INVESTOR PRESENTATION MAY 2020 PULSE (Saint-Denis – Seine-Saint-Denis)
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 possession of this document should familiarise themselves and comply with such restrictions. To the extent permitted by applicable law, Icade excludes all liability and makes no representation regarding the violation of any such restrictions by any person. I 2
AGENDA ICADE AT A GLANCE 1. 2019: A POSITIVE YEAR FOR ICADE 2. 2020 UPDATE APPENDICES I 3
ATHLETES VILLAGE – PARIS 2024 OLYMPICS Saint-Ouen, Seine-Saint-Denis ICADE AT A GLANCE I 4
ICADE AT A GLANCE ONE OF THE LEADING FRENCH LISTED REITS OFFICE INVESTMENT: Icade, the leading real estate player € 11.5 bn property portfolio in Greater Paris (as of 12/31/2019, excl. duties, Group share) Portfolio as of 12/31/2019: € 9.1 bn ( 100 % basis) Development pipeline: € 2.2 bn ( 380,000 sq.m) Healthcare Investment Situated mainly in the Paris region, close to the main Greater Paris stations 26 % 880,000 -sq.m land bank Office Origine - Nanterre, Hauts-de-Seine Investment 74 % HEALTHCARE INVESTMENT: Icade, the leading player in France Portfolio as of 12/31/2019: € 5.3 bn ( 100 % basis) 130 healthcare facilities in France: 107 short- and medium-term care facilities and 23 nursing homes Icade shareholding structure 26 long-term care facilities in Europe (Italy and Germany) as of 12/31/2019 (in %) Caisse des Dépôts Confluent private hospital - Nantes, Loire-Atlantique 38.77 % Free float (2) 37.18 % PROPERTY DEVELOPMENT: 6 th largest French developer Limited and profitable exposure (less than 10 % of Group equity (1) ) A full-service developer (offices, homes, etc.) Crédit Agricole with extensive national coverage ( 21 local offices) Assurances Group ICAMAP and other 18.97 % entities acting in concert 5.09 % Seguin Island - Boulogne-Billancourt, Hauts-de-Seine (1) Property Development equity attributable to the Group (before elimination of investments in subsidiaries / consolidated equity attributable to the Group) (2) Including 0.22% for Icade’s “FCPE” employee -shareholding fund and 0.80% of treasury shares I 5
ICADE AT A GLANCE ATTRACTIVE FUNDAMENTALS FOR THE ICADE SHARE NAV TSR (in %) 12.8% 12.7% 11.0% 10.8% 2019: Market capitalisation: • EPRA NAV TSR Average daily trading volume (2) : € 7.2 bn (1) stood at 10.8 % ~ € 9.4 m • 2019 EPRA 2.2% 6.6% NNNAV TSR: Free float: 37 % + 6.6 % 2015 2016 2017 2018 2019 NNNAV TSR NAV TSR Share price TSR (in %) +54.7% Strong financial structure: 2019: Strong 2016/2019 • Share price TSR +27.9% LTV ratio of around 40 % stood at 54.7 % performance and +15.7% TSR BBB+ S&P rating (2.1%) (14.3%) 2015 2016 2017 2018 2019 (1) As of December 31, 2019 (2) 12-month average daily trading volume as of December 31, 2019 I 6
PARK VIEW Lyon, Rhône 1 2019: A POSITIVE YEAR FOR ICADE KEY POINTS AND HIGHLIGHTS I 7
1 2019: A POSITIVE YEAR FOR ICADE – KEY POINTS AND HIGHLIGHTS 2019: A POSITIVE YEAR FOR ICADE Strategic Plan’s first year: implementation well underway Strengthened governance ; a Board of Directors supporting management Continued momentum for Office Investment and stepped-up expansion of the Healthcare Investment Division EPRA NAV TSR of over 10 % (1) ; a Plan and results received favourably by the market Definition of our Purpose (1) EPRA NAV TSR: 10.8% as of December 31, 2019 I 8
1 2019: A POSITIVE YEAR FOR ICADE – KEY POINTS AND HIGHLIGHTS 2019: HIGHLIGHTS 2019 2020 2021 2022 1 st year of the Plan € 1.1 bn of disposals 12.6 % Sales of mature assets Crystal Park and 49 % of the Eqho Tower Above appraised values as of 12/31/2018 Focus on the 8 completions € 534 m Office Investment (value creation totalling € 155 m) Total investment development pipeline € 750 m Stepped-up healthcare investments of investments Icade Santé’s inaugural bond - 10 years , € 500 m , coupon of 0.875 % Debt optimised I 9
