<SEC-DOCUMENT>0001010549-20-000058.txt : 20200403
<SEC-HEADER>0001010549-20-000058.hdr.sgml : 20200403
<ACCEPTANCE-DATETIME>20200403094255
ACCESSION NUMBER:		0001010549-20-000058
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200401
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200403
DATE AS OF CHANGE:		20200403

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:		20771989

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>americanrealty8k.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt/6.7pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 9px; width: 624px"></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES
</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 8-K</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>CURRENT REPORT</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date of Report (Date of earliest event reported):&#9; <B><U>April
1,
2020&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&#9;<FONT STYLE="font-size: 18pt"><B>AMERICAN REALTY INVESTORS,
INC.</B></FONT></P>

<P STYLE="font: 12pt/0.95pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 2px; width: 624px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&#9;<FONT STYLE="font-size: 9.5pt">(Exact Name of Registrant as
Specified in its Charter)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt dotted; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 2.9pt">&#9;<B>Nevada</B></P></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt dotted; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 2.9pt">&#9;<B>001-15663</B></P></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt dotted; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 2.9pt">&#9;<B>75-2847135</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other</P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">jurisdiction of incorporation)</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission</P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">File No.)</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt dotted; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1603 LBJ Freeway, Suite 800</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dallas, Texas</B></P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><B>75234</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 9.5pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 9.5pt">(Zip Code)</FONT></TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Registrant&rsquo;s telephone number, including area code&#9;<B><U>469-522-4200&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;&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></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">(Former name or former
address, if changed since last report)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following
provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Securities registered pursuant to Section 12(b)
of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Title of Each Class</B></P></TD>
    <TD STYLE="width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Trading Symbol</B></P></TD>
    <TD STYLE="width: 44%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name of Each Exchange </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>on which Registered</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">Common Stock, par value $0.01</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">ARL</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">New York Stock Exchange</P></TD></TR>
</TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Emerging growth company [ &nbsp;]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the Registrant has elected not to use the
extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section
13(a) of the Exchange Act.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 9px; width: 624px"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11.5pt MingLiU-ExtB,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11.5pt MingLiU-ExtB,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 2 &ndash; Financial Information</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>Item 2.02. Results of Operations and Financial
Condition</B></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">On April 1, 2020, American
Realty Investors, Inc. (&ldquo;<B>ARL</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) announced its operational results for the
year ended December 31, 2019. A copy of the announcement is attached as Exhibit &ldquo;99.1.&rdquo;</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">The information furnished
pursuant to Item 2.02 in this Form 8-K, including Exhibit &ldquo;99.1&rdquo; attached hereto, shall not be deemed to be &ldquo;filed&rdquo;
for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless
we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act
of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this
Current Report on Form 8-K.</P>



<P STYLE="font: 11.5pt MingLiU-ExtB,serif; margin: 0; text-align: justify"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 9 &ndash; Financial Statements and
Exhibits</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>Item 9.01. Financial Statements and Exhibits</B></P>

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

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibits</U>.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 60pt">The
following exhibit is furnished with this Report:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Exhibit
No</U></B>.&#9;<B><U>Description</U></B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 1in">99.1*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A HREF="#a_001">Press release dated April 1, 2020&nbsp;</A></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">_________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">* Furnished herewith</P>

<P STYLE="font: 11.5pt MingLiU-ExtB,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">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>



<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#9;<B>SIGNATURES</B></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf
by the undersigned, hereunto duly authorized.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Dated: April 2, 2020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>AMERICAN REALTY INVESTORS, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="width: 30%"></TD>
    <TD STYLE="width: 26%; text-align: right; vertical-align: middle">By:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">/s/ Daniel J. Moos</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>Daniel J. Moos</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>President and</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="a_001"></A>Exhibit "99.1"</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.35pt"><B>NEWS RELEASE</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.35pt"><B>FOR IMMEDIATE RELEASE</B></P></TD>
    <TD STYLE="width: 61%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt"><B>Contact:</B></P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt">American Realty Investors, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 173.4pt 0 54.65pt">Investor Relations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 173.4pt 0 54.65pt">Daniel Moos</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 173.4pt 0 54.65pt">(469) 522-4200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 54.65pt; color: blue"><B><U>investor.relations@americanrealtyinvest.com</U></B></P></TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B></B></P>

