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Mercredi 19 Avr 2017 à 18:00

Total rental income: €15.9m, up 1% on a like-for-like basis

Rental income from Parisian office properties up 11.5%, now representing 92% of total rental income

Renewed improvement of EPRA vacancy rate: 3.3% vs 4.4% at the end of 2016


  • Rental income from Parisian office assets exceeds 90% of total rental income

Over the 1st quarter 2017, rental income from Parisian office assets grew by 11.5% (+6% on a lfl basis). The increase is mainly due to the improvement of EPRA vacancy rate (excluding buildings under restructuring) down to 3.3 % compared to 4.4 % at the end of 2016. Financial occupancy rate was 96.7 % at March 31, 2017.

Around 1,500 sq.m. of offices were re-rented in the Paris CBD avenue de Friedland, avenue George V and rue de la Boétie. Remaining vacancy was mainly due to refurbishing works ahead of relocation on office buildings rue Marbeuf, rue de la Paix and rue de la Boétie.

Together with the acceleration of non-strategic assets disposals, this significant increase in Parisian office buildings rental income leads them to now represent 92 % of total rental income, to be compared to 79% on 1st quarter 2016 and 85 % on the whole 2016 year.


Rental income (€ Million)   1st Quarter 2017 1st Quarter 2016   Change
  €m % €m %   €m %
Parisian Tertiary   14.7 92 % 13.2 79 %   +1.5 +11.5 %
Other assets   1.2 8 % 3.4 21 %   (2.3) -65 %
Tertiary out of Paris   0.4   2.5     (2.2) -84 %
Residential   0.8   0.9     (0.1) -10 %
Total   15.9 100 % 16.6 100 %   (0.7) -4.4 %


  • Ongoing non-strategic assets disposals generating a decrease in dedicated rental income

Rental income from non-strategic assets (office buildings out of Paris and Residential as tenants leave) was significantly down by 65 % at €1.2m as a result of the active selling off policy of these assets with, in particular, the disposal of office buildings in Antony (sold in January 2017) and Issy les Moulineaux (sold in 2016).

The main office asset to be sold is a 13,000 sq.m. office building named « Le Saint Raphaël » in Ivry-sur-Seine, vacant since February 2016. Relocation or conversion into hotel residence are under study.
Disposal is planned for 2018/2020.

  • Outlook: continuation of the strategy of concentrating on office buildings within the Parisian CBD

TERREÏS is focused on office assets and particularly on Paris CBD with the intention to pursue its acquisitions.

TERREÏS thus signed on the 1st quarter a promise to buy a 1,730 sq.m. fully rented office building located 73 rue Sainte Anne (Opera district) for an amount of around €18m.

  • €0.79 per share dividend (+3.9 %) 

The Board of Directors will propose to the General Meeting of Shareholders on May 10, 2017, the distribution of a dividend of €0.79 per share, an increase of 3.9 % compared to 2015 dividend.

As an interim dividend of €0.39 per share was paid last November, the balance of €0.40 per share will be paid on May 17, 2017.


2017 Interim Results to be released on July 27, 2017


Contact: Fabrice Paget-Domet, Chief Executive Officer - Tel: +33 (0)1 82 00 95 23

About Terreïs ( - ISIN Codes: FR0010407049 - Ticker symbol: TER
TERREÏS is a real estate company where the assets consist of offices and retail premises that are primarily located in Paris. TERREÏS has been listed on the Euronext regulated market in Paris since December 2006, and has been included in Compartment B since January 2012. The Group has opted for the status of listed property investment company (“SIIC”) since 1 January 2007.

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