Schedule III

AMERICAN REALTY INVESTORS, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2011


	Encumbrances		Initial Cost							Cost Capitalized Subsequent to Acquisition		Gross Amounts of Which Carried at End of Year						Accumulated Depreciation		Date of Construction		Date Acquired		Life on Which Depreciation In Latest Statement of Operation is Computed
Property/Location	Encumbrances		Land		Building & Improvements		Asset Impairment			Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Date of Construction		Date Acquired
	(dollars in thousands)
Properties Held for Investment
Apartments
Anderson Estates, Oxford, MS	$	907	$	378	$	2,683	$	—		$	313	$	691	$	2,683	$	3,373	$	397		2003		01/06		40 years
Blue Lake Villas I, Waxahachie, TX		10,580		439		9,979		—			201		439		10,180		10,619		2,263		2003		01/02		40 years
Blue Lake Villas II, Waxahachie, TX		3,885		287		4,451		—			—		287		4,451		4,738		455		2004		01/04		40 years
Blue Ridge, Midland, TX		23,275		2,259		22,298		—			—		2,259		22,298		24,557		358		2011		02/10		40 years
Breakwater Bay, Beaumont, TX		9,237		740		10,435		—			—		740		10,435		11,175		1,798		2004		05/03		40 years
Bridgewood Ranch, Kaufman, TX		4,886		762		6,856		—			—		762		6,856		7,618		691		2007		04/08		40 years
Capitol Hill, Little Rock, AR		8,876		1,860		7,948		—			—		1,860		7,948		9,807		1,492		2003		03/03		40 years
Curtis Moore Estates, Greenwood, MS		1,628		186		5,733		—			757		902		5,774		6,676		990		2003		01/06		40 years
Dakota Arms, Lubbock, TX		12,405		921		12,644		—			231		921		12,875		13,796		2,246		2004		01/04		40 years
David Jordan Phase II, Greenwood, MS		610		51		1,521		—			225		277		1,521		1,798		260		1999		01/06		40 years
David Jordan Phase III, Greenwood, MS		638		83		2,115		—			356		439		2,115		2,554		313		2003		01/06		40 years
Desoto Ranch, DeSoto, TX		16,063		1,349		16,783		—			11		1,349		16,794		18,143		3,275		2002		05/02		40 years
Dorado Ranch, Odessa, TX		16,350		761		18,492		—			24		761		18,516		19,277		1,312		2009		07/07		40 years
Falcon Lakes, Arlington, TX		13,424		1,318		14,039		—			327		1,318		14,365		15,684		3,421		2001		10/01		40 years
Heather Creek, Mesquite, TX		11,892		1,326		12,015		—			—		1,326		12,015		13,341		2,103		2003		03/03		40 years
Huntington Ridge, DeSoto, TX		14,651		1,693		15,927		—			40		1,693		15,967		17,660		1,326		2007		10/04		40 years
Laguna Vista, Dallas, TX		16,999		288		20,743		—			497		370		21,158		21,528		2,727		2006		12/04		40 years
Lake Forest, Houston, TX		12,112		335		12,267		—			1,435		335		13,702		14,037		2,169		2004		01/04		40 years
Legends Of El Paso, El Paso, TX		15,418		1,318		17,215		—			697		1,318		17,912		19,230		2,006		2006		07/05		40 years
Lodge at Pecan Creek, Denton, TX		15,605		1,349		15,066		—			—		1,349		15,066		16,415		29		2011		10/05		40 years
Mansions of Mansfield, Mansfield, TX		15,920		977		17,799		—			—		977		17,799		18,775		1,223		2009		09/05		40 years
Mariposa Villas, Dallas, TX		12,301		721		12,825		—			—		721		12,825		13,547		1,997		2002		01/02		40 years
Mission Oaks, San Antonio, TX		14,950		1,266		16,627		—			212		1,266		16,839		18,105		1,948		2005		05/05		40 years
Monticello Estate, Monticello, AR		502		36		1,493		—			263		285		1,508		1,793		236		2001		01/06		40 years
Northside on Travis, Sherman, TX		13,655		1,301		14,525		—			—		1,301		14,525		15,826		851		2009		10/07		40 years
Properties Held for Investment—(Continued)
Apartments-(Continued)
Paramount Terrace, Amarillo, TX		2,841		312		2,805		—			—		312		2,805		3,117		974		1983		05/00		40 years
Park at Clarksville, Clarksville, TN		13,080		571		14,390		—			102		571		14,492		15,063		1,179		2007		06/02		40 years
Parc at Denham Springs, Denham Springs, LA		19,517		1,022		19,818		—			—		1,022		19,818		20,840		485		2011		07/07		40 years
Parc at Maumelle, Little Rock, AR		16,074		1,048		17,688		—			617		1,048		18,305		19,353		2,235		2006		12/04		40 years
Parc at Metro Center, Nashville, TN		10,579		947		12,226		—			486		947		12,713		13,660		1,631		2006		05/05		40 years
Parc at Rogers, Rogers, AR		17,370		1,482		22,993		(3,180	)		266		1,749		19,813		21,562		1,921		2007		04/04		40 years
Pecan Pointe, Temple, TX		16,417		1,744		16,876		—			144		1,744		17,020		18,764		1,498		2007		10/06		40 years
Portofino, Farmers Branch, TX		19,865		1,729		23,037		—			13		1,729		23,050		24,779		1,916		2007		09/06		40 years
Preserve at Pecan Creek, Denton, TX		14,772		885		16,626		—			17		902		16,626		17,528		1,378		2008		10/05		40 years
River Oaks, Wylie, TX		9,743		590		11,674		—			148		590		11,822		12,412		2,604		2002		10/01		40 years
Riverwalk Phase I, Greenville, MS		324		23		1,537		—			175		198		1,537		1,736		270		2003		01/06		40 years
Riverwalk Phase II, Greenville, MS		1,237		52		4,007		—			363		297		4,126		4,423		962		2003		01/06		40 years
Savoy of Garland, Garland, TX		10,183		760		11,524		—			147		760		11,671		12,431		657		2009		10/06		40 years
Sonoma Court, Rockwall, TX		10,578		941		10,368		—			—		941		10,368		11,309		92		2011		07/10		40 years
Stonebridge at City Park, Houston, TX		14,515		1,545		14,786		—			97		1,545		14,883		16,428		2,562		2004		01/04		40 years
Sugar Mill, Baton Rouge, LA		11,834		1,882		13,272		—			135		1,882		13,407		15,289		758		2009		08/08		40 years
Toulon, Gautier, MS		20,078		1,621		19,074		—			—		1,993		18,702		20,695		226		2011		09/09		40 years
Treehouse, Irving, TX		5,040		297		2,672		—			—		297		2,672		2,969		526		1974		05/04		40 years
Verandas at City View, Fort Worth, TX		18,384		1,792		18,375		—			1,267		1,792		19,641		21,433		3,892		2003		09/01		40 years
Vistas of Pinnacle Park, Dallas, TX		18,907		1,750		19,808		—			111		1,750		19,920		21,670		3,701		2002		10/02		40 years
Vistas of Vance Jackson, San Antonio, TX		15,955		1,265		16,540		—			189		1,327		16,666		17,993		2,627		2004		01/04		40 years
Properties Held for Investment—(Continued)
Apartments-(Continued)
Whispering Pines, Topeka, KS		9,335		244		6,160		—			—		244		6,160		6,404		4,834		1974		04/11		40 years
Windsong, Fort Worth, TX		10,649		790		11,526		—			—		790		11,526		12,316		2,261		2002		07/03		40 years

