I Like Pistachio!

By Bob Aisner, President, Behringer Harvard

Behringer Harvard real estate investments are designed to provide multiple options so that investors can tailor an investment plan based upon their preferences and tastes.

Have you ever noticed how different people’s tastes are in ice cream? I am always amazed when I stand in an ice cream line and watch folks taste and then order ice cream. Virtually no two people are alike, although some, like my wife and I, like to share our two chosen flavors. Well, you are probably wondering, what does this have to do with Behringer Harvard and our real estate investments?

It so happens that the story about the creation of our family of funds begins
with us sitting around an ice cream store in 2001. It could become legend à la
Michael Dell leaving the University of Texas to found his computer company out of the trunk of his jalopy or the Hewlett Packard partners in the garage behind their parents’ homes tinkering. Unfortunately, ours is not as romantic, but we believe it’s just as important to our investors.

In 2001, as we began to think about offering real estate investments through
the independent broker dealer community, we emphatically believed that their
clients were no different from investors we had dealt with during our real
estate experiences. Some liked more stable investments with more current cash flow and appreciation upside, while others liked the opportunity for greater capital appreciation over shorter holding periods with less current income.

These various “flavors” could not be accomplished by employing only one investment strategy or through only one fund. Thus was born our family of funds concept — a series of flavors that can delight the taste buds of different investors.

We envisioned financial advisors who needed to have a variety of vehicles
to satisfy their different client preferences as to holding periods, risk adjusted
returns and balance of capital gains with current yields. In real estate terminology, we can classify investments with the longer hold, more current yield focus as "core" funds, and those with a shorter hold that are more focused on capital appreciation as “opportunity” funds. Each has a following among investors, and some, like my wife and I at the ice cream store, will even taste both flavors simultaneously.

Behringer Harvard real estate investments are designed to provide multiple options so that investors can tailor a program based upon their preferences and tastes. We look forward to becoming your favorite source for real estate investments.

This material is neither an offer to sell nor the solicitation of an offer to buy any security, which can be made only by a Prospectus, filed or registered with appropriate state and federal regulatory agencies, and sold by broker-dealers authorized to do so. This material must be preceded or accompanied by, and read in conjunction with, a Prospectus to fully understand the implications and risks of the offering of securities to which this material relates. Behringer Harvard securities are offered by Behringer Securities LP as dealer manager. Behringer Securities LP is a member of FINRA/SIPC.

NEITHER THE ATTORNEY GENERAL OF THE STATE OF NEW YORK NOR ANY OTHER STATE SECURITIES REGULATOR HAS PASSED ON OR ENDORSED THE MERITS OF ANY OFFERING OF BEHRINGER HARVARD SECURITIES. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

An investment in a Behringer Harvard program 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, reliance on the program'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. Such investments are not suitable for all investors. Refer to the applicable prospectus for a more detailed discussion of risks.