8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 12, 2008

AMERICAN CAMPUS COMMUNITIES, INC.

(Exact name of Registrant as Specified in Charter)

Maryland	001-32265	760753089
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

805 Las Cimas Parkway Suite 400
Austin, TX 78746
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (512) 732-1000

Not applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

þ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events.

     On February 12, 2008, American Campus Communities, Inc. (the “Company”) issued a press release announcing that it has entered into a definitive merger agreement pursuant to which American Campus Communities will acquire GMH Communities Trust. A copy of this press release is being furnished as Exhibit 99.1.

     On February 12, 2007, the Company disclosed an investor package in connection with its investor conference call to discuss the transaction. A copy of the investor package is being furnished as Exhibit 99.2.

     On February 12, 2007, the Company sent an email to its employees announcing the transaction. A copy of the letter is being furnished as Exhibit 99.3.

Item 9.01 Financial Statements and Exhibits

     (c) Exhibits.

     The Exhibits to this Report are listed on the Exhibit Index attached hereto.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 12, 2008

AMERICAN CAMPUS COMMUNITIES, INC.
By:	/s/ Jonathan A. Graf
	Jonathan A. Graf
	Executive Vice President, Chief Financial Officer and Treasurer

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EXHIBIT INDEX

Exhibit
Number		Title
	99.1	Press Release, dated February 12, 2008
	99.2	Investor Package
	99.3	E-mail message to Employees

EX-99.1

Exhibit 99.1

MEDIA RELEASE

AMERICAN CAMPUS COMMUNITIES TO ACQUIRE GMH COMMUNITIES TRUST

AUSTIN, Texas — February 12, 2008 — American Campus Communities, Inc. (NYSE:ACC), one of the nation’s largest developers, owners and managers of high-quality student housing properties, today announced that it has entered into a definitive merger agreement pursuant to which American Campus Communities will acquire GMH Communities Trust (NYSE:GCT) for approximately $1.4 billion including outstanding debt totaling approximately $963 million. This transaction relates solely to GMH’s student housing business and not its military housing business, which will be sold in a separate transaction to a U.S. subsidiary of Balfour Beatty plc.

The transaction has been unanimously approved by the ACC board of directors and is expected to close in the second quarter of 2008. It is subject to certain closing conditions, including approval of the merger by GMH Communities’ shareholders and completion by GMH of the sale of its military housing division. Completion of the transaction is not subject to financing and does not require approval by American Campus Communities’ stockholders. Upon closing, GMH stockholders will own approximately 15.7 percent of ACC’s outstanding equity.

Bill Bayless, CEO of American Campus Communities commented, “We have strategically positioned the company and our balance sheet to take advantage of value added acquisitions in this challenging economic environment. The acquisition of GCT’s student housing business provides us a significant opportunity for accretion in asset value, efficiencies in general and administrative cost, the ability to self fund a portion of our owned development pipeline via strategic dispositions, and entry into 41 new collegiate markets, creating opportunities for growth in each of our business segments. We look forward to welcoming GCT’s field employees who are joining the ACC family. Their continued hard work coupled with our premier operating platform should provide the opportunity for significant value creation.”

Under the terms of the merger agreement, each common share of GMH and each unit of GMH’s Operating Partnership will be entitled to receive at the closing of the merger (i) 0.07642 of a share of ACC common stock and (ii) $3.36 in cash, or approximately $5.53 in value based on the closing price of ACC’s shares of common stock on February 11, 2008. The amounts paid to the GMH Communities’ common shareholders and operating partnership unit holders by American Campus Communities will be in addition to the amounts payable to GMH Communities’ equity holders from the sale of the military housing division to Balfour Beatty and the Disposition Assets described below. Pending the closing of the merger, GMH will pay its regular quarterly dividend, but only for the quarter ending March 31, 2008.

The merger includes the acquisition of 64 wholly owned student housing properties as well as a minority interest in eight properties held in two existing joint ventures. GMH Communities will have the right, but not the obligation, to sell 10 designated assets (the “Disposition Assets”) prior to closing.

The merger agreement also calls for Joseph M. Macchione, GMH Communities’ Executive Vice President and General Counsel, to join the American Campus board following the merger.

