PRESS RELEASE Issy-les-Moulineaux, October 22, 2020, 7:30 a.m.

ICADE – RESULTS AS OF SEPTEMBER 30, 2020

RESILIENT BUSINESS INDICATORS 2020 NCCF EXPECTED AT C. €4.80 PER SHARE

SOLID BUSINESS PERFORMANCE AT THE END OF SEPTEMBER

o Continued growth in gross rental income from Property Investment in Q3:
Office Property Investment: gross rental income up +4.5% for both offices and business parks; +2.0% like-for-like Healthcare Property Investment: gross rental income up +14.8%; +1.9% like-for-like
o High rent collection rates, in line with pre-Covid levels: over 97% for Q2; already over 92% for offices and 96% for healthcare for Q3 rents
o Property Development: Limited decline in revenue as of September 30: -15%¹ vs. -23% as of June 30 (impact of site shutdowns), +21% excluding Covid impact

FINANCIAL STRUCTURE: SOLID FUNDAMENTALS, CONTINUED APPEAL

o BBB+ rating with a stable outlook affirmed by S&P for both Icade and its subsidiary Icade Santé
o A Social Bond issue met with great success for the Healthcare Property Investment Division

UPDATED FY 2020 GUIDANCE

o The Covid-19 crisis has had a lower impact than estimated in July 2020 (c.-€30m vs. c.-€50m in July)
o 2020 Group NCCF expected at c. €4.80 per share
Limited shortfall in a context of crisis (c.-8.8% vs. 2019)
- c. 5% vs. 2019 excluding the impact of 2019 disposals and Covid-19
NCCF from Property Development expected to be slightly positive
o 2020 dividend stable vs. 2019 at €4.0 per share, subject to shareholder approval at the General Meeting

"After the resilient performance recorded in the first half of 2020, Q3 further demonstrated the soundness of both our Healthcare and Office Property Investment Divisions and saw the resumption of construction projects for our Property Development Division . Our diversified business model and the quality of our property portfolio have bolstered the strength of our Group and will drastically reduce the adverse effects of the crisis on the financial year 2020. Our dedicated, highly responsive teams have enabled Icade to take proactive steps to cope with the Covid crisis, and also to prepare Icade for the future, in order to pursue growth dynamics, in line with recent years." Olivier WIGNIOLLE, CEO

(in millions of euros)	09/30/2020	09/30/2019	Change (%)	Like-for-like change (%)
Gross rental income from Office Property Investment	267.9	256.3	4.5%	2.1%
Gross rental income from Healthcare Property Investment	224.6	195.7	14.8%	1.9%
Other rental income2	13.6	21.4	(36.4)%	N/A
Gross rental income from Property Investment	506.1	473.4	6.9%	1.9%
Property Development revenue	467.5	553.7	(15.6)%	(15.6)%
Other revenue 3	4.4	(9.2)	N/A	N/A
CONSOLIDATED REVENUE	978.0	1,017.9	(3.9)%	(6.6)%

¹ Economic revenue

² Other assets and intra-group revenue – Office Property Investment

³ Other revenue mainly represents intragroup services

1. OFFICE PROPERTY INVESTMENT

1.1 A SOLID PORTFOLIO AND ACTIVE CRISIS MANAGEMENT

A resilient and diversified tenant portfolio; rent collection rates close to normative rates

Icade has a strong tenant portfolio, with 88% of gross rental income (€373m on an annualised basis) coming from large companies, listed companies, public sector companies or government agencies and middle-market companies.
In addition, Icade's approximately 860 tenants represent a wide range of industries. The Company benefits from limited exposure to the sectors most affected by the crisis: the tourism, hotel and transport industries are individually insignificant. Taken as a whole, they represent less than 10% of the tenant portfolio.

A small number of tenants have negotiated some kind of rent relief since Q2. Q2 and Q3 rent collection rates stood already at 97% and 92% respectively as of September 30.

