8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  March 31, 2010

Behringer Harvard Opportunity REIT I, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	000-51961	20-1862323
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

15601 Dallas Parkway, Suite 600, Addison, Texas 75001

(Address of principal executive offices) (ZIP Code)

(866) 655-3600

(Registrant’s telephone number, including area code)

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01               Regulation FD Disclosure.

On March 31, 2010, the Company will hold a conference call for financial advisors to review fourth quarter 2009 financial results and highlight portfolio performance. A copy of the script for that call, appearing as Exhibit 99.1, and a copy of the presentation materials to be used during that call, appearing as Exhibit 99.2, are furnished and not filed pursuant to Regulation FD.

The script and presentation materials include information about Funds from Operations (“FFO”) and Modified Funds from Operations (“MFFO”).  FFO is a supplemental non-GAAP financial measure used by the real estate industry to measure the operating performance of real estate assets.  MFFO excludes impairment charges, adjustments to fair value for derivatives not qualifying for hedge accounting and acquisition-related costs that were required to be expensed effective January 1, 2009 in connection with the adoption of FAS 141R.  Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate diminishes predictably over time.  Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting alone to be insufficient.

Accordingly, we believe that FFO is helpful to stockholders and our management as a measure of operating performance because it excludes depreciation and amortization, gains and losses from property dispositions, and extraordinary items, and as a result, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which is not immediately apparent from net income.  We believe that MFFO is helpful to stockholders and our management as a measure of operating performance because it excludes charges that management considers more reflective of investing activities or non-operating valuation changes.  By providing FFO and MFFO, we present information that reflects how our management analyzes our long-term operating activities.  We believe fluctuations in MFFO are indicative of changes in operating activities and provide comparability in evaluating our performance over time and as compared to other real estate companies that may not be affected by impairments or have derivatives or acquisition activities.  The following table presents our calculation of FFO and MFFO for the years ended December 31, 2009, 2008, and 2007 and provides additional information related to our FFO and MFFO (in thousands, expect per share):

	Year Ended
	2009			2008			2007
Net loss	$	(47,960	)	$	(44,729	)	$	(4,257	)
Net loss attributable to noncontrolling interest	10,923			10,028			401
Adjustments for:
Real estate depreciation and amortization per income statement	29,975			25,661			13,069
Pro rata share of unconsolidated JV depreciation and amortization (1)	4,980			3,290			564
Noncontrolling interest depreciation & amortization(2)	(3,982		)	(2,734		)	(515		)
Funds from operations (FFO)	$	(6,064	)	$	(8,484	)	$	9,262
Other Adjustments:
Impairment charge	15,522			19,413			—
Noncontrolling interest share of impairment charge	(2,373		)	(2,453		)	—
(Gain) loss on derivatives not designated as hedging instruments	(1,613		)	2,383			—
Noncontrolling interest share of (gain) loss on derivatives not designated as hedging instruments	80			(119		)	—
MFFO	$	5,552		$	10,740		$	9,262
GAAP weighted average shares:
Basic and diluted	55,352			54,529			36,338
MFFO per share	$	0.10		$	0.20		$	0.25

(1) This represents the depreciation and amortization expense of our share of depreciation and amortization expense of the properties which we account for under the equity method of accounting.

(2) This reflects the noncontrolling interest adjustment for the third-party partners’ proportionate share of the real estate depreciation and amortization.

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Item 9.01.              Financial Statements and Exhibits.

(d)Exhibits.

99.1         Script for Conference Call

99.2Behringer Harvard Opportunity REIT I, Inc. Fourth Quarter Update Presentation

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BEHRINGER HARVARD OPPORTUNITY REIT I, INC.
Dated: March 31, 2010	By:	/s/ Gary S. Bresky
		Gary S. Bresky
		Executive Vice President and Chief Financial Officer

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Exhibit Index

Exhibit No.	Description
99.1	Script for Conference Call
99.2	Behringer Harvard Opportunity REIT I, Inc. Fourth Quarter Update Presentation

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EX-99.1

EXHIBIT 99.1

SCRIPT FOR OPPORTUNITY REIT I

FOURTH QUARTER 2009 UPDATE CONFERENCE CALL
MARCH 31, 2010

[SLIDE 1 — TITLE]

OPERATOR:

Welcome to the Behringer Harvard Opportunity REIT I, Inc. fourth quarter 2009 update conference call.  Let me introduce Terri Reynolds, counsel for the fund.

