Slide 1: 2022 Full Year Results
ATHLETES VILLAGE “LES QUINCONCES” DESIGNING, BUILDING, Saint-Ouen, Seine-Saint-Denis 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
Slide 2: Disclaimer
DISCLAIMER This presentation is not an offer or an invitation to sell or exchange securities, or a recommendation to subscribe, buy or sell Icade securities. Distribution of this document may be restricted in certain countries by legislation or regulations. As a result, any person who comes into pos
Slide 3: Agenda
1 Introduction 2 Performance of Business Lines 3 2022 Financial Results AGENDA 4 2022 CSR Results 5 2023 Outlook Appendices 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 3
Slide 4: Introduction
MFACTORY Marseille, Bouches-du-Rhône 1. Introduction 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 4
Slide 5: Chairman's introduction
Chairman’s introduction FRESK 2022 FULL YEAR RESULTS Issy-les-Moulineaux, Hauts-de-Seine MONDAY, FEBRUARY 20, 2023 5 Paris, 15th district
Slide 6: Chairman's introduction
INTRODUCTION CHAIRMAN’S INTRODUCTION Icade delivers strong 2022 results, above expectations, in a volatile and challenging year Solid performance of our 3 business lines, reflecting sound fundamentals Strong balance sheet and agility to cope with the new financial environment After 8 years fully dev
Slide 7: CEO's introduction
PULSE Saint-Denis, Seine-Saint-Denis CEO’s introduction 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 7
Slide 8: CEO's introduction – key indicators & 2022 highlights
CEO’S INTRODUCTION – KEY INDICATORS & 2022 HIGHLIGHTS STRONG 2022 RESULTS FY 2022 NCCF • NCCF above guidance revised in November (+3%) • All 3 businesses contribute to growth €417m €5.50 per share • Strong acceleration of the development activity in Q4 +7% vs. 2021 +5.9% vs. 2021 +9.5% excluding imp
Slide 9: Performance of Business Lines
NEXT Lyon, Rhône 2. Performance of Business Lines NCCF as of 12/31/2022 37% 54% 9% 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 9
Slide 10: Office Investment
SISLEY Saint-Denis, Seine-Saint-Denis 2.1. Office Investment 54% 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 10
Slide 11: A solid operational activity
2.1. PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT A SOLID OPERATIONAL ACTIVITY 54% Solid leasing activity, ability to maintain our tenants Solid GRI including significant disposals, and attract new ones positive impact of indexation c.200,000 sq.m Incl. 2 significant renewals: €355m +4.7% +3.0%
Slide 12: Active asset rotation continues
2.1. PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT ACTIVE ASSET ROTATION CONTINUES 54% FY 2022 disposal plan achieved end of September Opportunistic investments >€600m <4.5% In line with Dec 31, 2021 NAV €63m 100% Total amount Average yield of 2022 disposals for the assets sold Acquisition price
Slide 13: Investments in a secure and diversified development pipeline
2.1. PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT INVESTMENTS IN A SECURE AND DIVERSIFIED DEVELOPMENT PIPELINE 54% A secure started pipeline A more diversified uncommitted pipeline c.€751m (1) 54% pre-let €850m (1) €83m 5.2% Started pipeline +24 bps vs. 2021 Uncommitted Anticipated Yield on cos
Slide 14: Healthcare Investment
RAPALLO PRIVATE HOSPITAL’S EXTENSION Italy 2.2. Healthcare Investment 37% 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 14
Slide 15: Solid rental income growth
2.2. PERFORMANCE OF BUSINESS LINES – HEALTHCARE INVESTMENT SOLID RENTAL INCOME GROWTH 37% GRI: solid growth, driven by international acquisitions, A robust and diversified tenant base focusing predominance of acute care sector on best-in-class operators €211m c.+12% 84% 85% +6 new best-in-class tena
Slide 16: Disciplined investments in a new environment
2.2. PERFORMANCE OF BUSINESS LINES – HEALTHCARE INVESTMENT DISCIPLINED INVESTMENTS IN A NEW ENVIRONMENT 37% Attractiveness of the asset class reflected in resilient … Mainly supported by the market transactions valuation… carried out on H1 +2.2% 5.0% Disposal on H1 of 4 acute care facilities for €78