Actively supporting our tenants

As early as the middle of March, the teams at Icade implemented proactive measures to support tenants or responded to their requests:

While Icade has waived Q2 rents totalling €2.2m for small businesses closed by decree, negotiations with our tenants mainly concern deferrals, repayment plans and monthly payments.
Icade has also negotiated conditional support measures with some tenants since Q2. This involved tenants agreeing to extend their noncancellable lease period which in turn secured future rental income.
Lastly, the teams have been actively working on lease renewals and break options scheduled for 2021 and 2022.

In total, 20 leases were renewed in Q3, including 11 Covid-related renegotiations, extending the lease term to first break by 2.6 years on average on 48,424 sq.m with stable headline rents. These renegotiations involved rent-free periods granted solely in 2020.

Discussions and support measures to date have allowed us to secure over 60% of rental income from leases expiring or having a break option in 2021.

Resilient level of leases signed

Our teams, which continued their tireless work even during the lockdown period, have enabled us to continue along our trajectory. Significant leases were signed in Q2 and Q3 for nearly 40,000 sq.m (around 53,000 sq.m since the beginning of the year), without any substantial drop in rents compared to their previous levels, including:
o Park View (Lyon): 7 new leases signed in Q3 (4,400 sq.m) bringing total leases signed for space in this building since the beginning of the year to 11,000 sq.m;
o Jump (Portes de Paris business park): 12-year off-plan lease with no break option signed with easyHotel for 4,000 sq.m;
o PAT265 (Portes de Paris business park): Lease signed with Mediapro Sport France for 5,000 sq.m of offices and business premises;
o Rungis business park: Lease signed with Edvance, a subsidiary of EDF, for nearly 3,000 sq.m of offices and business premises.

As a result, most of the leases signed since March have been entered into on terms similar to those in place before the crisis. In addition, although there were more exits than additions to the portfolio of leased space in terms of floor area since the beginning of the year, the opposite in terms of annual headline rental income is true.

A secure pipeline

As of September 30, 2020, year-to-date investments in the pipeline amounted to nearly €130m, including close to 80% for projects to be completed in 2021.
There remains €133m to be invested in completions scheduled for 2021, out of a total amount of nearly €860m, with leases secured on 64% of them. These include the 65,000-sq.m Origine project, to be completed in Q2 2021, which is about 80% pre-let as well as the Fontanot project in Nanterre, to be completed in Q2 2021, which is 100% pre-let.
To date, the 23,000-sq.m Park View office complex, completed in mid-October in Lyon, has been 51% pre-let (vs. 31% at the end of June).

1.2 Q3 SNAPSHOT: LEASING ACTIVITY AND INVESTMENTS

Q3 rental income and leasing activity

GROSS RENTAL INCOME FROM OFFICES PROPERTY INVESTMENT (*)	256.3	6.0	12.8	(12.1)	4.9	267.9	4.5%	2.1%
Business parks	70.7	-	0.3	(0.1)	(0.5)	70.4	(0.4)%	(0.7)%
Offices	185.6	6.0	12.4	(12.0)	5.4	197.5	6.4%	3.3%
(in millions of euros)		09/30/2019 Acquisitions	Completions/ Developments/ Refurbishments Disposals		and index linked rent reviews	09/30/2020	Change (%)	Like-for-like change (%)
					Leasing activity

* excluding other assets and intra-group operations

Gross rental income from Office Property Investment totalled €281.5m as of September 30, 2020.

On a reported basis, gross rental income from offices and business parks rose by 4.5%⁴ . The impact of major disposals in 2019 was offset by the acquisition of Pointe Métro in 2019 (+€6.0m) and the completion of seven assets from the development pipeline over the last 24 months. These include two in Q1, namely B007 in the Pont de Flandre business park in Paris (19th district) and Quai Rive Neuve in Marseille.

On a like-for-like basis, gross rental income from offices and business parks continued to grow by +2.1%, driven by index-linked rent reviews and resilient leasing activity.

In addition, gross rental income from business parks has increased on a like-for-like basis. This is due in part to the start of a lease for 50% of the space in the Pulse building, with the second part of the lease on the remaining space expected to start in early November.

