Icade : Results as of September 30, 2022

PRESS RELEASE

Issy-les-Moulineaux, October 24, 2022, 7:00 a.m.

ICADE - RESULTS AS OF SEPTEMBER 30, 2022

REVENUE1 UP +3.4% TO €1.17BN

SOLID PERFORMANCE ACROSS OUR 3 BUSINESS LINES

Solid operational indicators across the 3 business lines

1. Property Investment: gross rental income up +3.2% to €425m (on a proportionate consolidation basis):
2. • Office Property Investment: €268m (-1.6%) in a context of significant asset disposals; leases signed or renewed totalling over 110,000 sq.m since the beginning of 2022
   • Healthcare Property Investment: +12% to €157m driven by portfolio growth in 2021

1. Property Development: Economic revenue2 stood at €800m, up +3% year-on-year

Disposal plan: annual target achieved

1. Another office asset sold in Q3 for €127m, bringing the annual volume for Office Property Investment to ~ €600m

Property Investment Divisions more selective about investments in a changing financial climate

1. Office Property Investment: €164m vs. €390m for the same period in 2021

1. Healthcare Property Investment: c. €200m vs. €317m for the same period in 2021

Balance sheet

1. BBB+ rating with stable outlook confirmed by S&P for both Icade and Icade Santé in July 2022

Low carbon strategy

1. Group's 1.5°C-aligned net zero pathway approved by the SBTi

2022 guidance unchanged

1. 2022 Group NCCF per share: up c. +4%, excluding the impact of 2022 disposals o 2022 NCCF from Healthcare Property Investment: up c. +5% to +6%
   o 2022 dividend: up c. +3% to +4%, subject to approval by the 2023 General Meeting

"Against an economic and financial backdrop that remained challenging and highly volatile over the period, the strength of our three business lines was illustrated by the +3.4% growth in revenue and our solid operational indicators. By signing or renewing leases for over 110,000 sq.m, completing its 2022 disposal plan already in September and posting only slightly lower rental income despite significant asset disposals, the Office Property Investment Division once again demonstrated how strong its fundamentals are. The Healthcare Property Investment Division continued to grow its rental income and adjusted its investment strategy to the new interest rate environment. The Property Development business showed further positive sales momentum with sound operational indicators despite the slowing market. Thanks to a rock-solid balance sheet and motivated teams, Icade remains confident in the face of the operational and financial challenges posed by high inflation and rising interest rates and continues to focus on cash flow generation." Olivier Wigniolle, CEO of Icade.

			Change	Like-for-like
(in millions of euros)	09/30/2022	09/30/2021	(%)	change (%)
Gross rental income from Office Property Investment - proportionate	267.6	271.9	(1.6)%	(1.8)%
Gross rental income from Healthcare Property Investment - proportionate	157.0	139.8	12.3%	1.8%
Gross rental income from Property Investment - proportionate	424.6	411.7	3.2%	(0.5)%
Property Development revenue - proportionate	734.1	708.5	3.6%	3.6%
Other revenue*	15.7	15.6	0.4%	0.4%
CONSOLIDATED REVENUE ON A PROPORTIONATE CONSOLIDATION BASIS	1,174.5	1,135.8	3.4%	2.2%
CONSOLIDATED REVENUE	1,248.7	1,224.1	2.0%
*: Intra-group operations

1. Revenue on a proportionate consolidation basis
2. Economic revenue: IFRS revenue + revenue from entities accounted for using the equity method

1. PROPERTY INVESTMENT DIVISIONS

1.1 OFFICE PROPERTY INVESTMENT: RESILIENT BUSINESS, CONTINUED ASSET ROTATION

A solid tenant base and a robust asset management activity in Q3

					Leasing
				Completions/	activity and				Like-for-
(in millions of euros, on a		Asset	Asset	Developments/	index-linked			Total	like
proportionate consolidation basis)	09/30/2021	acquisitions	disposals	Refurbishments	rent reviews	Penalties	09/30/2022	change	change
Offices	186.8	14.6	(18.1)	6.1	(6.4)	(2.1)	180.9	(3.1%)	(4.2%)
Business parks	71.0		0.1	(0.6)	1.3	(0.1)	71.6	0.9%	1.9%
OFFICES AND BUSINESS PARKS	257.7	14.6	(18.0)	5.5	(5.1)	(2.2)	252.6	(2.0%)	(2.3%)
Other assets	15.6	-	(0.1)	-	0.9	0.3	16.6	6.6%	6.4%
Intra-group transactions	(1.5)	-	-	(0.0)	(0.1)	-	(1.5)	3.6%	N/A
GROSS RENTAL INCOME
ON A PROPORTIONATE	271.9	14.6	(18.1)	5.4	(4.3)	(1.9)	267.6	(1.6%)	(1.8%)
CONSOLIDATION BASIS

