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  • Terreis - Press releases
    15 160 13 872 9 3 The slight fall in residential rental income was due to the on going residential asset disposal policy Refocusing on the Paris office portfolio Arbitrage policy Terreïs has continued to dispose of its regional properties in order to focus exclusively on Paris These asset disposals amount to 15 4 million to date and have been agreed at prices above the expert appraisal values Furthermore residential asset disposals have continued and now amount to 19 4 million at an average price of 9 684 per m 2 well above the expert appraisal values Acquisition policy Buoyed by these disposals Terreïs continued its targeted acquisition policy with one acquisition in the Paris Central Business District for a total outlay of 55 5 million This asset is located at 10 12 avenue de Messine in the 8 th District and consists of offices covering a surface area of 4 000 m 2 5 6 yield and 1 500 m 2 of residential space Outlook on going refocusing on high quality Paris office real estate At the end of 2012 Terreïs was a Paris based property company that had 81 of its portfolio in Paris including 75 in the Central Business District Terreïs goal is to continue refocusing on Paris Terreïs will therefore continue to dispose of its regional assets and of the residential portion of its portfolio At the same time the company will pursue its policy of making acquisitions in Paris depending on opportunities In this context Terreïs has just signed a promise of sale involving a high quality asset located at boulevard Malesherbes in Paris 8 th District for an amount of 12 7 million Dividend of 0 61 per share 7 The General Meeting of Shareholders scheduled for 14 May this year will decide on

    Original URL path: http://www.terreis.fr/en/?option=com_actusnewswire&view=communiques&Itemid=189&lang=en&act_page1=ok&act_page2=ok&act_page3=ok&LANG=EN&langue=EN&RefACT=ACTUS-0-242&ACT_Type1=2&ID=ACTUS-0-31673&CLIENT=ACTUS-0-242 (2014-03-04)
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  • Terreis - Press releases
    net asset value amounted to 23 86 per share an increase of 21 compared with 2011 The replacement net asset value amounted to 26 66 per share and increased by the same amount The refocus on commercial sector property in Paris now enables Terreïs to hold a portfolio where 81 of the assets are located in Paris 75 in the Central Business District and on its borders and 14 are located in the Ile de France Region During the 2012 financial year Terreïs sold assets worth around 60 million at a price that was well above their appraisal value 24 9 million of disposals in the French regions and 34 9 million of residential asset disposals thereby generating a net book value gain of 38 3 million At the same time Terreïs acquired two assets at rue de La Boétie and rue Réaumur in the Paris Central Business District for 32 million A financial structure that remains very sound Net debt amounted to 517 million a decrease of 3 5 The LTV Loan to Value ratio amounted to 46 a net improvement All the loans which essentially consist in redeemable loans are fixed rate or hedged variable rate loans with an average weighted cost of 4 35 excluding credit lines Outlook continued refocusing on Paris commercial sector property at a controlled rate Terreïs goal is to achieve a portfolio where 90 95 of the assets are located in Paris In keeping with this aim Terreïs will continue its opportunistic purchases in the Paris commercial sector property market and will continue to dispose of its residential portfolio and regional assets as and when opportunities arise An investment of 55 5 million has already been made in early 2013 10 12 avenue de Messine in Paris 8 th District This is a top quality asset that consists of 4 000 m 2 of office space return of 5 60 and of 1 500 m 2 of residential space Furthermore agreements to dispose of assets worth around 30 million have already been signed since the start of the year these assets are equally divided between regional and residential assets Details and changes in key data In millions of euros 2012 2011 restated Change 2012 2011 restated 2011 reported Rental income 58 3 41 5 40 4 41 5 Current operating income 29 3 20 2 45 0 19 7 Net income 60 0 9 6 NS 35 9 Cash flow from operations before disposals 43 8 25 9 69 1 25 9 Cash flow from operations after disposals 100 0 59 7 68 0 59 7 Investments committed 32 0 345 0 NS 345 0 Adjusted assets 1 138 0 1 085 0 4 9 1 085 0 Liquidation NAV per share s 23 86 19 70 21 1 19 70 Pursuant to IAS 8 and in order to correct a mistake in the accounting of the Exit Tax as part of the merger with Avenir Investissement the 2011 income statement has been

