Slide 1: 2020 Full Year Results
PARK VIEW Villeurbanne, Rhône 2020 FULL YEAR RESULTS Monday, February 22, 2021 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 amb
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
Introduction 1 Key Indicators & 2020 Highlights AGENDA 2 Operational Performance of Business Lines 3 2020 Financial Results 4 Outlook Appendices 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 3
Slide 4: Introduction
QUAI 8.2 Bordeaux, Gironde Introduction 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 4
Slide 5: 2020: A Year Like No Other
INTRODUCTION 2020: A YEAR LIKE NO OTHER An unexpected and challenging year, agile and proactive teams Management supported by a trusting Board of Directors Resilient 2020 results, solid business lines and balance sheet A business mix and risk profile adaptable in the current context Acceleration of
Slide 6: 1. Key Indicators and 2020 Highlights
1. Key Indicators LE NAUTILUS Bordeaux, Gironde and 2020 Highlights 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 6
Slide 7: Impact of the Covid-19 Crisis
1. KEY INDICATORS & 2020 HIGHLIGHTS – IMPACT OF THE COVID‐19 CRISIS IMPACT OF THE COVID‐19 CRISIS 2020 -€6m Office Leasing activity (1) and postponed NET CURRENT CASH FLOW Investment completions/acquisitions Healthcare Investment Postponed investments/acquisitions -€2m (2) -€27m Total impact on NCCF
Slide 8: NCCF at €4.84 per share, above October 2020 guidance
1. KEY INDICATORS & 2020 HIGHLIGHTS NCCF AT €4.84 PER SHARE, ABOVE OCTOBER 2020 GUIDANCE +6.7%, +2.0% LFL -14.7% -6 bps -3.1% LIABILITIES GROUP INDICATORS PROPERTY DEVELOPMENT PROPERTY INVESTMENT €678.4m €825.4m 1.48% €93.2 per share vs. €635.9m as of 12/31/2019 vs. €967.8m as of 12/31/2019 vs. 1.54
Slide 9: 2020 Highlights
1. KEY INDICATORS & 2020 HIGHLIGHTS 2020 HIGHLIGHTS Investment Divisions post higher rental income +6.7% (i.e. +€42.5m vs. 2019) Offices & Business Parks +4.8%, +2.5% LFL, Healthcare +13.9% 3 completions over the year, stepped up lease renewals Active asset management c.160,000 sq.m signed or renewe
Slide 10: 2. Operational Performance of Business Lines
2. Operational Performance LAMARTINE Villejuif, Val‐de‐Marne of Business Lines 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 10
Slide 11: 2.1. Office Investment
2.1. Office Investment PULSE Aubervilliers, Seine‐Saint‐Denis 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 11
Slide 12: High-quality tenants, resilient leasing activity
2.1. OPERATIONAL PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT HIGH‐QUALITY TENANTS, RESILIENT LEASING ACTIVITY A solid tenant portfolio Dynamic asset management 88% c.12% c.98% c.160,000 sq.m Total floor area of Rental income Rental income from tenants 2020 rent collection rate from solid tenan
Slide 13: Icade supports its tenants
2.1. OPERATIONAL PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT ICADE SUPPORTS ITS TENANTS Monthly payments, deferrals Health measures in our properties & repayment plans 100% of properties have Covid‐19 A strong balance sheet to support our tenants safety measures in place 20% Percentage of buil
Slide 14: Office Investment key figures
2.1. OPERATIONAL PERFORMANCE OF BUSINESS LINES – OFFICE INVESTMENT KEY FIGURES 12/31/2019 12/31/2020 Portfolio value €9.1bn €9.0bn Portfolio value slightly down (100%, excl. duties) 1 (-0.3% on a reported basis, -3.1% LFL) Portfolio value €8.5bn €8.5bn (Group share, excl. duties) WAULT 4.5 years 4.1