Slide 17: Property Development
2.3. Property Development 9% ROQUEBRUNE-CAP-MARTIN 2022 FULL YEAR RESULTS Alpes-Maritimes MONDAY, FEBRUARY 20, 2023 17
Slide 18: Property development: strong performance in 2022
2.3. PERFORMANCE OF BUSINESS LINES – PROPERTY DEVELOPMENT PROPERTY DEVELOPMENT: STRONG PERFORMANCE IN 2022 9% Continued strong business momentum in 2022 Economic revenue €1.26bn +17% Operating margin 6.2% Icade Promotion able to manage increasing Change vs. 2021 +120 bps vs. Dec. 2021 construction c
Slide 19: Forward looking indicators strongly up
2.3. PERFORMANCE OF BUSINESS LINES – PROPERTY DEVELOPMENT FORWARD LOOKING INDICATORS STRONGLY UP 9% 1 2 3 A still undersupplied Demand remains strong Prices Market: solid market • Demographic trends fundamentals in a context of slight are expected • purchasing power at a steady level downturn in ord
Slide 20: 2022 Financial Results
OAK Romainville, Seine-Saint-Denis 3. 2022 Financial Results 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 20
Slide 21: Income statement
LA PLATEFORME Marseille, Bouches-du-Rhône 3.1. Income statement 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 21
Slide 22: Investment division: EPRA earnings up
3.1. 2022 FINANCIAL RESULTS – INCOME STATEMENT INVESTMENT DIVISION: EPRA EARNINGS GROUP SHARE UP ≈6% IN VOLUME, UP ≈5% PER SHARE Total Property Investment Change vs. Group share in €m 12/31/2022 12/31/2021 12/31/2021 Gross rental income 565.3 551.2 2.6% Net to gross rental • Solid growth in gross re
Slide 23: EPRA earnings strongly up for both investment divisions
3.1. 2022 FINANCIAL RESULTS – INCOME STATEMENT EPRA EARNINGS STRONGLY UP FOR BOTH INVESTMENT DIVISIONS Office Investment Healthcare Investment (Group share in €m) (Group share in €m) Chg. vs. Chg. vs. 12/31/2022 12/31/2021 12/31/2021 12/31/2022 12/31/2021 12/31/2021 Gross rental income 354.8 362.8 (
Slide 24: Property development: financial indicators strongly up
3.1. 2022 FINANCIAL RESULTS – INCOME STATEMENT PROPERTY DEVELOPMENT: FINANCIAL INDICATORS STRONGLY UP 12/31/2022 12/31/2021 YoY change Total (in €m) Residential Office TOTAL(2) TOTAL change Residential Office Economic revenue(1) 1,040.3 206.3 1,256.7 1,074.4 17.0% 14.2% 27.8% Revenue (Group share) 9
Slide 25: NCCF up +7.0%, +5.9% per share
3.1. 2022 FINANCIAL RESULTS – INCOME STATEMENT NCCF UP +7.0%, +5.9% PER SHARE (in €m) +7.0% (in €m) NCCF up for the 3 business lines +5.9% (per share) €5.50 per share • Office Investment Division: +5.0% positive contribution in the Group NCCF albeit a net disinvestor position €5.19 per share 416.8(1
Slide 26: Liabilities
HENRI BARBUSSE Nanterre, Hauts-de-Seine 3.2. Liabilities 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 26
Slide 27: A very active 2022 in liability management
3.2. 2022 FINANCIAL RESULTS – LIABILITIES A VERY ACTIVE 2022 IN TERMS OF LIABILITY MANAGEMENT: COST OF DEBT, LIQUIDITY AND MATURITY A very active 2022 in a disrupted financial environment … ... to further strengthen our financial structure • Cost of debt level: 1.25%, down YoY • Issue of a €500m Gre
Slide 28: Improvement of all debt ratios, far from covenants
3.2. 2022 FINANCIAL RESULTS – LIABILITIES IMPROVEMENT OF ALL DEBT RATIOS, FAR FROM COVENANTS LTV Ratio (incl. duties) down 80 bps, below 40% Ratio S&P(1) (net debt / net debt + revalued Equity) down 40 bps at 44.5%, in line with a strong BBB+ Banking 60% Covenant 50,0% 50,0% 43.7% 44.1% 43.5% 41.7%
Slide 29: Value of the Property portfolio & NAV
JUMP Saint-Denis, Seine-Saint-Denis 3.3. Value of the Property portfolio & NAV 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 29
Slide 30: Limited value decline for offices, resilient healthcare
3.3. 2022 FINANCIAL RESULTS – VALUE OF THE PROPERTY PORTFOLIO & NAV LIMITED VALUE DECLINE FOR OFFICES IN A TIGHTENING RATE ENVIRONMENT, RESILIENT HEALTHCARE FY 2022 change in fair value - Office Investment FY 2022 change in fair value - Healthcare Investment (Group share / excluding duties / in €m)