    Original URL path: http://www.terreis.fr/en/?option=com_actusnewswire&view=communiques&Itemid=189&lang=en&act_page1=ok&act_page2=ok&act_page3=ok&LANG=EN&langue=EN&RefACT=ACTUS-0-242&ACT_Type1=2&ID=ACTUS-0-31326&CLIENT=ACTUS-0-242 (2014-03-04)
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  • Terreis - Press releases
    000s 2012 2011 Change 2012 2011 Change Offices 38 954 25 899 50 10 547 8 274 27 Retail 10 591 7 059 50 2 608 1 984 31 Combined offices retail 2 397 2 238 7 580 583 NS Residential 6 369 6 344 NS 1 586 1 552 NS Total 58 311 41 540 40 15 321 12 393 24 Refocusing and developing the business activity on commercial property assets in Paris Refocusing on offices in Paris Terreïs has continued to dispose of its regional properties in order to focus exclusively on Paris and its immediate surroundings Completed asset disposals amounted to 24 9 million as at 31 December 2012 They were made at prices above their appraisal values Furthermore during the 2012 financial year Terreïs signed agreements for the disposal of residential assets amounting to 34 9 million as at the end of December In total these asset disposals i e 59 8 million generated a book gain of over 35 million Development of commercial property in Paris Thanks to these disposals and to a financial structure that remains sound Terreïs is continuing its targeted acquisition policy with two acquisitions in the Paris Central Business District for a total outlay of 32 million One is located at 89 Rue de la Boétie 8 th District with an area of 1 369 m the other is located at 103 Rue Réaumur 2 nd District with an area of 3 988 m excluding the basement The yield on the office and retail part of these two assets works out at 6 4 Outlook Terreïs goal is to substantially increase its Paris commercial property portfolio in order to focus over 95 of its business on the Central Business District and the immediate surrounding area Terreïs will therefore continue to sell

    Original URL path: http://www.terreis.fr/en/?option=com_actusnewswire&view=communiques&Itemid=189&lang=en&act_page1=ok&act_page2=ok&act_page3=ok&LANG=EN&langue=EN&RefACT=ACTUS-0-242&ACT_Type1=2&ID=ACTUS-0-30724&CLIENT=ACTUS-0-242 (2014-03-04)
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  • Terreis - Press releases
    in thousands 2012 2011 Change 2012 2011 Change Offices 28 407 17 639 61 9 704 6 902 41 Retail 7 984 5 082 57 2 589 1 830 41 Combined offices retail 1 817 1 654 10 597 557 7 Residential 4 782 4 770 NS 1 592 1 593 NS Total 42 990 29 145 47 5 14 482 10 882 33 Refocusing and developing the business activity on commercial property assets in Paris Refocusing on offices in Paris Terreïs has continued to dispose of its regional properties in order to focus exclusively on Paris and its immediate surroundings The regional asset disposals currently amount to 24 4 million and have been agreed at prices above the expert appraisal value Furthermore since the beginning of 2012 Terreïs has signed property disposal agreements relating to residential property worth 33 8 million of which 30 5 million have been completed to date Development of commercial property in Paris Buoyed by these disposals and by a financial structure that remains sound Terreïs is pursuing its targeted acquisition policy by seizing opportunities in Paris In this context Terreïs has acquired two assets in the Paris Central Business District since the start of the year at a total price of 32 million One is located at 89 Rue de la Boétie 8 th District with an area of 1 369 m the other is located at 103 Rue Réaumur 2 nd District with an area of 3 988 m excluding the basement The yield on the office retail part of these two assets will be 6 4 Outlook confirmed Terreïs is confirming its outlook for the 2012 financial year namely rental income growth of over 35 a gradual refocusing of its assets on Paris commercial real estate through the disposal of part of

    Original URL path: http://www.terreis.fr/en/?option=com_actusnewswire&view=communiques&Itemid=189&lang=en&act_page1=ok&act_page2=ok&act_page3=ok&LANG=EN&langue=EN&RefACT=ACTUS-0-242&ACT_Type1=2&ID=ACTUS-0-29740&CLIENT=ACTUS-0-242 (2014-03-04)
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  • Terreis - Press releases
    the near Paris region the launch of the regional portfolio disposal programme and ongoing disposals of residential assets as they became vacant generated capital gains of 11 5 million in the 1 st half of 2012 compared with 5 1 million in the 1 st half of 2011 After taking these gains into account operating income was 26 2 million up nearly 88 compared with the 1 st half of 2011 The cost of net financial debt amounted to 11 1 million which should be compared with 6 3 million in the 1 st half of 2011 Net income amounted to 15 1 million i e double the amount reported in the 1 st half of 2011 Excluding the profits from asset disposals net of tax net income amounted to 3 6 million compared with 2 4 million for the same period in 2011 Cash flow from operations before disposals posted a 55 4 increase to 14 6 million Cash flow from operations post disposals amounted to 30 0 million 1 19 per share which should be compared with 17 5 million in the 1 st half of 2011 or 0 69 per share A sound financial structure and a debt profile that is exceptionally comfortable TERREÏS consolidated equity capital amounted to 237 5 million as at 30 June 2012 while net financial debt amounted to 506 5 million Over 85 of loans outstanding consisted of repayment loans with an average maturity of 13 years These loans are almost all fixed rate loans The Loan to Value ratio net financial debt to asset value ratio was 47 as at 30 June 2012 Terreïs therefore continues to benefit from a sound financial structure that allows the Group to remain on the lookout for any opportunities offered by the Paris market An

    Original URL path: http://www.terreis.fr/en/?option=com_actusnewswire&view=communiques&Itemid=189&lang=en&act_page1=ok&act_page2=ok&act_page3=ok&LANG=EN&langue=EN&RefACT=ACTUS-0-242&ACT_Type1=2&ID=ACTUS-0-29069&CLIENT=ACTUS-0-242 (2014-03-04)
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  • Terreis - Press releases
    acquired with vacant possession was 95 Rental income 1 st half year 2 nd 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 8 th 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

