Inland American Real Estate Trust, Inc. (the "Company") was formed on October 4, 2004 (inception) to acquire and manage a diversified portfolio of commercial real estate, primarily retail, office, industrial, multi-family (both conventional apartments and student housing), and lodging properties, located in the United States. On March 12, 2014, the Company began the process of becoming fully self-managed by terminating its business management agreement, hiring all of the employees of Inland American Business Manager & Advisor, Inc. (the “Business Manager”), and acquiring the assets of its Business Manager necessary to perform the functions previously performed by the Business Manager. On August 11, 2014, the Company filed a preliminary registration statement to potentially spin-off its lodging segment. See Note 13 "Commitments and Contingencies" for further discussion.

The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and consolidated joint venture investments. Wholly owned subsidiaries generally consist of limited liability companies (LLCs) and limited partnerships (LPs). The effects of all significant intercompany transactions have been eliminated.

Each property is owned by a separate legal entity which maintains its own books and financial records and each entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in Note 8 "Debt".

At September 30, 2014, the Company owned a portfolio of 203 properties, in which the operating activity is reflected in continuing operations on the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2014 and 2013. Additionally, at September 30, 2014, the Company classified 52 select service lodging properties as held for sale, in which the operating activity is reflected in discontinued operations on the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2014 and 2013.

Comparatively, at September 30, 2013, the Company owned 268 properties and classified 225 net lease properties and the 52 select service lodging properties as held for sale, the operating activity of which is reflected in discontinued operations on the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2013.

The breakdown by segment of the 203 owned properties at September 30, 2014 is as follows:



Segment	Property Count	Square Feet / Rooms / Beds
Retail	114	16,345,313	Square feet
Lodging	47	12,797	Rooms
Student Housing	14	8,318	Beds
Non-core	28	7,238,268	Square feet