TERREIS : Activity for 1st half-year 2012

Activity for 1st half-year 2012

Revenue up 56%, in line with the 35% growth objectives announced for rental income over the entire financial period

Pursuit of the refocusing strategy on Parisian commercial real estate

Trading levels in line with targets set at the start of the year

The rental income of TERREÏS was ¤28.5 million during the first half of 2012, up 56% compared to last year. This growth is in line with the forecast of at least a 35% increase in revenue for the entire year.

Following restatement of the acquisitions and disposals made in 2011, the Group's organic growth was +6.1%. The occupancy rate of commercial property (excluding the assets located at Rue d'Anjou and Rue Volney, which were deliberately acquired with vacant possession) was 95%.

Rental income 1st half-year 2nd quarter
(in ¤ thousands) 2012 2011 Change 2012 2011 Change
Offices 18,703 10,744 +74% 9,646 5,432 +78%
Retail 5,395 3,259 +66% 2,744 1,690 +62%
Combined (offices + retail) 1,220 1,104 +10% 635 553 +15%
Residential 3,189 3,181 ns 1,611 1,644 ns
Total 28,507 18,288 +56% 14,636 9,319 +57%

Refocusing of activity on Parisian commercial property assets Arbitrage policy

TERREÏS intends to dispose of its provincial property to exclusively focus on Paris and its immediate surroundings. These provincial property disposals stand at ¤2.4m (for an expert value of ¤2.3m) at 30 June 2012, of which ¤0.6m were completed.

Furthermore, since the beginning of 2012, TERREÏS has signed property disposal agreements relating to residential property for ¤30.4m, of which ¤14.7m were completed at 30 June 2012.

Acquisition policy

Thanks to these disposals and a financial structure that remains solid, TERREÏS is continuing with its targeted acquisitions policy, by seizing opportunities in Paris and the surrounding region.

In this respect, TERREÏS signed a sale commitment for the acquisition of offices at 89 Rue de la Boétie in the 8th arrondissement in Paris, for a total of ¤8.6m, expressing a return of 6.8%.

Confirmation of prospects

TERREÏS confirms its prospects for the 2012 financial year, namely growth in rental income of over 35% and the gradual refocusing of its property assets on Parisian commercial real estate.

In the second half 2012, TERREÏS should pursue the disposal of a proportion of its provincial property.

In addition, residential property disposals should reach ¤33m in complete transactions by the end of the year.

In terms of its acquisition policy, TERREÏS remains on the lookout for opportunities in Paris and foresees more significant transactions in the second half-year. Low rate levels maintain an attractive risk premium over the Paris market.

Next event: Half-yearly results on 31 August 2012.


Contact: Fabrice Paget-Domet, Chief Executive Officer - Tel: 33 (0)1 82 00 95 23
Laurent Jauffret, Deputy Executive Officer, Ovalto Investissement - Tel: 33 (0)1 82 00 95 00

About TERREÏS (www.terreis.fr ) - A new TERREÏS website is now online.
TERREÏS is a property company whose assets consist of offices and retail premises primarily located in Paris. TERREÏS has been listed on the NYSE Euronext regulated market in Paris since December 2006, and has integrated subfund B since January 2012. It opted for the status of listed property investment company ("SIIC"), from 1 January 2007. Its stock has been incorporated in the SBF 250 reference index (now the CAC-All Tradable index) since September 2010.
ISIN codes: FR0010407049 - Mnemonic: TER

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