Second Quarter Report
		Quarter ended June 30, 2012
		Hotel Palomar in Dallas, Texas.
		Second Quarter Overview
		As of September 13, 2012
		·     From the Fund’s inception, its value-add investment strategy has targeted assets that had operating issues, problems in their capital structure, low occupancy rates, or less-than-optimum positioning. The Fund continues in its disposition phase and now only consists of two assets: the Hotel Palomar in Dallas, Texas, and five acres of land retained as a result of the sale of 1221 Coit Road in Plano, Texas, discussed below.
		·     On August 16, 2012, the Fund sold its 90% interest in 1221 Coit Road for a contract sales price of $20.0 million. In this sale, the general partners packaged this property with a similar property in another Behringer Harvard-sponsored program to create greater value for the Fund’s investors. On August 17, 2012, after more than two years of persistent effort, the Fund sold 250/290 John Carpenter Freeway in Irving, Texas, for a contract sales price of $22.8 million. The net proceeds from these sales were used to fully satisfy the existing indebtedness associated with these properties and to pay down additional liabilities of the Fund.
		·     As part of the sale of 250/290 John Carpenter Freeway, the Fund made a pay down of $8.7 million on the loan associated with the Hotel Palomar. This principal repayment reduced the loan’s outstanding balance to $32.2 million. We are working with the current lender to extend the current loan to December 31, 2013. In addition, we are looking at sources to refinance this loan, which matures on December 21, 2012.
		·     As the Fund has continued in its disposition phase, the actual number of assets available to create usable cash flow has declined. At the same time, however, the Fund’s public company expenses remain fixed. The general partners will continue to evaluate cost saving initiatives to better match expenses and usable cash flow.
		·     Since inception, sponsor support for the Fund has totaled $59.6 million in loans, loan forgiveness, and waived and deferred fees, operating costs, and accrued interest. This support equates to 55% of the original capital raise and exemplifies the sponsor’s commitment to the Fund and its investors given the difficult circumstances created by the economic and real estate recession.
		Financial Highlights.
		Some numbers		(in thousands)			3 mos. ended			3 mos. ended			6 mos. ended			6 mos. ended
		have been					Jun. 30, 2012			Jun. 30, 2011			Jun. 30, 2012			Jun. 30, 2011
		rounded for
		presentation		Total revenues		$	4,322		$	4,396		$	8,673		$	9,185
		purposes.		Net operating income1		$	716		$	297		$	1,199		$	1,325
				(in thousands)			As of Jun. 30, 2012			As of Dec. 31, 2011
				Total assets		$	66,713		$	116,026
				Total liabilities		$	84,464		$	136,806
		Investor Information
	A copy of the Partnership’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission, is available without charge at sec.gov or by written request to the Partnership at its corporate headquarters. For additional information about Behringer Harvard and its investment programs, please contact us at 866.655.3650.

This quarterly report summary contains forward-looking statements, including discussion and analysis of the financial condition of Behringer Harvard Short-Term Opportunity Fund I LP (which may be referred to as the “Fund,” the “Partnership,” “we,” “us,” or “our”) and our subsidiaries, our anticipated improvements to, and disposition of, properties, amounts of anticipated cash distributions to our investors in the future and other matters. These forward-looking statements are not historical facts but are the intent, belief, or current expectations of management based on their knowledge of the business and industry. Words such as “may,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Such factors include those described in the Risk Factors section of the Fund’s filings with the Securities and Exchange Commission. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future event or otherwise.

The accompanying unaudited, consolidated financial statements do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America (GAAP). The financial statements include all adjustments (of a normal recurring nature) necessary to present fairly our consolidated financial position as of June 30, 2012, and December 31, 2011, and our unaudited, consolidated results of operations and cash flows for the periods ended June 30, 2012, and 2011.

¹Net operating income (NOI), a non-GAAP financial measure, is defined as total revenue less property operating expenses, real estate taxes, property management fees, advertising costs, and cost of real estate inventory sales. Management believes that NOI provides an accurate measure of the Partnership’s operating performance because NOI excludes certain items that are not associated with management of our properties. NOI should not be considered as an alternative to net income (loss) or an indication of our liquidity. NOI is not indicative of funds available to fund our cash needs or our ability to make distributions and should be reviewed in connection with other GAAP measurements. To facilitate understanding of this financial measure, a reconciliation of NOI to GAAP net loss has been provided.