Slide 31: EPRA NAV
3.3. 2022 FINANCIAL RESULTS – VALUE OF THE PROPERTY PORTFOLIO & NAV EPRA NAV (€ per share) NDV: +11.9% (per share) 13.5 NTA: -5.0% (per share) 101.4 5.5 EPRA NTA (1.9) €6.814m: -4.9% €89.8 per share: -5.0% -0.5% cum dividend 94.5 94.0 (5.1) (0.9) EPRA NDV 90.6 €7.689m: +12.0% 89.8 €101.4 per share:
Slide 32: Dividend
3.4. Dividend 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 32
Slide 33: Dividend reflecting solid NCCF growth
3.4. 2022 FINANCIAL RESULTS – DIVIDEND DIVIDEND REFLECTING SOLID NCCF GROWTH Board of Directors’ proposal to the General Meeting to be held on April 21, 2023 +3.1% Growth vs. 2021 2022 dividend at €4.33 per share 2022 dividend 78.7% payout ratio Dividend paid in two instalments: Dividend yield • Int
Slide 34: 2022 CSR results
4. 2022 CSR results URBAN FOREST PORTE DE PARIS BUSINESS PARK 2022 FULL YEAR RESULTS Aubervilliers, Seine-Saint-Denis MONDAY, FEBRUARY 20, 2023 34
Slide 35: Icade's CSR policy: objectives reinforced in Q1 2022
4. 2022 CSR RESULTS ICADE’S CSR POLICY: BASED ON OBJECTIVES REINFORCED IN Q1 2022, ENCOURAGING RESULTS GHG emissions reduction Results over targets(1) by 2030 2019-2022 period Through concrete achievements • Energy efficiency work and renovation • Switch from gas to local heating networks OFFICE INV
Slide 36: 2023 Outlook
ORSUD Gentilly, Val-de-Marne 5. 2023 Outlook 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 36
Slide 37: 2023 priorities
5. 2023 OUTLOOK 2023 PRIORITIES Office Focus on letting transactions and disposal plan Healthcare Selective growth and liquidity Property Development Continue to deliver 2025 roadmap CSR Alignment with 1.5°C low-carbon pathway Finance Continue to strengthen our balance sheet 2022 FULL YEAR RESULTS M
Slide 38: Conclusion – FY 2023 guidance
5. 2023 OUTLOOK CONCLUSION - FY 2023 GUIDANCE 2023 Group Stable to slightly up, NCCF per share excluding impact of 2023 disposals 2023 dividend In line with NCCF change policy Pay out ratio at c.80% General Meeting April 21, 2023 The Urban Forest in the Athletes Village in Saint-Ouen-sur-Seine (Sein
Slide 39: Q&A
HYFIVE La Défense, Hauts-de-Seine Q&A 2022 FULL YEAR RESULTS MONDAY, FEBRUARY 20, 2023 39
Slide 40: Appendices
Appendices IMAGIN’OFFICE MONCEAU 2022 FULL YEAR RESULTS Paris, 8th district MONDAY, FEBRUARY 20, 2023 40
Slide 41: 2022 key indicators (Group share basis)
APPENDICES – KEY INDICATORS & 2022 HIGHLIGHTS 2022 KEY INDICATORS (GROUP SHARE BASIS) +2.6% +≈17% -4 bps +≈6% per share(4) GROUP INDICATORS PROPERTY INVESTMENT PROPERTY DEVELOPMENT LIABILITIES €565m €1,148m 1.25% €5.50 per share vs. €551m as of 12/31/2021 vs. €985.1m as of 12/31/2021 vs. 1.29% as of
Slide 42: 2022 key highlights 1/2
APPENDICES – KEY INDICATORS & 2022 HIGHLIGHTS 2022 KEY HIGHLIGHTS 1/2 Office Property Investment Healthcare Property Investment Dynamic leasing activity: Rental growth: • c.200,000 sq.m: total floor area of leases signed +12% driven by 2021 international acquisitions or renewed in 2022; representing
Slide 43: 2022 key highlights 2/2
APPENDICES – KEY INDICATORS & 2022 HIGHLIGHTS 2022 KEY HIGHLIGHTS 2/2 Property Development Financials CSR Record year in terms of sales Further strengthening Further acceleration performance in 2022 of the financial structure in the CSR strategy in a volatile and rising interest rate environment • E
Slide 44: Icade at a glance
APPENDICES – ICADE AT A GLANCE ONE OF THE LEADING FRENCH LISTED REITS As of 12/31/2022 OFFICE INVESTMENT: Icade, the leading real estate player in Greater Paris €15.1bn Property portfolio €11.8bn Property portfolio excl. duties, Group share • Portfolio as of 12/31/2022: €8.2bn (100% basis) • Average
Slide 45: Strong resilience of key indicators since 2015
APPENDICES STRONG RESILIENCE OF KEY INDICATORS SINCE 2015 Successfull 2016-2019 roadmap 2019-2022 Strategic plan : delivered 1 year ahead of schedule … 4 years of plan, 3 years of crisis Execution New Financial well on track Covid crisis environnent Group NCCF EPRA NAV NTA per share(1) TSR NDV (in €