Despite an economy still reeling from a once-in-a-century health crisis, 52 leases were signed or renewed in Q3 alone, totalling nearly 74,000 sq.m, equivalent to €15.4m in headline rental income. Eleven leases have been renewed as part of Covid-related renegotiations.

Since January 1, 111 leases have been signed or renewed, equivalent to 132,100 sq.m, without any significant change in rent levels. They represent €30.1m in headline rental income with a WAULT to break of 8.9 years.

The financial occupancy rate stood at 92.1% as of September 30, 2020, slightly down compared to June 30, 2020 (-0.5 pp):

The occupancy rate for offices was 95.7% (96.2% as of June 30, 2020);
The occupancy rate for business parks was 83.5%, a slight increase from June 30, 2020 (+0.1 pp). If the second part of the OCOG lease for the entire Pulse building had already started, the occupancy rate would stand at 87.3%.

The WAULT to break stood at 4.3 years, broadly stable compared to June 30, 2020 (4.4 years).

⁴ It should be noted that the Eqho Tower is fully consolidated in the Group's financial statements.

			Financial occupancy rate Weighted average unexpired lease term
		(in %) (**)

Asset classes	09/30/2020	06/30/2020	12/31/2019	change*	09/30/2020	06/30/2020	12/31/2019
Offices	95.7%	96.2%	96.4%	(0.7) pp	4.6	4.7	4.9
Business parks	83.5%	83.4%	83.6%	+0.1 pp	2.9	3.0	3.0
OFFICE AND BUSINESS PARK ASSETS	92.1%	92.5%	92.6%	(0.5) pp	4.2	4.2	4.3
Other assets	91.9%	92.6%	92.5%	(0.6) pp	6.7	6.1	6.5
OFFICE PROPERTY INVESTMENT	92.1%	92.5%	92.6%	4.3	4.4	4.5

(*) Change between June 30, 2020 and September 30, 2020, 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, 2020

(in millions of euros)	Off-plan acquisitions	Projects under development	Other capex	Other	Total
Offices	26.6	92.9	15.4	7.9	142.8
Business parks	0.0	9.1	17.9	9.7	36.7
OFFICES AND BUSINESS PARKS	26.6	102.0	33.3	17.6	179.5
Other assets	0.0	0.0	0.3	0.0	0.4
OFFICE PROPERTY INVESTMENT	26.6	102.0	33.7	17.6	179.9

As of September 30, 2020, year-to-date investments amounted to nearly €180m, down significantly compared to Q3 2019 (€431m), including:

Investments in the development pipeline and off-plan sale projects for nearly €130m, comprising mainly Origine (Nanterre) for ~€60m, Park View (Lyon) for ~€20m and Fresk (Issy-les-Moulineaux) for ~€18m;
"Other capex" and "Other" for ~€51m relating to building maintenance work and/or tenant improvements for new leases.

As a reminder, two office assets were completed in the first three quarters and are both fully leased:

B007 located in the Pont de Flandre business park (8,550 sq.m, 19th district of Paris), completed in February 2020 and fully leased under an off-plan contract signed with URSSAF;
Quai Rive Neuve (3,110 sq.m) located in Marseille, completed in February 2020 and fully leased.

It should be noted that no significant acquisitions or disposals occurred during the period.

1.3 OPERATIONAL AND FINANCIAL OUTLOOK

The operational impact of the health crisis on the Office Property Investment Division has been limited. The Division has mainly been affected by support measures granted to tenants and construction site shutdowns. The estimated impact on 2020 NCCF was revised downwards in Q3 to €6m. This NCCF shortfall is mainly due to lettings and completions being pushed back.
Our teams are now focused on tomorrow and firmly committed to keeping pace with new market needs and trends.
o In particular, Icade has launched Imagin'Office, its new flexible office solution, and has signed a first lease with the subsidiary of a CAC 40 company. This 6-month lease involves 22 workstations located in a building owned by Icade in the heart of Neuillysur-Seine (Hauts-de-Seine). It represents the first success for this start-up incubated at Icade's start-up studio Urban Odyssey.
o The feasibility of converting a number of development projects into housing is being assessed.