American Campus Communities has also entered into an agreement with Fidelity Real Estate Group pursuant to which American Campus and Fidelity Real Estate Group, on behalf of an institutional fund, will form a joint venture and transfer 15 GMH student housing properties to the venture with an estimated value of $326 million. American Campus will provide property management services for the properties and retain a minority interest in the venture. Completion of the joint venture is subject to the closing of the merger and certain other closing conditions. American Campus will use the proceeds from this transaction to fund a portion of the cash consideration to be paid in the merger.

KeyBank National Association has provided a commitment for a $200 million term loan that will be used to fund the remaining portion of the cash consideration.

After the completion of the transactions, based on current property ownership, American Campus will own 83 student housing communities containing approximately 51,600 beds, have a joint venture interest in 23 properties totaling approximately 13,200 beds (including eight properties held by GMH in existing joint ventures), and provide third-party management of 26,600 beds. Combined, the company will manage 144 properties consisting of 91,400 beds.

Merrill Lynch & Co. acted as exclusive financial advisor to American Campus. Locke Lord Bissell & Liddell LLP served as legal counsel to the company.

Conference Call

The company will hold an investor conference call to discuss the transaction on Tuesday, February 12, 2008 at 1 p.m. ET (12 p.m. CT). To participate by telephone, call 800.659.2037 passcode 32791522 at least five minutes prior to the call.

To listen to the live broadcast, go to www.americancampuscommunities.com or www.studenthousing.com at least 15 minutes prior to the call so that required audio software can be downloaded. Informational slides package can be accessed via the website.

About American Campus Communities

American Campus Communities, Inc. is one of the largest developers, owners and managers of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, leasing and management of student housing properties. American Campus Communities owns and manages a portfolio of 44 student housing communities containing approximately 28,700 beds. Including its owned properties, the company provides management and leasing services at a total of 63 properties with approximately 43,800 beds located on or near college and university campuses. Additional information is available at www.americancampuscommunities.com.

About Fidelity Real Estate Group

Fidelity Real Estate Group pursues value-added real estate investment opportunities throughout the U.S. on a fully discretionary basis for its managed funds. The Real Estate Group is a division of Pyramis Global Advisors, an affiliate of Fidelity Investments. Fidelity Real Estate Group manages in excess of $14 billion on behalf of institutional and individual clients.

Forward-Looking Statements

This news release contains forward-looking statements, which express the current beliefs and expectations of management. Except for historical information, the matters discussed in this news release are forward-looking statements and can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “result” and similar expressions. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including risks and uncertainties related to the proposed transactions (including but not limited to (i) the occurrence of any effect, event, development or change that could give rise to the termination of the definitive agreements, (ii) the inability to complete the proposed transactions, including in the case of the merger, due to the failure of GMH’s shareholders to approve the merger, (iii) the failure of any party to satisfy the conditions to the closing of the transactions and (iv) the failure of ACC to obtain the necessary financing arrangements set forth in a commitment letter received in connection with the proposed merger), inherent in the national economy, the real estate industry in general, and in our specific markets; the effect of terrorism or the threat of terrorism; legislative or regulatory changes including changes to laws governing REITs; our dependence on key personnel whose continued service is not guaranteed; availability of qualified acquisition and development targets; availability of capital and financing; rising interest rates; rising insurance rates; impact of ad valorem and income taxation; changes in generally accepted accounting principals; and our continued ability to successfully lease and operate our properties. While we believe these forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. These forward-looking statements are made as of the date of this news release, and we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Additional Information about the Merger and Where to Find It

This press release does not constitute an offer of any securities for sale. In connection with the merger, American Campus Communities, Inc. (“ACC”) intends to file with the SEC a registration statement on Form S-4, which will include a proxy statement/prospectus of GMH Communities Trust (“GMH”) and ACC and other relevant materials in connection with the proposed transactions. Investors and security holders of ACC and GMH are urged to read the proxy statement/prospectus and the other relevant material when they become available because they will contain important information about ACC, GMH and the proposed transactions. The proxy statement/prospectus and other relevant materials (when they become available), and any and all documents filed by ACC or GMH with the SEC, may be obtained free of charge at the SEC’s web site at www.sec.gov. 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. In addition, investors and security holders may obtain free copies of the documents

filed with the SEC by GMH Communities by directing a written request to GMH Communities Trust, 10 Campus Boulevard, Newtown Square, Pennsylvania 19073, Attention: Investor Relations. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND THE OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE 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 2007 Annual Meeting of Stockholders, which was filed with the SEC on March 29, 2007. Information about the executive officers and trustees of GMH and their ownership of GMH common shares is set forth in the proxy statement for GMH’s 2007 Annual Meeting of Shareholders, which was filed with the SEC on May 8, 2007. 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 when they become available.