Slide 15: 2.2. Healthcare Investment
2.2. Healthcare Investment ATLANTIQUE PRIVATE HOSPITAL Saint‐Herblain, Loire‐Atlantique 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 15
Slide 16: Highly resilient rental income from solid tenants
2.2. OPERATIONAL PERFORMANCE OF BUSINESS LINES – HEALTHCARE INVESTMENT HIGHLY RESILIENT RENTAL INCOME FROM SOLID TENANTS 100% c.85% 7.4 years Financial occupancy rate Rental income from Weighted average unexpired healthcare providers with lease term revenue in excess of €500m BEAUPUY PRIVATE FACILIT
Slide 17: Investment goals unchanged and well on track
2.2. OPERATIONAL PERFORMANCE OF BUSINESS LINES – HEALTHCARE INVESTMENT INVESTMENT GOALS UNCHANGED AND WELL ON TRACK Investments (1) made in 2020 nearly €440m incl. 70% abroad Main acquisitions: Acquisition of a portfolio Acquisition totalling c.€140m, Acquisition of a portfolio of 8 (2) nursing home
Slide 18: Healthcare Investment key figures
2.2. OPERATIONAL PERFORMANCE OF BUSINESS LINES – HEALTHCARE INVESTMENT KEY FIGURES 12/31/2019 12/31/2020 Portfolio value (100%, excl. duties) €5.3bn €5.7bn Portfolio value (Group share, excl. duties) €3.0bn €3.3bn ARRAS PRIVATE HOSPITAL Pas‐de‐Calais Net initial yield (incl. duties) (1) 5.3% 5.3% Sh
Slide 19: 2.3. Property Development
2.3. Property Development SKY‐AND‐GARDEN Asnières/Seine, Hauts‐de‐Seine 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 19
Slide 20: Sales momentum remains strong, positive indicators for 2021
2.3. OPERATIONAL PERFORMANCE OF BUSINESS LINES – PROPERTY DEVELOPMENT SALES MOMENTUM REMAINS STRONG, POSITIVE INDICATORS FOR 2021 Revenue inevitably impacted by the 2 ½‐month shutdown of construction sites -14.7% Change in total revenue +9% Growth in residential revenue (€825m as of 12/31/20 vs. €96
Slide 21: 3. 2020 Financial Results
3. 2020 Financial Results PARC DU MILLÉNAIRE Aubervilliers, Seine‐St‐Denis 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 21
Slide 22: 3.1. Income statement
3. 2020 Financial Results QUAI RIVE NEUVE Marseille, Bouches‐du‐Rhône 3.1. Income statement 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 22
Slide 23: EPRA earnings from Property Investment: €4.74 per share
3.1. 2020 FINANCIAL RESULTS – INCOME STATEMENT EPRA EARNINGS FROM PROPERTY INVESTMENT: €4.74 PER SHARE, LIMITED DECLINE 12/31/2020 TOTAL PROPERTY (in €m) INVESTMENT YoY change Net rental income 655.2 +5.5% • Net rental income up over 2020: +5.5% Net to gross rental income ratio 96.6% (113 bps) • Sol
Slide 24: Healthcare posts growth while Office holds its own
3.1. 2020 FINANCIAL RESULTS – INCOME STATEMENT HEALTHCARE DIVISION POSTS OVERALL GROWTH WHILE OFFICE DIVISION HOLDS ITS OWN 12/31/2020 12/31/2020 Office Investment Healthcare Investment (in €m) (in €m) OFFICE HEALTHCARE INVESTMENT YoY change INVESTMENT YoY change Net rental income (100% basis) 359.5
Slide 25: Property Development: results impacted by site shutdowns
3.1. 2020 FINANCIAL RESULTS – INCOME STATEMENT PROPERTY DEVELOPMENT: RESULTS IMPACTED BY CONSTRUCTION SITE SHUTDOWNS 12/31/2020 YoY change (in €m) Residential Office TOTAL (2) Total chg. Residential Office Economic revenue (1) 690.6 119.8 825.4 (14.7%) (11.0%) (36.9%) Operating margin 4% (2.5%) 3% N
Slide 26: Group NCCF at €4.84 per share
3.1. 2020 FINANCIAL RESULTS – INCOME STATEMENT GROUP NCCF AT €4.84 PER SHARE (GUIDANCE ISSUED AT THE END OF OCTOBER: €4.80) (in €m) -7.9% per share vs. 2019 €4.84 per share €5.26 per share 389.2 (1) 358.3 (1) 8% 14 1% • 2020 NCCF down by only 7.9% : (27) (18) o Covid‐19 crisis impact: -€27m 30% 37%