<P STYLE="font: 11pt/115% New times roman,serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><B>American Realty Investors,
Inc. reports 2019 results</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dallas (April 1, 2020) - American Realty Investors, Inc. (NYSE:ARL), a Dallas-based real
estate investment company, is reporting its Results of Operations for the year ended December 31, 2019. The Company&rsquo;s holdings consist of Transcontinental Realty Investors, Inc.
(NYSE: TCI). Being that The Company&rsquo;s operational activities are limited to the ownership of TCI, this annual report will primarily discuss the operational activity of TCI.
With the current Coronavirus presenting a concern it was deemed appropriate to provide additional context to both the past years results and our business outlook. We remain
confident the underlying need for quality multi-family housing will remain strong. Should circumstances change or our view be less optimistic, we have the ability to dramatically
slow our pace of our new development efforts. For example, to date, TCI&rsquo;s existing portfolio has seen a significant increase in value. For FYE 2018, same store aggregate appraised
value of TCI&rsquo;s holdings was approximately $244.4 million. Whereas for FYE 2019, same store aggregate appraised value of TCI&rsquo;s holdings was $298.7 million. This represents a $54.2
million or 22% increase in overall asset value year over year.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Though the Company reported a net loss of $15.9 million or $1.00 per diluted share loss, this was
driven by the overall strategic direction we adopted for TCI several years ago, of both investing and expanding the core multi-family portfolio. In particular, as certain new multifamily
development projects are completed, in which the Company has made significant new investments, it is expected that net income will be positively impacted in 2020 and 2021. Also, the
Company retired higher interest rate debt with lower cost capital, purchased a ground lease, and made sizeable tenant capital improvements tied to the commercial portfolio.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The significant differences between FYE 2018 and 2019 are specifically and directly related to the following components:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 16%; text-align: right; vertical-align: top"><B>1.</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 83%">In November 2018 the Company created a new subsidiary Victory Abode Apartments, LLC (&ldquo;VAA&rdquo;) and contributed 52 multi-family projects that it owned and operated to VAA.
    TCI subsequently sold a 50% interest to a third party and recorded a $154.1 million gain. This transaction transferred a significant portion of Revenue to VAA and is attributed for the
    reduction in revenue from $121.0 million in 2018 to $47.9 million in 2019. The Gain on disposition of this transaction is currently being deployed for the development of new multifamily
    properties according to TCI&rsquo;s overall strategy. TCI&rsquo;s efforts in 2019 were to continue to grow and develop new multifamily properties and the integration of certain operating processes with
    regards to VAA.</TD>
    </TR>
</TABLE>

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: right; vertical-align: top; width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 83%">In February of 2020, Standard &amp; Poor&rsquo;s Global Ratings announced the increase of Southern
    Properties Capital (a wholly owned subsidiary of TCI) issued rating to A- from BBB+ for      bonds (Series A and B). In
    addition, Series C bond rating (secured by one of Southern Properties Capital&rsquo;s commercial properties) increased to A from
    A-. These credit rating increases are due to S&amp;P&rsquo;s      expectation of continued improvement in coverage ratios
    tied to the expansion of The Company&rsquo;s portfolio.</TD></TR>
</TABLE>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: right; vertical-align: top; width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 83%">In 2019, TCI deployed over $33.7 million towards the development of over 2,600 units across more than 6 projects. There are also over a dozen
    projects in the pipeline that include parcels of land already owned by the Company. This recapitalization will strengthen TCI&rsquo;s position in the marketplace and
    overall financial health for the benefit of its shareholders. There was also $25 million dedicated to Windmill Farms development; the Company anticipates revenues
    exceeding that amount over the next few years, plus recovery tied to the reimbursement of development expenses by the issuance of revenue bond sales tied to the Water District.</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: right; vertical-align: top; width: 16%"><B>2.</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 83%">All new multifamily real estate projects within TCI&rsquo;s future pipeline are progressing in various stages of development. This requires initial investment with
    little to no cash flow from operations until additional assets become stabilized.</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company believes that both the development of new projects and the historically low interest rate
environment has positioned the Company along the strategic lines that it previously indicated. The Company has created a dynamic platform to continue its expansion in the multifamily sector.
The ongoing plan is to continue to develop and acquire apartments in the geographic markets where demand exceeds supply.</P>