Slide 46: Office market & development pipeline update
APPENDICES – OFFICE PROPERTY INVESTMENT: OFFICE MARKET & DEVELOPMENT PIPELINE UPDATE MARKET UNDER NORMALISATION & FAVOURABLE TO HIGH-QUALITY ASSETS 2022 take-up closing the gap Large transactions are back with the 10-year average 2.1m sq.m 61 +30% x2 2022 take-up transactions 2022 take-up Nb of tran
Slide 47: Take-up is recovering, limited decline expected
APPENDICES – OFFICE: PARIS REGION OFFICE MARKET TAKE-UP IS RECOVERING, A LIMITED DECLINE EXPECTED IN THE MEDIUM TERM 1.4 1.9 2.1 2.0 Take-up in million sq.m in 2020 in 2021 in 2022 expected in the Paris Region in 2023 & 2024 -5% vs. 10-year average Key trends and drivers of the large occupiers • Spa
Slide 48: Indexation: a strong edge against inflation
APPENDICES – OFFICE: PARIS REGION OFFICE MARKET INDEXATION: A STRONG EDGE AGAINST INFLATION Weight and components of indices Evolution 2020-2021 Average indexations(3) Indice As % of revenue Composition average 2022 2022 Q4-2024 Q4 ILAT (TARI: Tertiary 78% office 50% mIPCL(1)(2) + 25% mICC(2) + 25%
Slide 49: La Défense and Paris CBD leading the market recovery
APPENDICES – OFFICE INVESTMENT LA DÉFENSE AND PARIS CBD LEADING THE MARKET RECOVERY Western Paris CBD La Défense Crescent Inner Ring Outer Ring Physical vacancy rate 2.3% ▼ 15.7% ▲ 13.5% ▼ 14.2% ▲ 5.1% ≈ (end of 2022 vs. a year earlier) Take-up 454,000 sq.m 219,000 sq.m 405,000 sq.m 301,500 sq.m 200
Slide 50: Lyon and Marseille: dynamic regional markets
APPENDICES - REGIONAL OFFICE MARKET LYON AND MARSEILLE: TWO DYNAMIC AND RESILIENT REGIONAL MARKETS A resilient office market Lyon 3% of Office revenue A swift return above the long term level of take-up Marseille 3% of Office revenue with limited new supply in EuroMed • Take-up is well above the 10-
Slide 51: Investment in France is solid but more selective
APPENDICES - OFFICE: INVESTMENT MARKET IN FRANCE INVESTMENT IN FRANCE IS SOLID BUT MORE SELECTIVE Direct Real Estate Investments in France (Commercial Real Estate, € bn) Volumes in line with the long term trend 1 €28bn invested in 2022, a stable volume (+1%) over a year 50 Q1 Q2 Q3 Q4 45 Offices rem
Slide 52: Office investment key figures
APPENDICES – OPERATIONAL PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT KEY FIGURES 12/31/2022 12/31/2021 1 -4.8% valuation change on a like-for-like basis, Portfolio value (100%, excl. duties) €8.2bn €8.9bn reflecting the market environment and higher financing rates Portfolio value (Group share
Slide 53: A portfolio concentrated in Greater Paris
APPENDICES – PORTFOLIO OVERVIEW – OFFICE INVESTMENT A PORTFOLIO CONCENTRATED IN GREATER PARIS: c.89% Paris region portfolio Land bank Icade’s office buildings: good value for money… 1,624,590 sq.m – €6.8bn (1) c.500,000 sq.m – €0.1bn (2) 65% are <15 min and Level÷3 located of the Paris of rent regio
Slide 54: Regional portfolio: selective positioning
APPENDICES – PORTFOLIO OVERVIEW – OFFICE INVESTMENT REGIONAL PORTFOLIO: A SELECTIVE POSITIONING IN THE MAIN REGIONAL CITIES 245,370 sq.m €0.8bn (1) 11% of the Office overall portfolio ORIANZ NEXT LAFAYETTE MILKY WAY Bordeaux, Gironde Lyon, Rhône Lyon, Rhône Lyon, Rhône • Prime locations LA FABRIQUE
Slide 55: Development pipeline as of December 31, 2022
APPENDICES - OFFICE DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2022 Rental Type Property Estimated date Floor area income Cost(2) Project name Location of works type of completion (sq.m) (€m) YoC (1) (€m) Pre-let B034 Paris, 19th district Refurbishment Hotel Q1 2023 4,826 41 100% JUMP (ex-ilot D) Porte
Slide 56: Nanterre-Préfecture: a strategic location
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 PROPERTIES IN OPERATION ICADE’S PROPERTIES: c. 210,000 sq.m 19% of total portfolio value €420/sq.m(1) prime rent ÉTOILE PARK DÉFENSE 4/5/6 GRANDS AXES in the area 2021 COMPLETIONS 91.