1 2019: A POSITIVE YEAR FOR ICADE – KEY POINTS AND HIGHLIGHTS NCCF UP +2.1 %, ABOVE GUIDANCE; EPRA NAV UP +5.7 % +1.0 % -22.6 % -1 bp +2.1 % PROPERTY INVESTMENT PROPERTY DEVELOPMENT LIABILITIES GROUP INDICATORS € 5.26 per share € 621.3 m € 967.8 m 1.54 % vs. € 5.15 per share as of 12/31/2018 vs. € 614.8 m as of 12/31/2018 vs. € 1,250.9 m as of 12/31/2018 vs. 1.55 % as of 12/31/2018 € 389.2 m NET RENTAL INCOME PROPERTY DEVELOPMENT REVENUE AVERAGE COST OF DEBT FROM PROPERTY INVESTMENT GROUP NCCF +6.0 % -25.5 % Stable +5.7 % € 4.85 per share € 33.1 m 6.4 years € 94.9 per share vs. € 4.57 per share as of 12/31/2018 vs. € 44.4 m as of 12/31/2018 vs. 6.4 years as of 12/31/2018 vs. € 89.8 per share as of 12/31/2018 € 358.7 m € 7.0 bn AVERAGE DEBT MATURITY NCCF (Group share) ADJUSTED EPRA EARNINGS EPRA NAV FROM PROPERTY INVESTMENT N.C. (2) +16 bps +93.7 % +2.6 % like-for-like 38.0 % 16.9 % € 11.5 bn (1) (Group share) € 300.2 m vs. 37.9 % as of 12/31/2018 vs. € 11.3 bn as of 12/31/2018 vs. € 154.9 m as of 12/31/2018 PROPERTY DEVELOPMENT ROE LTV RATIO (VALUE INCL. DUTIES) PROPERTY INVESTMENT PORTFOLIO +8.1 % +30 bps like-for-like NET PROFIT ATTRIBUTABLE TO THE GROUP 92.6 % € 1.3 bn vs. 93.4 % as of 12/31/2018 vs. € 1.2 bn as of 12/31/2018 2019 indicators in line with the Plan OFFICE INVESTMENT PROPERTY DEVELOPMENT BACKLOG FINANCIAL OCCUPANCY RATE (1) Icade share, excl. duties. Portfolio value on a 100% basis: €14.3bn as of 12/31/2019 vs. €13.4bn as of 12/31/2018 (2) ROE from ordinary activities: excluding land bank and urban development activities / not comparable to year N-1 I 10
1 2019: A POSITIVE YEAR FOR ICADE – KEY POINTS AND HIGHLIGHTS ICADE’S PURPOSE: THE CULMINATION OF A YEAR OF COLLABORATIVE WORK 100 % of employees were involved; Icade’s Purpose was approved by the Board of Directors “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.” https://www.icade.fr/en/group/purpose I 11
1 2019: A POSITIVE YEAR FOR ICADE – KEY POINTS AND HIGHLIGHTS PERFORMANCE BEFORE COVID CRISIS: FR FROM 01 01/0 /01/2016 TO 02 02/2 /21/2020 (1 (1 ) Icade outperformed the EPRA Europe Index by more than 70 pts. Share price 12/31/2015 = 61.9 € Share price 02/21/2020 = 103.7 € + 109.9 % 220 Icade 109,89% + 94.3 % 200 Gecina 94,29% 90,19% + 64.6 % 180 Covivio 64,59% 160 + 40.3 % Altarea 48,25% 140 40,33% - 7.7 % Klépierre 36,97% 36,88% 120 - 34.6 % Unibail 100 + 37.0 % Nexity -7,71% 80 + 90.2 % K&B -34,60% 60 01/01/2016 01/07/2016 01/01/2017 01/07/2017 01/01/2018 01/07/2018 01/01/2019 01/07/2019 01/01/2020 + 36.9 % EPRA Europe + 48.3 % CAC 40 Icade EPRA Europe Gecina Covivio Klepierre Unibail Rodamco CAC 40 Nexity Kaufman Altarea Sources: Bloomberg, Rothschild (1) Dividends reinvested I 12
1 2019: A POSITIVE YEAR FOR ICADE – KEY POINTS AND HIGHLIGHTS PERFORMANCE BEFORE COVID CRISIS: FR /21/2020 (1) (1) FROM 01 01/0 /01/2019 TO 02 02/2 Icade outperformed the EPRA Europe Index by c. 30 pts. Share price 12/31/2018 = 66.5 € Share price 02/21/2020 = 103.7 € + 65.4 % Icade + 66.9 % Gecina + 38.4 % Covivio + 28.7 % Altarea + 20.7 % Klépierre - 2.0 % Unibail + 23.4 % Nexity + 28.7 % K&B + 37.7 % EPRA Europe + 31.8 % CAC 40 Sources: Bloomberg, Rothschild (1) Dividends reinvested I 13
QUAI 8.2, ÎLOT B Bordeaux, Gironde 2 2020 UPDATE I 14
2 2020 UPDATE ICADE PROACTIVE TO COPE WITH COVID CRISIS The teams at Icade reacted swiftly : our first efforts were directed towards ensuring the health and safety of our teams, tenants, customers, contractors and suppliers Business continuity facilitated by a flex office environment in place for 2 years which eased the transition to the widespread use of Remote Work-from-Home Performance as of 03/31/2020: « A strong Q1 for both property investment divisions, property development revenue has already been impacted by the covid-19 crisis » I 15
2 2020 UPDATE UNDENIABLE STRENGTHS FOR ICADE Our people, strongly committed, but also: Office Property Investment Development Healthcare Property Investment • 62 % of cash flow • 8 % of cash flow Diversified • 30 % of cash flow • Portfolio: € 9.1 bn (1) • Turnover: 1 bn (1) • Portfolio: € 5.3 bn (1) business • Solid tenants : large companies (2) • Potential • first-class healthcare and government agencies represent 50 % of tenants and revenues mid operators term: € 7.1 bn 70 % of GRI Solid Strong cash position & facilities (more than € 2.5 bn as of March 2020) financial structure Strong shareholding Caisse des Dépôts and the Crédit Agricole Assurances Group, historical long term shareholders structure (1) As of December 31,2019 – 100% basis (2) CAC40 / SBF 120 I 16
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