[CHANGE TO SLIDE 2 — FORWARD LOOKING STATEMENTS]

TERRI REYNOLDS:

Before we begin, please note that statements made during this call that are not historical may be deemed forward-looking statements.  Future events and actual results, financial or otherwise, may differ materially from events and results discussed in the forward-looking statements due to a variety of risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated.  Please refer to Behringer Harvard Opportunity REIT I’s filings with the Securities and Exchange Commission, specifically the annual report on Form 10-K for the year ended December 31, 2009 for a detailed discussion of these risks and uncertainties.

It is also important to note that today’s call may include time sensitive information that may be accurate only as of the date to which it relates.  Behringer Harvard Opportunity REIT I assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

[CHANGE TO SLIDE 3 — WHERE TO EMAIL QUESTIONS]

TERRI REYNOLDS:

If you have a question, please send an email to bhreit@behringerharvard.com and your question will be forwarded to the presenters.  Please note, however, that you will not receive a return email with a written response.  Due to the number of questions that are

anticipated, the presenters will verbally answer questions that are generally representative of the ones received from the participants as a whole.

For scheduling purposes, this call will be 45 minutes.

I will now turn the call over to Sam Gillespie, the REIT’s Chief Operating Officer.

[CHANGE TO SLIDE 4 — AGENDA]

SAM GILLESPIE:

Thank you and welcome everyone to our quarterly update call.  My name is Sam Gillespie and I am the Chief Operating Officer for the REIT.  As I have mentioned on previous calls, in addition to these quarterly calls, our written updates, and our training available for selling group representatives here in Dallas, we spend time traveling to see you in your communities.  We will do over 20 local presentations this year and have been to Los Angeles, Seattle, Washington DC, and Boston already this year and will be in Phoenix and Northern California next week.  We hope to see many of you at these events.

Our agenda will be similar to previous calls and is as follows.  I will make some brief comments about national economic indicators and how these are impacting the commercial real estate markets.  I will follow with updates on the U.S. hospitality markets and the Central European markets.  Next Bryan Sinclair, our Chief Accounting Officer, will discuss financial metrics of the fourth quarter.  I will follow with a review of the REIT’s debt maturities through 2010 and then Al Palamara, our Portfolio Manager, will join the call and delve into more detail on several specific assets in the fund.  I will then make a few closing remarks  and then we will take your questions via e-mail.

[CHANGE TO SLIDE 5 — U.S. MARKET OVERVIEW]

SAM GILLESPIE:

Many, if not most, economists believe we are in a recovery or on the cusp of one.  The major indices of economic activity are generally trending positive and it’s very encouraging to report that:

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·Real GDP grew 5.6% in the fourth quarter, marking the first two periods of back to back growth since 2007

·Non-farm payroll losses slowed dramatically in the fourth quarter

·Industrial production has been up for 8 consecutive months

·Imports and exports have grown for two consecutive months after 13 straight months of declines.

So the news is heartening, but a stagnant unemployment rate and lumpiness in consumer confidence stats still raise some concerns.  Although there have been some positive indicators, it should be viewed in the context of the approximately 8.4 million jobs lost in the U.S. economy since 2007.  The commercial real estate markets won’t fully recover until we have job growth, which means space absorption in office buildings, and consumers start spending, which means shopping center space and the industrial warehouses that serve them will fill up.

The previously frozen capital markets are beginning to thaw a little bit.  This change from previous periods is led by plentiful debt under favorable terms for the multifamily sector from the government sponsored entities like Fannie and Freddie.  We also saw transaction volume increase and some value recovery, but in very select markets and most predominately in Washington, D.C.

[CHANGE TO SLIDE 6 — HOSPITALITY AND INTERNATIONAL MARKET OVERVIEW]

SAM GILLESPIE:

2009 was a very tough year for the hospitality sector as measured by all metrics.  According to Smith Travel Research, a hospitality industry data tracking organization, occupancy and average rate were down 8.7% and 8.8%, respectively.  2010 will represent a transition year with increasing occupancies, but at the expense of room rates which will remain depressed, at least through the first half of the year.  PKF Hospitality Research is forecasting 2010 RevPAR, which is a combination of rate and occupancy to be flat to down about 1%.

Corporate group business will remain a challenge and is closely tied to employment levels.  Individual travel patterns, both corporate and leisure, are showing positive trends, although partially driven by low room rates.

