2022 Annual Integrated Report

For the fifth consecutive year, Icade is publishing an Annual Integrated Report based on the recommendations of the International Integrated Reporting Council (IIRC), the global framework for integrated reporting.

Intended for all its stakeholders, this document offers a concise overall view of the Group and its drivers of sustainable performance in a complex and volatile environment. It provides a clear and transparent account of how Icade is able to create value in the short, medium and long term for the benefit of its customers, partners, employees, local authorities and communities, and society as a whole.

I am proud of everything that we have accomplished together at Icade and convinced that our Company is well equipped to face the challenges ahead with confidence and determination.

Olivier Wigniolle

CEO of Icade

Icade in
its ecosystem

To achieve its goals and help transform the real estate sector, Icade seeks to align the entire Company with its Purpose, constantly anticipating future challenges and opportunities, and supported by a broad ecosystem of stakeholders.

Keys figures

2022
IFRS Revenue
€1,8bn

+ 9% (ANR NDV : Net Disposal Value)

Group Net Current Cash Flow
€417m

+ 7%

EPRA NDV
€7.7bn

+ 12% (ANR NDV : Net Disposal Value)

A committed team

As key drivers in implementing Icade’s Purpose, CSR commitments are integrated into the business model and the entire Company is now working together to achieve the objectives that have been set. Governance bodies, managers, employees and everyone at Icade are involved in making its CSR policy a source of growth and collective pride.

  • A strategic priority from the top of the Company on down

    All of Icade’s internal stakeholders are now involved in implementing the Group’s low-carbon strategy—to align its three divisions with a 1.5°C pathway to achieve net zero emissions by 2050, in accordance with the Paris Agreement. This strategy was approved in 2022 by the SBTi (Science-Based Targets initiative), a globally recognised science-based initiative that provides companies with an opportunity to have their emission reduction targets validated. Icade’s environmental goals also received the support of the Group’s shareholders. These goals were the subject of a “Say on Climate and Biodiversity” resolution approved by over 99% of the votes at the General Meeting held in April 2022.

  • Employees contribute to and benefit from CSR commitments

    To ensure everyone’s involvement, Icade’s CSR goals are factored into the remuneration and performance incentive policy of the Group’s managers and employees. For example, CSR commitments are now included in the management and professional development interviews of 82% of managers and 61% of employees. In addition, since 2021, the performance incentive agreement has included, in addition to financial criteria, criteria related to environmental and societal commitments in line with Icade’s objectives. When considered together with action plans defined for each of the Group’s divisions, they enable Icade employees to both contribute to and benefit from the Company’s CSR results.

  • Actively involved managers

    As proof of the Group’s efforts and desire to get the whole Company involved, Icade has decided to make 10% of the variable remuneration of Executive Committee members contingent upon meeting CSR objectives and those set for its Purpose indicators. In the same manner, the granting of 15% of the CEO’s performance shares is contingent upon achieving Icade’s low-carbon pathway.

A real estate industry undergoing a major transformation

Despite having experienced two major exogenous shocks in less than two years, the real estate industry continues its transformation. Due to both underlying trends and temporary phenomena, such as the energy crisis, rising interest rates, changing lifestyles and the climate emergency, city stakeholders have no choice but to reinvent themselves to continue to meet the new expectations of users.

  • Housing for all, a challenge for today

    The large and sudden jump in inflation and interest rates have both strongly impacted the real estate market in 2022. Obtaining a mortgage has become more difficult for home buyers, particularly individuals, while rising costs, especially energy costs, have put additional pressure on both tenants and landlords. Given this, access to housing and the energy performance of buildings have become of paramount importance. In addition, housing and office solutions must respond to the changes in the way we live and work that were sped up by the outbreak of Covid. As remote work and co-working have become the norm at many companies, homes and offices must adapt to this new reality.

  • Increased need for healthcare and well-being

    Lastly, the ageing of the European population has led to an increased need for healthcare and support for dependent elderly people. The demand for healthcare infrastructure has never been greater, both quantitatively, to cope with demographic pressure, and qualitatively, to adapt facilities to provide specialised surgical and medical services and keep up with advances in medical practices and techniques. Healthcare solutions must now take into account quality of life, well-being as well as access and ease of access to healthcare services.

