-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BHpr4+t6A17ZiRO+FO5sj3eUDH/oL3blmZyKbet9xh5FcXmuIg3iR6a8nEwhcwCf
 qzp85ktTEhVB/4lZV+ShiA==

<SEC-DOCUMENT>0001181431-03-007304.txt : 20030509
<SEC-HEADER>0001181431-03-007304.hdr.sgml : 20030509
<ACCEPTANCE-DATETIME>20030509163704
ACCESSION NUMBER:		0001181431-03-007304
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030507
FILED AS OF DATE:		20030509

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BASIC CAPITAL MANAGEMENT INC
		CENTRAL INDEX KEY:			0000916476
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15663
		FILM NUMBER:		03690749

	BUSINESS ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE, SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4695224200

ISSUER:		

	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

	BUSINESS ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4695224200

	MAIL ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd8622.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<?xml-stylesheet type="text/xsl" href="http://www.RRDnetfiler.com/XSL/SEC_Form_4.xsl"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

<documentType>4</documentType>
<periodOfReport>2003-05-07</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
<issuer><issuerCik>0001102238</issuerCik>
        <issuerName>AMERICAN REALTY INVESTORS INC</issuerName>
<issuerTradingSymbol>ARL</issuerTradingSymbol></issuer>
<reportingOwner>
<reportingOwnerId>
<rptOwnerCik>0000916476</rptOwnerCik>
            <rptOwnerName>BASIC CAPITAL MANAGEMENT INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
<reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText></reportingOwnerRelationship></reportingOwner>
<nonDerivativeSecurity>
<securityTitle>
<value>Common Stock</value></securityTitle>
<transactionDate>
<value>2003-05-07</value></transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>P</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionTimeliness>
<value></value></transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>200</value></transactionShares>
<transactionValue>
<value>12.86</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>8104153</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></nonDerivativeSecurity>
<nonDerivativeSecurity>
<securityTitle>
<value>Common Stock</value></securityTitle>
<transactionDate>
<value>2003-05-07</value></transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>P</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionTimeliness>
<value></value></transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>100</value></transactionShares>
<transactionValue>
<value>12.91</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>8104253</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></nonDerivativeSecurity>
<ownerSignature>
<signatureName>Robert A. Waldman</signatureName>
<signatureDate>2003-05-09</signatureDate></ownerSignature></ownershipDocument>


</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