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Although Europe as a whole is likely to be slower to emerge from the recession, we are seeing some positive signs of growth in Central Europe, especially Poland and the Czech Republic.  In 2009, Poland was the only European country to record a positive GDP despite double-digit unemployment.  Poland is projected to be a major target of European investment in 2010.  Due to the rapid development of the shopping center market in Polish cities, we are anticipating increased retail investment during the next few quarters.  The Czech Republic suffered significant economic declines in 2009 and investment volume in both the retail and industrial sectors continues to be very low.  Both retail and industrial rents in the Czech Republic show increasing prospects for growth and leading Czech indicators point to recovery in 2010 and 2011.

Now, Bryan Sinclair will review the REIT’s financials of the past quarter.

[CHANGE TO SLIDE 7 — MODIFIED FUNDS FROM OPERATIONS]

BRYAN SINCLAIR:

Thanks Sam.  Let’s first discuss Modified Funds from Operations for the fourth quarter of 2009.

Modified FFO, which is FFO adjusted for impairment charges and hedging gains and losses in income, was $11.3 million in the fourth quarter of 2009, or $0.20 per share.  This is a $0.35 per share improvement from the third quarter of 2009.  The components of this increase include the following:  one, a non-cash bad debt reserve taken in the third quarter for Chase Park, which amounts to approximately $0.18 per share, and two, $0.15 per share from the proceeds of the sale of Chase Park state tax credits for our work in restoring this historic hotel.

For the year ended December 31, 2009, MFFO was $5.6 million, or $0.10 per share.  For the prior year 2008, MFFO was $10.7 million, or $0.20 per share.  The components of the $0.10 per share decrease in year over year MFFO is due to the previously mentioned Chase Park non-cash bad debt reserve, and a $0.06 per share decrease in interest income from lower cash on-hand balances and lower yields on cash accounts.  These decreases in year over year MFFO are partially offset by several positive variances including an increase in net operating income of $0.05 per share, the sale of the Chase Park state tax credits of $0.15 per share, and a $0.03 per share reduction in advertising costs at our development properties.

Please note that the reconciliations of FFO and MFFO to our GAAP financial statements are contained in our Current Report on Form 8-K filed today.

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[CHANGE TO SLIDE 8 — FOURTH QUARTER EVENTS]

BRYAN SINCLAIR:

Now I’ll discuss in a little more detail fourth quarter events.

During the fourth quarter, we recognized a $5.6 million non-cash impairment charge related to undeveloped land at our hotel and development property, The Lodge & Spa at Cordillera, as we continue to be challenged by adverse economic conditions in the Vail Valley second-home market.  Together with the non-cash impairment charges we took in the second and third quarters of 2009 related to Becket House, we recognized a total of $15.5 million in non-cash impairment charges during the year.  These non-cash charges represent less than 2% of our total assets as presented on our December 31, 2009 balance sheet.  Inception-to-date, we have taken non-cash impairment charges totaling $35 million, or only 4% of total assets as of December 31, 2009.

On the positive side, during the fourth quarter, we recognized in income $8.7 million from the sale of State of Missouri historic tax credits as part of our re-development of the Chase Park Plaza hotel.  These proceeds went to pay down the outstanding hotel loan balance owed to our lender, bringing the balance down to $77.5 million at the end of 2009.  During 2010, we expect to receive additional historic tax credits that will be sold to further reduce the outstanding Chase Park loan balances.

Keeping our attention on Chase Park Plaza, we sold an additional four condominium units during the fourth quarter for total proceeds of $7.9 million, and an additional 11 units since year-end for total proceeds of $20.9 million.  From the project’s inception through March 25 of this year, we have sold a total of 49 units of the total 86 units completed or to be completed, for total proceeds of approximately $50 million.  Adding the three units currently under contract, we will have sold more than 60% of the total units, or put another way, only 34 units remain available.  Again, proceeds from the sale of The Private Residences at Chase Park condominiums go first toward paying down the construction loan and then to paying down the hotel loan.  As of March 25, 2010, the construction loan balance was approximately $9 million as compared to $23.3 million at year end with three units under contract yet to be closed.

Let’s move on and talk about liquidity during the fourth quarter of 2009.