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

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

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

<P STYLE="text-indent: 40pt">Rental and other property revenues were $47.9 million for the year ended December 31, 2019. This represents a decrease of $73.1 million, as compared to the prior
year revenues of $121.0 million. The decrease is primarily due to the contribution of fifty-two properties to the joint venture VAA on November 19, 2018.</P>

<P><B>Expenses</B></P>

<P STYLE="text-indent: 40pt">Property operating expenses were $25.7 million for the year ended December 31, 2019. This represents a decrease of $33.9 million, compared to the prior year operating
expenses of $59.6 million. The decrease is primarily due to the contribution of fifty-two properties to the joint venture VAA on November 19, 2018.</P>

<P STYLE="text-indent: 40pt">Depreciation and amortization expenses were $13.4 million for the year ended December 31, 2019. This represents a decrease of $9.3 million compared to prior year
depreciation of $22.7 million. The decrease is primarily due to the contribution of fifty-two properties to the joint venture VAA on November 19, 2018.</P>

<P STYLE="text-indent: 40pt">General and administrative expenses were $13.3 million for the year ended December 31, 2019.
This represents a decrease of $0.6 million compared to the prior year expenses  of $12.7 million. There was a $0.5 million
decrease reflected to Advisory fees. The overall SG&amp;A costs did not decrease associated with the JV, as the principal
partners contribute resources on a non-allocated basis.</P>

<P STYLE="text-indent: 40pt"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P><B>Other income (expense)</B></P>

<P STYLE="text-indent: 40pt">Interest income was $25.9 million for the year ended December 31, 2019 compared to $21.6 million
for the year ended December 31, 2018 for an increase of $4.3 million. This increase was primarily due to an increase of $3.8 million
in interest on receivable owed from the Advisor.</P>

<P STYLE="text-indent: 40pt">Mortgage and loan interest expense was $39.9 million for the year ended December 31, 2019. This represents
a decrease of $26.2 million compared to the prior year expense of $66.1 million. The decrease is primarily due to the contribution
of fifty-two properties to the joint venture VAA on November 19, 2018.</P>

<P STYLE="text-indent: 40pt">There was no material gain or loss on sales of income producing properties during the year ended
December 31, 2019, as our focus was not on the sale of any assets. Over the past several years we have successfully disposed of
underperforming assets. As such, there are only a few remaining assets that we have a strong intention of selling. There are also
a few more strategic assets that we are positioned for sale as market conditions dictate.</P>

<P STYLE="text-indent: 40pt">The company recorded a non-cash charge of $15.1 million tied to currency rate exposure associated
with TCI&rsquo;s Bond Offering (SPC). Historically, the exchange ratio reflects an imbalance which is not expected to continue.
To this point; the exchange rate has enhanced since 12/31/19. It should be noted that we completed a currency transaction on 3/18/20
that covered the July 2020 Bond payment. In reality this transaction dropped the projected non-cash loss by over $1.3 million.</P>

<P STYLE="text-indent: 40pt">Gain on land sales was $15.3 million and $17.4 million for the years ended December 31, 2019 and
2018, respectively.</P>

<P STYLE="text-indent: 40pt">Other income was $11.0 million and $28.9 million for the years ended December 31, 2019 and 2018,
respectively. TCI&rsquo;s Other income category is traditionally low and was abnormally high in 2018 due to a $17.6 million gain
recognized in September 2018 for deferred income associated with the sale of assets, as well as income of approximately $7.6 million
from insurance proceeds on Mahogany Run Golf Course.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>About American Realty Investors,
Inc.</I></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">American Realty Investors, Inc.,
a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including apartments,
office buildings, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases
and partnerships and invests in mortgage loans on real estate. For more information, visit the Company&rsquo;s website at
<FONT STYLE="color: blue"><U>www.americanrealtyinvest.com</U></FONT>.</P>

