Bresler & Reiner, Inc. (“B&R” and, together with its subsidiaries and affiliates, “we,” the “Company” or “us”) was incorporated as a business corporation under the laws of the State of Delaware in 1956 and has been publicly traded since 1971. B&R engages in two principal business activities: Residential Land Development and Construction and Rental Property Ownership and Management, primarily in the Washington, DC Metropolitan Area.

The Company seeks to invest appropriate levels portions of its liquid assets in real properties through direct ownership or joint ventures. We analyze the types of real estate investment opportunities available in the marketplace, the general factors affecting various types of real estate investments, and other factors affecting the attractiveness of particular investment opportunities. Our investment strategy is adjusted from time-to-time to adapt to changing marketplaces and phases in the real estate cycle. We evaluate investment opportunities across a broad range of criteria such as: the type of real estate assets to be acquired, the percentage of capital to be invested by asset type, or the percentage ownership interest in particular entities to be acquired. Prior to consummating an investment, we conduct appropriate due diligence to evaluate the prospective investment’s risks and opportunities.

Post-acquisition, the Company deploys a portfolio management process for each asset in the portfolio that it owns or operates. The process includes the development of short and long-term capital replacement plans, detailed annual budgets, and monthly operations variance analysis reports. For the most part, the Company employs independent management companies to perform on-site management, leasing, maintenance, and development activities. The Company also partners with well-respected regional and national developers to direct the development and repositioning of its properties. In both cases, employees of B&R monitor property performance, operations, and the leasing and development activities of the outside management companies and developers.

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