Slide 57: An example of low-carbon construction: Athletes Village
APPENDICES – AN EXAMPLE OF LOW-CARBON CONSTRUCTION ATHLETES VILLAGE “LES QUINCONCES” IN SAINT-OUEN, CONCRETE EXAMPLE OF ICADE’S KNOW-HOW Construction of a 13-building complex of Upon completion of the Games: to be converted >50,000 sq.m intended to accommodate into a mixed-use district where people
Slide 58: M Factory: new office building in Marseille Euromed
APPENDICES – OFFICE PROPERTY INVESTMENT: OFFICE MARKET & DEVELOPMENT PIPELINE UPDATE M FACTORY: NEW OFFICE BUILDING AT THE HEART OF MARSEILLE EUROMED Construction of a new office building on a land reserve and residential development in Group synergy Works Q4 2017 Q1 2021 Q3 2021 Q4 2021 Q4 2022 Q4
Slide 59: NEXT: value creation in Lyon Part-Dieu
APPENDICES – OFFICE PROPERTY INVESTMENT: OFFICE MARKET & DEVELOPMENT PIPELINE UPDATE NEXT: SIGNIFICANT VALUE CREATION IN LYON PART-DIEU Speculative refurbishment project launched in Q1 2022, 100% pre-let before the beginning of construction works Works Q4 2017 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q2 2024
Slide 60: A service platform designed for our clients
APPENDICES – OFFICE PROPERTY INVESTMENT: OFFICE MARKET & DEVELOPMENT PIPELINE UPDATE A SERVICE PLATFORM DESIGNED FOR OUR CLIENTS A RANGE OF SERVICES FOR OUR CLIENTS A FLEXIBLE TURNKEY OFFICE SOLUTION To meet their new needs and ensure the best work experience To provide concrete solutions that addre
Slide 61: Offices and business parks valuation
APPENDICES – HY 2022 FINANCIAL RESULTS – VALUE OF THE PROPERTY PORTFOLIO OFFICES AND BUSINESS PARKS VALUED AT €5.6bn AND €1.8bn (GROUP SHARE) Offices Business parks (Group share, in €m / excl. duties) (Group share, in €m / excl. duties) -10.1% on a reported basis 6,273 252 5,641 +1.7% on a reported
Slide 62: A solid and diversified tenant portfolio
APPENDICES – OFFICE INVESTMENT A SOLID AND DIVERSIFIED TENANT PORTFOLIO % of annualised IFRS rental income as of 12/31/2022 Other Small businesses/SMEs 2% Sport and entertainment 3% Other 12% Stable Transport and warehousing 3% 1% Stable Manufacturing, water and waste, Health, education and welfare
Slide 63: Healthcare: fundamentals remain very strong
APPENDICES – HEALTHCARE PROPERTY INVESTMENT – STRONG FUNDAMENTALS, SUPPORTED BY PUBLIC POLICIES AND AGILITY FROM CARE OPERATORS FUNDAMENTALS REMAIN VERY STRONG… A resilient market fueled by favorable demographic trends Ageing population across Europe Population >70 years old – base 100 +50% of senio
Slide 64: 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%) and (1) €5.9bn €1bn Germany, Italy, Spain, Portugal Acute care (75%) PAC/menta
Slide 65: European healthcare real estate prime yields
APPENDICES – HEALTHCARE INVESTMENT EUROPEAN HEALTHCARE REAL ESTATE PRIME YIELDS ARE STILL RESILIENT In France, healthcare real estate prime yields are stable: In Europe, core healthcare assets keep low prime yields • Strong appetite for healthcare from asset managers (Primonial, Amundi…) • Investors
Slide 66: Healthcare portfolio by geography