2. HEALTHCARE PROPERTY INVESTMENT

2.1 IN LINE WITH THE PRE-CRISIS TREND

A limited financial impact on healthcare providers

90% of rental income is generated by leading healthcare operators, with short- and medium-term care facilities making up 90% of the Healthcare Property Investment portfolio and long-term care facilities the remaining 10%. This income is driven by a healthcare system that is mostly publicly funded.
Supported by exceptional government measures until the end of the year, healthcare providers, which have been on the front line since the beginning of the health crisis, have only been marginally impacted by the crisis from a financial standpoint.
The occupancy rates of the Healthcare Property Investment Division have remained stable at 100%.

Almost 100% of Q2 rents and already over 96% of Q3 rents have been collected.

Continued growth momentum: more than €220m in investments over Q3 (incl. c. €120m in preliminary agreements)

Investments made during the period totalling nearly €99m (acquisitions, pipeline projects and capex).
In addition, in July 2020, Icade signed preliminary agreements with ORPEA to acquire a portfolio of nine long-term care facilities (eight in Germany, one in France) for a total of €145m including duties. The first acquisition was finalised in France on September 30, with the acquisitions in Germany scheduled to be completed in Q4.
To date, the healthcare committed pipeline represents a total of nearly €300m to be invested until 2024. Year-to-date investments amount to €26m, including €12m over Q3.

The current health crisis has had only a very marginal impact on the Healthcare Property Investment business. The Division is almost halfway to achieving its objective announced in 2018 of €2.5bn in investments between 2019 and 2022, including €580m outside France.

2.2 Q3 SNAPSHOT: LEASING ACTIVITY AND INVESTMENTS

Gross rental income

(in millions of euros)	09/30/2019	Acquisitions	Completions/ Developments/ Refurbishments	Disposals	Leasing activity and index-linked rent reviews	09/30/2020	Change (%)	Like-for-like change (%)
France	195.5	13.3	1.8	(1.0)	3.3	212.8	8.8%	1.8%
International	0.2	11.4	-	-	0.2	11.8	N/A	N/A
GROSS RENTAL INCOME FROM HEALTHCARE PROPERTY INVESTMENT	195.7	24.7	1.8	(1.0)	3.5	224.6	14.8%	1.9%

Gross rental income totalled €224.6m, up 14.8%, fuelled mainly by the acquisitions made in H2 2019, both in France (+€13.3m) and abroad (+€11.4m), as well as developments for c. €2.0m.

On a like-for-like basis, this represented an increase of 1.9%, mainly due to index-linked rent reviews.

The financial occupancy rate of the portfolio as of September 30 remained unchanged at 100%.

In addition, the weighted average unexpired lease term to first break was 7.3 years: 6.6 years for short- and medium-term care facilities and 13.2 years for long-term care facilities, driven by international acquisitions (17.3 years).

	Financial occupancy rate				Weighted average unexpired lease term
	(in %)			(in years)
Asset classes	09/30/2020	06/30/2020	12/31/2019	09/30/2020	06/30/2020	12/31/2019
France	100.0%	100.0%	100.0%	6.7	7.0	7.4
International	100.0%	100.0%	100.0%	17.3	17.5	17.9
HEALTHCARE PROPERTY INVESTMENT	100.0%	100.0%	100.0%	7.3	7.6	8.0

9M 2020 investments:

		Projects under
(in millions of euros)	Asset acquisitions	development	Other capex	Other	Total
France	29.3	26.0	21.2	0.3	76.8
International	20.9	-	0.9	-	21.8
HEALTHCARE PROPERTY
INVESTMENT	50.2	26.0	22.0	0.3	98.6

Investments have continued despite the crisis, totalling €98.6m as of September 30, including €48m in Q3:

In France for nearly €77m:
o Acquisition of two nursing homes, one from Korian in Carcassonne and one from ORPEA in Marseille, for a total of €29.3m;
o Investments in the development pipeline for €26.0m;
o The remaining €21.5m primarily includes other modernisation investments, which will generate rental income.
Abroad for almost €22m, mainly the acquisition of a long-term care facility in Italy as part of the first international investment, which was announced in 2018 (seven nursing homes to be acquired from the operator Gheron).