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[CHANGE TO SLIDE 9 — LIQUIDITY]

BRYAN SINCLAIR:

Now, regarding our cash available to support operations, investing, and financing activities.  Our unrestricted cash decreased from $19 million at the end of the third quarter to $9.5 million at the end of the fourth quarter.  This was primarily due to lower net borrowings on our senior secured credit facility.

In addition to cash-on-hand, we had $8.6 million of restricted cash.  Our restricted cash is reserved for the payment of interest under certain loan agreements, taxes and insurance, and for leasing, capital improvements, and repair and maintenance costs at certain of our operating properties.

That concludes my comments.  I will now turn the call back to Sam.

[CHANGE TO SLIDE 10 — 2009-2010 DEBT EXTENSIONS]

SAM GILLESPIE:

Thanks Bryan.  Now let’s discuss the REIT’s debt maturities.

With superb work done in the fourth quarter by the Behringer Harvard Capital Markets group, led by Andy Bruce, we successfully wrapped up all of the 2009 maturities and made significant progress on the 2010 maturities.

The senior construction loan for Alexan Black Mountain, the multifamily project in Las Vegas where we have a mezzanine loan, was extended for three years by our mezzanine borrower.

We refinanced both of our student housing projects with very favorable long-term debt from Freddie Mac.  More about our strategy on those assets from Al later in the call.

We extended our Frisco Square land loan for two years.  This required a $1 million principal paydown and additional paydowns of $429,000 per quarter.  Precious capital was used to extend these loans on this important project.  How we use scarce capital

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are critical decisions.  Making the right choice on where this capital is spent is the most important thing we do.

The balance of the maturities for 2010 are Tanglewood at Voss, our multifamily project in Houston, the hotel and condo loan at Chase Park, our data center project in Santa Clara, and some small loans in our Central Europe portfolio.

Speaking of our Central European portfolio loans, I’m pleased to say that a 2.3 million Euro loan on a Czech property, originally due to expire at the end of 2010, was automatically renewed for two years when the primary tenant did not exercise its option to terminate its lease at the end of 2009.  Also, our lender in Poland has indicated that they are willing to extend two loans totaling 16.7 million Euros that are due in December 2010.  The two loans are for a portfolio of retail properties anchored by Tesco grocery stores and a distribution center in Lynka.

[CHANGE TO SLIDE 11 — 2010 DEBT MATURITIES]

SAM GILLESPIE:

At Tanglewood at Voss, where we have a mezzanine loan, we are working with the borrower and the senior lender to extend the construction loan for several years.  This may very well require a principal paydown or some type of additional collateral.  This is a great project still working to get to stabilization and we strongly believe additional investment or collateral to support Tanglewood at Voss to get this loan extended and protect our current investment will be rewarded.

As Bryan mentioned, at Chase, with the contracts we have currently in place, the condo loan will be reduced to a very modest $7 million by summer and with just a few more sales we will have that loan paid off.  We had expressed in earlier calls that the tax credits we monetized in the fourth quarter of 2009 would go to completely pay off the condo loan, but our lender had the discretion to apply the $8 million in tax credits to the hotel loan or the condo loan and they chose the hotel loan.

Speaking of tax credits, we expect to monetize another $15 million in historic tax credits this summer and those credits will also go directly to de-lever the hotel loan.  All told, those two loans totaled $111.2 million one year ago today and we believe the principal balance upon maturity will be $62.5 million, all of it on the hotel loan.  Remarkable progress really.  After a difficult 2009, the hotel is still several years away from stabilization and we will be working with our lender to extend this loan as we improve property performance over the next 24-36 months and prepare the hotel for disposition.

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At Santa Clara, we are in discussions with our lender for a 3-year extension that includes other very positive news for the project.  We hope to make an announcement regarding that soon.

[CHANGE TO SLIDE 12 — PORTFOLIO COLLAGE]

SAM GILLESPIE:

Now let’s turn our attention to a few of our portfolio assets.  On each of these quarterly calls, we will review in more detail two or three specific assets.  For this call, we have chosen:

·Frisco Square, a mixed-use development in Frisco, Texas,

·Our Central European joint-venture portfolio, which consists of 22 retail and logistics properties in four countries,

·A further update on our two joint venture-owned student housing properties near TCU in Ft.  Worth, Texas and UVA in Charlottesville, Virginia, and

·A brief review of our development projects

Al Palamara will lead this part of our call.

[CHANGE TO SLIDE 13 — FRISCO SQUARE]

AL PALAMARA:

Thanks, Sam.

