<SEC-DOCUMENT>0001010549-18-000354.txt : 20181109
<SEC-HEADER>0001010549-18-000354.hdr.sgml : 20181109
<ACCEPTANCE-DATETIME>20181011141247
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001010549-18-000354
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20181011

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4695224200

	MAIL ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center">METZGER &amp; MCDONALD PLLC</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">A PROFESSIONAL
LIMITED LIABILITY COMPANY</FONT></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">ATTORNEYS,
MEDIATORS &amp; COUNSELORS</FONT></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
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    <TD STYLE="font-variant: small-caps; text-align: left">Steven C. Metzger</TD><TD STYLE="font-size: 9pt; font-variant: small-caps">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-variant: small-caps; text-align: center; vertical-align: middle">3626 N. Hall Street, Suite 800</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Facsimile 214-224-7555</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; font-variant: small-caps; text-align: left">Direct Dial 214-740-5030</TD><TD STYLE="width: 8%; font-size: 9pt; font-variant: small-caps">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 9pt; font-variant: small-caps; text-align: center; vertical-align: middle">Dallas, Texas 75219-5133</TD><TD STYLE="width: 8%; font-variant: small-caps">&nbsp;</TD>
    <TD STYLE="width: 1%; font-variant: small-caps; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; font-variant: small-caps; text-align: right">214-523-3838</TD><TD STYLE="width: 1%; font-variant: small-caps; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-variant: small-caps">smetzger@pmklaw.com</TD><TD STYLE="font-size: 9pt; font-variant: small-caps">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-variant: small-caps; text-align: center; vertical-align: middle">214-969-7600</TD><TD STYLE="font-variant: small-caps">&nbsp;</TD>
    <TD STYLE="font-variant: small-caps; text-align: left">&nbsp;</TD><TD STYLE="font-variant: small-caps; text-align: right">214-969-7635</TD><TD STYLE="font-variant: small-caps; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-variant: small-caps">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle">WWW.PMKLAW.COM</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: center">October 11, 2018</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify"><B>Via EDGAR</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">100 F Street, N. E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">Washington, D.C. 20549</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">Attn: Division of Corporation Finance
Office of Real Estate and Commodities</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in 0 0.75in; text-align: justify">Re:&#9;American Realty Investors,
Inc. (Commission File No. 001-15663; CIK No. 0001102238) - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 10-K for the year ended December 31, 2017, filed April 2, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify; text-indent: 0.5in">On behalf of American
Realty Investors, Inc., a Nevada corporation (&ldquo;<B>ARL</B>&rdquo;), this letter is being filed as correspondence, uploaded
on the EDGAR system on behalf of ARL, in response to a letter of comment from the Staff of the Securities and Exchange Commission,
dated October 5, 2018. Schedule 1 annexed to this letter contains the response to the comment of the Staff. In each instance on
such Schedule, for convenience, each comment of the Staff is repeated, followed by the applicable response to such comment or explanation.
Also included in such response, where appropriate, is a letter/page reference to the text to the applicable document or instrument
referred to in the comment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify; text-indent: 0.5in">This letter is being
filed under the EDGAR system in direct response to the comment of the Staff. If you would like to discuss any item concerning the
referenced matter included in this letter or on Schedule 1, please do not hesitate to contact the undersigned at any time at 214-740-5030
direct or Gene S. Bertcher, Executive Vice President of ARL, at 469-522-4238 direct.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in 0 4.75in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in 0 4.75in; text-align: justify"><U>/s/ Steven C. Metzger</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in 0 4.75in; text-align: justify">Steven C. Metzger</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify">cc:&#9;American Realty Investors, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify; text-indent: 0.5in">1603 LBJ Freeway,
Suite 800</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify; text-indent: 0.5in">Dallas, Texas 75234</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify; text-indent: 0.5in">Attn: Gene S. Bertcher,
Executive Vice President</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.25in; text-align: justify; text-indent: 0.5in">and Chief Financial
Officer</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Response to Comments of the Staff of</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Securities and Exchange Commission</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>by letter dated October 5, 2018, with respect
to</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Form 10-K for the fiscal year ended</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>December 31, 2017, filed April 2, 2018</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>American Realty Investors, Inc.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT>Commission File No. 001-15663</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_________________</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following information
is provided in response to comments of the Staff of the Securities and Exchange Commission, rendered by a letter dated October
5, 2018, with respect to Form 10-K for the fiscal year ended December 31, 2017, filed April 2, 2018, of American Realty Investors,
Inc. (the &ldquo;<B>Company</B>&rdquo;). For convenience, each comment of the Staff is restated below, with our response noted
immediately following the comment. Also included in such response is a letter/page reference to the text of each instrument, where
applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Form 10-K for the fiscal year ended December
31, 2017</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Item 9A. Controls and Procedures, Page
70</U></B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Comment/Observation No. 1.</B>
In future filings please identify which version of the COSO framework (1992 or 2013) management used in performing its assessment
of internal control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Response
to Comment/Observation No. 1.</B></FONT> In future filings, the Company will identify which version of the COSO framework (1992
or 2013) management used in performing its assessment of internal control over financial reporting by stating that &ldquo;Management
conducted an evaluation of the effectiveness of internal control over financial reporting based on criteria established in the
<I>Internal Control &ndash; Integrated Framework (2013)</I>, issued by the Committee of Sponsoring Organizations of the Treadway
Commission.&rdquo;</P>



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