2.3 OPERATIONAL AND FINANCIAL OUTLOOK

The impact of the crisis on net current cash flow for the year is expected to be minimal (c. -€2m) and should be limited to the effects of investment and completion delays (vs. -€4m estimated at the end of July).
Following Icade Santé's acquisition of a minority interest in its own share capital in Q3, Icade's ownership interest in Icade Santé increased from 56.8% to 58.3%.
Icade intends to leverage its expertise and leadership position in healthcare real estate to accelerate the implementation of its investment plan.

3. PROPERTY DEVELOPMENT

3.1 STRONG FUNDAMENTALS

The housing market continues to feel the effects of the crisis and recent municipal elections but underlying market indicators are positive

With the first half of the year severely disrupted by the health crisis and the closure of building sites, the housing market continues to be affected by a slowdown in the issue of building permits and related administrative authorisations due in part to the postponement of the municipal elections to June 2020.
Currently, all construction projects have fully resumed and the pace of housing starts has returned to pre-crisis levels.
Demand for housing remains structurally strong, supported by household growth—twice as fast as population growth—and generally favourable credit conditions.
Lastly, on September 15, 2020, the French minister in charge of housing announced her intention to extend the Pinel and interest-free loan (PTZ) investment incentive schemes until 2022, thus demonstrating the government's desire to support the demand for new housing.

Icade's leading indicators on a positive trend

Leading indicators for revenue, such as the land portfolio and backlog, continue to show growth and will provide secure revenue in Q4 and a portion of revenue expected in 2021.

The total backlog of the Property Development Division as of September 30, 2020, was up slightly (c. 1%) to €1.3bn, driven by the residential segment (+5%).
As of September 30, 2020, the portfolio of residential land and building plots under control comprised 10,348 units on a proportionate consolidation basis, representing potential revenue (excluding taxes) of €2.1bn, a 5% increase on December 31, 2019 (10,456 units for €2.0bn).
The agreement signed with CDC Habitat in July 2020 for the sale of more than 1,000 units throughout France for a total of around €208m (including taxes) will make up a significant proportion of housing orders for Q4. The revenue relating to this agreement will be recognised from the signing of the final purchase and sale agreements for the various projects (41 in total) and will have a positive impact on revenue and results for 2021.

(in millions of euros)	09/30/2020	12/31/2019	Change (%)
Property Development backlog	1,269.6	1,257.4	+ 1.0%
Residential Property Development	1,055.0	1,006.4	+ 4.8%
Office, Public Amenities and Healthcare Property Development	185.8	225.7	(17.7)%
Project Management Support service order book	28.8	25.3	+ 14.0%

3.2 Q3 SNAPSHOT

Revenue and housing orders

Increased sales and the resumption of all construction projects since the end of the lockdown have helped to offset the decline in revenue: As of September 30, 2020, economic revenue stood at €502m, down by a modest -15% (projects halted for 2.5 months). Excluding the impact of the Covid crisis, economic revenue as of September 30 would be up 21%.
o Revenue from the residential segment decreased by -11.5%. In contrast, notarised sales were up 9.3% in value terms compared to the previous year. Excluding the impact of the building site shutdowns, residential revenue would be up +22%. This revenue was also driven by two major bulk sales of serviced residences in June (sale of 636 units for a student residence in Villejuif and sale of 769 units for another student residence, a seniors' residence and a hotel in Ivry-sur-Seine).
o There was a rapid resumption in sales from mid-May, with solid momentum for bulk sales. The -22.1% decline in housing orders as of the end of September 2020 does not reflect the expected outlook for year-end, with a significant proportion of bulk orders (including the agreement signed with CDC Habitat) expected to be made in Q4 2020.
o Customer type has changed significantly, with an increase in the contribution of institutional investors (+10 pps on Q3 2019), notably due to a growing interest among these investors in the residential asset class.