Contact:

American Campus Communities, Inc.
Gina Cowart, 512-732-1000
Investor Relations

EX-99.2

American Campus Communities GCT Student Housing Acquisition Investor Presentation February 12, 2008

Transaction Overview

Transaction Overview Summary of Terms ACC will acquire 100% of outstanding common shares and operating partnership units of GMH (student housing business only) $3.36 per share in cash Fixed exchange ratio of 0.07642 ACC common shares per GMH common share Implies $5.53 per GMH share based on ACC closing price on February 11, 2008 GMH's Military Housing business will be sold to Balfour Beatty and proceeds will be distributed to GMH shareholders via a special dividend prior to closing of merger ACC cash consideration will be financed with a $200 million committed term loan from KeyBank Holders of GMH operating partnership units may elect to receive 0.07642 ACC units or 0.07642 ACC common shares per unit

Transaction Overview Summary of Terms ACC will enter into a joint venture with Fidelity Real Estate Group with respect to 15 assets to be effective prior to closing of the merger GMH is required to use commercially reasonable efforts to sell a portfolio of 10 assets prior to closing for a minimum agreed upon price GMH's dividend will stop accruing after the quarter ending March 31, 2008 Joseph Macchione, GMH's Executive Vice President and General Counsel, will join ACC's board Transaction is subject to the sale of Military Housing business, GMH shareholders approval and other customary closing conditions Closing is anticipated to occur in Q2 2008

Either Before or After Closing Transaction Overview Transaction Summary Sold to Balfour Beatty JV Student Housing 8 Existing Properties (6 in Fidelity JV, 2 in AEW JV) Military Housing Business Wholly Owned Student Housing 64 Properties GCT ACC Wholly Owned (100%) 39 Wholly Owned Properties Joint Ventures (10% Share) 15 New JV Properties 8 Existing JV Properties Disposition Assets 10 Properties Note: Transaction structure shown for discussion purposes. Transaction overview does not reflect transaction mechanics or actual corporate structure. 100% 10% 100% Sold to 3rd Party Before Closing

Transaction Overview Financial Consideration 1 Based on $28.43 closing price per share of ACC stock on February 11, 2008 and exchange ratio of 0.07642. 2 Accretion to ACC management FFOM estimates.

Transaction Overview Transaction Steps Note: Bed counts reflect 100% share of joint venture assets. Financial information reflects pro rata share of joint ventures. 1 Including transaction expense. 2 Based on implied real estate value (excluding value of net other assets) and management NOI projections.

Transaction Overview Transaction Financing ($ in millions) 1 Includes full balance on mortgage debt related to 15 assets that will be contributed to new Fidelity JV at closing and mortgage debt related to the 10 disposition properties. 2 Balance sheet as of September 30, 2007 for ACC (pro forma for 3.5 million shares issued and debt repayments related to October 2007 equity offering) excluding debt related to our on-campus participating properties. 3 Reflects 10% pro rata share of mortgage debt related to 15 assets that will be contributed to new Fidelity JV at closing.

Post Transaction Debt Maturity Schedule ($ in thousands, except per share amounts) Mortgage Debt Maturity Profile Remains Attractive 1 Excludes $15.5 million of floating rate mortgage debt at LIBOR + 1.9%. Also excludes debt related to our on-campus participating properties totaling $88.2 million with a weighted average interest rate of 7.17% and average term to maturity of 13.0 years.

Merger creates the largest student housing platform in U.S. Wholly owned beds increase from 28,700 to 51,600(1) Joint venture beds increase from 0 to 13,200 Third-party managed beds increase from 15,100 to 26,600 Total owned and managed portfolio increases from 43,800 beds to 91,400 beds Total enterprise value increase $1.2 to $2.2 billion 1 Property statistics throughout this presentation do not include 10 disposition assets currently being marketed for sale by GCT, which are expected to be sold prior to closing. If sale does not occur prior to closing, ACC intends to dispose of assets.