APPENDICES – HEALTHCARE INVESTMENT HEALTHCARE PORTFOLIO BY GEOGRAPHY AS OF DECEMBER 31, 2022 Breakdown by property type as of December 31, 2022 214 facilities (as a % of portfolio value) €6.9bn 29 nursing homes €0.5bn excl. duties French (100% basis) – €4.1bn Icade Group share acute care French medi
Slide 67: Healthcare key figures
APPENDICES – OPERATIONAL PERFORMANCE OF BUSINESS LINES – HEALTHCARE INVESTMENT KEY FIGURES 1 Stable yields over the year 12/31/2022 12/31/2021 across the Healthcare portfolio Portfolio value (100%, excl. duties) €6.9bn €6.7bn 2 WALB roughly stable vs. Dec. 2021 Portfolio value (Group share, excl. du
Slide 68: Productive relationships with tenants
APPENDICES – HEALTHCARE INVESTMENT PRODUCTIVE RELATIONSHIPS WITH TENANTS BASED ON HEALTHY RENT COVERAGE RATIOS EBITDAR-to-rent ratio Rent-to-turnover ratio Comfortable headroom to absorb cost inflation 2x 2021 Ebitdar-to-rent 9.7% 2.0 9.4% Stress test based on inflation assumptions(1) 1.9 including
Slide 69: 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 rental income Breakdown of rental income Breakdown of GAV by WALB by indexation type by type of guarantee (in €bn – 12/31/2022) (in €m – 2022
Slide 70: Investments in existing assets
APPENDICES – HEALTHCARE INVESTMENT INVESTMENTS IN EXISTING ASSETS: ADDING VALUE TO THE PORTFOLIO 37% Successfully upgrading the portfolio Refocusing the pipeline 1 €79m capex invested in 2022 2 Of which 4 extensions and 1 greenfield completed €70m of new extensions signed in 2022(1) >€3m of addition
Slide 71: Development pipeline: expected additional rental income
APPENDICES – HEALTHCARE INVESTMENT DEVELOPMENT PIPELINE: €13.4m OF EXPECTED ADDITIONAL RENTAL INCOME Total Remaining Estimated On a 100% basis Type Operator Country/region/town investment(1) (€m) to be invested (€m) completion 270 217 France 134 81 Saint-Charles private hospital Extension/refurbishm
Slide 72: Healthcare EPRA NDV per share
APPENDICES – HEALTHCARE INVESTMENT – EPRA NAV EPRA NDV: €109.2 PER SHARE, +15% vs. 12/31/2021 (COMBINED FINANCIAL STATEMENTS) (€ per share(1)) NDV: +15% (per share) NTA: +5% (per share) EPRA NTA: €4,523m: +10% +8.4 109.2 €101.4 per share: +5% +1.2 106.4 +11% cum dividend +2.8 (0.6) +6.3 101.4 EPRA N
Slide 73: Portfolio valued at €11.8bn (Group share)
APPENDICES – 2022 FINANCIAL RESULTS – VALUE OF THE PROPERTY PORTFOLIO & NAV PORTFOLIO VALUED AT €11.8bn (GROUP SHARE), €15.1bn (100% BASIS) (Group share, excl. duties, in €m) -3.8% -€463m 11,778 12,241 456 -288 1 Impact of the disposals on the -630 portfolio value -€630m, leading to Healthcare Inves
Slide 74: Valuation pull back in H2 2022
APPENDICES – 2022 FINANCIAL RESULTS – VALUE OF THE PROPERTY PORTFOLIO & NAV VALUATION PULL BACK IN H2 2022, AFTER A POSITIVE FIRST HALF YEAR How portfolio values change over the year LFL appraisals change H1 H2 FY Office Division +1.3% -5.9% -4.8% Net Implied Initial Yield 5.6% 6.0% +0.5 pp var. vs.
Slide 75: Implied yields of operating assets
APPENDICES – PROPERTY INVESTMENT IMPLIED YIELDS(1) OF OPERATING ASSETS (Group share) Yields incl. duties – Office Investment 12/31/2022 12/31/2021 7.53% 7.29% 7.45% Office Investment(2) Offices 5.36% 4.93% 5.36% 4.97% 4.93% Business parks 7.45% 7.29% Offices Business Parks Total Office Investment 5.
