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PRESS RELEASE Issy - les - Moulineaux , April 23 , 2021 , 6:00 p.m. ICADE Desirable places to live ICADE - RESULTS AS OF MARCH 31 , 2021 Q1 2021 REVENUE AT € 392.5M + 44 % ON Q1 2020 , + 30 % ON Q1 2019 POSITIVE SALES PERFORMANCE AS OF THE END OF MARCH 2021 DESPITE THE CONTINUING HEALTH CRISIS ○ O O O Property Investment : gross rental income up + 1.5 % to € 171.5m : • Office Property Investment : gross rental income broadly stable at nearly € 94m ; > 65,000 sq.m in leases signed or renewed Healthcare Property Investment : gross rental income up + 4.7 % to € 78.1m • High rent collection rates , in line with pre - Covid levels : over 97 % for Q1 ( NB : the 2020 collection rate stood at 99 % ) Development pipeline : projects completed or to be completed in 2021 have been 63 % pre - let Asset rotation : two asset disposals completed for a total of over € 320m : + 6 % premium to NAV as of 12/31/2020 , in line with NAV as of 12/31/2019 Property Development : strong business recovery with revenue¹ as of March 31 up 128 % , mainly driven by the residential segment ; orders and sales up² 126 % and 92 % , respectively , compared to Q1 2020 FINANCIAL STRUCTURE : OPTIMISING THE COMPANY'S FUNDING ON VERY FAVOURABLE TERMS о 10 - year , € 600m bond issued in January with a coupon of 0.625 % , the lowest ever for Icade 2021 GUIDANCE & DIVIDEND CONFIRMED 2021 Group NCCF per share : expected to grow by ~ + 3 % ( excluding the impact of 2021 disposals ) 2021 dividend : expected to increase by + 3 % : payout ratio in line with 2020 ( 83 % ) + distribution of part of the gains on disposals " Against the backdrop of an ongoing health crisis , our level of business activity , 44 % higher than in Q1 2020 and 30 % higher than in Q1 2019 , reflects the resilience of our business model . The Office Property Investment business has once again demonstrated the strength of its fundamentals with stable rental income and the active resumption of asset rotation , with nearly € 320m of assets sold on very favourable terms . The Healthcare Property Investment Division continues to grow in a disciplined manner . And the resumption of the Property Development Division's activities in Q1 2021 has reinforced the implementation of its roadmap , with ambitious short- and medium - term objectives . The teams are fully mobilised and Icade has adapted to the current environment . We are now confident that we will achieve the objectives announced for 2021 , despite the third lockdown . " Olivier Wigniolle , CEO ( in millions of euros ) Gross rental income from Office Property Investment³ Gross rental income from Healthcare Property Investment Other income Gross rental income from Property Investment Property Development revenue Other revenue CONSOLIDATED REVENUE * : Other Office Property Investment assets and intra - group operations * : " Other revenue " mainly includes intra - group revenue eliminations 1 Economic revenue 2 In volume terms 3 Offices and business parks Change Like - for - like 03/31/2021 03/31/2020 ( % ) change ( % ) 89.3 78.1 89.8 ( 0.6 ) % ( 2.0 ) % 74.6 4.7 % 0.4 % 4.2 4.6 ( 8.2 ) % ( 7.0 ) % 171.5 217.4 168.9 101.1 1.5 % ( 1.1 ) % 115.0 % 115.0 % 3.6 1.8 N / A 392.5 271.9 44.4 % N / A 43.2 %