TERREIS : Third quarter 2011 activity

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Trading levels showing significant growth

- Rental income up by 96%
- ¤275 million invested in commercial sector properties

Estimated value of the property portfolio at the end of September 2011: ¤930 million

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

Terreïs' rental income for the first nine months of 2011 was ¤29.1 million, up by 96% compared with the same period in 2010.
Over the 3rd quarter, trading levels were similar with sales up by 97%.

This growth is in line with the outlook for strong growth in sales for the entire financial year, with rental income at over ¤40.5 million

The occupancy rate of the commercial sector properties was 95%.

Rent
(in ¤ thousand)
9 months 3rd quarter
2011 2010 Change 2011 2010 Change
Offices 17,639 8,291 +113% 6,902 3,328 +107%
Retail 5,082 3,713 +37% 1,830 1,242 +47%
Mixed (offices + retail) 1,654 1,690 -2% 557 561 -1%
Residential 4,618 1,107 +317% 1,522 363 +319%
Other 152 49 ns 71 16 ns
Total 29,145 14,850 +96% 10,882 5,510 +97%
Continuing to concentrate the portfolio on commercial sector properties in Paris

Since the beginning of the year, Terreïs has purchased new assets for ¤275 million, including property valued at ¤194 million in or close to Paris' central business district and ¤80 million in the inner belt. These purchases will achieve a yield of 6.77% over a full year.

Against this backdrop, Terreïs has made its largest purchase since it was founded, with the addition to its property portfolio of the building located at 14-16 boulevard Poissonnière in Paris, in the 9th arrondissement, at a price of ¤112 million and with an area available for rental of 21,222m². These assets comprise 4 leased shops and 18 tenanted offices. BNP is the main occupant, under a secured lease until 2017 and accounts for 70% of the total office rentals.

Terreïs is also continuing to concentrate its portfolio in commercial sector properties by selling its residential assets as the opportunities arise. Accordingly, since the beginning of the year, promises to sell valued at ¤35 million have been signed, at an average price of ¤9,200/m².

Confirmation of the outlook

In this context, Terreïs has confirmed the targets previously announced, namely:

A property portfolio valued at ¤1 billion. This target should be reached by the end of the year, in other words more quickly than was announced initially. A gradual change to its property portfolio, focusing on high quality commercial sector property in Paris. Rental income of over ¤40.5 million in 2011, with potential income for the full year of ¤56 million on the basis of our current property portfolio. A significant growth in cash flow, underpinned by sales of residential property. Interim dividend

As a reminder, on 30 September Terreïs paid an interim dividend of ¤0.27 per share and is keeping the target set for a dividend of ¤0.57 per share for the full financial year 2011, in other words an increase of 16.3% over the dividend paid for financial year 2010.

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Next periodic information publication: Financial year 2011 income, 20 January 2012

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Contact: Fabrice Paget-Domet, Chief Executive Officer - Tel.: 01 82 00 95 23

About Terreïs (www.terreis.fr)
Terreïs is a property company whose asset portfolio consists of small and medium size office premises as well as the bricks and mortar of retail property located mainly in city centres, in Paris and the main regional urban centres in France. Terreïs has been listed on the NYSE Euronext regulated market in Paris since December 2006, and 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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