Our Frisco Square development project was acquired in August 2007 by recapitalizing the partnership that owned the development at that time.  This development is a 48-acre portion of Frisco Square, a 147-acre master-planned development at the intersection of the Dallas North Tollway and Main Street in Frisco.  The City of Frisco was named in July 2009 by Forbes magazine as the seventh best place to move to in America.  Located one-half block west of city hall, Frisco Square features a pedestrian-friendly mix of retail, offices, apartments, and municipal facilities that embody the “live, work, play” lifestyle arrangements that are attractive to young professionals.  Also located across the street from our development is Pizza Hut Park, a 21,000-seat stadium that is home to the FC Dallas major-league soccer team.

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We recently reached an agreement with Cinemark Holdings, Inc., to construct a state-of-the art 12-screen theatre at Frisco Square, which has been part of our original development plans since we invested two years ago.  Cinemark will lease the building for 15 years from our partnership.  Cinemark plans to offer digital and 3-D capabilities in its theatre, stadium seating, and their newest product, Cinemark XD: Extreme Digital Cinema in a specially-designed auditorium.  Cinemark Holdings is a leading domestic and international movie theatre operator, with 424 theatres in the U.S., Canada, Brazil, Mexico and Latin America.

We believe the Cinemark theatre will be a major attraction for Frisco Square and generate significant new levels of consumer traffic for the development.  In addition, we believe the theatre will help attract additional high quality retailers and entertainment operations to Frisco Square.  All of this should further enhance the quality of life for this mixed use development.

[CHANGE TO SLIDE 14 — CENTRAL EUROPEAN PORTFOLIO]

AL PALAMARA:

During the third quarter of 2008, we acquired a joint venture interest in a Central European portfolio consisting of 22 retail and warehouse properties located in Poland, Czech Republic, Slovakia, and Hungary.  The portfolio encompasses 886,000 square feet with a concentration of discount grocery stores located in dense urban markets and industrial properties located in strategic distribution markets.  Our exit strategy anticipates a pricing premium for the aggregation of these single properties into an institutional quality portfolio.

These properties have been approximately 99% percent leased since acquisition.  Retail units that became vacant in 2009 were re-let with little or no downtime.  Only 3% of the portfolio’s leases expire in 2010 and more than 82% of the leases are in place until 2015 or later.

Poland and the Czech Republic, in which 20 of the 22 properties are located, are recovering from the recession and have begun showing signs of growth.  While continuing to monitor the capital markets for an optimal sale, we plan to pursue additional financing and equity opportunities for site expansions to accommodate increased tenant demand for additional space.

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[CHANGE TO SLIDE 15 — GRANDMARC TCU and UVA]

AL PALAMARA:

During our last call, we discussed the success of our two student multifamily properties at TCU in Ft.  Worth and the University of Virginia in Charlottesville.  Both properties have a successful operating history and combined with the strong demand for this product from institutional investors we have decided to market these properties for sale in the second quarter.  TCU and UVA are trending positively in their pre-leasing efforts for the 2010 — 2011 school year and we have secured attractive long term financing for both properties.  They should be well positioned for a sale.  We have retained a broker to market the properties and the broker is in the process of preparing offering materials for distribution to the investor market.

[CHANGE TO SLIDE 16 — DEVELOPMENT PROJECTS UPDATE]

AL PALAMARA:

The Fund has four investments with development strategies — The Lodge & Spa at Cordillera, Frisco Square, Rio Salado, and Royal Island.  In 2008 we put development activity on hold for all of these projects due to the lack of demand and the lack of development financing available in the market.  As a result, the Fund had no vertical construction at any of these properties.

We will continue to monitor demand, but at this date we have no plans to develop any product unless we have identified unique development opportunities, such as a creditworthy build-to-suit tenant.  This is the case with Cinemark at Frisco Square.  As discussed earlier, Cinemark is under a long term lease for entire new building and will pay rent commencing with the first month of the lease.

The last point that I’d like to make is that we have no third party debt on Cordillera, or Rio Salado and this helps immensely to keep our carrying costs as low as possible.  Frisco Square has third party debt, but this is supported by the operating properties we purchased at acquisition which include office, retail and multifamily assets.

[CHANGE TO SLIDE 17 — PORTFOLIO COLLAGE]

SAM GILLESPIE:

Thanks, Al.