  • Growing demand for nature in cities

    The choices made by home buyers and tenants further reflect their need for outdoor spaces, whether private or shared. This pursuit of urban nature is due in part to an increased awareness of the climate emergency, the effects of which are now clearly visible and very tangible for many French people. Closely linked to climate change, of which it is one of the causes, the loss of biodiversity has also become a major challenge for city stakeholders. Because acting to preserve biodiversity means acting to reduce global warming and adapting the city to these changes in order for it to remain liveable, particularly by reducing heat islands.

Risks clearly identified and managed

Preventing and managing risks and seizing new opportunities are an integral part of Icade’s day-to-day business and contribute to the Group’s long-term performance. This approach is tangibly reflected in the way we do business.

Icade and its ecosystem as seen by Comex members

Sandrine Hérès Executive Committee member in charge of Human Resources and the Work Environment Department

Sandrine Hérès Executive Committee member in charge of Human Resources and the Work Environment Department

Sandrine Hérès Executive Committee member in charge of Human Resources and the Work Environment Department

Flore Jachimowicz Executive Committee member in charge of CSR and Innovation

Flore Jachimowicz Executive Committee member in charge of CSR and Innovation

Flore Jachimowicz Executive Committee member in charge of CSR and Innovation

Séverine Flocquet-Schmit Executive Committee member in charge of Audit, Risk, Compliance and Internal Control

Séverine Flocquet-Schmit Executive Committee member in charge of Audit, Risk, Compliance and Internal Control

Séverine Flocquet-Schmit Executive Committee member in charge of Audit, Risk, Compliance and Internal Control

Victoire Aubry Executive Committee member in charge of Finance and IT

Victoire Aubry Executive Committee member in charge of Finance and IT

Victoire Aubry Executive Committee member in charge of Finance and IT

1/12

How do employees participate in Icade’s CSR strategy?

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2/12

How are these CSR objectives reflected in day-to-day operations?

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3/12

What have you put in place for young talent?

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4/12

What has Icade put in place to anticipate and respond to trends?

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5/12

What is your vision of the city of tomorrow?

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6/12

How do you intend to achieve this?

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7/12

What types of risk might impact Icade’s performance? Why is it essential to recognise these risks and understand them?

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8/12

How is risk managed at Icade?

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9/12

How does the Icade Group adapt to changes in its environment, and in particular to the resulting risks?

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10/12

How did you adapt your business model in 2022 to ensure that it continues to perform well in the new financial environment?

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11/12

You have not been impacted by rising interest rates, how do you explain this?

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12/12

How do you reconcile performance with more stringent environmental requirements and what role does finance play in Icade’s sustainable development strategy?

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Découvrir la réponse

« Employees have been essential to Icade’s CSR strategy from its definition to implementation. They took part in formulating the CSR commitments for 2023–2026 through a collaborative, cross-functional approach that involved all the business lines so that employees, regardless of their job description, could identify with them and better implement them. Employees have also become involved in advancing the CSR strategy thanks to the extensive awareness-raising and training sessions they receive. As a result, 96% of employees were made aware of Icade’s low-carbon pathway and CSR issues in 2021. Lastly, in addition to taking Icade’s commitments into account in their day to-day work, they are the leading ambassadors of the Group’s Purpose, as many of them are involved with our societal partners. »

Découvrir la réponse

« To ensure the involvement of our employees, the objectives of each manager, as defined during the management and professional development interviews, have systematically included CSR objectives for several years now. To this end, we, together with the CSR & Innovation Department, have created a handbook for managers to enable them to understand the commitments and translate them into objectives, quantifiable if possible, adapted to their business lines. Since 2022, an amendment to the performance incentive agreement signed by Icade and its social partners has added two performance criteria for its employees, namely procurement from the sheltered work sector and a reduction in CO2 emissions. These two initiatives highlight the key role played by human resources in driving the change entailed in the growing importance of CSR issues in our business activities. We are working on several fronts at the same time to update management models, develop skills to adapt to changes in the business environment, renew our employer promise to meet the new expectations of job seekers and attract the best talent. Broadly speaking, it seems to me that in order to implement a CSR strategy effectively, it is essential to increase the attention paid to the management and well-being of employees. Against a backdrop of major changes, employee care is fundamental because there is no overall performance without social performance and no social performance without nurturing a culture of mutual trust on a daily basis. »

