GMH Communities Trust Announces Sale of the Company
Parties:
>American Campus Communities is one of the nation's largest developers, owners and managers of high-quality student housing communities. (http://www.americancampuscommunities.com/)
>Balfour Beatty is a world-class engineering, construction, services and investment group. (www.balfourbeatty.com)
>GMH Communities Trust is a self-advised, self-managed, specialty housing company that focuses on providing housing to college and university students residing off-campus and to members of the U.S. military and their families. (http://www.gmhcommunities.com/)
The Military Housing Transaction is anticipated to result in net distributions to the Company’s common shareholders and to the unitholders of GMH Communities, LP (the “Company Operating Partnership”) of approximately $4.08 per share/unit. $3.10 of the proceeds from the sale will be distributed on 5/15/08 to shareholders of record on 5/10/08.
Under the terms of the merger agreement with American Campus Communities, each common share of the GMH and each Operating Partnership unit will be entitled to receive at the closing of the Merger (i) 0.07642 of an ACC share of common stock and (ii) $3.36 in cash
>Expected Closed:
2nd Quarter 2008
>Notes:
The sale of Military Housing Division is complete, A special distribution of $3.10 per share has been declared payable on 5/15/08 to shareholders of record on 5/10/08. An additional distribution of approximately $0.98 will be paid from the proceeds of the sale of Miltary Housing Division prior to the merger with ACC.
The $4.08 per share/unit distribution (the "Military Housing Distribution") is expected to be paid in two separate distributions. One will take place upon the closing of the Military Housing Transaction and the second will take place immediately prior to the Merger.
The American Campus Communites deal is subject to the completion by GMH of the sale of its military housing division
The American Campus Communites deal is subject to GMH shareholder approval