	$	554,046	$	45,296	$	600,261	$	(3,180	)	$	9,866	$	48,376	$	603,875	$	652,246	$	75,075
Commercial
225 Baronne, New Orleans, LA	$	—	$	1,065	$	492	$	—		$	7,355	$	1,065	$	7,848	$	8,913	$	7,431		1960		03/98		40 years
305 Baronne, New Orleans, LA		5,093		211		1,953		—			452		211		2,405		2,616		362		1902		08/06		40 years
600 Las Colinas, Las Colinas, TX		34,142		5,751		51,759		—			5,913		5,751		57,672		63,423		11,479		1984		08/05		40 years
1010 Common, New Orleans, LA		14,171		2,718		11,079		—			22,613		2,718		33,692		36,410		25,952		1971		03/98		40 years
Amoco Building, New Orleans, LA		18,750		1,130		3,078		—			6,602		1,130		9,680		10,810		7,584		1974		07/97		40 years
Bridgeview Plaza, LaCrosse, WI		6,244		—		—		—			326		—		326		326		195		1979		03/03		40 years
Browning Place (Park West I), Farmers Branch, TX		31,704		5,096		45,868		—			8,066		5,096		53,933		59,029		9,498		1984		04/05		40 years
Clark Garage, New Orleans, LA		—		1,033		9,293		(3,300	)		26		1,033		6,019		7,052		1,042		—		08/06		40 years
Cross County Mall, Matoon, IL		8,849		608		4,891		—			7,795		1,394		11,901		13,295		11,775		1971		08/79		40 years
Dunes Plaza, Michigan City, IN		3,599		1,215		4,714		(1,851	)		1,541		1,401		4,217		5,618		3,222		1978		03/92		40 years
Ergon Office Building, Jackson, MS		1,878		201		1,914		(1,963	)		—		152		—		152		152		—		11/08		40 years
Fruitland Plaza, Fruitland Park, FL		—		17		—		—			16		17		16		33		16		—		05/92		40 years
Senlac VHP, Farmers Branch, TX		662		622		—		—			142		622		142		764		90		—		08/05		40 years
Sesame Square, Anchorage, AK		1,055		562		1,538		—			—		562		1,538		2,101		1,419		1981		12/81		40 years
Stanford Center, Dallas, TX		23,612		3,878		34,862		—			258		3,878		35,120		38,998		3,182		—		06/08		40 years

