Initiative Comprises 11 Naval Bases in Five States; One of the largest PPV Housing Initiatives to date
NEWTOWN SQUARE, Pa., Oct. 18 /PRNewswire-FirstCall/ — GMH Communities Trust (NYSE: GCT), announced today that on October 1, 2007, its military housing division, GMH Military Housing, acquired an ownership interest in the Navy Southeast Region Military Housing Privatization Project and began providing property management and maintenance services to the project. The Company will receive fees for the provision of these management and maintenance services, and continues to work with the Department of the Navy to complete financing. The project represents one of the largest public-private venture (PPV) housing initiatives to date and covers 11 Naval bases located in five states throughout the Southeastern region of the United States.
Once financing of the project has been obtained, which is anticipated to occur during the fourth quarter of 2007, the Company also will commence earning construction/renovation and development fees, as well as an equity return on its initial capital investment in the project. The specific Navy Southeast Region Project family housing locations are: Naval Weapons Station Charleston, SC; Naval Submarine Base Kings Bay, GA; Naval Air Station Jacksonville, FL; Naval Station Mayport, FL; Naval Air Station Key West, FL; Naval Support Activity Panama City, FL; Naval Air Station Pensacola, FL; Naval Air Station Whiting Field, FL; Naval Construction Battalion Center Gulfport, MS; Naval Air Station Meridian, MS; and Naval Air Station Joint Reserve Base Fort Worth, TX.
Congressionally authorized since 1996, the Military Housing Privatization Initiative allows the Department of Defense, and Department of the Navy, to work with the private sector to upgrade the quality of family housing and operate and maintain that housing. The family housing assets are leveraged with private investment to accomplish housing construction goals faster and at a lower cost than military construction.
Including the Navy Southeast Region Project, GMH Military Housing (www.gmhmilitaryhousing.com), now operates 11 military housing privatization projects, and previously has partnered with The Department of the Army for the military family housing privatization projects at Fort Stewart and Hunter Army Airfield, southeast Georgia; Walter Reed Army Medical Center, Washington, DC and Fort Detrick, Frederick, Maryland; Fort Hamilton, Brooklyn, New York; Fort Carson, Colorado Springs, Colorado; Fort Gordon, Augusta, Georgia; Carlisle Barracks, Carlisle, Pennsylvania and Picatinny Arsenal, Dover, New Jersey; Fort Eustis, Newport News, Virginia and Fort Story, Virginia Beach, Virginia; and Fort Bliss, El Paso, Texas, and the White Sands Missile Range, Las Cruces, New Mexico. The Company also has partnered with the Department of the Navy for its Navy Northeast Region Project, covering eight Naval bases in Maine, Rhode Island, Connecticut, New York and New Jersey and with The Department of the Air Force for the Air Education and Training Command (AETC) Group consisting of four Air Force bases located at Altus Air Force Base, Altus Oklahoma; Luke Air Force Base, Glendale, Arizona; Sheppard Air Force Base, Wichita Falls, Texas; and Tyndall Air Force Base, Panama City, Florida.
About GMH Communities Trust
GMH Communities Trust (www.gmhcommunities.com) is a publicly-traded Maryland real estate investment trust (REIT). We are a self-advised, self-managed, specialty housing company focused on providing housing to college and university students residing off-campus and to members of the U.S. military and their families residing on or near bases throughout the United States. GMH Communities also provides property management services to third-party owners of student housing properties, including colleges, universities, and other private owners. The Company, based in Newtown Square, PA, employs more than 2,150 people throughout the United States.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release that are based on our current expectations, estimates and projections about future events and financial trends affecting us are “forward-looking statements.” Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate” or other comparable terminology, including the anticipated timeframe by which financing for the project will be obtained. These statements are inherently subject to risks and uncertainties, including the project’s ability to obtain construction/development financing at all or on terms that are acceptable to the parties, as well as other risks relating to our business presented in our filings with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE GMH Communities Trust
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