Quick Financial Synopsis

Bresler & Reiner, Inc. operates in two principal areas: residential land development and construction and rental ownership and management, primarily in the Washington, D.C. metropolitan area. For the FY ended 12/31/02, revenues increased 14% to $59.4M. Net income decreased 40% to $6.1M. Revenues reflect increased sales of homes and lots. Earnings were offset by a rise in interest expense due to new loans placed.

The Company is organized in four segments:

• residential home sales, residential lot development and sales and other construction, which includes the sale of homes constructed by B&R;
  
  
• commercial rental property, which includes the rental income derived from leases of office, industrial, retail, storage, parking and other related revenue sources;
  
  
• residential rental property, which includes income generated from leasing of apartment properties, primarily located in the greater Washington, D.C. area,
  
  
• and hospitality properties, which includes two hospitality properties: The Inn at the Colonnade located in Baltimore, Maryland, and the Holiday Inn Express located in Camp Springs, Maryland.