Slide 27: 3.2. Value of the property portfolio & NAV
BÂTIMENT 007 – PARC DU PONT DE FLANDRE Paris 19th district 3. 2020 Financial Results 3.2. Value of the property portfolio & NAV 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 27
Slide 28: Portfolio valued at €11.8bn (Group share)
3.2. 2020 FINANCIAL RESULTS– VALUE OF THE PROPERTY PORTFOLIO PORTFOLIO VALUED AT €11.8bn (GROUP SHARE), €14.7bn ON A 100% BASIS Office Investment (Group share) Healthcare Investment (Group share) (in €m) (in €m) -0.3% +9.2% on a reported basis 8,498 on a reported basis 3,298 244 245 34 8,520 3,018 (
Slide 29: EPRA NTA: €93.2 per share
3.2. 2020 FINANCIAL RESULTS – NAV EPRA NTA: €93.2 PER SHARE, +1.1% PRIOR DIVIDEND (€ per share) -3.1% +1.1% 11. Portfolio value slightly down • EPRA NTA: -1.8% over 6 months 4.8 (€6,900m; €93.2 per share) 97.2 22. Limited decline in NAV vs. share price 96.1 • Discount (2) as of 02/04/2021: ‐31% (3.5
Slide 30: 3.3. Liabilities
3. 2020 Financial Results NATUR’LODGE Reichstett, Bas‐Rhin 3.3. Liabilities 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 30
Slide 31: Sound financial structure, continued appeal
3.3 2020 FINANCIAL RESULTS – LIABILITIES SOUND FINANCIAL STRUCTURE, CONTINUED APPEAL Bolstering our balance sheet An attractive and Continued focus in a time of crisis strengthened credit profile on sustainable finance • Inaugural benchmark‐size • RCFs increased: >€2.0bn • BBB+ rating affirmed by S&
Slide 32: Comfortable debt indicators, limited impact of the crisis
3.3 2020 FINANCIAL RESULTS – LIABILITIES COMFORTABLE DEBT INDICATORS, LIMITED IMPACT OF THE CRISIS Average debt maturity at close to 6 years Average cost of debt down again (6 bps) 7 3,00% 6 6.6 6.5 6.4 6.4 2,50% 2.71% 5 5.9 2,00% 4 2.18% 4.5 1,50% 3 1.59% 1.55% 1.54% 2 1,00% 1.48% 1 0,50% 0 0,00% 1
Slide 33: 3.4. Dividend
3. 2020 Financial Results LAMARTINE Villejuif, Val‐de‐Marne 3.4. Dividend 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 33
Slide 34: 2020 dividend stable with a scrip dividend option
3.4. 2020 FINANCIAL RESULTS – DIVIDEND 2020 DIVIDEND STABLE WITH A SCRIP DIVIDEND OPTION Board of Directors’ proposal to the General Meeting to be held on April 23, 2021 2020 dividend stable compared to 2019 at €4.01 per share 83% 2020 dividend payout ratio 50% of the 2020 dividend to be paid in cas
Slide 35: 4. Outlook
4. Outlook LES PINS D’ISABELA Marseille, Bouches‐du‐Rhône 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 35
Slide 36: An agile Office Investment division (1/2)
4. OUTLOOK – OFFICE INVESTMENT AN AGILE OFFICE INVESTMENT DIVISION… (1/2) A revised pipeline to meet the needs of the rental market • Confirmed pipeline of €1.5bn Ability to weather • Projects to be completed by 2021 are 63% pre‐let (rental income €30m (1)) the crisis, agility, readiness to rebound
Slide 37: Relies on its strengths to address new challenges (2/2)
4. OUTLOOK – OFFICE INVESTMENT … THAT RELIES ON ITS STRENGTHS TO ADDRESS NEW CHALLENGES (2/2) Our tenants’ evolving needs... ... met by Icade • Mix of home and office working Flex office, state‐of‐the‐art Rental market accommodation (CSR criteria, green spaces) The Office • Flexibility Flexible buil
Slide 38: A very favourable outlook (Healthcare)
