Real Estate

NEWTOWN SQUARE, Pa., June 6 /PRNewswire-FirstCall/ — GMH Communities
Trust (”GMH” or the “Company”) (NYSE: GCT) today announced that the
Company’s board of trustees (the “Board”) authorized a special distribution
in the amount of $1.71 per share (the “Special Distribution”) to the
Company’s shareholders of record as of the close of business on the day
immediately prior to the effective time of the Company’s merger with an
affiliate of American Campus Communities, Inc. (”ACC”).

The Special Distribution is payable on June 12, 2008, subject to the
closing of the proposed merger of the Company with ACC. The proposed merger
is expected to occur on or about June 11, 2008, subject to the satisfaction
or waiver of closing conditions, including the approval of GMH shareholders
at the special meeting scheduled for June 10, 2008. The Special
Distribution is in addition to the merger consideration that GMH
shareholders will be entitled to receive under the terms of the merger
agreement following the closing of the proposed merger.

The Special Distribution was authorized by the Board for the purpose of
distributing, as previously announced, (i) a percentage of the amount
received in connection with the disposition of certain student housing
properties and (ii) the net proceeds from the pending sale of the Company’s
home office. In addition, a portion (approximately $0.98 per share) of the
Special Distribution is comprised of the remaining net proceeds from the
sale of GMH’s former military housing division. The sale of the home office
is expected to close immediately prior to the closing of the proposed
merger. If the sale of the home office is not completed, the Special
Distribution will be reduced by $0.029 per share.

The Company has filed a definitive proxy statement with the Securities
and Exchange Commission in connection with the proposed merger with ACC.
The definitive proxy statement was mailed to GMH shareholders on or about
April 29, 2008. A special meeting of the Company’s shareholders has been
scheduled for June 10, 2008 at 11 a.m. local time, at the Philadelphia
Marriott West, 111 Crawford Avenue, West Conshohocken, PA 19428, to vote on
the proposed merger.

About GMH Communities Trust

GMH Communities Trust (http://www.gmhcommunities.com) is a publicly-traded
Maryland real estate investment trust, or REIT. It is a self-advised,
self-managed, specialty housing company focused on providing housing to
college and university students residing off-campus. GMH Communities also
provides property management services to third-party owners of student
housing properties, including colleges, universities, and other private
owners. GMH Communities is based in Newtown Square, PA.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Forward-looking statements can be
identified by the use of words such as “may,” “will,” “should,” “expect,”
“estimate” or other comparable terminology. Numerous risks, uncertainties
and other factors may cause actual results to differ materially from those
expressed in any forward-looking statement. Such risks, uncertainties, and
other factors include, but are not limited to, (i) the occurrence of any
effect, event, development or change that could give rise to the
termination of the merger agreement with ACC, (ii) the inability to
complete the merger, due to the failure of the Company’s shareholders to
approve the merger, (iii) the inability to close the sale of the Home
Office, (iv) the failure of any party to satisfy the conditions to the
closing of the merger, (v) the failure of ACC to obtain the necessary
financing arrangements described in the definitive proxy statement, (vi)
risks that the Company will not be able to pay all or any portion of the
Special Distribution because the merger or the sale of the home office does
not close (vii) risks that the proposed merger disrupts current plans and
operations and the potential difficulties in employee retention and (viii)
risks relating to the Company’s business presented in its filings with the
SEC. Forward-looking statements are made as of the date of this press
release, and the Company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.

Additional Information and Where to Find It

This press release does not constitute an offer of any securities for
sale. In connection with the merger, ACC has filed with the SEC a
registration statement on Form S-4, which includes a proxy
statement/prospectus of GMH and ACC and other relevant materials in
connection with the proposed transactions. The proxy statement was mailed
to GMH shareholders starting on April 29, 2008. Investors and security
holders of GMH are urged to read the proxy statement/prospectus and the
other relevant material because they contain important information about
GMH, ACC and the proposed transactions. The proxy statement/prospectus and
other relevant materials, and any and all documents filed by GMH or ACC
with the SEC, may be obtained free of charge at the SEC’s web site at
http://www.sec.gov. In addition, investors and security holders may obtain free
copies of the documents filed with the SEC by GMH by directing a written
request to GMH Communities Trust, 10 Campus Boulevard, Newtown Square,
Pennsylvania 19073, Attention: Investor Relations. Investors and security
holders may obtain free copies of the documents filed with the SEC by ACC
by directing a written request to American Campus Communities, Inc., 805
Las Cimas Parkway, Suite 400, Austin, Texas 78746 Attention: Investor
Relations. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND THE OTHER RELEVANT MATERIALS BEFORE MAKING ANY
VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTIONS.

ACC, GMH and their respective executive officers, directors and
trustees may be deemed to be participants in the solicitation of proxies
from the security holders of GMH in connection with the merger. Information
about those executive officers and directors of ACC and their ownership of
ACC common stock is set forth in the proxy statement for ACC’s 2008 Annual
Meeting of Stockholders, which was filed with the SEC on April 2, 2008.
Information about the executive officers and trustees of GMH and their
ownership of GMH common shares is set forth in GMH’s Annual Report on Form
10K/A, which was filed with the SEC on April 29, 2008. Investors and
security holders may obtain additional information regarding the direct and
indirect interests of ACC, GMH and their respective executive officers,
directors and trustees in the Merger by reading the proxy statement and
prospectus regarding the merger.

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[Via Real Estate Newswire]