Student Housing Portfolio With respect to student housing, we intend to grow both  through acquisitions and by opening new properties at  top-tier schools. In 2013 we expanded our student housing  portfolio from $421 million to $710 million, bringing  us closer to our goal of doubling or tripling the size of  this segment of our portfolio. In 2013 we announced the  acquisition of two brand new, purpose-built student housing  properties at Arizona State University and the University  of Arkansas for a combined total of approximately $145  million, as well as the purchase of a fully developed property  on the campus of Texas Christian University in Fort Worth,  TX. Plans are also underway to construct student housing  developments near UNC Charlotte and Georgia Tech  University. We are looking forward to pursuing additional  opportunities to purchase or break ground in this asset class  in 2014. 10 | Inland American 2013 Annual Report *  GLYPH<T_h> e increase in the rent per bed has led to the increase of net operating income  for this segment. Student Housing Rent per Bed* 2011 $740 $720 $700 $680 $660 $640 $620 2012 2013 $724 $670 $655 University House Tempe, Arizona