4. OUTLOOK – HEALTHCARE INVESTMENT A VERY FAVOURABLE OUTLOOK Positive underlying trends • An ageing population • Over 80% publicly funded in France • The public’s expectations continue to climb Growth outlook (in France and abroad) • Development pipeline: €451m (1) • Volume of investments under revi
Slide 39: Icade Promotion: growth potential confirmed
4. OUTLOOK – PROPERTY DEVELOPMENT ICADE PROMOTION: GROWTH POTENTIAL CONFIRMED Revenue expected Medium‐term revenue Backlog from the residential potential land portfolio €1,4bn €2,1bn €6.9bn Residential €5.3bn A positive outlook: >19,000 housing units 5‐year revenue Office €1.6bn potential from land
Slide 40: 2021 Priorities
4. OUTLOOK 2021 PRIORITIES Office Investment 1 Asset rotation and value creation through a pipeline of pre‐let projects Healthcare Investment 2 Further growth and international expansion, preparation for liquidity event Property Development 3 Increase revenue and achieve higher margins CSR 4 Ramp up
Slide 41: 2021–2023 Outlook
4. OUTLOOK 2021–2023 OUTLOOK Resumption of A revised Funding Property Investment asset rotation, development pipeline Icade Santé liquidity event for with more pre‐ Icade Santé commitments LTV ratio Property Some of our land holdings could be converted into housing Development & Land bank Expansion
Slide 42: 2021 Guidance
4. OUTLOOK 2021 GUIDANCE 2021 Group Up ≈ +3%, excluding impact of 2021 disposals NCCF per share (subject to the health and economic situation not worsening significantly) 2021 dividend Up +3% Payout ratio in line with 2020 (83%) + distribution of part of the gains on disposals ATHLETES VILLAGE Saint
Slide 43: Q&A
PONT DE FLANDRE BUSINESS PARK Paris, 19th district Q&A 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 43
Slide 44: Appendices
LES BERGES DE FLACOURT Réunion Island Appendices 2020 FULL YEAR RESULTS MONDAY, FEBRUARY 22, 2021 44
Slide 45: Icade at a glance
APPENDICES – ICADE AT A GLANCE ONE OF THE LEADING FRENCH LISTED REITS As of 12/31/2020 OFFICE INVESTMENT: Icade, the leading real estate player in Greater Paris €14.7bn property portfolio • Portfolio as of 12/31/2020: €9.0bn (100%) €11.8bn property portfolio excl. duties, Group share • Development p
Slide 46: The Office of Tomorrow by Icade
APPENDICES – WE ARE RESILIENT AND PROACTIVE THE OFFICE OF TOMORROW BY ICADE: WE’RE READY Our customers’ key priorities... Mix of home Flexibility Health & safety Cost optimisation 1 and office working 2 and location 3 and digitalisation 4 and efficient use of spaces ... with solutions already in pla
Slide 47: Imagin'Office: flexibility for our tenants
APPENDICES – WE ARE RESILIENT AND PROACTIVE IMAGIN’OFFICE: FLEXIBILITY FOR OUR TENANTS “A new generation of offices First two achievements for companies on the move” • Fully equipped and turnkey workspaces Imagin’Office Neuilly‐sur‐Seine • Office management solutions • Flexible contracts 62 desks in
Slide 48: Icade well positioned to meet new market challenges
APPENDICES – OFFICE INVESTMENT ICADE WELL POSITIONED TO MEET NEW MARKET CHALLENGES A year of disruption Icade’s solutions meet the moment • -8.3% GDP drop in 2020 • SMART & SAFE solutions (smart, flexible, green and safe) • 1.3m sq.m taken up in 2020 (-45%) • Expertise in supporting our tenants Dema
Slide 49: Rental market on hold
Immediate supply has grown for the first time since 2014 APPENDICES – OFFICE INVESTMENT due to a low absorption rate Immediate supply in the Paris region and % of new or refurbished office space RENTAL MARKET ON HOLD 4,5 4.0 40% Millions of sq.m 4,0 3.6 3.7 35% 3,5 30% A historic recession that