Strategic Benefits Significant opportunity for NAV appreciation with improved operational performance of GCT assets ACC gains a presence in 41 new university markets providing growth opportunities in all areas of business Significant G&A savings Ability to sell assets enabling self funding of owned development pipeline at attractive spreads 39 wholly owned assets consistent with our investment criteria Provides the company with scale

Proven Track Record in a Specialized Sector

American Campus Business Focus DEVELOPMENT Acquisition & Ownership Off-CAMPUS DEVELOPMENT ACQUISITION & Ownership On-CAMPUS ACE(tm) Program Third-Party MANAGEMENT For Colleges, Universities & Institutional Clients Third-Party DEVELOPMENT For Colleges & Universities The Student Housing Company

Proven Track Record Performance Measures * Represents funds from operations, modified for operational performance of our on-campus participating properties *Assumes dividend reinvestment

Proven Track Record Lead public sector in occupancy average rent per bed same store NOI growth Operationally, for each of the 12 quarters since our IPO, averaged 8.1% same store NOI growth compared to the same quarter prior year.

Premier Platform Total Return Versus Student Housing Peers Since IPO LTM ACC 0.951 -0.063 GCT -0.401 -0.379 EDR -0.117 -0.164 RMS 0.507 -0.293 Multifamily Index 0.469 -0.311 ACC ACC EDR EDR GCT GCT Source: FactSet as of February 8, 2008. (1) Total return as of 2/8/08 assuming dividend reinvestment, based upon ACC IPO date of 8/16/04, GCT IPO date of 10/29/04, and EDR IPO date of 1/26/05. The RMS (Morgan Stanley REIT Index) and Multifamily Apartment Composite are measured since ACC's IPO date. (2) Total return for the last twelve months (LTM) as of 2/8/08 assuming dividend reinvestment. (3) Multifamily Apartment Composite includes AEC, AIV, AVB, BRE, CLP, CPT, EQR, ESS, HME, MAA, PPA, UDR. American Campus Communities GMH Communities Trust Education Realty Trust RMS Apts (3) RMS Apts (3)

Institutional capital has and continues to flow into the sector providing equity for private companies and public company joint ventures The past competitive debt environment enabled highly levered acquisition and development transactions with developers and inexperienced operating partners investing minimal cash equity Significant decrease in the cost of capital to the sector enabling asset growth We have seen cap rate compression into the high 5's, low 6's Low Cost Debt & Equity Have Been Available to the Sector 2004 to 2007

Operators entering from other sectors have struggled with the specialized aspects and operational intensity of student housing Specialized, fully integrated "off-the-shelf" accounting, leasing, and operational software is not readily available Even qualified, specialized student housing operators have had difficulty with scalability (Maintaining core performance during high growth) There has been limited operational success, creating opportunistic acquisitions with value creation upside Operational Success Has Been Elusive for Many 2004 to 2007

Public Student Housing Sector 2004 to 2007 Same Store NOI Growth Note: NOI growth based upon same-store properties owned for the full three months for the period vs the same three months in the prior year period. Source: Company financials and supplemental packages. Q4 2004 15.0% Q1 2005 12.4% dnr Q2 2005 14.1% dnr (6.7%) Q3 2005 4.7% dnr (26.6%) Q4 2005 7.7% dnr (4.9%) Q1 2006 5.4% dnr (1.5%) Q2 2006 6.5% dnr (1.4%) Q3 2006 4.7% (18.6%) (12.8%) Q4 2006 4.8% (3.4%) 5.7% Q1 2007 3.5% (3.6%) 2.5% Q2 2007 9.0% (1.3%) 5.3% Q3 2007 9.3% 6.0% 12.9% AVERAGE 8.1% (4.2%) (2.8%)

ACC's Growth Strategy Transaction is Consistent with Investment Criteria Disciplined Investment Criteria Close proximity to campus Differentiated product offering Student housing submarkets with barriers to entry

Wholly owned assets consistent with our investment criteria PROXIMITY TO CAMPUS DRIVES PRICING AND OCCUPANCY .5 miles 1 mile 22 properties 28 properties 11 properties 5 properties 50 properties 18 properties 7 properties 15 properties 10 properties GCT ACC Combined 60% 22% 18% 11% 25% 64% University