Icade continues to perform well in competitive selection processes:

On July 31, 2020, Icade and SEGRO signed a preliminary agreement with SNCF to acquire land for their "Reprendre Racines" project on the site of the former Gobelins train station (Paris, 13th district). Located in the Olympiades neighbourhood, this project will be completed by 2025 and will include:
o Mixed-used spaces built by Icade: two 14,000-sq.m office buildings, 4,600 sq.m dedicated to sport, greenhouses and a 1.3-hectare garden;
o A 75,000-sq.m underground urban distribution centre, built by SEGRO.

		09/30/2020			09/30/2019
		Reclassification of			Reclassification of
(in millions of euros)	IFRS	joint ventures	Total	IFRS	joint ventures	Total	Change
Residential Property Development	389.2	32.8	422.0	442.0	35.0	477.1	(11.5%)
Office Property Development	77.4	1.1	78.5	110.6	1.8	112.4	(30.2%)
Intra-group Property Development operations	(0.1)	-	(0.1)	(0.1)	-	(0.1)	31.3%
REVENUE	467.5	34.5	502.0	553.7	36.8	590.5	(15.0%)

Business indicators (*)	09/30/2020	09/30/2019	Change (%)	12/31/2019
Orders for new housing units and building plots
Housing orders (in units) (**)	2,690	3,451	(22.1)%	5,067
Housing orders (in millions of euros including taxes)	604.6	759.6	(20.4)%	1,120.6
Housing order cancellation rate (in %)	14.4%	15.7%	(1.3) pps	15%
Average sale price and average floor area based on housing orders
Average price including taxes per habitable sq.m (in €/sq.m)	4,616	4,269	8.1%	4,109
Average budget including taxes per housing unit (in €k)	225.5	220.6	2.2%	221.5
Average floor area per housing unit (in sq.m)	48.8	51.7	(5.6)%	53.9
Breakdown of housing orders by type of customer (in %)
Owner-occupier buyers	24.9%	29.7%	(4.8) pps	28.5%
Private investors	28.6%	34.2%	(5.6) pps	33.1%
Institutional investors	46.5%	36.1%	+10.4 pps	38.4%

(*) Business indicators are shown on a full consolidation basis (including projects undertaken by jointly controlled entities).

(**) "Units" means the number of residential units or equivalent residential units (for mixed-use developments) of any given development.

3.3 OPERATIONAL AND FINANCIAL OUTLOOK

The impact of the crisis on NCCF from Property Development has been revised downwards significantly: Primarily due to construction site shutdowns (estimated at 2.5 months over FY 2020) which resulted in slower revenue recognition by the Property Development Division (percentage-of-completion method), the impact of the crisis on NCCF is now estimated at around -€22m for 2020 vs. between -€31m and -€36m estimated at the end of July.
o 95% of the NCCF shortfall in 2020 is expected to be recovered in 2021 and subsequent years.
o The NCCF from Property Development should be slightly positive in 2020.
Potential revenue over the medium term as of September 30, 2020 amounted to €7.0bn, on a proportionate consolidation basis for Icade Promotion and excluding taxes. It represents over 20,000 units for the residential segment and more than 365,000 sq.m for the office segment.

4. CONTINUED PROACTIVE MANAGEMENT OF LIABILITIES; FOCUS ON SUSTAINABLE FINANCE

Following its annual review, Standard & Poors reaffirmed the long-term rating of BBB+ with a stable outlook of Icade and its subsidiary Icade Santé in July 2020, confirming its confidence in their financial and business profile.
On September 17, 2020, Icade Santé issued the 1 st ever benchmark-size Social Bond. This €600m issue maturing in 2030 with a fixed coupon of 1.375% drew big demand on the bond market. The proceeds from this issue will be used to refinance acquisitions or projects relating to existing assets located in France which have an inherently positive social impact, specifically access to care for all. Nearly 10 times oversubscribed by major investors, this transaction reflects the market's strong interest in the fundamentals of Icade Santé and the company's credit quality.
In addition, Icade continued to optimise its funding policy in Q3 2020, in particular through the prepayment of a short-term bank credit line.