	$	149,759	$	24,107	$	171,441	$	(7,114	)	$	61,105	$	25,030	$	224,509	$	249,539	$	83,399
Properties Held for Investment—(Continued)
Land
1013 Common St, New Orleans, LA	$	—	$	530	$	—	$	—		$	159	$	690	$	—	$	690	$	—		—		08/98		—
Audubon, Adams County, MS		—		519		—		—			297		815		—		815		—		—		—		—
Backlick Land, Springfield, VA		—		74		—		—			—		74		—		74		—		—		10/07		—
Copperridge, Dallas, TX		2,504		6,392		—		(4,547	)		1,705		3,550		—		3,550		—		—		01/08		—
Denham Springs, Denham Springs, LA		198		339		—		—			—		339		—		339		—		—		08/08		—
Elm Fork Land, Denton County, TX		1,975		2,963		—		—			—		2,963		—		2,963		—		—		03/01		—
Folsom Land, Dallas, TX		95		3,341		—		—			—		3,341		—		3,341		—		—		06/06		—
Gautier Land, Gautier, MS		732		2,526		—		—			128		2,654		—		2,654		—		—		07/98		—
GNB Land, Farmers Branch, TX		11,182		4,385		—		—			32		4,418		—		4,418		—		—		07/06		—
Hollywood Casino Land Tract II, Farmers Branch, TX		3,597		3,131		—		—			397		3,529		—		3,529		—		—		03/08		—
Hunter Equities Land, Dallas, TX		—		398		—		—			—		398		—		398		—		—		07/08		—
Jackson Capital City Center, Jackson, MS		4,751		8,986		—		(1,310	)		4,824		12,500		—		12,500		—		—		11/08		—
Kinwest Manor, Irving, TX		1,020		1,819		—		(1,517	)		1,825		2,128		—		2,128		—		—		10/06		—
Lacy Longhorn Land, Farmers Branch, TX		1,764		1,304		—		—			—		1,304		—		1,304		—		—		06/04		—
LaDue Land, Farmers Branch, TX		562		1,810		—		—			—		1,810		—		1,810		—		—		07/98		—
Lake Shore Villas, Humble, TX		—		81		—		—			3		84		—		84		—		—		03/02		—
Lubbock Land, Lubbock, TX		20		234		—		—			—		234		—		234		—		—		01/04		—
Luna (Carr), Farmers Branch, TX		392		589		—		—			—		589		—		589		—		—		07/05		—
Manhattan Land, Farmers Branch, TX		80		4,838		—		—			53		4,891		—		4,891		—		—		02/00		—
Marine Creek, Ft. Worth, TX		1,699		2,923		—		(1,500	)		243		1,666				1,666		—		—		06/02		—
McKinney 36, Collin County, TX		3,898		1,769		—		—			—		1,769		—		1,769		—		—		01/98		—
McKinney Ranch Land, McKinney, TX		14,256		21,402		—		(3,418	)		744		18,729		—		18,729		—		—		12/05		—
Meloy/Portage Land, Kent OH		2,212		5,119		—		—			—		5,119		—		5,119		—		—		02/04		—
Mira Lago, Farmers Branch, TX		—		53				—			15		68				68		—		—		05/01		—
Nakash, Malden, MO		—		103		—		—			—		103		—		103		—		—		01/93		—
Nicholson Croslin, Dallas, TX		118		63		—		—			—		63		—		63		—		—		10/98		—
Properties Held for Investment—(Continued)
Land (Continued)
Nicholson Mendoza, Dallas, TX		50		27		—		—			—		27		—		27		—		—		10/98		—
Ocean Estates, Gulfport, MS		—		1,418		—		—			390		1,808		—		1,808		—		—		10/07		—
Port Olpenitz, GmbH, Kappelin, Germany		655		—		—		—			32,067		32,067		—		32,067		—		—		12/06		—
Southwood Plantation 1394, Tallahassee, FL		600		1,209		—		—			119		1,329		—		1,329		—		—		02/06		—
Texas Plaza Land, Irving, TX		409		1,738		—		—			—		1,738		—		1,738		—		—		12/06		—
Travelers Land (178 acres), Farmers Branch, TX		26,543		24,511		—		—			—		24,511		—		24,511		—		—		11/06		—
Travelers Land (15 acres), Farmers Branch, TX		2,456		1,913		—		—			—		1,913		—		1,913		—		—		11/06		—
Travis Ranch Land, Kaufman County, TX		751		1,030		—		—			—		1,030		—		1,030		—		—		08/08		—
Travis Ranch Retail, Kaufman City, TX		—		950		—		—			—		950		—		950		—		—		08/08		—
Union Pacific Railroad Land, Dallas, TX		—		130		—		—			—		130		—		130		—		—		03/04		—
US Virgin Islands—Pearl, US Virgin Islands		3,318		14,031		—		—			2,360		16,391		—		16,391		—		—		10/08		—
Valley View 34 (Mercer Crossing), Farmers Branch, TX		358		496		—		—			—		496		—		496		—		—		08/08		—
Valley View/Senlac, Farmers Branch, TX		624		780		—		—			—		780		—		780		—		—		12/05		—
Waco 151 Land, Waco, TX		1,257		2,106		—		—			—		2,106		—		2,106		—		—		04/07		—
Waco Swanson, Waco, TX		1,525		2,725		—		—			—		2,725		—		2,725		—		—		08/06		—
Walker Land (82.6 acres), Dallas County, TX		8,069		12,613		—		—			—		12,613		—		12,613		—		—		09/06		—
Willowick Land, Pensacola, FL		—		137		—		—			—		137		—		137		—		—		01/95		—
Properties Held for Investment—(Continued)
Land (Continued)
Windmill Farms I, Kaufman County, TX		30,700		50,428		—		(21,009	)		14,323		43,742		—		43,742		—		—		11/06		—