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Now to wrap up, I want to discuss the capital needs of this REIT.  As with any investment, capital must be directed where it will help achieve the highest total return for the owners over time.  We have made some exciting progress on several assets, the Cinemark lease, the Frisco Square loan extension, progress on the Voss loan extension, a recent development at our Santa Clara project we hope to announce next quarter — but these are going to take capital to execute, and we will need to get it from different places than our line of credit or operating cash flow.

Under normal credit market conditions, these types of expenditures could be financed with third party debt.  Today, that debt is not available although the reasons for these expenditures are tremendously positive for the fund in the long term.  For that reason, we are looking at all areas to preserve and obtain capital, including reviewing our distribution policy.  We are considering selling assets that may need additional capital where the returns don’t justify the additional investment.  We could suffer some loss of investment principal in these cases, but the capital obtained through selling will be used to enhance returns on the projects where it is needed most and can achieve a higher total return for our shareholders over the life of the REIT.  We are also discussing loan modifications on other assets prior to their maturity where the underlying asset may need capital now, but where we also need cooperation from the lender before that capital is worth investing.  As I mentioned earlier in this call, allocating scarce capital to the places where it can achieve the highest returns is the most important thing we do in for this REIT.

[CHANGE TO SLIDE 18 — QUESTIONS]

SAM GILLESPIE:

Now, let’s go to your questions.

OPERATOR:

Please e-mail any questions you may have to bhreit@behringerharvard.com.  Due to the number of questions that are anticipated and the limited time available, the presenters will verbally answer questions that are generally representative of the ones received from the participants as a whole.

Further, if you would like a copy of the PowerPoint presentation from today’s call, the Company has filed it as an exhibit to its Current Report on Form 8-K with the Securities and Exchange Commission, which can be accessed on the website maintained for the Company at www.behringerharvard.com or from the SEC’s website at www.sec.gov.  Access to the filing is free of charge.

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Lastly, a playback of today’s call will be available to the Company’s selling group members on the password-protected portion of the Company’s website.  The file will be titled “March 31, 2010 Conference Call Replay: Behringer Harvard Opportunity REIT I, Inc.  Quarterly Update” and will be the last link on the left sidebar once you are logged in.  Please note that in order to view the link, you must log in using your DST Vision ID.  The recording will be posted as soon as possible and will be available until Saturday, April 10, 2010.  For further information regarding the playback of this call, please contact a member of your wholesaling team at 866-655-3600.

Now, let me turn it back over to Mr. Gillespie for the Q&A session

[END OF SCRIPT]

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EX-99.2

Exhibit 99.2

Behringer Harvard Opportunity REIT I, Inc. 2009 Fourth Quarter Update Bent Tree Green in Dallas, TX

Forward-Looking Statements This presentation contains forward-looking statements relating to the business and financial outlook of certain Behringer Harvard programs that are based on our current expectations, estimates, forecasts, and projections and are not guarantees of future performance. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may,” “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” “would,” “could,” “should,” and variations of these words and similar expressions. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Risks that could cause actual results to vary materially from those expressed in forward-looking statements include, but are not limited to, market and economic challenges experienced by the U.S. economy or real estate industry as a whole and the local economic conditions in the markets in which our properties are located; the availability of cash flow from operating activities for distributions and capital expenditures; a decrease in the level of participation under our distribution reinvestment plan; our level of debt and the terms and limitations imposed on us by our debt agreements; the availability of credit generally, and any failure to refinance or extend our debt as it comes due or a failure to satisfy the conditions and requirements of that debt; the need to invest additional equity in connection with debt refinancing as a result of reduced asset values and requirements to reduce overall leverage; future increases in interest rates; our ability to raise capital in the future by issuing additional equity or debt securities, selling our assets or otherwise; impairment charges; our ability to retain our executive officers and other key personnel of our advisor, our property manager, and their affiliates; conflicts of interest arising out of our relationships with our advisor and its affiliates; unfavorable changes in laws or regulations impacting our business or our assets; and factors that could affect our ability to qualify as a real estate investment trust. These risks may impact a real estate program’s ability to make distributions as stated in the current prospectus. Real estate investment programs are not suitable for all investors. Refer to the prospectus for a more detailed discussion of risks and suitability standards in your state. Forward-looking statements in this presentation speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Questions? During the call, please e-mail questions to: bhreit@behringerharvard.com