Découvrir la réponse

« As innovation helps to implement the Group’s CSR strategy, we wanted to support its development here at Icade by involving our young talent. This is the aim of the 18-month Innovation Graduate Programme that allows young graduates to become permanent Icade employees and join the CSR & Innovation Department while at the same time working closely with Icade’s business divisions or in one of them. A genuine springboard for their careers, this programme enables young talent to acquire a cross-functional vision of our business by working on innovation projects and to build their future at Icade.In addition, the CSR & Innovation Department has created an Innovation Fund with an annual budget of €2 million to develop, support and contribute to innovation projects for all the Group’s departments. Some projects may result in the creation of start-ups at Urban Odyssey, Icade’s start-up studio. In 2022, innovation projects were rolled out in the various divisions, supported and financed by the in-house Innovation Fund. »

Découvrir la réponse

« The major trends at work in our environment—i.e. the increased rate of climate-related upheavals, biodiversity loss, changes in the way we live and work as well as the ageing of the population—have a profound impact on the way we design cities. Faced with these challenges, Icade has made strong commitments and strategically chose to combine CSR and innovation in the same department in 2020, a combination that is reflected in all of the Group’s business divisions. While our CSR strategy makes it possible to anticipate future upheavals, define commitments and objectives and derive roadmaps to achieve them, innovation has already allowed us to develop the necessary solutions with agility and steer the indispensable transformation of our businesses or the creation of new ones. Innovation, whether developed in-house or as the result of our collaboration with entrepreneurs from outside the Group, such as our start-up studio Urban Odyssey, plays an essential role at Icade in shaping the city of the future. »

Découvrir la réponse

« Far removed from the super high-tech cities built out of nothing in sci-fi movies, I think the city of tomorrow is above all a city on a human scale, diverse and inclusive, enabling people to live together in a favourable environment. It is also, obviously, a low-carbon city that prioritises renovation over demolition and reconstruction (reducing greenhouse gas emissions by 30%) and minimises land take. More generally, I believe that we must ask ourselves how to repair the city, reuse what already exists, explore biomimetics and solutions inspired by nature to respond to the environmental issues that have become a priority, namely lower energy consumption, heating and cooling methods, reduced impact of construction, climate change adaptation, etc. It is also a city that promotes local solutions through short supply chains, a mix of uses and soft mobility. It provides affordable and inclusive housing to make everyday life easier and more enjoyable for all its residents, regardless of their age or income level. Finally, it is a greener city that makes room for nature, a key issue to which Icade has made a huge commitment in the last few years, as shown by its recent projects in the Portes de Paris business park and the Athletes Village. »

Découvrir la réponse

« Responsible for a quarter of France’s greenhouse gas emissions, the real estate industry has a major role to play in fighting climate change. At Icade, we have several priorities, namely to ramp up low-carbon construction, in particular through Urbain des Bois which uses renewable bio-based materials; adapt our buildings to climate change; emphasize the integration of nature into cities; step up the development of reuse processes; reduce land take; and support the conversion of offices into housing with AfterWork by Icade. To create cities where people want to live, Icade also pays particular attention to inclusion, by promoting housing for all and the age, social and economic diversity of its projects. These developments reflect and anticipate new trends, such as the work carried out with Domani, a start-up that designs co-living spaces for seniors looking to continue living in the city centre. Lastly, in order to go faster and farther, I am convinced that it is essential to work with others in the same industry, as Icade does through its many ties and partnerships with customers, local authorities, architects, start-ups and academia. The city of tomorrow is being built today and being built together. »

Découvrir la réponse

« Fluctuating rents and property values, rising interest rates, increasing energy costs, health and safety on construction sites, cybercrime, regulatory instability, and the scarcity of certain resources are all risks facing Icade that have the potential to impact its performance. Identifying and understanding risks allows management to better integrate them into forecasts and improve decision-making. As part of our strategy, we also set and monitor exposure limits, in conjunction with the Board of Directors. This ultimately allows us to propose control actions tailored to our particular set of circumstances and internal organisation. For example, Icade is exposed to the risk of obsolescence of its office assets and those associated with the physical impact of climate change. Addressing these risks will allow us to continue to meet tenant expectations by offering some of the most attractive properties on the market. This involves modernising our existing assets and advancing their energy transition, developing new services and including investment criteria to take these issues into account in acquisitions and development projects. »