	$	128,370	$	191,933	$	—	$	(33,301	)	$	59,684	$	218,321	$	—	$	218,321	$	—
Corporate Departments/Investments/Misc.
TCI—Corporate	$	11,416	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—		—		—		—
ARI—Corporate		27,484		—		—		—			16		16		—		16		16		—		—		—

	$	38,900	$	—	$	—	$	—		$	16	$	16	$	—	$	16	$	16
Total Properties Held for Investment	$	871,075	$	261,336	$	771,702	$	(43,595	)		$ 130,671	$	291,743	$	828,384	$	1,120,122	$	158,490
Properties Held for Sale
Apartments
Wildflower Villas, Temple, TX	$	13,781		1,119	$	15,526	$	—		$	122		1,119	$	15,648	$	16,767	$	1,752		2004		03/04		40 years

	$	13,781	$	1,119	$	15,526	$	—		$	122	$	1,119	$	15,648	$	16,767	$	1,752
Total Properties Held for Sale	$	13,781	$	1,119	$	15,526	$	(703	)	$	122	$	1,119	$	15,648	$	16,767	$	1,752
Properties Subject to Sales Contract
Apartments
Quail Hollow, Holland, OH	$	11,129		1,406	$	12,650	$	(1,998	)	$	—		1,406	$	10,652	$	12,058	$	1,160		2000		04/08		40 years