Gross rental income from Office Property Investment amounted to €268m on a proportionate consolidation basis as of September 30, 2022, down -1.6% against a backdrop of significant asset disposals (c. €1,1bn in 2021 and 2022). The disposals in 2021 and 2022 represent annual rental income of around €45m. On the other hand, gross rental income benefited positively from acquisitions (Equinove and Prairial) and completions (including Fresk and Origine) in 2021, with a total effect of around €46m on an annual basis.

In addition, a robust asset management activity was further strengthened in Q3 with new or renewed leases covering c. 50,000 sq.m, bringing the total for the first nine months of the year to more than 110,000 sq.m (91 leases).

Taken together, these leases, over two-thirdsof which having been signed by new tenants, represent €23.4m in additional annualised headline rental income and a WAULT to break of 6.5 years.

It should be noted that the leases have been renewed on c. 32,000 sq.m since the beginning of the year, representing annualised headline rental income of almost €6m and a WAULT to break of 6.8 years.

New and renewed leases include:

• Space in the 13,000-sq.mNEXT project (Part-Dieu district, Lyon) pre-let to first-class tenant APRIL for a 12-year term with a break option after 9 years;
• Nearly 5,000 sq.m in the FRESK building signed with ANS3 for a 7-year term with no break option. This follows on from a lease entered into with PariSanté Campus in 2021 for close to 14,000 sq.m in the building and will bring its occupancy rate to 92%4;
• Nearly 40,000 sq.m in the Paris Orly-Rungisbusiness park, including 26,000 sq.m in Q3. Taken together, these leases represent €5.7m in annualised headline rental income, illustrating the site's appeal;
• Leases covering more than 5,000 sq.m in the Pont de Flandre business park, representing nearly €2.0m in annualised headline rental income.

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

On a like-for-likebasis, total rental income was down by -1.8%year-on-year and up 1.7 pps compared to June, reflecting also the robust leasing activity. The improvement compared to H1 was driven in particular by the strong momentum in business parks, including the Paris Orly-Rungis business park (+8.2%), and the office segment outside the Paris region (+3.2%).

The financial occupancy rate stood at 87.2% as of September 30, 2022, up +0.2 pp compared to June 30, 2022, with no major tenant departures since the beginning of the year and the Fresk lease only taking effect in Q4 2022.

As a reminder, the occupancy rate was impacted by the robust disposals in 2021 and the first few months of 2022, since disposals typically relate to core mature assets that are fully let.

1. ANS: French National Health Agency
2. As of the actual start date of the lease

2

The 5,000-sq.m lease signed in the Fresk building, which will take effect in Q4 2022, will increase the building's occupancy rate to 92%, therefore helping to improve the financial occupancy rate on a like-for-like basis (estimated impact on group financial occupancy rate: ~+ 0.6 pp).

With 100% of leases linked to indices (c. 80% to the ILAT index and c. 20% to the ICC and ILC indices), the impact of index-linked rent reviews accelerated in Q3, as expected, resulting in a total impact of +2.5% for the first nine months of the year, thus partially offsetting the effects of a more sluggish leasing activity. The impact of index-linked rent reviews for the year as a whole is expected to be around +3%.

The average annual rent collection rate as of the end of September stood at over 99%, reflecting the strength of the Office Property Investment

Division's tenant base, more than 70% of which comprises CAC 40, SBF 120 and public sector companies.

		Financial occupancy rate			Weighted average unexpired
				lease term
		(in %) (**)			(in years) (**)
				Like-for-like
Asset classes	09/30/2022	06/30/2022	12/31/2021	change*	09/30/2022	06/30/2022
Offices	88.0%	87.9%	89.3%	+0.0 pp		4.0	4.2
Business parks	84.4%	83.9%	84.6%	+0.5 pp		3.0	3.1
OFFICE AND BUSINESS PARK ASSETS	87.0%	86.8%	88.0%	+0.1 pp		3.7	3.9
Other assets	91.4%	90.9%	89.8%	+0.5 pp		6.2	6.4
OFFICE PROPERTY INVESTMENT	87.2%	87.0%	88.1%	+0.2 pp		3.9	4.0

1. Change between June 30, 2022 and September 30, 2022, 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.

Investments as of September 30, 2022
	09/30/2022	09/30/2021	Chg.
(in millions of euros)	100%	Proportionate	100%	Proportionate	100%	Proportionate
Acquisitions	1.2	1.2	245.1	245.1	(243.9)	(243.9)
Developments	105.7	95.2	98.2	95.6	7.6	(0.4)
Including capitalised finance costs	0.8	0.8	2.3	2.3	(1.4)	(1.5)
Operational capex	57.3	56.3	46.7	44.7	10.6	11.6
TOTAL CAPEX	164.2	152.7	389.9	385.4	(225.7)	(232.6)

Investments in Q3 2022 totalled €41m (€38m on a proportionate consolidation basis).

