Growthpoint Properties Limited - Headline earnings per linked unit for the six

Growthpoint Properties Limited - Headline earnings per linked unit for the six  
months ended 31 December 2005                                                   
Growthpoint Properties Limited                                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number 1987/004988/06)                                            
Share code:    GRT  ISIN:     ZAE000037669                                      
("Growthpoint")                                                                 
On 22 February 2006, Growthpoint Properties Limited ("Growthpoint") published on
SENS its unaudited interim results for the 6 months ended 31 December 2005 which
referred to earnings per share and distributable earnings per linked unit.      
As requested by the JSE Limited, the headline earnings per linked unit are as   
follows:                                                                        
                        Unaudited           Unaudited         Audited           
                        6 months            6 months          12 months         
                        31 Dec 2005         31 Dec 2004       30 June 2005      
Weighted number of      702,938,618         652,767,981       655,916,674       
shares in issue                                                                 
                        R"000               R"000             R"000             
Basic earnings          275                 232               482               
Fair value adjustment - (408,141)           (883 908)         (1 157,243)       
investment property                                                             
Capital gains taxation  118,361             265 172           330,829           
Headline loss           (289,505)           (618 504)         (825,932)         
attributable to                                                                 
shareholders                                                                    
add back: debenture     274,574             231,897           481,792           
interest paid                                                                   
Headline (loss)         (14,931)            (386,607)         (344,140)         
attributable to linked                                                          
unitholders                                                                     
                        cents               cents             cents             
Headline (loss) per     (2.1)               (59.2)            (52.5)            
linked unit                                                                     
The disclosure of headline earnings per linked unit is not meaningful as the    
calculation excludes from headline earnings the revaluation of investment       
property but includes inter alia the fair value adjustments in respect of fixed 
interest rate loans, interest rate derivatives and debentures. The company"s    
policy is to reflect debentures at fair value and any increase in the value of  
investment property results in a corresponding increase in the debenture        
liability.                                                                      
Johannesburg                                                                    
28 February 2006                                                                
Sponsor:Investec Bank Limited                                                   
Date: 28/02/2006 07:51:43 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department