GMT Distribution and Portfolio Update

GMT Distribution and Portfolio Update

Further to the announcement of 2 September, Goodman (NZ) Limited, the Manager of GMT, is pleased to advise the first quarter distribution, for the period ended 30 June 2010, will be paid to Unitholders today.

Copies of the Portfolio Update and the covering letter that accompany the distribution statement have been provided to the NZX.

Welcome

Welcome to the September 2010 edition of Goodman Property Trust’s portfolio update. The update provides Unitholders with a summary of the Trust’s operational performance since its annual result.

Notable achievements since 31 March 2010 include:

+ Completing a seven year wholesale bond issue of $45.0 million that further diversified the Trust’s sources of funding

+ Acquiring the balance of Show Place Office Park

+ Leasing over 28,000 sqm of space, equating to $4.4 million of annual rent

Portfolio Overview

GMT has a substantial property portfolio with high quality industrial and business space assets. The portfolio is actively managed and it continues to perform in line with expectations despite the more subdued economic environment that exists.

The Trust has recorded strong leasing results with over 28,000 sqm of space leased to new and existing customers during the period. This leasing has helped the Trust achieve an occupancy rate of 95% and a weighted average lease term of 5.5 years at 30 September 2010.

Major leasing transactions completed include:

+ Shears and Mac 4 Limited committing to a new 12 year lease over 6,590 sqm at The Gate Industry Park in Penrose

+ ADT Armourguard renewing almost 4,000 sqm of office space at Central Park Corporate Centre in Greenlane for a further six years

+ New customers Westpac and AMI leasing approximately 3,000 sqm of office space on a short term basis at Show Place Office Park in Christchurch

The Trust’s strategy has been to invest in modern, well located and high quality industrial and business space properties. The quality of the portfolio was demonstrated in the recent Canterbury earthquakes with the Trust’s Christchurch assets recording only minimal damage and disruption.

Earthquake Update

With approximately 10% of its $1.5 billion property portfolio in Christchurch GMT has a significant investment in the important Canterbury region. This weighting increased in June when the remaining 50% of Show Place Office Park in Addington, Christchurch was purchased from the joint venture partner for an equity investment of $23.0 million.

Show Place currently provides over 22,000 sqm of high quality office space and offers further potential with up to 7,000 sqm of additional space able to be developed.

It is a premium estate where the latest buildings have been designed to a much higher earthquake standard than required under the building code.

Despite the intensity of the recent earthquake and its aftershocks the estate performed as it was designed to, ensuring the safety of customers and the continuation of their business operations.

The balance of the Christchurch portfolio was also largely unaffected by the earthquake with most customers businesses able to operate with only the minimum of disruption.

A flexible leasing strategy and a quick response from the property services team has ensured that the accommodation needs of local businesses disrupted by the earthquake can be met. Short term leasing activity is continuing with a variety of customers committing to space at Show Place Office Park and Glassworks Industry Park as a result.

ENDS

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