University House Fayetteville, Arkansas Portfolio Evolution  We remain committed to our portfolio evolution and the  continued re fi nement of our asset base. We made a lot of  progress on our portfolio in 2013 and we plan to continue  to execute our strategy in 2014. We previously said that  one of our main goals would be to rotate out of the less  attractive o ffi ce and industrial market segments, and we  executed toward that objective in 2013. We remain focused on steadfastly pursuing opportunities  for value creation and long-term growth. We are con fi dent  that as the economic recovery accelerates, these asset classes  will capture rent increases and future property appreciation,  which will provide our stockholders with stock value  appreciation and long-term distribution sustainability.  In addition, by decreasing the number of asset classes in  our portfolio, we believe we will be in a better position to  execute on our multiple liquidity strategies in the future. While focusing our portfolio concentration is an important  component of our strategy, the diversity of our portfolio in  our three targeted asset classes allows us to be both strategic  and prudent buyers of real estate. We can move capital into  one asset class or another as markets and cap rates shift.  GLYPH<T_h> is diversity will allow our stockholders to bene fi t from  changing as well as improving markets. 6 | Inland American 2013 Annual Report