Behringer Harvard presents Behringer Harvard REIT I, Inc., a real estate investment trust (REIT) created to acquire a portfolio of real estate investments consisting primarily of institutional-quality office properties in highly desirable locations in markets with barriers to entry. Such properties will be acquired for their projected ability to withstand the inevitable changes in economic conditions and their potential to appreciate in value over time. The fund is long-term with an intended life of 8 to 12 years from offering termination. Investors with the following goals should consider participating in this fund:

Investor GOALS

• Investment Portfolio Diversification
• Capital Preservation
• Current Cash Distributions
• Capital Appreciation
• Attractive Total Returns
• Conservative Leverage

FUND Characteristics

• Publicly Registered Offering of Non-Listed REIT Common Stock
• $10.00 per Share
• Maximum Offering Size - $952,000,000
• Minimum Investment - $2,000 (some states may vary)
• Suitability Standards - $150,000 net worth or $45,000 annual income and $45,000 net worth (some states may vary)
• 10% Stock Dividend Planned for All Stockholders After First $50 Million of Current Offering Sold
• Appropriate for IRAs, 401(k)s, and Other Tax Qualified Plans
• Automatic Purchase Program
• Distribution Reinvestment Plan at $9.50 per share
• Share Redemption Plan
• Tax reporting - 1099

PORTFOLIO Characteristics

• Strategy — acquisition, enhancement, and operation of properties with attributes identified as having the greatest probability to produce current income and increase in value over the 8 to 12 year holding period of the fund
  
  
• Targeted Assets — generally institutional-quality office properties having premier business addresses, desirable locations, personalized amenities, high-quality construction, and prestigious commercial tenants (may also invest in mortgages on the types of properties it may otherwise purchase directly)
  
  
• Targeted Markets — generally submarkets of major metropolitan cities where barriers to entry are judged to be high because space available for new commercial development is limited - with consistent demand and limited opportunity for new development these submarkets create a greater possibility that existing properties will increase in value over time.
  
  
• Holding Period — at approximately 8 to 12 years, this holding period is designed to capitalize on fund asset characteristics for potential increased current income and to position the assets for capital appreciation.
  
  
• Conservative Leverage — up to 55% of aggregate asset value
  
  
• Defined Exit Strategy — timely disposition of assets consistent with the defined holding period, or exchange listing.

Communication with Directors

We have established procedures for stockholders or other interested parties to communicate directly with our Board of Directors. Such parties can contact the board by mail at: Chairperson of the Behringer Harvard REIT I, Inc. Audit Committee, 5600 W. Lovers Lane, Suite 116, #140, Dallas, Texas 75209-4330. The Chairman of the Audit Committee will receive all communications made by this means. The board of Behringer Harvard REIT I has established certain Corporate Governance Committees and adopted a Code of Business Conduct. To view the Committee Charters and Code of Business Conduct, see our Governance Documents.

Assets

• 2411 W. Olive Avenue (Buena Vista Plaza), Los Angeles (Burbank), CA: Buena Vista Plaza is a seven-story, Class A office building situated on 1.26 acres in Burbank's Media Business District.
  
  
• Ashford Perimeter, Atlanta, GA: A Class A, multi-story office building in the highly desirable Central Perimeter submarket of Atlanta.
  
  
• 250 West Pratt, Baltimore, MD: A prominent office tower, twenty-four stories tall, located in the Central Business District of Baltimore, Maryland.
  
  
• 9100 Mineral Circle, Denver, CO: A four-story office building situated on more than eight acres in the Southeast Denver suburb of Centennial.
  
  
• Alamo Plaza, Denver, CO: A prominent Class A office tower located in the historic LoDo District of Denver, Colorado.
  
  
• Enclave on the Lake, Houston, TX: A six-story Class A office building in Houston's exclusive Enclave office park.
  
  
• Travis Tower, Houston, TX: A twenty-one-story office building in the heart of Houston's Central Business District.
  
  
• 2383 Utah Ave., El Segundo, CA: A single-story office/R&D building located directly south of the Los Angeles International (LAX) Airport.
  
  
• Downtown Plaza, Long Beach, CA: A six-story downtown building with one of the more desirable office addresses in the South Bay area.
  
  
• Minnesota Center, Minneapolis,, MN: A fourteen-story, institutional-quality Class A office building in the southwestern suburb of Bloomington.
  
  
• Lawson Commons, St. Paul, MN: A contemporary thirteen-story building in the heart of St. Paul's Central Business District.
  
  
• St. Louis Place, St. Louis, MO: A twenty-story building with a modern architectural design in the core of the St. Louis Central Business District.
  
  
• The Colorado Building, NW Washington, DC: An eleven-story historical office building two blocks from the White House.
  
  
• 120 South Sixth Street (One Financial Plaza), Minneapolis, MN: A 27-story tower located on a prime 1.4 acre site in the heart of downtown Minneapolis.
  
  
• 1550 South Valley Vista, Los Angeles (Diamond Bar), CA: A two-story office property located in the Gateway Corporate Center, a master-planned 255 acre business park in the growing submarket of Diamond Bar.
  
  
• 21810 East Copley Drive, Los Angeles (Diamond Bar), CA: A two-story office building located in the master-planned Gateway Corporate Center office park.
  
  
• 17655/17657 Waterview Parkway, Dallas (Richardson), TX: A campus including two three-story office buildings, located in the growing State Highway 190 Corridor in Dallas, Texas.
  
  
• 7632 SW Durham Road (Southwest Center), Portland (Tigard), OR: Th three-story Southwest Center is situated on 5.5 acres in the Interstate 5 Corridor.

Behringer Harvard REIT I, Inc. was formed June 26, 2002. There can be no assurance the investment objectives described herein will be achieved. This investment is subject to substantial risks. These risks include absence of a public market for these securities, lack of an operating history, absence of properties identified for acquisition, limited transferability and lack of liquidity, possibility of substantial delay before distributions are made, reliance on the fund's advisor, payment of significant fees to the advisor and its affiliates, potential conflicts of interest, and lack of diversification in property holdings until significant funds have been raised. This investment is not suitable for all investors. Refer to the prospectus for a more detailed discussion of risks and suitability standards in your state.