Slide 50: Strong demand outside the Paris region dampened by lockdown
APPENDICES – OFFICE INVESTMENT STRONG DEMAND OUTSIDE THE PARIS REGION DAMPENED BY THE LOCKDOWN French markets outside Paris drop back to early 2010s levels Supply and demand in each city Take‐up in the 6 largest French cities outside Paris Q1 Q2 Q3 Q4 Second‐hand 1‐year supply New‐build 1‐year sup
Slide 51: A resilient investment market
APPENDICES – OFFICE INVESTMENT Investors continue to prefer the office segment in France Investments in France in 2020 by asset class (YoY change) A RESILIENT INVESTMENT MARKET Paris region offices €16.1bn -28% Offices outside the Paris region €2.5bn -35% Titre du graphique Investments in line w
Slide 52: Opportunities outside Paris in terms of occupier demand
APPENDICES – OFFICE INVESTMENT OPPORTUNITIES OUTSIDE PARIS IN TERMS OF OCCUPIER DEMAND Icade’s Office Investment portfolio Western in the Paris region at the end of 2020 Paris CBD La Défense Crescent Inner Ring Outer Ring Physical vacancy rate 3.6% ▲ 10.8% ▲ 12.2% ▲ 7.9% ▲ 5.4% ▲ GENEVILLIERS 23,520
Slide 53: Portfolio overview – Office Investment
4. APPENDICES – PORTFOLIO OVERVIEW – OFFICE INVESTMENT Land bank: 877,000 sq.m (2) – €0.1bn MOST INVESTMENTS ARE CONCENTRATED IN GREATER PARIS: 90% AREAS (IMMOSTAT) ASSETS LAND BANK OUR BUSINESS PARKS ON THE DOORSTEP OF PARIS 261,000 sq.m Extended Paris CBD area Left Bank Paris region portfolio Nort
Slide 54: Development pipeline as of 12/31/2020
APPENDICES – OFFICE INVESTMENT DEVELOPMENT PIPELINE AS OF 12/31/2020 Remaining to Estimated Rental be invested Type date of Floor area income Cost (2) > Q4 2020 (1) Project name Location of works In progress Property type completion (sq.m) (€m) YoC (€m) (€m) Pre‐let LATÉCOÈRE Toulouse Construction ✓
Slide 55: A revised development pipeline to meet rental market needs
APPENDICES – OFFICE INVESTMENT A REVISED DEVELOPMENT PIPELINE TO MEET THE NEEDS OF THE RENTAL MARKET (in €bn, 100% basis) €2.4bn 0.1 0.8 0.9 Opportunistic €2.2bn • Confirmed pipeline: €1.5bn €1.5bn • Projects to be completed by (0.4) 0.1 2021 are 63% pre‐let (€30m) Uncommitted 0.8 0.5 • Potential op
Slide 56: A solid and diversified tenant portfolio
APPENDICES – OFFICE INVESTMENT A SOLID AND DIVERSIFIED TENANT PORTFOLIO % of annualised IFRS rental income as of 12/31/2020, 100% basis (equity‐accounted companies on a Group share basis) Sport and entertainment 3% Other 2% Other 1% Small businesses/SMEs 10% Transport and warehousing 3% Health, educ
Slide 57: Healthcare Investment: very limited impact from the crisis
APPENDICES – HEALTHCARE INVESTMENT HEALTHCARE INVESTMENT: VERY LIMITED IMPACT FROM THE CRISIS The private healthcare sector has access to support A top national priority Private operators of short‐ • Financial support from and medium‐term care Increase in the amounts earmarked the government availab
Slide 58: Healthcare: a favourable market outlook
APPENDICES – HEALTHCARE INVESTMENT HEALTHCARE: A FAVOURABLE MARKET OUTLOOK Growth potential for Healthcare Investment (in France and Europe) Non‐cyclical +29 million A growing market fundamentals seniors over 80 in Europe by 2050 based on a growing need Increased +9.2% for 2020 ONDAM (1), Healthcare
Slide 59: Healthcare portfolio by geography
APPENDICES – HEALTHCARE INVESTMENT HEALTHCARE PORTFOLIO BY GEOGRAPHY AS OF DECEMBER 31, 2020 175 facilities €5.7bn (100% basis) 26 nursing homes 1 nursing home under a preliminary agreement Nuthetal nursing home, Germany €0.4bn excl. duties 2 operators 110 short‐ and medium‐ term care (1) facilities