In 9M 2022, investments amounted to €164m (€153m on a proportionate consolidation basis), including:

• Investments in the development pipeline for €106m, mainly relating to the following projects:
• • Edenn in Nanterre-Préfecture for c. €31m, nearly 60% pre-let to Schneider Electric and scheduled for completion in Q2 2025;
  • Jump in the Portes de Paris business park for €24m, a project currently under development which has been pre-let on a 12-year lease;
  • Next in the Part-Dieu district of Lyon for €5m. This office building project covering more than 15,000 sq.m was added to the pipeline of projects launched, with 100%5 of its floor area pre-let, including 85% to APRIL, and completion scheduled for Q2 2024;
  • The Athletes Village in Saint-Ouen for €16m, Grand Central in Marseille for nearly €6m and the B034 hotel in Pont de Flandre for €6.4m.
• "Other capex" for €57m related mainly to maintenance work and improvements in technical and environmental quality.

5 Including 15% subject to an exclusivity agreement

3

Asset disposals: annual targets achieved

Following the completed sale of two core assets in H1 2022 for a total of more than €400m:

• Sale of the c. 25,000-sq.m Millénaire 4 building in the Millénaire business park (Paris, 19th district) for €186m to Générale Continentale Investissements and BlackRock Real Assets;
• Sale of the 20,000-sq.m Gambetta building (Paris, 20th district) to funds managed by Primonial REIM France for €219m.

On July 29, the Office Property Investment Division signed a bilateral preliminary agreement worth €127m in Nanterre-Préfecture(Hauts-de-Seine). Covering over 16,000 sq.m, this office building is fully leased to AXA 8 years.

This new sale brings the volume of disposals since the beginning of the year to c. €600m6.

for the sale of the AXE 13 building with a remaining lease term of over

Carried out with leading institutional investors in line with the appraised values as of December 31, 2021, these transactions further demonstrate institutional investors' appetite for core office assets and the appeal of Icade's office property portfolio.

Proactive management of rising energy costs

Very active in the support of its tenants, Icade's Office Property Investment Division has for a number of years optimised collective energy purchasing in its buildings to reduce costs and the supply of responsible renewable energy to reduce the carbon footprint.

The procurement policy has already made it possible to ensure the supply of electricity and gas for 2023 and to plan for 2024. To meet the challenges involved in improving energy efficiency, Icade is striving to implement the Ecowatt programme aimed at reducing and adapting energy consumption, at all times in collaboration with its users.

Consequently, the current energy crisis has had no material impact on Icade's Q3 results.

1.2 HEALTHCARE PROPERTY INVESTMENT: RENTAL INCOME GROWTH, SLOWDOWN IN INVESTMENT

Gross rental income

					Leasing
(in millions of euros,					activity and
on a proportionate		Asset	Asset	New builds /	index-linked		Total change	Like-for-like
consolidation basis)	09/30/2021	acquisitions	disposals	Refurbishments	rent reviews	09/30/2022	(in %)	change (in %)
Acute care	111.1	7.9	(0.6)	1.4	1.8	121.7	9.5%	1.7%
Medium-term care	9.2	1.2	(0.1)	0.2	0.2	10.8	17.8%	1.9%
Long-term care	19.5	4.5	-	0.1	0.4	24.5	25.6%	2.7%
HEALTHCARE PROPERTY	139.8	13.7	(0.6)	1.8	2.4	157.0	12.3%	1.8%
incl. France	128.3	3.8	(0.6)	1.7	2.1	135.3	5.4%	1.8%
incl. international	11.5	9.9	-	0.1	0.3	21.7	89.4%	2.5%
HEALTHCARE PROPERTY	239.3	23.1	(1.1)	3.1	4.1	268.4	12.2%	1.8%

In 9M 2022, gross rental income from Healthcare Property Investment amounted to €157m on a proportionate consolidation basis, up +12% on a reported basis (+€17m), mainly driven by 2021 acquisitions both in France and internationally.