	$	11,129	$	1,406	$	12,650	$	(1,998	)	$	—	$	1,406	$	10,652	$	12,058	$	1,160
Commercial
Eton Square, Tulsa, OK	$	9,212		1,346	$	12,064	$	—		$	4,246		1,346	$	16,310	$	17,656	$	5,705		1985		09/99		40 years
Thermalloy, Farmers Branch, TX		127		791		1,061		—			—		791		1,061		1,852		95		—		05/08		40 years

	$	9,339	$	2,137	$	13,125	$	—		$	4,246	$	2,137	$	17,371	$	19,508	$	5,800
Hotels
Inn at the Mart (Comfort Inn), Denver CO	$	2,974	$	—	$	245	$	—		$	2,792	$	—	$	3,037		3,037	$	2,830		1974		06/94		40 years

	$	2,974	$	—	$	245	$	—		$	2,792	$	—	$	3,037	$	3,037	$	2,830
Properties Subject to Sales Contract—(Continued)
Land
Dedeaux, Gulfport, MS	$	1,520	$	1,612	$	—	$	—		$	46	$	1,658	$	—	$	1,658	$	—		—		10/06		—
Denton (Andrew B), Denton, TX		451		895		—		—			8		903		—		903		—		—		12/05		—
Denton (Andrew C), Denton, TX		93		318		—		—			—		318		—		318		—		—		12/05		—
Denton Coonrod, Denton, TX		755		1,848		—		(703	)		—		1,145		—		1,145		—		—		07/09		—
Desoto Ranch, DeSoto, TX		459		898		—		—			27		925		—		925		—		—		10/04		—
Dominion Tract, Dallas, TX		1,221		2,036		—		—			—		2,036		—		2,036		—		—		03/99		—
Hollywood Casino Tract I, Farmers Branch, TX		2,124		3,237		—		—			135		3,371		—		3,371		—		—		06/02		—
LCLLP (Kinwest/Hackberry), Irving, TX		—		196		—					—		196		—		196		—		—		12/04		—
Luna Ventures, Farmers Branch TX		1,028		2,934		—		—			—		2,934		—		2,934		—		—		04/08		—
Mansfield Land, Mansfield, TX		848		543		—		—			3		546		—		546		—		—		09/05		—
Pioneer Crossing Tract II (38.54 acres), Austin, TX		1,144		614		—		(72	)		952		1,494		—		1,494		—		—		03/06		—
Senlac Land, Farmers Branch, TX		303		656		—		—			—		656		—		656		—		—		08/05		—
Sheffield Village, Grand Prairie, TX		872		1,643		—		—			428		2,071		—		2,071		—		—		09/03		—
Stanley Tools, Farmers Branch, TX		1,324		4,987		—		—			—		4,987		—		4,987		—		—		02/04		—
Whorton Land, Bentonville, AR		3,423		4,291		—		(2,367	)		6		1,930		—		1,930		—		—		06/05		—

	$	15,565	$	26,708	$	—	$	(3,142	)	$	1,605	$	25,170	$	—	$	25,170	$	—
Total Properties Subject to Sales Contract	$	39,007	$	30,250	$	26,020	$	(5,140)		$	8,643	$	28,713	$	31,060	$	59,773	$	9,790

TOTAL: Real Estate	$	923,863	$	292,706	$	813,248	$	(49,438)		$	139,436	$	321,575	$	875,092	$	1,196,662	$	170,032

AMERICAN REALTY INVESTORS, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31,


	2011			2010			2009
	(dollars in thousands)
Reconciliation of Real Estate
Balance at January 1,	$	1,541,774		$	1,792,562		$	1,800,183
Additions
Acquisitions, improvements and construction		56,505			74,796			104,940
Deductions
Sale of real estate		(411,593	)		(268,616	)		(67,584	)
Asset impairments		9,976			(56,968	)		(44,977	)

Balance at December 31,	$	1,196,662		$	1,541,774		$	1,792,562

Reconciliation of Accumulated Depreciation
Balance at January 1,	$	209,189		$	211,041		$	186,781
Additions
Depreciation		11,990			26,370			32,454
Deductions
Sale of real estate		(51,147	)		(28,222	)		(8,194	)

Balance at December 31,	$	170,032		$	209,189		$	211,041