Agenda Market Commentary Financial Review Debt Maturity Schedule Asset Updates Closing Remarks Questions Crossroads in San Diego, CA

Market Overview Real GDP grew 5.6% in Q4, marking first back-to-back GDP quarterly growth since 2007 Non-farm payroll losses slowed in Q4 Industrial production has been up for eight consecutive months Imports and exports have grown for two consecutive months after 13 straight months of decline However, stagnant employment rates and consumer confidence remains a concern Capital markets starting to thaw Transaction volume and values starting to recover in select markets Northborough Tower in Houston, TX

Market Overview Hospitality Sector 2009 was a very tough year for the hospitality sector by all metrics 2010 RevPAR forecast to be flat Corporate group business remains the challenge and is tied to employment levels International Markets Central Europe, especially Poland, is faring better than Europe as a whole The Lodge & Spa at Cordillera in Edwards, CO

Modified Funds from Operations* Q4 MFFO of $11.3 million, or $0.20 per share $0.35 per share improvement over Q3 2009, primarily due to $0.18 per share non-cash bad debt reserve in Q3 and $0.15 per share tax credit gain in Q4 2009 MFFO of $5.6 million, or $0.10 per share $0.10 per share decrease from 2008 MFFO of $0.20 per share Negative impact primarily due to $0.18 per share non-cash bad debt reserve in Q3 and $0.06 per share decrease in interest income These negative impacts were partially offset by increase in net operating income of $0.05 per share, sale of State of Missouri historic tax credits of $0.15 per share, and decrease of $0.03 per share in advertising costs at development properties Opportunity REIT I, Inc. Grandmarc at The Corner UVA in Charlottesville, VA *For a reconciliation of Modified Funds from Operations to Net Income, refer to Current Report on Form 8-K filed March 31, 2010

Fourth Quarter Events Non-cash impairment charge related to The Lodge & Spa at Cordillera of $5.6 million Total of $15.5 million in non-cash impairment charges in 2009, less than 2% of total assets Inception to date, total of $35 million in non-cash impairment charges, or 4% of total assets State tax credit of $8.7 million for re-development of historic Chase Park Plaza Hotel loan balance reduced to $77.5 million $15 million in additional state tax credits expected in 2010 for restoration of historic building Sold four condominium units at Chase Park Plaza for proceeds of $7.9 million 11 more units sold subsequent to end of year for total proceeds of $20.9 million 49 of 86 units sold (60%) with three more under contract As of March 25, 2010, construction loan balance approximately $9 million compared to year-end balance of $23.3 million

Portfolio Level Cash As of December 31, 2009, Opportunity REIT I had an unrestricted cash balance of $9.5 million $9.5 million decrease from $19 million at the end of Q3 primarily due to lower net borrowings on senior secured credit facility. Property Level Cash In addition, $8.6 million of restricted cash held at the property level for interest payments under certain loan agreements, taxes, leasing, capital improvements, and repair and maintenance costs at a number of our operating properties Liquidity Opportunity REIT I, Inc. Ferncroft Corporate Center in Boston, MA

12/31/12 €2.2 M 12/31/10 €2.3 M Cerny Most4 Property Initial Loan Amount1 Initial Maturity Date Current Loan Amount2 Current Maturity Date Alexan Black Mountain3 $29.0 M 12/29/09 $29.0 M 12/29/12 GrandMarc at The Corner $26.9 M 12/31/09 $27.25 M 1/1/20 GrandMarc at Westberry Place $37.8 M 1/25/10 $38.0 M 1/1/20 Frisco Square Land $25.8 M 10/28/09 $24.5 M 7/28/11 1As of December 31, 2009 2As of March 15, 2010 3Behringer Harvard Opportunity REIT I, Inc. is neither the obligor nor the guarantor 4These assets are included in the Central Europe Portfolio. Behringer Harvard Opportunity REIT I, Inc. is neither the obligor nor the guarantor 2009 – 2010 Debt Extensions Debt Extensions Opportunity REIT I, Inc.

