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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001207240-02-000002.txt : 20021125
<SEC-HEADER>0001207240-02-000002.hdr.sgml : 20021125
<ACCEPTANCE-DATETIME>20021125104856
ACCESSION NUMBER:		0001207240-02-000002
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20021118
FILED AS OF DATE:		20021125

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REALTY INVESTORS INC
		CENTRAL INDEX KEY:			0001102238
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510]
		IRS NUMBER:				752847135
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15663
		FILM NUMBER:		02838808

	BUSINESS ADDRESS:	
		STREET 1:		10670 NORTH CENTRAL EXPRESSWAY
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75231
		BUSINESS PHONE:		2147404700

	MAIL ADDRESS:	
		STREET 1:		10670 NORTH CENTRAL EXPRESSWAY
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75231

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STOKELY TED P
		CENTRAL INDEX KEY:			0001207240
		RELATIONSHIP:				DIRECTOR

	FILING VALUES:
		FORM TYPE:		3

	BUSINESS ADDRESS:	
		STREET 1:		1750VALLEY VIEW LANE
		STREET 2:		SUITE 75234
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		2147508845X11
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>tedari_25november2002.txt
<TEXT>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 3

INITIAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940


[_]  Check this box if no longer subject to Section 16. Form 4 or Form 5
     obligations may continue. SEE Instruction 1(b).

________________________________________________________________________________
1.   Name and Address of Reporting Person*

Ted P. Stokely
- --------------------------------------------------------------------------------
   (Last)                           (First)             (Middle)

1750 Valley View Lane, Suite 135
- --------------------------------------------------------------------------------
                                    (Street)

Dallas                                TX                  75234
- --------------------------------------------------------------------------------
   (City)                           (State)              (Zip)


________________________________________________________________________________
2.   Date of Event Requiring Statement (Month/Day/Year)

November 18, 2002
________________________________________________________________________________
3.   I.R.S Identification Number of Reporting Person, if an entity (Voluntary)


________________________________________________________________________________
4.   Issuer Name and Ticker or Trading Symbol

American Realty Investors, Inc. ("ARL")
________________________________________________________________________________
5.   Relationship of Reporting Person to Issuer
     (Check all applicable)

     [X]  Director                             [_]  10% Owner
     [_]  Officer (give title below)           [_]  Other (specify below)


________________________________________________________________________________
6.  If Amendment, Date of Original (Month/Year)

________________________________________________________________________________
7.   Individual or Joint/Group Reporting (Check applicable line)

     [X]  Form filed by One Reporting Person
     [_]  Form filed by More than One Reporting Person
________________________________________________________________________________


================================================================================
             Table I -- Non-Derivative Securities Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
                                                                 3. Ownership Form:
                                      2. Amount of Securities       Direct (D) or
1. Title of Security                     Beneficially Owned         Indirect (I)       4. Nature of Indirect Beneficial Ownership
   (Instr. 4)                            (Instr. 4)                 (Instr. 5)            (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>                       <C>                          <C>

Common Stock                                None                       N/A
- ------------------------------------------------------------------------------------------------------------------------------------


====================================================================================================================================
</TABLE>



FORM 3 (continued)

              Table II -- Derivative Securities Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                        5. Owner-
                                                    3. Title and Amount of Securities                      ship
                                                       Underlying Derivative Security                      Form of
                         2. Date Exercisable           (Instr. 4)                                          Derivative
                            and Expiration Date     ---------------------------------    4. Conver-        Security:
                            (Month/Day/Year)                               Amount           sion or        Direct      6. Nature of
                         ----------------------                            or               Exercise       (D) or         Indirect
                         Date       Expira-                                Number           Price of       Indirect       Beneficial
1. Title of Derivative   Exer-      tion                                   of               Derivative     (I)            Ownership
   Security (Instr. 4)   cisable    Date            Title                  Shares           Security       (Instr. 5)     (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>        <C>             <C>                    <C>             <C>            <C>            <C>


- ------------------------------------------------------------------------------------------------------------------------------------


====================================================================================================================================
</TABLE>

Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.

Explanation of Responses:



/s/ Ted P. Stokely                          November 20, 2002
- ----------------------------------          -----------------------
Ted P. Stokely                              Date
Signature of Reporting Person


*    If the form is filed by more than one reporting person, see Instruction
     5(b)(v).

**   Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations.
     See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).





</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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