5. A DYNAMIC CSR POLICY

Icade's sustained CSR efforts once again recognised by ESG rating agencies

Icade has again this year been favourably rated by Sustainalytics, ISS ESG and EPRA for its CSR policies and reporting:
o In June 2020, Icade received "Prime" status awarded to leading companies in their industries by ISS ESG and improved its scor e (B- vs. C+ in 2018), ranking in the top decile for the real estate sector.
o In August 2020, Icade was ranked 3rd out of 418 listed real estate investment companies by Sustainalytics.
o Lastly, in September 2020, Icade once again achieved Gold in the EPRA Sustainability Awards for the quality of its CSR reporting.
A CSR criterion incorporated into the performance incentive scheme: To encourage its employees to become actively involved in its CSR policy and consistent with its commitment to inclusion set out in its Purpose, Icade signed a new performance incentive agreement in Q3. For the first time, it includes a CSR criterion related to procurement from the sheltered work sector to incite employ ees to support this sector which promotes employing vulnerable workers.
Icade publishes its third Annual Green Bond Report for the €600m Green Bond issued in September 2017: Allocated proceeds amounted to €584.5m as of 12/31/2019, including 41% for financing and 59% for refinancing. They are being used for projects and assets from the Office Property Investment Division that meet stringent and transparent eligibility criteria, including but not limited to a minimum certification level of HQE "Very Good" and/or BREEAM "Very Good". CO² emissions avoided by the green projects and assets financed in 2019 amounted to 1,423 tonnes, up 52% from 2018. The report is available at https://www.icade.fr/en/finance/financing/sustainable financing.

6. CHANGES IN GOVERNANCE

On the recommendation of the Appointments and Remuneration Committee, the Company's Board of Directors, at its meeting held on October 6, 2020, co-opted the following persons as directors:

Bernard SPITZ, to replace Jean-Paul FAUGÈRE who resigned in July due to his appointment as Vice-Chairman of ACPR⁵ ;
Antoine SAINTOYANT, to replace Waël RIZK following his resignation.

The directors Bernard SPITZ and Antoine SAINTOYANT will represent Caisse des Dépôts. Bernard SPITZ will be a member of the Strategy and Investment Committee.

The Board of Directors is composed of 15 members, including 5 independent directors (i.e. 33%) and 40% of women.

⁵ ACPR: Autorité de Contrôle Prudentiel et de Résolution (French Prudential Supervisory and Resolution Authority), an independent administrative authority operating under the auspices of Banque de France, the French central bank, responsible for the supervision of the banking and insurance sectors in France

7. OUTLOOK

7.1 IMPACT OF THE COVID-19 CRISIS ON NCCF: LOWER THAN EXPECTED

In connection with its Q3 results announcement, Icade once again estimated the impact of the Covid crisis on NCCF across all its business lines on an annual basis:

Office Property Investment: the impact of the crisis amounts to around -€6m, mainly due to lettings and completions being pushed back. (expected impact at the end of July: around -€12m)
Healthcare Property Investment: impact proven to be minimal, at around -€2m in 2020 (expected impact at the end of July: around -€4m)
Property Development: the expected impact on NCCF amounts to around -€22m, mainly due to construction site shutdowns which resulted in slower revenue recognition (percentage-of-completion method). The reduced estimated impact of construction site shutdowns and the absence of price erosion observed to date allowed the total impact of the crisis on Property Development NCCF to be revised downwards (estimate at the end of July: between -€31m and -€36m). 95% of the shortfall in 2020 NCCF will be recovered in 2021 and subsequent years.

Subject to the health crisis not worsening, the total impact of the crisis on 2020 Group NCCF has now been estimated at around -€30m, i.e. a lower amount compared to the estimate in late July (around -€50m).

