GMT Announces Third Quarter Distribution

13 February 2008

Media Release

GMT Announces Third Quarter Distribution and Preliminary Revaluation Gain

Goodman Property Trust (“Trust” or “GMT”) is pleased to announce the payment of its third quarter distribution for the three months ended 31 December 2007. Unitholders in the Trust at the record date of 28 February 2008 will receive a cash distribution of 2.415 cents per unit. There are no imputation credits attached. This distribution will be paid on 13 March 2008.

Unitholders are also advised that the Distribution Reinvestment Plan (DRP) has been reinstated with a 2% discount and any amendment to their participation is required by 5.00pm on the record date of 28 February 2008. Changes should be made on the DRP Application/Withdrawal form available from Computershare Investor Services. To obtain an Application/Withdrawal form please contact Computershare Investor Services directly:

-          By phone, on their toll free number 0800 359 999 (+64 9 488 8777 outside New Zealand)

-          By mail, to Computershare Investor Services Limited, Private Bag 92119, Auckland 1142

Goodman Property Trust is also pleased to announce that as a result of independent property valuations undertaken for year end reporting purposes, the investment portfolio has recorded an unaudited unrealised gain of 2.5% equating to an increase of approximately $32.0 million. The gain will lift NTA by 3.9 cents per unit, before adjusting for deferred tax.

John Dakin, Chief Executive Officer of Goodman (NZ) Limited, the Manager of the Trust, said: “The gain in value reflects an improved quality of portfolio, rental growth and continued demand for high quality investments.” The weighted average capitalisation rate across the portfolio has strengthened from 8.2% in March 2007 to 8.0% currently.

This revaluation remains subject to an audit and the audited revaluation gain will be confirmed as part of GMT’s full-year financial result.

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