QUARTER ENDED SEPTEMBER 30, 2015 15601 Dallas Parkway, Suite 600 Addison, TX 75001 866.655.3600 behringerinvestments.com Conclusion The Company is committed to working through the disposition of assets and bringing this investment program to an orderly close within the next 12 to 18 months. (in thousands, except per share data) 3 mos. ended Sept. 30, 2015 3 mos. ended Sept. 30, 2014 9 mos. ended Sept. 30, 2015 9 mos. ended Sept. 30, 2014 FFO per share $ 0.02 $ – $ 0.02 0.01 Distributions per share $ – $ – $ – $ – Sept. 30, 2015 Dec. 31, 2014 Total assets $ 306,295 $ 314,492 (in thousands, except per share amounts) 3 mos. ended Sept. 30, 2015 3 mos. ended Sept. 30, 2014 9 mos. ended Sept. 30, 2015 9 mos. ended Sept. 30, 2014 Frisco Square in Frisco, Texas Adjustments for: Real estate depreciation and amortization2 4,571 3,600 11,820 10,938 (194) (190) (230) (666) real estate FFO3 $ 872 $ (32) $ 1,384 $ 329 FFO per share $ 0.02 $ – $ 0.02 $ 0.01 FORWARD-LOOKING STATEMENTS This material contains forward-looking statements relating to the business and financial outlook of Behringer Harvard Opportunity REIT I, Inc. that are based on our current expectations, estimates, forecasts, and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this material. Such factors include those described in the Risk Factors sections of Behringer Harvard Opportunity REIT I, Inc.’s filings with the Securities and Exchange Commission. Forward-looking statements in this material 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. Published 12/15 © 2015 Behringer 3458-1 OP1 Q3 Report 2015 1Includes impairment of our investments that resulted from a measurable decrease in the fair value of our depreciable real estate. 2Includes our consolidated depreciation and amortization expense, as well as our pro rata share of those unconsolidated investments which we account for under the equity method of accounting and the noncontrolling interest adjustment for the third-party partner’s share. 3FFO (Funds From Operations) should not be considered as an alternative to net income (loss), or as indications of our liquidity, nor is it either indicative of funds available to fund our cash needs, including our ability to fund distributions. FFO should be reviewed in connection with other GAAP measurements. A reconciliation of FFO and FFO-per-share to net income can be found in our second quarter Form 10-Q on file with the SEC. Net loss per share$(0.29) $(0.06) $(0.42) $(0.18) GAAP weighted average shares, basic56,50056,50056,50056,500 and diluted Gain on sale of Impairment charge1 12,778–13,394– Net loss$(16,463) $(3,442) $(23,600) $(9,943) Reconciliation of FFO to Net Loss Total liabilities$197,308 $180,454 (in thousands)As of As of Distributions declared $– $–$–$– FFO$872 $(32)$1,384$329 Financial Highlights I