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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001193125-03-042199.txt : 20030826
<SEC-HEADER>0001193125-03-042199.hdr.sgml : 20030826
<ACCEPTANCE-DATETIME>20030826170524
ACCESSION NUMBER:		0001193125-03-042199
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030811
ITEM INFORMATION:		Acquisition or disposition of assets
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20030826

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15663
		FILM NUMBER:		03867090

	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>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<HR SIZE="4" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE
COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4"><B>SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>August 11, 2003 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Date of Report (Date of Earliest Event Reported) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>AMERICAN REALTY INVESTORS, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>(Exact Name of Registrant as Specified in its Charter) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="32%"><FONT FACE="Times New Roman" SIZE="2"><B>Nevada</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="32%"><FONT FACE="Times New Roman" SIZE="2"><B>1-15663</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="32%"><FONT FACE="Times New Roman" SIZE="2"><B>75-2847135</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="32%"><FONT FACE="Times New Roman" SIZE="1"><B>(State of Incorporation)</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="32%"><FONT FACE="Times New Roman" SIZE="1"><B>(Commission File No.)</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="32%"><FONT FACE="Times New Roman" SIZE="1"><B>(IRS Employer Identification No.)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="48%"><FONT FACE="Times New Roman" SIZE="2"><B>1800 Valley View Lane, Suite 300, Dallas, TX</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="48%"><FONT FACE="Times New Roman" SIZE="2"><B>75234-8922</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="48%"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of Principal Executive Offices)</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="48%"><FONT FACE="Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Registrant&#146;s Telephone Number, Including Area Code: (469) 522-4200 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="4" NOSHADE COLOR="#000000" ALIGN="left">

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In 2003, American Realty Investors, Inc. (&#147;ARI&#148;) has sold a significant amount of
its properties, as follows: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD VALIGN="bottom" WIDTH="5%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Sale<BR>Date</B></FONT></P><HR WIDTH="26" SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="21%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Property</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="12%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Location</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Acres/Units<BR>Rooms/Sq. Ft.</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Sales Price<BR>($&nbsp;In&nbsp;Thousands)</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Gain/(Loss)<BR>($&nbsp;In&nbsp;Thousands)</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>%&nbsp;Of&nbsp;ARI&#146;s<BR>Assets</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="21%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Purchaser</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">01/17/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Seville</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Tallahassee, FL</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">62</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,795</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">489</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.24%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Seville Apartments, LLC</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">01/21/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Bay Anchor</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Panama City, FL</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">12</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">369</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">143</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.02%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Bay Anchor, LLC</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">02/14/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Rolling Hills</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Tallahassee, FL</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">134</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">5,061</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,182</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.43%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Rolling Hills Apartments, LLC</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">02/28/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Northside Villas</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Tallahassee, FL</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">81</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">5,575</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">915</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.54%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Northside Villas, LLC</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">03/20/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Georgetown</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Panama City, FL</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">44</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,175</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">72</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.15%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Georgetown Apartments of Panama City, Ltd.</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">05/02/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Greenbriar</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Tallahassee, FL</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">50</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,700</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,025</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.08%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Greenbriar Partners, LLC</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">05/30/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Regency</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Lincoln, NE</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">106</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">4,880</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,815</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.19%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Regency Associates, LP</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">06/11/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Lake Chateau</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Thomasville, GA</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">98</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,600</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">147</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.20%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Abbey Lake Partners, LLC</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">06/24/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Pinecrest</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">North Augusta, SC</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">120</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,707</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">(304</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.41%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Augusta Plans and Management, Inc.</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">08/21/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Landings &amp; Marina</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Pensacola, FL</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">52</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,825</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">490</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.18%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Landings of Pensacola, LLC</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">08/11/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Encino Executive Plaza</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Encino, CA</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">177,211&nbsp;Sq.&nbsp;Ft.</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">37,040</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">(2</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">5.44%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">16501 Ventura, LLC</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">03/11/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Grand Hotel Sofia</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Sofia, Bulgaria</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">136 Rooms</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">24,750</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">(88</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">3.45%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">GORT Securities Limited</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">05/01/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Clarion KC Airport Hotel</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Kansas City, MO</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">196 Rooms</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">5,312</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">(101</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.74%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">One Realco Hotel Investors, Inc.</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">08/22/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Williamsburg Hospitality House</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Williamsburg, VA</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">296 Rooms</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">19,500</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">0</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">2.72%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">One Realco Hotel Investors, Inc.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">02/26/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Katrina</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Palm Desert, CA</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">89.3</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">8,550</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">(40</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">1.15%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">La Quinta Village Business Center, LLC; Lost Horse Mountain, LLC</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">03/26/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Mason Goodrich</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Houston, TX</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">8.0</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">210</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">(149</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.05%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Donald C. Carter</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">06/20/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Mason Goodrich</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Houston, TX</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">1.6</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">209</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">113</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.01%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Psychiatric Enterprises, Ltd.</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">06/27/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Mason Goodrich</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Houston, TX</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">7.7</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">900</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">466</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.05%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">MCTK Partners Investments, LP</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP ALIGN="center" WIDTH="5%"><FONT FACE="Times New Roman" SIZE="1">07/30/03</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="21%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Vista Ridge</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="12%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Lewisville, TX</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="8%"><FONT FACE="Times New Roman" SIZE="1">14.5</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,250</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">622</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">0.21%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="21%"><FONT FACE="Times New Roman" SIZE="1">Don Valk</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">126,408</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">7,795</FONT></TD>
<TD NOWRAP VALIGN="top" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">16.26%</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Proforma statements of operations are required for the year ended December 31, 2002, and the
six months ended June 30, 2003. A proforma balance sheet as of June 30, 2003, is also required. The required proforma statements of operations and balance sheet will be filed as an amendment of this Form 8-K as soon as possible, but no later than
September 30, 2003. The proforma statements of operations will present ARI&#146;s operations as if the transactions described above had occurred at January 1 of each of the periods presented. The proforma balance sheet will present the property
sales described above, as if they had occurred at January 1, 2003. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">SIGNATURE </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly
authorized. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="48%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">AMERICAN REALTY INVESTORS, INC.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="50%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><U>August 26, 2003</U></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="48%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><U>By: /s/ Ronald E.
Kimbrough&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="50%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="48%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Ronald E. Kimbrough</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="48%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President and Chief Financial</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="48%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Officer (Principal Financial and Accounting</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="48%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Officer and Acting Principal Executive Officer)</FONT></P></TD></TR>
</TABLE>
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