Value Added Investments of Underperforming Assets Occupancy and revenue upside Operating expense ratio reductions Product repositioning and accretive pricing strategies Disciplined Growth Strategy Transaction offers significant value added opportunity

Value Creation Opportunities

Value Creation Opportunities Combined Owned Portfolio - 83 communities (51,600 beds) Opportunity for Occupancy Improvement ACC Same Store Assets 98.5% occupied ACC Total Portfolio Assets 95.5% occupied GCT Acquisition Assets 90.5% occupied Opportunity for Rental Rate Appreciation ACC Average Rent per Bed $516 GCT Average Rent per Bed $437 Opportunity for Reduction in Operating Expense Ratios Significant Opportunity for NAV appreciation

Value Creation Opportunities JV Portfolio - 23 communities (13,200 beds) Management Fee Income Income from JV Promote Structure Opportunity for Occupancy Improvement ACC Same Store Assets 98.5% occupied ACC Total Portfolio 95.5% occupied GCT Acquisition Assets 91.6% occupied Opportunity for Rental Rate Appreciation ACC Average Rent per Bed $516 GCT Average Rent per Bed $425 Opportunity for Reduction in Operating Expense Ratios

Value Creation Opportunities ACC gains a presence in 41 new university markets providing growth opportunities in all areas of our business Owned Development Ability to self fund via asset dispositions ACE(tm) transactions with respective universities Off-campus development opportunities Synergistic acquisition opportunities Third-party management Increase in annual fees from $2.5M to $5.1M 10 new client relationships

GMH Communities Trust Owned Managed for Third-Party Joint Venture American Campus Communities Owned Managed for Third-Party Corporate Home Office Current Operations New Operations Entry into 41 new university markets

Our Approach

Premier Operating Platform Customized Integrated Operational Systems Proprietary Leasing Administration & Marketing System (LAMS) Specialized Facilities Maintenance Program Premier Residence Life Program University Relations Program Functional Corporate Support in All Areas of Operation Dynamic Employee Development Program (Inside Track) Customer Feedback Program SCALABLE INFRASTRUCTURE, POISED FOR VALUE CREATION

ACC Functional Corporate Support Area Manager/ GM AMERICAN CAMPUS Senior Executive Vice President/ Chief Operating Officer Greg Dowell AMERICAN CAMPUS VP/Organizational Development Lonnie Ledbetter AMERICAN CAMPUS VP / Facilities Wayne Schrader AMERICAN CAMPUS SVP/Information Technology Jorge de Cardenas AMERICAN CAMPUS SVP/ Leasing Administration Jennifer Beese VP/Property Marketing Michael Cipriano AMERICAN CAMPUS AMERICAN CAMPUS Director/Residence Life Lynn Ellison AMERICAN CAMPUS SVP/ Management Services Jim Sholders / Steve Crawford Owned Third - Party Assistant General Manager ADMINISTRATION MARKETING FACILITIES MANAGEMENT RESIDENCE LIFE Regional Manager

Product Repositioning, Pricing and Marketing Strategies Analyze and fully understand each market Conduct full university analysis Complete a comprehensive competitive housing analysis Determine appropriate product position & pricing strategy Evaluate physical offering and identify capital improvements that enhance product offering

Product Repositioning Case Study Royal Acquisition: Raider's Pass - Lubbock, Texas Published Avg. Market Rent at Acquisition $461 Year 1 - Average In place Rental Rate $430 Year 1 - Occupancy Achieved 69% Year 1 - Rental Revenue $3.2 million Repositioning Strategy Reduced published rate by 9% (1.8% from in place rates) Invested $625,000 in aesthetic & amenity upgrades Repositioning Results Year 2 Occupancy increased from 69% to 98% Increased Rental Revenue from $3.2 to $4.2 million Year 3 Current Initial Rental Rates set at 3.8% over year 2 Fall 08 pre-leasing is 20% ahead of year 2

Strategic Benefits Significant opportunity for NAV appreciation with improved operational performance of GCT assets ACC gains a presence in 41 new university markets providing growth opportunities in all areas of business Significant G&A savings Ability to sell assets enabling self funding of owned development pipeline at attractive spreads 39 wholly owned assets consistent with our investment criteria Provides the company with scale

OUR MISSION is to be the premier provider of quality student housing communities and services through a unique understanding and an unrelenting commitment to students, parents, educational institutions and investors. Our people are our strength, achieving success through a dedication to excellence and integrity.