Slide 60: Facilities with attractive rental terms
APPENDICES – HEALTHCARE INVESTMENT FACILITIES WITH ATTRACTIVE RENTAL TERMS HEALTH SECTOR MEDICAL‐SOCIAL SECTOR Short‐term care facilities Medium‐term care facilities Long‐term care facilities (nursing homes…) – acute care – PAC/mental health (1) France Germany Italy Spain Mostly accommodation Primar
Slide 61: 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 Other types of facilities in France in Europe (excl. France) of facility owned Nursing homes (14%), (1) €5.2bn €0.45bn Germany, Italy Acute care (80%) PAC and mental health Acu
Slide 62: Large-scale healthcare operators
APPENDICES – HEALTHCARE INVESTMENT LARGE‐SCALE HEALTHCARE OPERATORS Major acute care operators in France Major nursing home operators in France, Germany, Italy and Spain based on 2019 revenue (source: HBI) in number of beds (sources: investlmnp.fr, Cushman & Wakefield, Pflegemarkt) Cumulative Estima
Slide 63: Healthcare property investments have proven their resilience
APPENDICES – HEALTHCARE INVESTMENT HEALTHCARE PROPERTY INVESTMENTS HAVE PROVEN THEIR RESILIENCE Investments in senior housing in Europe Long‐term care investment profile by country in €bn (source: RCA) (source: RCA and in‐house market research) Nursing homes Other senior housing Average 9 volume 202
Slide 64: Consistently good yields
APPENDICES – HEALTHCARE INVESTMENT CONSISTENTLY GOOD YIELDS Renewed investor demand The German market is becoming increasingly popular • New entrants (Lifento, Cofinimmo, Cardif/EDF Invest) • Germany has been less impacted by the first wave of Covid‐19 (lower mortality rates, nursing homes less affe
Slide 65: Healthcare development pipeline
APPENDICES – HEALTHCARE INVESTMENT HEALTHCARE DEVELOPMENT PIPELINE Number of Total Remaining to Yield beds and investment (1) be invested on cost (2) Type Operator City/town places (€m) (€m) (YoC) Completion Pre‐let PROJECTS STARTED 4,202 450.9 351.7 5.5% 100% Incl. France 2,036 186.4 94.9 100% Gran
Slide 66: Implied yields of operating assets
APPENDICES – PROPERTY INVESTMENT IMPLIED YIELDS (1) OF OPERATING ASSETS (Group share) 7.5% 7.5% 7.3% 5.5% 5.5% 5.4% 5.4% 5.3% 5.3% 5.0% 5.0% 48% Offices Business parks Healthcare TOTAL PROPERTY INVESTMENT 12/31/2018 12/31/2019 12/31/2020 2020 FULL YEAR RESULTS (1) Annualised net rental income from l
Slide 67: Lease expiry schedule for Property Investment divisions
APPENDICES – PROPERTY INVESTMENT LEASE EXPIRY SCHEDULE (1) FOR THE PROPERTY INVESTMENT DIVISIONS (IFRS RENTAL INCOME) Office Investment Healthcare Investment Resilient leasing activity in 2020 Rents assured well into the future • Renewed leases: 54 leases renewed in 2020, i.e. 97,825 sq.m WAULT to
Slide 68: Property Development: demand keeps market conditions tight
APPENDICES – PROPERTY DEVELOPMENT PROPERTY DEVELOPMENT: DEMAND KEEPS MARKET CONDITIONS TIGHT Structural • ↗ population • Consideration for the environment Changes growth • ↗ households in demand • Demand for green spaces in demand • ↗ urbanisation • Flexible spaces A popular • A resilient residentia
Slide 69: Property Development: activity limited by supply constraints
APPENDICES – PROPERTY DEVELOPMENT PROPERTY DEVELOPMENT: ACTIVITY LIMITED 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 Sources: CGDD
Slide 70: Prices driven by low supply and cost of land