    Original URL path: http://www.terreis.fr/en/?option=com_actusnewswire&view=communiques&Itemid=189&lang=en&act_page1=ok&act_page2=ok&act_page3=ok&LANG=EN&langue=EN&RefACT=ACTUS-0-242&ACT_Type1=2&ID=ACTUS-0-28750&CLIENT=ACTUS-0-242 (2014-03-04)
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  • Terreis - Press releases
    and Rue Volney which were deliberately acquired with vacant possession was 96 Rental income 1st quarter in thousands 2012 2011 Change Offices 9 057 5 290 71 Retail 2 651 1 576 68 Mixed offices retail 586 552 6 Residential 1 578 1 528 3 Total 13 872 8 947 55 Furthermore within the context of a strategy of gradually refocusing on the commercial real estate sector during the first quarter of 2012 TERREÏS signed protocols in relation to the disposal of residential assets in Paris for 22 5 million at an average price of 9 889 m 2 Prospects for 2012 continued opportunistic growth dynamic TERREÏS intends to dispose of its provincial property to exclusively focus on Paris and its immediate surroundings Therefore from this year TERREÏS is set to dispose of approximately 60 of its provincial property for an amount exceeding 50 million In this way TERREÏS will be ready to seize any new opportunities in Paris during the second half of the year Moreover TERREÏS will continue to sell off its residential property whenever appropriate The company is set to pursue the gradual refocusing of its assets in larger commercial real estate property in Paris over 80 of its assets are already located in Paris Over the shorter term and based on its current assets the rents of TERREÏS are set to exceed 56 million over the whole year posting a new significant growth in 2012 compared to 2011 Dividend of 0 57 per share 16 3 The General Meeting of Shareholders on 10 May 2012 will decide to distribute a dividend of 0 57 per share for the 2011 financial year up 16 compared to last year An interim dividend of 0 27 was already paid in September 2011 and the 0 30 balance will be

    Original URL path: http://www.terreis.fr/en/?option=com_actusnewswire&view=communiques&Itemid=189&lang=en&act_page1=ok&act_page2=ok&act_page3=ok&LANG=EN&langue=EN&RefACT=ACTUS-0-242&ACT_Type1=2&ID=ACTUS-0-27494&CLIENT=ACTUS-0-242 (2014-03-04)
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  • Terreis - Press releases
    up 81 compared to 2010 Net income amounted to 35 9 million This takes into account a margin from the sale of assets net of tax of 22 3 million and exceptional items of 9 4 million corresponding to favourable outcomes of litigation fully posted in the accounts coming from the Avenir Investissement and DAB Expansion companies Excluding these non recurring items net income from rental activities amounted to 4 2m up 62 compared to 2010 Cash flow increased by 142 to 25 9 million These performances were achieved through the occupancy rate in the commercial sector being maintained at a high level of 96 excluding Anjou and Volney voluntarily acquired without occupancy Assets were more than doubled to over one billion euros boosted by acquisitions revaluations and the integration of Avenir Investissement At 31 December 2011 the assessed value of the assets was 1 085 million more than double the assets of 458 million at the end of 2010 and up 61 compared to the 673 million in assets on a pro forma basis following the inclusion in early 2011 of the Avenir Investissement assets Revaluation of the group assets conducted by BNP Real Estate experts came to 86 million in 2011 an increase of 8 7 13 on the assets acquired in 2011 These assessments show a yield of 6 50 for all offices and shops owned and a value of 7 259 m 2 for residential assets in blocks located mainly in western Paris During 2011 total investment amounted to 345 million for an average overall yield of 6 64 These acquisitions were primarily in Paris 76 5 and the inner belt 23 2 In addition 33 8 million of sales were made in connection with the policy of moving progressively out of residential real estate and towards the commercial sector generating an accounting capital gain of close to 23 M The liquidation adjusted net asset value comes to 19 69 per share up 7 8 from the end of 2010 On a post merger basis and taking into account the capital increase completed in early 2011 the increase was 22 19 69 per share vs 16 14 per share The dilutive impact of the capital increase has therefore been more than compensated for A sound financial structure At end December 2011 TERREÏS consolidated shareholders equity totalled 230 million Net debt stood at 536 million All borrowings more than 80 of which are amortisable loans have been negotiated at a fixed rate for a weighted average cost of 4 36 excluding a line of credit The average duration weighted by the amounts outstanding is 13 5 years representing an especially comfortable debt profile The Loan to Value ratio net financial debt assets was 49 TERREÏS thus has a sound financial structure that allows it to remain on the lookout for opportunities that may arise on the Paris market Prospects for 2012 maintaining an opportunistic and controlled growth dynamic in a market that remains positively oriented towards the

    Original URL path: http://www.terreis.fr/en/?option=com_actusnewswire&view=communiques&Itemid=189&lang=en&act_page1=ok&act_page2=ok&act_page3=ok&LANG=EN&langue=EN&RefACT=ACTUS-0-242&ACT_Type1=2&ID=ACTUS-0-27154&CLIENT=ACTUS-0-242 (2014-03-04)
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