7.2 UPDATED GUIDANCE

In light of the positive momentum witnessed in Q3 2020, proactive crisis management and upbeat market outlook, Icade has today announced its new guidance for the full year 2020 (subject to the health and economic situation not worsening significantly).

7.3 2020 DIVIDENDS

The 2020 dividend should be stable compared to the 2019 dividend, at €4.0 per share, subject to shareholder approval at the General Meeting,

7.4 INVESTOR DAY ON 11/23/20: ICADE'S POST-COVID POSITIONING

Investor Day, which has been confirmed for November 23, 2020, will enable Icade to discuss how the crisis has affected its strategic priorities in the short and medium term and how it plans to position itself in the post-Covid era.

FINANCIAL CALENDAR

Investor Day: Monday, November 23, 2020 2020 Full Year Results: Monday, February 22, 2021

This press release does not constitute an offer, or an invitation to sell or exchange securities, or a recommendation to subscribe, purchase or sell Icade securities. Distribution of this press release may be restricted by legislation or regulations in certain countries. As a result, any person who comes into possession of this press release should be aware of 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.

ABOUT ICADE

BUILDING FOR EVERY FUTURE

As an investor and a developer, Icade is an integrated real estate player that designs innovative real estate products and services adapted to new urban lifestyles and habits. By placing corporate social responsibility and innovation at the core of its strategy, Icade is closely involved with stakeholders and users in the cities—local authorities and communities, companies and employees, institutions and associations… As an office and healthcare property investor (portfolio value of €11.6bn as of 06/30/2020 on a proportionate consolidation basis) and as a property developer (2019 economic revenues of nearly €1bn), Icade has been able to reinvent the real estate business and foster the emergence of tomorrow's greener, smarter and more responsible cities. Icade is a significant player in the Greater Paris area and major French cities. Icade is listed on Euronext Paris as a French Listed Real Estate Investment Company (société d'investissement immobilier cotée, SIIC). Its leading shareholder is the Caisse des dépôts Group.

The text of this press release is available on the Icade website: www.icade.fr/en/

CONTACTS

Anne-Sophie Lanaute Charlotte Pajaud-Blanchard Head of Financial Communication and Investor Relations Press Relations Manager +33 (0)1 41 57 70 29 +33 (0)1 41 57 71 19

[email protected] [email protected]

APPENDIX

Leasing activity – Office Property Investment excluding Residential

							New leases signed
	06/30/2020			Q3 2020 changes		09/30/2020		in Q3 2020	09/30/2020
							Leases
					Floor area		starting	Leases	Total new leases
	Leased floor			Exits due to	adjustments	Leased floor	in	starting after	signed in
Asset classes		area Additions	Exits	disposals	⁽*⁾	area	Q3 2020	Q3 2020	Q3 2020
On a full
consolidation basis	(in sq.m)	(in sq.m)	(in sq.m)	(in sq.m)	(in sq.m)	(in sq.m)	(in sq.m)	(in sq.m)	(in sq.m)
Offices	827,138	1,341	(9,774)		(25)	818,680	10,164	-	10,164
Business parks	579,837	5,481	(6,220)		(199)	578,898	14,120	8,194	22,314
Other assets	151,062	975	(2,134)			149,903	1,118		1,118
LIKE-FOR-LIKE SCOPE (A)	1,558,037	7,797	(18,129)		(225)	1,547,481	25,402	8,194	33,596
Offices	24,581	573	(1,020)			24,134	12,339	-	12,339
Business parks	3,234	-	(630)			2,604	-	6,821	6,821
Other assets						-	-	-	-
ACQUISITIONS / COMPLETIONS / REFURBISHMENTS (B)	27,815	573	(1,650)			26,738	12,339	6,821	19,160
						-
OFFICE PROPERTY INVESTMENT (A)+(B)	1,585,853	8,370	(19,779)	-	(225)	1,574,219	37,741	15,015	52,756

(*) Change in floor areas as a result of a new survey by a licensed surveyor