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## 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. 

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* GLYPH<T_h> e increase in the rent per bed has led to the increase of net operating income for this segment. 

