PROPERTY INVESTMENT DIVISIONS (IFRS RENTAL INCOME) Office Investment Healthcare Investment Robust leasing activity in H1 2022 Rents assured well into the future • Renewed leases: 7 leases renewed in 2022, i.e. 13,600 sq.m WALB of 7.
Slide 60: Property Development: activity affected by supply constraints
APPENDICES – PROPERTY DEVELOPMENT PROPERTY DEVELOPMENT: ACTIVITY AFFECTED BY SUPPLY CONSTRAINTS Housing starts and building permits in France as a whole(1) Housing stock, new housing supply and housing orders In thousands of housing units per year In thousands of housing units per year Source: CGDD/
Slide 61: Higher prices reflect lower supply and higher construction costs
APPENDICES – PROPERTY DEVELOPMENT HIGHER PRICES REFLECT LOWER SUPPLY AND HIGHER CONSTRUCTION COSTS Construction cost and price indices in Q1 2022 New home sale prices Index rebased to 100 in 2015 Price incl. taxes in €/sq.m excl. notarial fees and other costs Source: INSEE Source: ECLN Change YoY Ov
Slide 62: Property Development: surge in residential investment
APPENDICES – PROPERTY DEVELOPMENT PROPERTY DEVELOPMENT: SURGE IN RESIDENTIAL INVESTMENT Institutional investors increasingly Growing importance of bulk sales for property developers interested in the residential segment Residential acquisitions by institutional investors Net orders by type of bu
Slide 63: A positive medium-term outlook
APPENDICES – PROPERTY DEVELOPEMENT A POSITIVE MEDIUM-TERM OUTLOOK Potential revenue of €8.3bn in the medium term €6.8bn for the residential segment: Solid indicators >22,900 homes (excl. backlog) €1.4bn €1.4bn Chg. 06/30/2022 12/31/2021 06/30/2022 vs. 12/31/2021 ~5,500 units Residential Backlog(1) €
Slide 64: Icade's CSR policy – positive H1 2022 results
APPENDICES – CSR & INNOVATION ICADE’S CSR POLICY – POSITIVE H1 2022 RESULTS Office Property Investment Property Development Greenhouse gas emissions of offices and business parks: -30% Greenhouse gas intensity (kgCO2eq/sq. m) -17% 2021 vs. 2015 of new homes: 2021 vs. 2015 % of office portfolio with
Slide 65: Further ramping up our low-carbon strategy in 2022
APPENDICES – CSR & INNOVATION FURTHER RAMPING UP OUR LOW-CARBON STRATEGY IN 2022 Achieving net-zero carbon emissions by 2050 1 2 Reducing GHG emissions by 90% in Targets for reducing GHG emissions by 2030 for our three divisions and Corporate absolute terms between 2019 and 2050 and offsetting resid
Slide 66: Say on Climate & Biodiversity resolution approved by more than 99% of votes
APPENDICES – CSR & INNOVATION SAY ON CLIMATE & BIODIVERSITY RESOLUTION APPROVED BY MORE THAN 99% OF VOTES Icade’s first-ever “Say on Climate and Biodiversity” resolution approved by 99.3% of votes at the General Meeting Climate and Biodiversity reports available on Icade’s website INVESTOR PRESENTAT
Slide 67: Leading position confirmed in 2021 by CSR rating agencies
APPENDICES – CSR & INNOVATION LEADING POSITION CONFIRMED IN 2021 BY CSR RATING AGENCIES CLIMATE CHANGE NON-SPECIALISED REAL ESTATE Ranked 4th out of 445 listed real estate companies worldwide “Sector leader” status in the category of listed diversified Score: 7.7/100 (inverted scale) companies in Eu
Slide 68: Funding structure & debt schedule
APPENDICES FUNDING STRUCTURE & DEBT SCHEDULE Funding sources Debt schedule (in €m) (Debt maturities excl. NEU CP in €m) 317 Mortgages and real estate finance leases Other 249 (3.2%) c b 618 900 (11.4%) 70% of debt is not 148 1,235 115 17 7 granted a 173 17 17 555 605 604 513 504 604 by financial 237