Slide 76: Lease expiry schedule
APPENDICES – PROPERTY INVESTMENT LEASE EXPIRY SCHEDULE(1) FOR THE PROPERTY INVESTMENT DIVISIONS (IFRS RENTAL INCOME) Office Investment Healthcare Investment Robust leasing activity in 2022 Rents assured well into the future • Renewed leases: 22 leases renewed in 2022, i.e. 94,900 sq.m WALB of 8.1
Slide 77: Property development: market stabilising, structurally undersupplied
APPENDICES – PROPERTY DEVELOPMENT PROPERTY DEVELOPMENT: A MARKET THAT IS STABILISING AFTER THE POST-LOCKDOWN RECOVERY, STRUCTURALLY UNDERSUPPLIED 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
Slide 78: Higher prices reflecting lower supply
APPENDICES – PROPERTY DEVELOPMENT HIGHER PRICES REFLECTING LOWER SUPPLY AND ENABLING TO ABSORB HIGHER CONSTRUCTION COSTS Construction cost and price indices in Q3 2022 Sale prices and stock of new housing units available for sale Index rebased to 100 in 2015 Price incl. taxes in €/sq.m excl. Notaria
Slide 79: Housing demand remains high in new interest rate environment
APPENDICES – PROPERTY DEVELOPMENT PROPERTY DEVELOPMENT: HOUSING DEMAND REMAINS HIGH IN THE NEW INTEREST RATES ENVIRONMENT Residential acquisitions by institutional investors Net orders by type of buyer In €bn Number of housing units (rolling 12 months) Source: CBRE/Immostat Source: FPI 8,0 80 000 7,
Slide 80: Emblematic projects illustrating Icade Promotion's new dynamic
APPENDICES – PROPERTY DEVELOPMENT EMBLEMATIC PROJECTS ILLUSTRATING ICADE PROMOTION’S NEW DYNAMIC 9% Engie project Neuilly’s project Ferney-Voltaire (Ain) project to convert and redevelop conversion of a hotel 130 housing units 70 former industrial sites to 166 housing units 75% timber-based In line
Slide 81: A diversified and balanced customer typology
APPENDICES – PROPERTY DEVELOPMENT A DIVERSIFIED AND BALANCED CUSTOMER TYPOLOGY Breakdown of orders by type of customers +4 pps • A more balanced customer base 17% 20% 21% +9 pps in 2022 with 47% of individuals 29% and 53% of institutionals (vs. respectively 40% and 60% in 2021) 12/31/2021 12/31/2022
Slide 82: A positive medium-term outlook
APPENDICES – PROPERTY DEVELOPEMENT A POSITIVE MEDIUM-TERM OUTLOOK Residential: €7.4bn Solid indicators >24,000 homes (excl. backlog) €1.4bn Chg. ≈5,500 units €1.5bn 12/31/2022 12/31/2022 12/31/2021 vs. 12/31/2021 Residential Backlog(1) €1.8bn €1.7bn +6.5% €7.4bn €1.2bn >3,800 units Revenue expected
Slide 83: A very active 2022 in liability management
APPENDICES – 2022 FINANCIAL RESULTS – LIABILITIES A VERY ACTIVE 2022 IN TERMS OF LIABILITY MANAGEMENT: COST OF DEBT, LIQUIDITY AND MATURITY A very active 2022 in a disrupted financial environment … ... to further strengthen our financial structure • Net increase in undrawn credit lines by more than
Slide 84: A diversified funding structure
APPENDICES A DIVERSIFIED FUNDING STRUCTURE As of December 2022, gross financial liabilities stood at €7.96bn and broke down as follows (in €m) Mortgages and real Other 219 (3%) estate finance leases 899 (11%) 68% of debt is not granted Unsecured by financial intermediaries 32% of debt is granted loa
Slide 85: Maturity schedule of drawn debt
APPENDICES MATURITY SCHEDULE OF DRAWN DEBT Maturity schedule – Icade SA’s debt Maturity schedule – Icade Santé’s debt (in €m) (in €m) 558 553 1,210 583 618 656 604 604 338 326 560 504 279 173 157 186 168 123 5 4 5 25 7 23 15 15 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 et 2023 2024
Slide 86: Evolution of the various LTV ratios
APPENDICES EVOLUTION OF THE VARIOUS LTV RATIOS 60% Bank covenant 50% S&P sensitivity 44.9% 45.5% EPRA LTV excl. duties 44.1% 44.5% S&P ratio 43.5% Bank LTV 42.1% 41.9% 43.7% 44.1% 43.2% EPRA LTV incl. duties 42.5% 41.1% 41.7% 42.0% 41.8% 39.9% 40.1% 40.1% 39.3% LTV incl. duties 37.9% 38.0% S&P ratio
Slide 87: Simplified P&L – Group share