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

    <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>AMERICAN REALTY INVESTORS, INC. &nbsp;</b></p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>CONSOLIDATED STATEMENTS OF OPERATIONS</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="margin: 0px; width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding: 0pt 0pt 0pt 18.0pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="10" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>For the Years Ended December 31,</b></p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 0pt 0pt 18.0pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2019</b></p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black; padding: 0pt 0pt 0pt 0pt;" colspan="2" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2018</b></p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black; padding: 0pt 0pt 0pt 0pt;" colspan="2" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2017</b></p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 0pt 0pt 18.0pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td colspan="10" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>(dollars in thousands, except per share amounts)</b></p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 0pt 0pt 8.65pt; width: 61%;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;"><b>Revenues:</b></p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 10%;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 10%;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 10%;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Rental and other property revenues (including $841, $144 and $839 for the year ended 2019, 2018 and 2017, respectively, from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">47,970</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">120,956</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">126,221</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 8.65pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;"><b>Expenses:</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Property operating expenses (including $991, $254 and $959 for the year ended 2019, 2018 and 2017, respectively, from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">25,694</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">59,587</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">64,091</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Depreciation and amortization</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">13,379</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">22,670</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">25,679</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">General and administrative (including $4,429, $1,267and $3,225 for the year ended 2019, 2018 and 2017, respectively, from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">13,336</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">12,708</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">7,691</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net income fee to related party</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">357</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">631</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">250</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 1pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Advisory fee to related party</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">6,612</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">11,475</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">11,082</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt 27pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Total operating expenses</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">59,378</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">107,071</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">108,793</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net operating (loss) income</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(11,408</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">13,885</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">17,428</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 8.65pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;"><b>Other income (expenses):</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Interest income (including $23,760, $5,406 and $16,298 for the year ended 2019, 2018 and 2017, respectively, from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">25,955</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">21,645</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">18,941</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Other income</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">11,018</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">28,993</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,082</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Mortgage and loan interest (including $9,282, $2,240 and $6,695 for the year ended 2019, 2018 and 2017, respectively, from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(39,860</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(66,063</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(66,171</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Loss on the sale of investments</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(331</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Foreign currency transaction gain (loss)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(15,108</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">12,399</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(4,536</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Loss on extinguishment of debt</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(5,219</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Equity (loss) earnings from VAA</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(2,774</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">44</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 1pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Earnings from unconsolidated subsidiaries and investees</p>
            </td>
            <td style="padding-bottom: 1pt;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">461</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding-bottom: 1pt;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,469</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding-bottom: 1pt;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">309</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt 27pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Total other (expenses)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(25,527</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,513</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(47,706</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">(Loss) income before gain on land sales, non-controlling interest, and taxes</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(36,935</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">12,372</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(30,278</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Gain on disposition of 50% interestt in VAA</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">154,126</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Gain on sale of income-producing properties</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(80</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">16,698</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Gain on land sales</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,272</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">17,404</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,884</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net (loss) income from continuing operations before taxes</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(21,743</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">183,902</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(8,696</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Income tax expense</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,210</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(180</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net (loss) income from continuing operations</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(21,743</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">182,692</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(8,876</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net (loss) income</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(21,743</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">182,692</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(8,876</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 1pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net loss (income) attributable to non-controlling interest</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">5,785</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(8,993</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">445</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net (loss) income attributable to American Realty Investors, Inc.</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(15,958</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">173,699</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(8,431</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 1pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Preferred dividend requirement</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(901</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,105</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 2pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net (loss) income applicable to common shares</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(15,959</p>
            </td>
            <td style="padding-bottom: 2pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">172,798</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(9,536</p>
            </td>
            <td style="padding-bottom: 2pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 8.65pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;"><b>Earnings per share - basic</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net (loss) income from continuing operations</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1.36</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">11.37</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.64</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 2pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net (loss) income applicable to common shares</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1.00</p>
            </td>
            <td style="padding-bottom: 2pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">10.81</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.61</p>
            </td>
            <td style="padding-bottom: 2pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 8.65pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;"><b>Earnings per share - diluted</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net (loss) income from continuing operations</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1.36</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">10.89</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.64</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 2pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net (loss) income applicable to common shares</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1.00</p>
            </td>
            <td style="padding-bottom: 2pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">10.35</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.61</p>
            </td>
            <td style="padding-bottom: 2pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Weighted average common shares used in computing earnings per share</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,997,076</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,982,528</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,514,360</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Weighted average common shares used in computing diluted earnings per share</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,997,076</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">16,697,966</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,514,360</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 8.65pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;"><b>Amounts attributable to American Realty Investors, Inc.</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 1pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net (loss) income from continuing operations</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(21,743</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">182,692</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 1pt solid black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(8,876</p>
            </td>
            <td style="padding-bottom: 1pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 2pt 18pt;" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Net (loss) income applicable to common shares</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(15,959</p>
            </td>
            <td style="padding-bottom: 2pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">172,798</p>
            </td>
            <td valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: 2pt double black;" valign="bottom">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(9,536</p>
            </td>
            <td style="padding-bottom: 2pt;" valign="bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
    </table>