Extend and restructure 12/31/10 €16.7 M Tesco Portfolio3, Lynka3 Property Initial Loan Amount1 Initial Maturity Date Current Financing Plan Tanglewood at Voss2 $39.6 M 3/22/10 Negotiating a multi-year extension with lender Chase Park Plaza Hotel $77.5 M 11/15/10 Extend and de-lever (de-lever by $15 million in Summer 2010 upon sale of historic tax credits) The Private Residences at Chase Park2 $23.3 M 11/15/10 Reduce to $7 million through condo sales in first quarter 2010 and pay off with additional condo sales Santa Clara Tech Center $52.5 M 6/9/10 Restructure loan with new joint venture partner 1As of December 31, 2009 2Behringer Harvard Opportunity REIT I, Inc. is neither the obligor nor the guarantor 3These assets are included in the Central Europe Portfolio. Behringer Harvard Opportunity REIT I, Inc. is neither the obligor nor the guarantor Schedule of Debt Maturities in 2010 Debt Maturities Opportunity REIT I, Inc.

Frisco Square 12600 Whitewater Ferncroft Corp. Center Chase Park Plaza Bent Tree Green Las Colinas Commons Santa Clara Tech Center Becket House GrandMarc at Westberry Place Rio Salado Business Center 5000 South Bowen GrandMarc at The Corner UVA Royal Island The Lodge & Spa at Cordillera Northpoint Central Northborough Tower 2603 Augusta Regency Center Crossroads Central European Portfolio Alexan Black Mountain & Tanglewood at Voss The properties depicted are all a part of the investment portfolio of Behringer Harvard Opportunity REIT I, Inc.

Frisco Square Acquisition Strategy Buildings owned at acquisition: Multifamily is 99% leased, office is 95% leased, and retail is 49% leased Purchase price: $67.8 million; acquired August 2007 Located in the “path of progress” along the Dallas North Tollway; zoned with extremely favorable entitlements Develop unimproved parcels with additional office and retail as market demands Joint venture with Dallas-based Fairways Equities (70/30) Current Status Buildings owned at acquisition: Multifamily is 96% leased, office is 77% leased, and retail is 85% leased New Construction: 71,151 sq. ft. of office/retail buildings delivered in December 2007 and are 53% leased (retail 90%, office 40%) Signed lease with Cinemark for a 12-screen movie theatre Negotiating with regional restaurant chain for 5,000 sq. ft. free-standing restaurant Goals Lease new C-1 office building to stabilization by year-end 2010 Pursue and secure office/retail, build-to-suit, and anchor tenant opportunities Frisco, Texas

Central European Portfolio Acquisition Strategy Purchase Price: $168.4M (885,597 sq. ft.); acquired 50% interest on July 28, 2008 Portfolio of 22 properties in four central European countries Concentration of discount grocery in dense urban markets and industrial properties in strategic distribution sectors, both with long-term leases Aggregating single assets into a diversified portfolio in anticipation of a pricing premium upon disposition Current Status Portfolio is currently 99% leased Retail units that became vacant in 2009 were re-let with no or only a few weeks’ downtime Goals Continue to monitor capital markets for the best chance to realize portfolio premium Pursue site expansions to accommodate increased tenant demand for additional space, if financing and equity are secured Poland, Czech Republic, Slovakia, Hungary

Student Multifamily Housing New 10-year loans secured for both properties from Freddie Mac at attractive rates with a 30-year amortization UVA is 63% pre-leased for 2010-2011 school year; TCU is 57% pre-leased Both properties to be marketed for sale in Q2 2010 Texas Christian University–Ft. Worth, Texas, and University of Virginia–Charlottesville, Virginia Grandmarc at Westberry Place in Fort Worth, TX

Development Projects Update Cordillera, Frisco Square, Rio Salado and Royal Island No vertical development in 2009 No third–party debt on Cordillera, Rio Salado or Royal Island Re-examine market demand in 2010 to revise development strategies Frisco Square making positive process with the Cinemark agreement and potential leasing Reliance on Behringer Harvard’s experience from previous business cycles The Lodge & Spa at Cordillera in Edwards, CO

Frisco Square 12600 Whitewater Ferncroft Corp. Center Chase Park Plaza Bent Tree Green Las Colinas Commons Santa Clara Tech Center Becket House GrandMarc at Westberry Place Rio Salado Business Center 5000 South Bowen GrandMarc at The Corner UVA Royal Island The Lodge & Spa at Cordillera Northpoint Central Northborough Tower 2603 Augusta Regency Center Crossroads Central European Portfolio Alexan Black Mountain & Tanglewood at Voss The properties depicted are all a part of the investment portfolio of Behringer Harvard Opportunity REIT I, Inc.

Questions? During the call, please e-mail questions to: bhreit@behringerharvard.com