Con fi dence in Our Long-Term Strategic Plan In 2013 we acquired $1.2 billion in assets (most occurring in the 3rd and 4th quarters  of the year) which have already produced over $34 million of NOI for the Company.  We expect the growth in our portfolio in 2014 to be driven by these new lodging and  student housing properties.  Regardless of the pace of the economic recovery, our Board and management team  have no intention of waiting around for markets to gradually strengthen. We are taking  the initiative to acquire and develop properties under attractive borrowing and pricing  conditions, with the goal of continuing to re fi ne our portfolio in our three core asset  groups. We are optimistic that we will maintain our high occupancy levels and we  expect slightly higher rent levels across our asset classes and markets in 2014. GLYPH<T_h> e success of our strategy to date gives us con fi dence that we will remain well- positioned regardless of how economic circumstances develop. Our overall cash  fl ow  and operating performance continue to improve, and we expect the cost advantages of  self-management to help us realize additional bene fi ts from an earnings perspective.  Our debt maturities and capital structure are stable, providing us with the  fl exibility  to execute our business strategies successfully. We are committed to making additional  investments in our business while maintaining our annualized distribution rate of $0.50  per share.  As we move forward with our plans for 2014, we will continue our practice of frequent  communications to our stockholders and the investment community. On behalf of  the Board of Directors, the senior management team and the employees of Inland  American, I want to thank you for your continued support of the Company. We are  working hard on your behalf to realize the value of our asset base, and we look forward  to sharing the results of our progress with you in the future. Sincerely, GLYPH<T_h> omas P. McGuinness President Robert D. Parks Chairman of the Board 12 | Inland American 2013 Annual Report