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

    <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>AMERICAN REALTY INVESTORS, INC. &nbsp;</b></p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>CONSOLIDATED BALANCE SHEETS</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="margin: 0px; width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding: 0pt 0pt 1pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;" colspan="6">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>December 31,</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 0pt 1pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2019</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2018</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="6">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>(dollars in thousands, except share and par value amounts)</b> &nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 0pt 0pt 8.65pt; width: 70%; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;"><b>Assets</b></p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 12%; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 12%; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Real estate, at cost</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">469,997</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">455,993</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Real estate subject to sales contracts at cost</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">7,966</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,149</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Less accumulated depreciation</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(90,173</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(78,099</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 27pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Total real estate</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">387,790</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">381,043</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Notes and interest receivable (including $105,524 in 2019 and $105,803 in 2018 from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">169,299</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">140,327</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Less allowance for estimated losses (including $13,099 and $14,269 in 2019 and 2018 from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(13,099</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(14,269</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 27pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Total notes and interest receivable</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">156,200</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">126,058</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Cash and cash equivalents</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">51,228</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">36,428</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Restricted cash</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">32,083</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">70,187</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Investment in VAA</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">59,148</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">68,399</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Investment in other unconsolidated investees</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">8,507</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">7,602</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Receivable from related party</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">85,996</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">70,377</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Other assets</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">49,689</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">66,055</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 2pt 27pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Total assets</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">830,641</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">826,149</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;"><b>Liabilities and Shareholders&#x2019; Equity</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Liabilities:</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Notes and interest payable</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">254,873</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">286,968</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Bond and interest payable</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">229,722</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">158,574</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Deferred revenue (including $24,762&nbsp;&nbsp;in 2019 and $33,904 in 2018 to related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">24,762</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">33,904</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 1pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Accounts payable and other liabilities (including $11,817 in 2019 and $9,984 in 2018 to related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">24,768</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">25,576</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 27pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Total liabilities</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">534,125</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">505,022</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Shareholders&#x2019; equity:</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 8.65pt; vertical-align: bottom;">
                <font style="font-size: 10pt;">&nbsp;</font>
            </td>
            <td>
                <font style="font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom;">
                <font style="font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom;">
                <font style="font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom;">
                <font style="font-size: 10pt;">&nbsp;</font>
            </td>
            <td>
                <font style="font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom;">
                <font style="font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom;">
                <font style="font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom;">
                <font style="font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued 614 and outstanding 1,800,614 in 2019 and 2018 (liquidation preference $10 per share), including 1,800,000 shares held by ARL and its subsidiaries in 2019 and 2018.</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">5</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">5</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Common stock, $0.01 par value, 100,000,000 shares authorized; 16,412,861 shares issued and 15,997,076 outstanding as of&nbsp;&nbsp;2019 and 2018 , including 140,000 shares held by TCI (consolidated) in 2019 and 2018.</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">164</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">164</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 0pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Treasury stock at cost; 415,785 shares in 2019 and 2018, and 140,000 shares held by TCI (consolidated) as of 2019 and 2018.</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,395</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,395</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Paid-in capital</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">82,017</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">84,885</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Retained earnings</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">163,708</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">179,666</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 0pt 27pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Total American Realty Investors, Inc. shareholders&#x2019; equity</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">239,499</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">258,325</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt 18pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Non-controlling interest</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">57,017</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">62,802</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 1pt 27pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Total shareholders&#x2019; equity</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">296,516</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">321,127</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 2pt 27pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif;">Total liabilities and shareholders&#x2019; equity</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">830,641</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; vertical-align: bottom;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">826,149</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
    </table>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ) G # 2(  A$! Q$!_\0
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2BBB@ HHHH **** "BBB@#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  " G # 2(  A$! Q$!_\0
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2BBB@ HHHH **** "BBB@#__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
