Press Release
February 12, 2008

GMH Communities Trust Announces Sale of Company

BOSTON, Feb. 12, 2008 – GMH Communities Trust (NYSE: GCT), a provider of housing, lifestyle and community solutions for college students and members of the U.S. military and their families, today announced that it has entered into two definitive agreements in connection with the sale of the military and student housing divisions of GMH Communities Trust.

The first agreement is a securities purchase agreement with a U.S. subsidiary of Balfour Beatty plc, in which Balfour Beatty will purchase the GMH’s military housing division. The second agreement is a merger agreement with American Campus Communities, Inc. (NYSE: ACC), pursuant to which, following the closing of the military housing transaction, GMH will be acquired by a subsidiary of ACC for approximately $1.4 billion, including outstanding debt totaling approximately $963 million. The aggregate per share value of both the military housing transaction and the merger is expected to be approximately $9.61 per share/unit, based on the closing price of ACC’s shares of common stock on February 11, 2008. The per share/unit value represents a premium of 72% to the closing price of the company’s common shares on February 11, 2008.

ACC’s board of directors and GMH’s board of trustees have unanimously approved the merger. Closing is subject to customary conditions such as approval by GMH’s shareholders and the completion of the sale of GMH’s military housing division.

Gil Menna and John Haggerty of Goodwin Procter LLP and Reed Smith LLP provided legal counsel to the seller. GMH’s financial adviser was Wachovia Capital Markets LLC. Merrill Lynch & Co. was ACC’s financial adviser, while Locke Lord Bissell & Liddell LLP was the buyer’s legal counsel.

About Goodwin Procter
Goodwin Procter is one of the nation’s leading law firms with more than 850 attorneys in offices in Boston, Los Angeles, New York, Palo Alto, San Diego, San Francisco, and Washington, D.C. The firm’s core areas of practice are corporate, litigation and real estate, with specialized areas of focus that include financial services, private equity, technology, REITs and real estate capital markets, intellectual property, tax and products liability. Information may be found at