Découvrir la réponse

« We’ve developed a risk management system based on mapping to identify and assess risks, control mechanisms to manage these risks, and controls to verify the effectiveness of such mechanisms. This assures the Company that the risks it may face are well managed, even in an economic environment marked by uncertainty. Risks identified are assessed based on their likelihood of occurrence and estimated impact, and then plotted on a risk map in order to rank and prioritise them. Our goal is to make this map a tool that helps us to identify and manage our risks. In addition, while the business side needs to be kept separate from risk management, close collaboration between the two is essential. Such collaboration ensures that the system in place is adapted to the realities of each business line, with a view to continually improving our ability to identify and assess risk. »

Découvrir la réponse

« We operate in an environment of uncertainty, marked by rising interest rates, inflation, etc. Risks are changing, becoming more complex and interconnected. As such, some risk management mechanisms need to be adjusted. By regularly reviewing our risks and maintaining a continuous dialogue with the operational teams, we should be able pick up on weak signals and identify emerging risks. As risk management is an integral part of the day-to-day operations of each division, managers can react quickly to any changes. This was the case, for example, with energy risk, for which Icade’s teams were very well prepared. Lastly, faced with an unprecedented increase in the number and variety of risks since the outbreak of Covid, we need to make our organisation more resilient. This resilience is twofold—financial, so that we can continue financing our growth, and operational, so that we can adjust and adapt our processes and continue to deliver on projects and meet customers’ expectations. »

Découvrir la réponse

« Faced with the sharp and rapid rise in interest rates and, consequently, in financing costs, Icade’s watchword throughout the year was agility. For example, before interest rates started increasing, the Company issued an 8-year €500 million Green Bond with an attractive 1% coupon in January 2022. In addition, the operational teams at the Office Property Investment Division were able to complete the year’s asset disposal plan (c. €600 million), with 100% of the sales or preliminary sales carried out as early as September. Lastly, we used good judgement in managing the investments of both our Healthcare and Office Property Investment Divisions by choosing to make fewer of them. The annual investment volume was down by 50% in 2022. These three examples reflect Icade’s ability to adapt its business model to a new interest rate environment and enabled the Group to report solid and resilient financial results. »

Découvrir la réponse

« Icade has always adhered to a prudent financial policy. This policy is based on three objectives, i.e. to protect its credit rating (Standard & Poor’s BBB+), to have sufficient liquidity to get through periods of financial market turbulence and, finally, to limit the impact of higher interest rates on its business through hedging against interest rate risk. As 96% of Icade’s debt was fixed rate or hedged, the Company was not adversely affected by rising interest rates in 2022. The significant resilience of its balance sheet (average cost of debt of 1.25% and an average debt maturity above 5 years) and strong debt structure will enable the Group to face the new interest rate environment with confidence over the coming years. »

Découvrir la réponse

« Environmental requirements are now an integral part of our business models and must be factored into the performance criteria of our divisions. The question is how can we maintain our financial, environmental and operational performance when the scope of what is required is growing wider? I am also convinced that environmental performance should not be seen as a constraint but as a real opportunity and a major factor in the Company’s appeal. It also enhances the quality of our solutions and lays the groundwork for how we will perform in the future. As a result, Icade’s Finance Department has taken this new situation and required investments into account in its indicators. The department also plays a major role in financing these environmental commitments. As such, it is vital that our debt management policy aligns with the CSR issues relevant to our business activities. This reflects Icade’s reliance on sustainable finance that has increased steadily for several years, reaching 43% of the Group’s financing by the end of 2022. Ultimately, all the debt raised would need to be sustainable and used to finance projects having a positive impact on society and the environment.Lastly, Icade published its first EU Taxonomy Report in 2022. This groundbreaking initiative reconciles environmental and financial considerations for the first time by asking companies to use financial indicators to monitor their economic activities aligned with environmental requirements. Taxonomy reporting represents a new opportunity to help us better understand the environmental performance of our business and, consequently, our responsibilities in this domain. »

Icade at the centre of a dynamic ecosystem

Convinced that the city of tomorrow can only be created collectively, Icade spearheads a vast network of partners in order to promote interaction that leads to the emergence of new ideas and practices. Thanks to the many relationships built up with its external stakeholders, Icade is able to act faster and more effectively to contribute to the sustainable transformation of the industry.

