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* Reclassification of the Axe Seine building from the business park segment to the office segment

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Icade: favorable dynamic across all business lines in Q3 2017

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10/20/2017 | 05:57pm CEST

PRESS RELEASE

Paris, October 20, 2017 ICADE: FAVORABLE DYNAMIC ACROSS ALL BUSINESS LINES IN Q3 2017
  1. REVENUE AS OF SEPTEMBER 30, 2017

    As of September 30, 2017, Icade's consolidated revenue stood at €1,152.9 million, up 16.1% year-on-year, driven by Property Development (+28.2%).

    cellpadding="5"> valign="top" style="text-align:left;">

(in millions of euros)

09/30/2017

09/30/2016

Change

(%)

Like-for-like change (%)

Gross rental income from Commercial Property Investment

279.7

282.4

(1.0)%

(0.4)%

Gross rental income from Healthcare Property Investment

159.7

154.8

3.2%

0.2%

Property Development revenue

719.2

561.1

28.2%

28.2%

Other revenue

(5.7)

(5.0)

-

-

CONSOLIDATED REVENUE

1,152.9

993.3

16.1%

16.9%

1 Economic revenue: IFRS revenue adjusted from IFRS 11

  • PROPERTY INVESTMENT DIVISION

  • Commercial Property Investment

    Rental income:

    cellpadding="5"> valign="top" style="text-align:left;">
  • (in millions of euros)

    09/30/2016

    restated*

    Acquisitions/ completions

    Disposals/ redevelopments

    Rent escalation

    Leasing activity

    09/30/2017

    Change (%)

    Like-for- like change (%)

    Offices

    125.3

    19.1

    (17.5)

    0.6

    0.8

    128.2

    2.4%

    1.3%

    Business parks

    148.2

    15.2

    (18.1)

    1.0

    (2.3)

    144.1

    (2.8)%

    (1.1)%

    TOTAL OFFICE AND BUSINESS PARK

    273.5

    34.3

    (35.6)

    1.6

    (1.5)

    272.3

    (0.4)%

    0.0%

    Other assets

    13.2

    -

    (1.1)

    0.0

    0.1

    12.2

    (7.6)%

    0.7%

    Intra-group transactions from Commercial Property Investment

    (4.3)

    -

    -

    (0.5)

    (4.8)

    GROSS RENTAL INCOME

    282.4

    34.3

    (36.7)

    1.7

    (1.9)

    279.7

    (1.0)%

    (0.4)%

    Gross rental income from Commercial Property Investment totalled €279.7 million as of September 30, 2017, down 1.0% compared to September 30, 2016. In the office and business parks segment, rental income was stable on a like-for-like basis.

    Rental income rose by 2.4% in the office segment (+1.3% like-for-like) and declined by 2.8% in the business parks segment (-1.1% like-for-like) following the disposal of non-core business parks carried out in 2016.

    Changes in scope of consolidation (acquisitions, completions and asset disposals) had an impact of -€1.4 million on rental income:

    +€15.1 million positive impact from acquisitions made in 2016 (Orsud, Parissy and Arc Ouest buildings)

    +€16.5 million in additional rental income from asset completions, including the Véolia (+€9.0 million) and Millénaire 4 (+€6.2 million) buildings in the Millénaire business park in 2016, and Défense 4/5/6 (+€0.9 million) completed in 2017 in Nanterre

    +€2.7 million from the rent guarantee linked to the completion of the first phase of the Go Spring off-plan purchase project in 2017

    Offices

    Business parks

    95.8%

    89.1%

    94.6% 95.3% +0.4 pp

    88.1% 89.1% +0.2 pp

    6.2

    3.7

    6.2

    3.7

    OFFICES & BUSINESS PARKS

    92.3%

    91.1% 92.0% +0.4 pp

    4.9

    4.9

    Warehouses

    100.0%

    84.7% 84.9% +10.5 pps

    2.1

    2.2

    COMMERCIAL PROPERTY INVESTMENT

    92.3%

    91.1% 92.0% +0.3 pp

    4.9

    4.9

    * Change between June 2017 and September 2017, excluding completions, acquisitions and disposals for the period

    ** Based on proportionate consolidation

    *** Reclassification of the Axe Seine building from the business park segment to the office segment

    New leases signed since the beginning of the year added up to 110,382 sq.m (53,090 sq.m during the quarter ended), equivalent to €24.6 million in rental income.

    New leases signed in 9M 2017 which are scheduled to start after September 30, 2017 represented an aggregate floor area of 54,900 sq.m.

    The quarter was marked by the signing of an off-plan lease agreement for the Fontanot office building located in Nanterre (Hauts- de-Seine). This off-plan agreement provides for the leasing of 15,700 sq.m for a term of 12 years with no break option. A major overhaul of the building will start in Q1 2019 and is scheduled for completion at the end of 2020, while the lease should start in Q1 2021.

    Cumulative investments since January 1, 2017:

    cellpadding="5"> valign="top" style="text-align:left;">

    (in millions of euros)

    Operating

    asset acquisitions

    Off-plan acquisitions

    Projects under development

    Other CAPEX

    Other

    Total

    valign="top" style="text-align:left;">

    Offices

    5.9

    88.8

    13.6

    40.0

    2.8

    151.1

    valign="top" style="text-align:left;">

    Business parks

    0.0

    0.0

    29.9

    30.5

    0.4

    60.8

    valign="top" style="text-align:left;">

    OFFICES & BUSINESS PARKS

    5.9

    88.8

    43.5

    70.4

    3.3

    211.9

    valign="top" style="text-align:left;">

    Other assets

    0.0

    0.0

    0.0

    1.0

    0.3

    1.3

    valign="top" style="text-align:left;">

    COMMERCIAL PROPERTY INVESTMENT

    5.9

    88.8

    43.5

    71.4

    3.6

    213.2

    Investments for the period amounted to €213.2 million (vs. €204.2 million as of September 30, 2016). Off-plan purchases represented €88.8 million and included the following:

    Investments in the development pipeline (€43.5 million) related primarily to the Origine, Pulse and Défense 4/5/6 projects.

    Asset disposals:

    As of September 30, 2017, disposals carried out since the beginning of the year amounted to €247.7 million and related mainly to three of the five office assets located in Villejuif (42,600 sq.m) and sold to LCL for €226.0 million (two of these disposals took place in H1).

    In Rhin and Loire (totalling 30,000 sq.m), the two buildings that were not sold, the leases with French bank LCL were renewed for terms of 7 and 9 years, respectively.

    Other disposals relate to non-strategic assets and represent €21.7 million. These asset disposals generated a total capital gain of €76.9 million.