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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950134-05-011168.txt : 20050611
<SEC-HEADER>0000950134-05-011168.hdr.sgml : 20050611
<ACCEPTANCE-DATETIME>20050601111808
ACCESSION NUMBER:		0000950134-05-011168
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050601
DATE AS OF CHANGE:		20050601

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:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15663
		FILM NUMBER:		05869506

	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>10-K/A
<SEQUENCE>1
<FILENAME>d25947ae10vkza.htm
<DESCRIPTION>AMENDMENT TO FORM 10-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e10vkza</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 10-K/A</B>


<P align="left" style="font-size: 10pt">(Mark One)



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" style="font-size: 12pt">
<TR>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 5(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>For the fiscal year ended</B>&nbsp;</TD>
    <TD>December&nbsp;31, 2004<DIV style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><B>OR</B>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" style="font-size: 12pt">
<TR>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>Commission File Number 001-15663</B>


<P align="center" style="font-size: 24pt"><B>American Realty Investors, Inc.</B>


<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<P><DIV style="position: relative; float: left; width: 60%">

<P align="center" style="font-size: 10pt"><B>Nevada</B>



<DIV align="center" style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV>


<DIV align="center" style="font-size: 10pt">(State or other jurisdiction of</DIV>


<DIV align="center" style="font-size: 10pt">Incorporation or organization)</DIV>



<P align="center" style="font-size: 10pt"><B>1800 Valley View Lane, Suite&nbsp;300, Dallas, Texas</B>



<DIV align="center" style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV>


<DIV align="center" style="font-size: 10pt">(Address of principal executive offices)</DIV>


</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 9%">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</DIV>
<DIV style="position: relative; float: right; width: 30%">

<P align="center" style="font-size: 10pt"><B>75-2847135</B>



<DIV align="center" style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV>


<DIV align="center" style="font-size: 10pt">(IRS Employer</DIV>


<DIV align="center" style="font-size: 10pt">Identification Number)</DIV>



<P align="center" style="font-size: 10pt"><B>75234</B>



<DIV align="center" style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV>


<DIV align="center" style="font-size: 10pt">(Zip Code)</DIV>


</DIV>
<BR clear="all"><BR>

<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap>Registrant&#146;s Telephone Number, including area code&nbsp;</TD>
    <TD><B>469-522-4200</B><DIV style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">Securities registered pursuant to Section 12(b) of the Act:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Title of Each Class
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Name of each exchange on which registered</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Common Stock, $0.01 par value</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>New York Stock Exchange</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px dashed #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px dashed #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">Securities registered pursuant to Section&nbsp;12(g) of the Act: <B>None</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be
filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has
been subject to such filing requirements for the past 90&nbsp;days. <B>Yes </B><FONT face="Wingdings">&#254;</FONT><B> No </B><FONT face="Wingdings">&#111;</FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if disclosure of delinquent filers pursuant to Item&nbsp;405 of Regulation
S-K (&#167;229.405 of this chapter) is not contained herein, and will not be contained, to the best of
registrant&#146;s knowledge, in definitive proxy or information statements incorporated by reference in
Part&nbsp;III of this Form 10-K or any amendment to this Form 10-K. <FONT face="Wingdings">&#254;</FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Act). <B>Yes </B><FONT face="Wingdings">&#111;</FONT><B> No </B><FONT face="Wingdings">&#254;</FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate market value of the voting stock held by non-affiliates of the issuer,
computed by reference to the closing sales price on June&nbsp;30, 2004, was approximately $2,424,000.
At March&nbsp;31, 2005, the issuer had outstanding approximately 977,004 shares of par value $0.01
Common Stock.


<P align="center" style="font-size: 10pt">DOCUMENTS INCORPORATED BY REFERENCE<BR>
None



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 14pt"><B>AMENDMENT NO. 2 TO<BR>
ANNUAL REPORT ON FORM 10-K FOR<BR>
AMERICAN REALTY INVESTORS, INC.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby further amends the following items, exhibits, or other
portions of its Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2004 as set forth
below and as reflected in the substituted pages attached hereto which replace the same numbered
pages in the original filing:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Page 52 &#151; Report of BDO Seidman, LLP dated April&nbsp;15, 2004, should have
acknowledged that it was except for Notes 19, 20 and 24, which were as of March
31, 2005; the page has been corrected as noted on the attached substituted
page. The change is made to correct inadvertently-omitted material, but has no
effect upon any of the financial information contained in the financial
statements which remain unchanged.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this Amendment to be signed on its behalf by the undersigned, thereunto
duly-authorized.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: May&nbsp;31, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">AMERICAN REALTY INVESTORS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Allen Wilson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Allen Wilson, Acting Principal&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">


/s/ Ted P. Stokely
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Ted P. Stokely, Chairman of the Board&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">1
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>



<P align="left" style="font-size: 10pt">Board of Directors of<BR>
American Realty Investors, Inc.

<P align="left" style="font-size: 10pt">We have audited the accompanying consolidated balance sheets of American Realty Investors, Inc.
and Subsidiaries as of December&nbsp;31, 2003 and the related consolidated statements of operations,
stockholders&#146; equity, other comprehensive income (loss)&nbsp;and cash flows for each of the two years in
the period ended December&nbsp;31, 2003. We have also audited the schedules listed in the accompanying
index. These financial statements and schedules are the responsibility of the Company&#146;s management.
Our responsibility is to express an opinion on these financial statements and schedules based on
our audits.


<P align="left" style="font-size: 10pt">We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and schedules are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements and schedules. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements and schedules. We believe our audits provide a
reasonable basis for our opinion.


<P align="left" style="font-size: 10pt">As described in Note 22, American Realty Investors, Inc.&#146;s management has indicated its intent
to sell both land and operating properties and refinance or extend debt coming due, to meet its
liquidity needs.


<P align="left" style="font-size: 10pt">In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the consolidated financial position of American Realty Investors, Inc. and
Subsidiaries as of December&nbsp;31, 2003 and the consolidated results of their operations and their
cash flows for each of the two years in the period ended December&nbsp;31, 2003, in conformity with
accounting principles generally accepted in the United States of America.


<P align="left" style="font-size: 10pt">Also, in our opinion, the schedules present fairly, in all material respects, the information
set forth therein.


<P align="left" style="font-size: 10pt">BDO SEIDMAN, LLP



<P align="left" style="font-size: 10pt">Dallas, Texas<BR>
April&nbsp;15, 2004 (except for Notes 19, 20 and 24 which are as of March&nbsp;31, 2005)



<P align="center" style="font-size: 10pt">52
</DIV>


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