  • Partnerships with industry and academia

    To continue to integrate innovation into its real estate solutions, Icade has developed partnerships with academia. In 2018, the Group co-founded the Chair in Entrepreneurship, Local Development and Innovation (ETI) with Paris-Sorbonne University, whose aim is to develop strategies and policies to deal with the changes facing city stakeholders. In partnership with HEC, Icade then created the “Corporate Initiative Icade For Better Urban Living”, with the aim of responding to today’s challenges in line with its Purpose. This initiative is based on three pillars, namely the creation of the Icade “Innovating for sustainable urban living” Academy for HEC Paris students, the Group’s support for the “Innovation for Good” certificate and its partnership with HEC Paris on the Social and Solidarity-based Economy (SSE) Accelerator for the Paris region. Through these efforts, Icade aims to anticipate societal changes as well as the housing, work and healthcare expectations of residents, three areas closely related to its core business of real estate. In 2022, Icade also forged partnerships with industrial players. For example, Icade teamed up with Schneider Electric to improve the energy management of office buildings, healthcare facilities and smart homes. In addition, Icade signed a letter of intent to partner with Saint-Gobain to develop low-carbon construction innovations, some of which have already been used in the Athletes Village.

  • “Inclusion: a journey through an innovative France”

    On the occasion of its third edition on September 8, 2022, the day’s discussions organised by Icade and La Tribune were dedicated to the theme of inclusion. The programme included six round tables, a testimonial and a keynote address on key topics for the Group, including innovating locally with a focus on neighbourhoods, the future of housing and the importance of healthcare in cities. This was an opportunity for Icade to hear experts in these fields, including philosophers, researchers, elected officials, entrepreneurs and business leaders, express their views on the future of cities.

  • A start-up studio contributes to building the city of tomorrow

    Through its support and investment, Urban Odyssey has helped to launch 14 start-ups in just three years. These projects are a direct response to the challenges of reducing carbon, preserving biodiversity and adapting to the new market needs directly related to Icade’s business activities. For example, Urban Odyssey’s portfolio includes start-ups such as Vertuo which recycles rainwater via plant watering in the heart of the city and Terrio, whose goal is to make compressed earth blocks a key material in the buildings of tomorrow.

1/3

“Innovation in France’s neighbourhoods and communities”

A round table with Nadia Bouyer, CEO of Action Logement Group, Stéphanie Dupuy-Lyon, Head of Planning, Housing and Nature at the French Ministry for Ecological Transition and Territorial Cohesion, Mounira Hamdi, Co-Chairwoman of Diversidays, Laurent Degallaix, mayor of Valenciennes and Cathy Savourey, deputy mayor in charge of urban planning and major projects for the city of Tours.

2/3

Vertuo

Vertuo manufactures and markets turnkey urban solutions for recycling rainwater.

3/3

Domani

Established in 2020 and emanating from Icade’s Urban Odyssey start-up studio, Domani offers seniors human-scale homes run on a daily basis by a team of professionals specialised in ageing well. The aim of the creators? To allow residents to continue to live in a real home and maintain social ties while benefiting from a setting adapted to their age and/or physical condition.

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2022 Annual Integrated Report

Sustainable
and shared growth

Icade successfully puts its Purpose into action while creating value for all its stakeholders. It does this through a robust value creation model and a strategic approach that integrates business and CSR issues and, as a result, turns low-carbon, biodiversity and inclusion into areas that we intend to further develop.

Strong performance across our three business lines

Despite particularly complex and volatile economic conditions, Icade’s three business lines performed strongly in 2022. These results confirm the relevance of our business model, the rigour of our financial management and the capacity of our business lines to adapt to their environment, all while pursuing an ambitious environmental strategy. The Group can therefore look forward with confidence to the challenges ahead.

  • Office Property Investment

    With EPRA earnings up 5% against a backdrop of significant asset rotation (over €600 million in disposals in 2022), the Office Property Investment Division reaffirmed the strength of its fundamentals, offering solutions that reflect new tenant needs and news ways of living and working.

  • Property Development

    Despite the inflationary backdrop, the Property Development Division’s sales indicators were particularly high in 2022, with economic revenue up 17% to €1.3 billion and an improvement in profitability.

