Goodman Property Trust’s Record Year

26 July 2007

Goodman Property Trust’s Record Year

Goodman Property Trust (“GMT” or “Trust”) has held its Annual Unitholder meeting providing investors and analysts with a review of its recent result while outlining its strategy for a changing property and economic environment.

With an expanded and refined portfolio, GMT has grown its total operating income to in excess of $83.4 million, and has recorded an after-tax operating profit of $51.8 million, a 48% increase on 2006. Revaluations added a further $65.9 million to the value of the portfolio bringing the total net profit after tax to $117.8 million.

It has been an eventful year for the Trust with acquisitions of $190 million, disposals of $82 million and an institutional placement in November 2006 raising $96 million to fund the investment and development programme.

Goodman (NZ) Limited’s Chief Executive Officer, John Dakin said,”It has been a very pleasing result which reflects the strong performance of the investment portfolio and the contributions from the development programme.”

At the meeting John Dakin outlined the objectives that had been successfully pursued over the year including;

 extending the development capability to take advantage of continuing occupier demand for purpose built facilities;
 establishing a presence in the key Christchurch market; and
 refining the investment portfolio through active management and a targeted investment and disposal programme.

John Dakin said, “While our development capability will play an increasing role in the evolution of GMT, active management and superior customer service remain the foundation of our offering.”

Despite interest rate rises and the possibility of a slowing economy it was expected that the Trust would continue performing strongly.

A proven strategy, a quality portfolio with minimal vacancy, together with a conservative debt management policy all ensure GMT is well positioned to take advantage of a changing property and investment environment in 2008 and beyond.

ENDS

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