APPENDICES – PROPERTY DEVELOPMENT PRICES DRIVEN BY LOW SUPPLY AND THE COST OF LAND Average land value by zone (A/B/C) New home sale prices In €/sq.m Price incl. taxes in €/sq.m excl. notarial fees and other costs Source: SDES – Survey on the price of building land (2019 data as of November 2020) (1)
Slide 71: 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 Orders by type of buyer
Slide 72: Icade Promotion agile and proactive
APPENDICES – PROPERTY DEVELOPMENT ICADE PROMOTION AGILE AND PROACTIVE The teams and processes adapted quickly A key strength: extensive national coverage Construction sites Faster pace resumed work rapidly of digitalisation Impact limited to >30 2 ½-months Construction starts following a digital mar
Slide 73: A positive medium-term outlook
APPENDICES – PROPERTY DEVELOPMENT A POSITIVE MEDIUM‐TERM OUTLOOK Potential revenue of €6.9bn in the medium term Solid indicators €5.3bn for the residential segment: >19,300 homes (excl. backlog) €1.1bn €1.2bn > 5,400 units 12/31/2019 12/31/2020 YoY Chg. Residential €5.3bn €0.9bn +14.4% Backlog Backl
Slide 74: Icade's CSR policy: positive 2020 results
APPENDICES – CSR & INNOVATION ICADE’S CSR POLICY: POSITIVE 2020 RESULTS CSR performance recognised 2020 BBCA ranking -40% in CO2 100% of business parks intensity for Office and 33% of new builds Icade Investment between 2015 and 2020 have a net positive impact on biodiversity among the top 3 low‐car
Slide 75: Icade ramps up its low-carbon strategy
4. OUTLOOK – RAMPING UP OUR LOW‐CARBON STRATEGY ICADE RAMPS UP ITS LOW‐CARBON STRATEGY An ambitious carbon offsetting policy 16,000 tonnes of CO2 offset in 2020 2 Set higher goals for reducing CO2 emissions PROPERTY DEVELOPMENT 100% of offices over 5,000 sq.m and 50% of homes to obtain the E+C‐ labe
Slide 76: Spotlight on Urban Odyssey: Icade's start-up studio
APPENDICES – CSR & INNOVATION SPOTLIGHT ON URBAN ODYSSEY: ICADE’S START‐UP STUDIO CONTINUES TO GROW! 3 new start‐ups in 2020 and first business achievements 3 new projects Focus on business advances and synergies with Icade Bespoke local carbon offset platform Automated land detection • An active ro
Slide 77: Summary consolidated income statement
APPENDICES SUMMARY CONSOLIDATED INCOME STATEMENT 12/31/2020 12/31/2019 (in €m) Current Non‐current TOTAL YoY change Current Non‐current TOTAL Revenue 1,440.2 1,440.2 (5.4%) 1,522.9 1,522.9 EBITDA 593.2 (19.5) 573.7 (2.1%) 588.5 (2.4) 586.1 including depreciation charges (358.7) (358.7) (336.6) (336.
Slide 78: EPRA NRV, NTA & NDV
4. APPENDICES – VALUE OF THE PROPERTY PORTFOLIO EPRA NRV, NTA & NDV (€ per share) -14.4% -7.4% -7.6% 100.6 In € per Chg. vs. In €m share 2019 EPRA NRV 7,448 100.6 -3.0% 93.2 (7.1) (0.3) EPRA NTA 6,900 93.2 -3.1% (2.1) EPRA NDV 6,376 86.1 -5.5% +0.2 86.1 (5.2) EPRA Transfer tax on the Intangible fixe
Slide 79: A diversified funding structure
APPENDICES A DIVERSIFIED FUNDING STRUCTURE Debt maturity schedule Diversified funding sources (in €m) (in €m) Mortgages and real Other estate finance leases 243 (3.2%) 984 (12.8%) Unsecured loans 994 (13.0%) 1 548 (1) 736 Mortgages not Bonds 700 711 620 621 granted by financial intermediaries 4,482
Slide 80: Impact of early 2021 transactions on debt maturity schedule
APPENDICES IMPACT OF EARLY 2021 TRANSACTIONS ON THE DEBT MATURITY SCHEDULE Debt maturity schedule including transactions completed in January 2021 (in €m) Transactions carried out Repaid New issue Icade’s bond issue: €600m, 0.625% 1 548 (1) 736 600 Early redemption of bonds 700 711 maturing in 2021