  • Healthcare Property Investment

    The Healthcare Property Investment Division continued a strong upward trend in rental income and adjusted its investment strategy to the changing financial environment. Despite the crisis and the difficulties faced by healthcare providers (inflation, energy costs), the healthcare asset class remained very attractive in 2022, demonstrating its resilience.

Decoding of Victoire Aubry

Victoire Aubry Executive Committee member in charge of Finance and IT

Victoire Aubry Executive Committee member in charge of Finance and IT

Victoire Aubry Executive Committee member in charge of Finance and IT

1/3

How did you adapt your business model in 2022 to ensure that it continues to perform well in the new financial environment?

Read the answer
2/3

You have not been impacted by rising interest rates, how do you explain this?

Read the answer
3/3

How do you reconcile performance with more stringent environmental requirements and what role does finance play in Icade’s sustainable development strategy?

Read the answer

Découvrir la réponse

« Faced with the sharp and rapid rise in interest rates and, consequently, in financing costs, Icade’s watchword throughout the year was agility. For example, before interest rates started increasing, the Company issued an 8-year €500 million Green Bond with an attractive 1% coupon in January 2022. In addition, the operational teams at the Office Property Investment Division were able to complete the year’s asset disposal plan (c. €600 million), with 100% of the sales or preliminary sales carried out as early as September. Lastly, we used good judgement in managing the investments of both our Healthcare and Office Property Investment Divisions by choosing to make fewer of them. The annual investment volume was down by 50% in 2022. These three examples reflect Icade’s ability to adapt its business model to a new interest rate environment and enabled the Group to report solid and resilient financial results. »

Découvrir la réponse

« Icade has always adhered to a prudent financial policy. This policy is based on three objectives, i.e. to protect its credit rating (Standard & Poor’s BBB+), to have sufficient liquidity to get through periods of financial market turbulence and, finally, to limit the impact of higher interest rates on its business through hedging against interest rate risk. As 96% of Icade’s debt was fixed rate or hedged, the Company was not adversely affected by rising interest rates in 2022. The significant resilience of its balance sheet (average cost of debt of 1.25% and an average debt maturity above 5 years) and strong debt structure will enable the Group to face the new interest rate environment with confidence over the coming years. »

Découvrir la réponse

« Environmental requirements are now an integral part of our business models and must be factored into the performance criteria of our divisions. The question is how can we maintain our financial, environmental and operational performance when the scope of what is required is growing wider? I am also convinced that environmental performance should not be seen as a constraint but as a real opportunity and a major factor in the Company’s appeal. It also enhances the quality of our solutions and lays the groundwork for how we will perform in the future. As a result, Icade’s Finance Department has taken this new situation and required investments into account in its indicators. The department also plays a major role in financing these environmental commitments. As such, it is vital that our debt management policy aligns with the CSR issues relevant to our business activities. This reflects Icade’s reliance on sustainable finance that has increased steadily for several years, reaching 43% of the Group’s financing by the end of 2022. Ultimately, all the debt raised would need to be sustainable and used to finance projects having a positive impact on society and the environment.Lastly, Icade published its first EU Taxonomy Report in 2022. This groundbreaking initiative reconciles environmental and financial considerations for the first time by asking companies to use financial indicators to monitor their economic activities aligned with environmental requirements. Taxonomy reporting represents a new opportunity to help us better understand the environmental performance of our business and, consequently, our responsibilities in this domain. »

Desirable places
to live

By designing cities, neighbourhoods and buildings that are innovative, diverse, inclusive and connected with a reduced carbon footprint, Icade is reinventing real estate and helping to build cities that are healthier and more hospitable. Cities where people want to live and work.

The Athletes Village : a showcase project

A showcase for the city of tomorrow, sustainable, inclusive and designed from the very start with residents and local communities in mind, Block D of the Athletes Village in Saint-Ouen-sur-Seine will be converted, once the Olympics are over, into a real urban neighbourhood deeply rooted in its surrounding area.

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Promoting Inclusion, mixed uses and diversity

Icade's projects mix office, residential, retail and common space uses, whether in Nanterre, Rocquebrune-Cap-Martin or in Spain with Icade Santé.

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Promoting Innovation and Connectivity

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Promoting Low-Carbon Living

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Documents

Interactive document

Discover the Integrated Annual Report 2022 document in an interactive format !

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