APPENDICES – FINANCIAL STATEMENTS SIMPLIFIED P&L – GROUP SHARE Group share As of 12/31/2022 Office Healthcare Property Total Change vs. 2021 Total on Investment Investment Development Group share(2) (Group share) % a 100% basis(2) Revenue(1) 354.8 210.5 1,148.4 1,736.0 +178.3 +11.4% 1,815.6 EPRA ear
Slide 88: EPRA earnings from property investment reconciliation
APPENDICES – INCOME STATEMENT EPRA EARNINGS FROM PROPERTY INVESTMENT RECONCILIATION GROUP SHARE TO 100% BASIS Property Investment Office Investment (in €m) (in €m) 12/31/2022 12/31/2022 TOTAL On a 100% On a 100% in €m Group share Reconciliation basis Group share Reconciliation basis Gross rental inc
Slide 89: Property development reconciliation Group share to 100% basis
APPENDICES – INCOME STATEMENT PROPERTY DEVELOPMENT RECONCILIATION GROUP SHARE TO 100% BASIS 12/31/2022 TOTAL On a 100% (in €m) Group share Reconciliation basis(1) Reconciliation IFRS Revenue 1,148.4 108.3 1,256.7 (179.6) 1,077.1 Operating margin 6.0% 0.2 pp 6.2% 0.8 pp 6.9% Current economic operatin
Slide 90: EPRA NRV, NTA & NDV
APPENDICES – VALUE OF THE PROPERTY PORTFOLIO EPRA NRV, NTA & NDV (€ per share) +2.2 101.4 +6.9 +0.4 97.1 In € per Chg. vs. In €m share Dec. 2021 89.8 EPRA NDV 7,689 101.4 +11.9% (13.5) (0.3) EPRA NTA 6,814 89.8 -5.0% EPRA NRV 7,366 97.1 -4.7% EPRA Transfer tax Impact Other EPRA Impact Other EPRA NDV
Slide 91: Main CSR commitments 2023-2026
APPENDICES – ICADE’S LOW-CARBON STRATEGY: UPDATE ON THE ROADMAP MAIN CSR COMMITMENTS 2023-2026 Healthcare Property Office Property Investment Investment Property Development • Assess the vulnerability to climate change of its portfolio and new investments Adapt 100% of its assets most exposed to c
Slide 92: Icade's carbon footprint in 2022
APPENDICES – ICADE’S LOW-CARBON STRATEGY: UPDATE ON THE ROADMAP ICADE’S CARBON FOOTPRINT IN 2022 Property Office Healthcare Development Property Property Corporate Emissions from Emissions from Emissions from building construction(1) the construction the construction of office buildings of healthcar
Slide 93: Icade's CSR policy: solid 2022 results
APPENDICES – 2022 CSR RESULTS ICADE’S CSR POLICY: SOLID 2022 RESULTS Main achievements regarding Biodiversity Main achievements regarding Inclusion 100% of business parks 100% of investment projects in France and abroad implement the guidelines set 63% of new builds in Property Net positive impact o
Slide 94: Leading position confirmed by CSR rating agencies
APPENDICES – ICADE’S LOW-CARBON STRATEGY: UPDATE ON THE ROADMAP LEADING POSITION CONFIRMED IN 2022 BY CSR RATING AGENCIES AND RANKINGS CLIMATE CHANGE NON-SPECIALISED REAL ESTATE Ranked 3rd out of 438 listed real estate companies worldwide “Sector leader” status Score: 7.3/100 (inverted scale) in the
Slide 95: CSR and European taxonomy reporting
APPENDICES – CSR AND EUROPEAN TAXONOMY REPORTING – EUROPEAN TAXONOMY REPORTING FURTHER ALIGNMENT BETWEEN FINANCIAL AND NON-FINANCIAL REPORTING TAXONOMY REPORTING: Eligible and aligned activities Total IFRS Icade reporting based as of 12/31/2022 Eligible activities(1) Aligned activities(1) on 2022 da
Slide 96: Start-up & spin-off to tackle Icade's challenges
APPENDICES – ICADE’S LOW-CARBON STRATEGY: UPDATE ON THE ROADMAP 14 START-UP & SPIN-OFF TO TACKLE ICADE’S CHALLENGES Low-carbon New habits Soils & biodiversity Digital SaaS solution based on data and Low-carbon buildings design Senior coliving operator Rainwater recycling solutions AI helping real es
Slide 97: 2015–2022 highlights
APPENDICES – ICADE’S LOW-CARBON STRATEGY: UPDATE ON THE ROADMAP 2015–2022 HIGHLIGHTS 2015 2016 2017 2018 2019 2020 2021 2022 CSR & Innovation Signing of the An inaugural First solidarity leave Launch of Icade’s CSR & Innovation A Green Financing Framework 1st biodiversity €600m Green Bond enabling s
Slide 98: Full Year Results
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. 2022 FULL YEAR RESULTS Monday, Fe