• France: gross rental income of €135m on a proportionate consolidation basis (€232m on a full consolidation basis), up +5% thanks to acquisitions and developments in H2 2021 (private not-for-profit hospital in Grenoble, Grand Narbonne private hospital, Le Parc polyclinic in Caen, Les Buissonnets PAC facility in Olivet, portfolio of five assets acquired at the end of 2021);
• International: gross rental income soared by nearly 90%, i.e. +€22m (€36m on a full consolidation basis), fuelled by the acquisitions at the end of 2021 and the beginning of 2022 in Portugal, Italy, Germany and Spain. On a like-for-like basis, the change was +2.5%.

On a like-for-likebasis, gross rental income grew by +1.8%, primarily due to index-linked rent reviews during the period.

The Healthcare Property Investment Division's leases are linked to indices with an inflation component. As of September 30, 2022, index-linked rent reviews resulted in rent increases of 2.0% on average, which positively impacted rental income on a like-for-like basis.

The impact of index-linked rent reviews for the year as a whole is estimated at around +3% (70% of index-linked rent reviews in France to be concentrated in H2, with around 50% in Q4).

6 Includes the sale of Factor E for €49m on a full consolidation basis (€32m on a proportionate consolidation basis) and other disposals worth €22m

4

The financial occupancy rate of the portfolio as of September 30, 2022 remained unchanged at 100%, while the rent collection rate was almost 100%.

The WAULT to first break stood at 7.9 years, relatively stable compared to December 31, 2021.

• On average, it stood at 6.6 years for assets in France and 15.6 years for assets outside France.

	Financial occupancy rate			Weighted average unexpired lease term
	(in %)			(in years)
Asset classes	09/30/2022		12/31/2021	09/30/2022		12/31/2021
France	100.0%		100.0%		6.6		7.1
International	100.0%		100.0%		15.6		15.3
HEALTHCARE PROPERTY INVESTMENT	100.0%		100.0%		7.9		8.2

Investments as of September 30, 2022:
	09/30/2022	09/30/2021	Chg.
(in millions of euros)	100%	Proportionate	100%	Proportionate	100%	Proportionate
Acquisitions	109.4	64.1	202.1	120.8	(92.7)	(56.7)
Incl. France	5.0	2.9	98.2	57.2	(93.2)	(54.3)
Incl. international	104.4	61.2	103.9	63.6	0.5	(2.4)
Developments	40.4	23.6	50.1	29.2	(9.6)	(5.6)
Incl. France	40.4	23.6	50.1	29.2	(9.6)	(5.6)
Incl. international	0.0	0.0	0.0	0.0	0.0	0.0
Other capex	8.4	4.9	9.4	5.6	(1.0)	(0.7)
TOTAL CAPEX	158.2	92.7	261.6	155.6	(103.4)	(63.0)
Incl. France	52.8	30.8	157.7	91.9	(104.9)	(61.2)
Incl. international	105.4	61.9	103.9	63.7	1.6	(1.8)

Investments in the first nine months of 2022 totalled €158m (€93m on a proportionate consolidation basis), including:

• International acquisitions worth €104m (€61m on a proportionate consolidation basis):
• • Acquisition in Q3 of a long-term care facility from the project pipeline located in San Martino di Lupari, Veneto (Italy), operated by
    Gheron, for €12m;
  • As a reminder, investments in H1 amounted to €92m, including:
  • • Acquisition in Spain of a portfolio of six long-term care facilities for people with disabilities operated by the Colisée
      Group for €56m;
    • Acquisition of a private hospital in Rapallo, Italy, for €22m as part of a preliminary agreement signed with Gruppo Villa Maria in 2021;
    • Acquisition of an eye clinic in Madrid operated by the Miranza Group for €13m.
• Capex for development projects in France worth c. €40m;
• Other capex for c. €8m.

Including the preliminary agreements signed in 2022 but not yet paid as of September 30, worth €38m (including a private hospital extension project in Rapallo, Italy, signed with the operator Gruppo Villa Maria for €23m), total investment activity amounted to €196m (€115m on a proportionate consolidation basis).

It should be noted that a preliminary agreement to acquire the Les Jardins de Sophia long-term care facility in Castelnau-le-Lez (Hérault) was signed in October for €11m. A new 12-year lease with no break option will be entered into with the new operator, a consortium composed of the Clinipole Group and Oc Santé. These two regional healthcare players are already Icade Santé's tenants and partners.

As interest rates have sharply risen since the beginning of 2022, the Healthcare Property Investment Division has slowed the pace of its investments by being more selective. Given the new financial climate and persistently stable transaction values, the annual volume of investments in 2022 is expected to be below the initial targets.

5