Forward Looking Statements This news release contains forward-looking statements, which express the current beliefs and expectations of management. Except for historical information, the matters discussed in this news release are forward-looking statements and can be identified by the use of the words "anticipate," "believe," "expect," "intend," "may," "might," "plan," "estimate," "project," "should," "will," "result" and similar expressions. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including risks and uncertainties related to the proposed transactions (including but not limited to (i) the occurrence of any effect, event, development or change that could give rise to the termination of the definitive agreements, (ii) the inability to complete the proposed transactions, including in the case of the merger, due to the failure of GMH's shareholders to approve the merger, (iii) the failure of any party to satisfy the conditions to the closing of the transactions and (iv) the failure of ACC to obtain the necessary financing arrangements set forth in a commitment letter received in connection with the proposed merger), inherent in the national economy, the real estate industry in general, and in our specific markets; the effect of terrorism or the threat of terrorism; legislative or regulatory changes including changes to laws governing REITs; our dependence on key personnel whose continued service is not guaranteed; availability of qualified acquisition and development targets; availability of capital and financing; rising interest rates; rising insurance rates; impact of ad valorem and income taxation; changes in generally accepted accounting principals; and our continued ability to successfully lease and operate our properties. While we believe these forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. These forward- looking statements are made as of the date of this news release, and we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Additional Information about the Merger and Where to Find It This press release does not constitute an offer of any securities for sale. In connection with the merger, American Campus Communities, Inc. ("ACC") intends to file with the SEC a registration statement on Form S-4, which will include a proxy statement/prospectus of GMH Communities Trust ("GMH") and ACC and other relevant materials in connection with the proposed transactions. Investors and security holders of ACC and GMH are urged to read the proxy statement/prospectus and the other relevant material when they become available because they will contain important information about ACC, GMH and the proposed transactions. The proxy statement/prospectus and other relevant materials (when they become available), and any and all documents filed by ACC or GMH with the SEC, may be obtained free of charge at the SEC's web site at www.sec.gov. 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. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by GMH Communities by directing a written request to GMH Communities Trust, 10 Campus Boulevard, Newtown Square, Pennsylvania 19073, Attention: Investor Relations. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND THE OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE 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 2007 Annual Meeting of Stockholders, which was filed with the SEC on March 29, 2007. Information about the executive officers and trustees of GMH and their ownership of GMH common shares is set forth in the proxy statement for GMH's 2007 Annual Meeting of Shareholders, which was filed with the SEC on May 8, 2007. 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 when they become available.

EX-99.3

EXHIBIT 99.3

Dear ACC Team:

It is with great pleasure that we inform you, late last night, we issued a press release announcing that we have entered into a definitive merger agreement with GMH Communities Trust, pursuant to which we will be acquiring their student housing business. The press release is attached and posted on our website at www.studenthousing.com in the investor relations section.

After the completion of the transactions, we will more than double in size. Including our current portfolio, American Campus will own and manage 83 student housing communities containing approximately 51,600 beds. We will own a minority joint venture interest in an additional 23 properties containing 13,200 beds, and will provide third party management services for 38 communities containing 26,600 beds. In total, our owned, joint venture and third party managed portfolio will contain 144 properties containing 91,400 beds, all under our management. Our total enterprise value will increase from $1.3 to $2.4 billion and we will be welcoming more than 1,000 of GCT’s regional and field employees to our ACC family.

These types of public transactions are complex and take time to consummate. The transaction is subject to certain closing conditions, including approval by GCT’s shareholders and the sale of their Military Housing Division prior to the closing of the transaction. Management currently believes that the process should be completed within the next 90 days.

In the three years since our IPO, your hard work and dedication have put us in the position to execute a transaction of this magnitude. We are confident, that together, we will continue to accomplish great things! We will be conducting an investor call at 12 p.m. CT this afternoon to discuss the transaction. You are all invited to listen in. We have also posted a presentation overview of the transaction on our website.

As always, thanks for your continued hard work and commitment to excellence.

Bill