<SEC-DOCUMENT>0001010549-20-000102.txt : 20200515
<SEC-HEADER>0001010549-20-000102.hdr.sgml : 20200515
<ACCEPTANCE-DATETIME>20200515170426
ACCESSION NUMBER:		0001010549-20-000102
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200514
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200515
DATE AS OF CHANGE:		20200515

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:		20886598

	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
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<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>May
14,
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>

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<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 May 14, 2020, American Realty Investors, Inc. (&ldquo;ARL&rdquo; or the &ldquo;Company&rdquo;) announced its operational
results for the quarter ended March 31, 2020. 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; text-indent: 0.5in">&nbsp;&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 May 14, 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>

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<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: May 15, 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>

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<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>

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<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 Earnings for Q1 2020</B></P>

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

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">DALLAS--(May
14, 2020)--American Realty Investors, Inc. (NYSE:ARL), a Dallas-based real estate investment company, is reporting its Results of
Operations for the quarter ended March 31, 2020. The Company&rsquo;s primary real estate holdings consist of Transcontinental
Realty Investors, Inc. (NYSE: TCI). Being that The Company&rsquo;s operational activities are virtually limited to the
ownership of TCI, this quarterly report will primarily discuss the operational activity of TCI. For the three months ended
March 31, 2020, The Company reported a net income applicable to common shares of $2.9 million or $0.18 per diluted share,
compared to a net loss applicable to common shares of $6.1 million or $0.38 per diluted share for the same period in 2019.
This was driven by the overall strategic direction 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 again be positively impacted throughout the remainder of 2020. All new
multifamily real estate projects within TCI&rsquo;s future pipeline are progressing in various stages of development. Of
significant note, the Company experienced a one-time expense as a requirement to pay Franchise Tax due to the Joint Venture
Victory Abode Apartments (VAA). The Company does not anticipate this expense to reoccur in future periods.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">With
the current Coronavirus presenting a concern; we remain confident the underlying need for quality multi-family housing will remain
strong. The Company bases this observation on occupancy trends across its portfolio. For the quarter ending March 31, 2020, same
store occupancy was at 93.9% compared to 94.3% for the same period one year ago. To date, TCI&rsquo;s existing portfolio has seen
a significant increase in value. For FYE 2019, same store aggregate appraised value of TCI&rsquo;s holdings was approximately
$244.4 million. Whereas for FYE 2020, same store aggregate appraised value of TCI&rsquo;s holdings was $298.7 million. This represents
a $54.3 million or 22% increase in overall asset value year over year.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">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.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000"><B>Revenues</B></FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">Rental
and other property revenues were $11.9 million for the three months ended March 31, 2020, and 2019. For the quarter ended March
31, 2020, the Company generated revenues of $7.9 million and $4.0 million from its commercial and residential segments, respectively.</FONT></P>

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<P STYLE="font: 400 16px Helvetica Neue; margin: 0 0 1.5em; color: rgb(68, 68, 68); letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000"><B>Expenses</B></FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">Property
operating expenses increased by $0.3 million to $6.3 million for the three months ended March 31, 2020 as compared to $6.0 million
for the same period in 2019. The increase in property operating expenses is due to an increase in real estate taxes of approximately
$0.5 million offset by an overall decrease in general property operating and maintenance expenses of $0.2 million.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">Depreciation
and amortization increased by $0.30 million to $3.4 million during the three months ended March 31, 2020 as compared to $3.1 million
for the three months ended March 31, 2019. The increase in depreciation is due to an increase in our ownership of residential
apartments to ten from nine for the same period a year ago which resulted in an increase in depreciation of $0.9 million from
$0.7 million a year ago.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">General
and administrative expense was $2.8 million for the three months ended March 31, 2020, compared to $2.5 million for the same period
in 2019. The increase of $0.3 million in general and administrative expenses was primarily due to increases professional fees
of $0.1 million and legal fees of $0.3 million.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">Franchise
taxes and other expenses was $1.5 million for the three months ended March 31, 2020, compared to $0.125 million for the same period
in 2019. The increase of $1.4 million in franchise taxes and other expenses was primarily due to increases in franchise taxes
of $1.0 million.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000"><B>Other
income (expense)</B></FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">Interest
income was $5.8 million for the three months ended March 31, 2020, compared to $6.2 million for the same period in 2019. The decrease
of $0.4 million was due to a decrease in interest of $0.4 on notes receivable from other related parties.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">Other
income decreased by $2.5 million to $1.2 million for the three months ended March 31, 2020, compared to $3.7 million for the same
period in 2019. For the quarter ended March 31, 2020, the Company received property tax refunds of approximately $0.2 million,
and recorded miscellaneous income of approximately $1.0 million. For the same period a year ago, the Company recognized $3.6 million
gain associated with the sale of land by IOR to third parties.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">Mortgage
and loan interest expense was $9.6 million for the three months ended March 31, 2020, compared to $10.0 million for the same period
in 2019.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">Foreign
currency transaction was a gain of $7.8 million for the three months ended March 31, 2020 as compared to a loss of $5.8 million
for the same period in 2019. The unrealized gain was the result of the strengthening of the U.S. Dollar against the Israel Shekels
due to perceived liquidity issues in Israel most likely as a result of the global pandemic outbreak. During the first quarter
just ended, we paid $11.6 million in Series A bond principal and $7.3 million in interests payments to our Series A, B, and C
bonds denominated in Israel Shekels.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">Loss
from unconsolidated investments was a net $0.26 million for the three months ended March 31, 2020 as compared to a net loss of
$1.0 million for the three months ended March 31, 2019. The loss from unconsolidated investments during the first quarter just
ended was driven primarily from our share in the losses reported by the VAA Joint Venture of $0.376 million.</FONT></P>

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<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">Gain
on land sales was $4.1 for the three months ended March 31, 2020, compared to $2.2 million for the same period in 2019. In the
current period we sold approximately 18.7 acres of land for a sales price of $5.7 million which resulted in a gain of $4.1 million.
For the same period in 2019, we sold approximately 22.3 acres of land for a sales price of $8.7 million which resulted in a gain
of $2.2 million.</FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000"><B><I>About
American Realty Investors, Inc.</I></B></FONT></P>

<P STYLE="color: rgb(68, 68, 68); font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><FONT STYLE="color: #000000">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 office buildings, apartments, 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. The Company also
holds mortgage receivables. For more information, visit the Company&rsquo;s website at&nbsp;www.americanrealtyinvest.com.</FONT></P>



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<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>

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    <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="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>&nbsp;</b></p>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse">
<tr>
            <TD STYLE="padding: 0pt; vertical-align: bottom">
                <p id="p00430" style="margin: 0pt 0pt 0pt 0.25in; text-align: left; text-indent: -0.125in; 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="2" valign="bottom">
                <p id="p00432" style="margin: 0pt 0pt 0pt 0pt; text-align: center; 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="padding: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00433" style="margin: 0pt 0pt 0pt 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>
            <TD STYLE="padding: 0pt; vertical-align: bottom">
                <p id="p00434" style="margin: 0pt 0pt 0pt 0.25in; text-align: left; text-indent: -0.125in; 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="6" valign="bottom">
                <p id="p00436" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>For the Three Months Ended March 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; vertical-align: top; text-align: center">
                <p id="p00437" style="margin-bottom: 0pt; margin-left: 0.25in; margin-top: 0pt; text-align: center; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <TD STYLE="text-align: center">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
                <p id="p00439" style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2020</b></p>
            </td>
            <TD STYLE="vertical-align: bottom; text-align: center">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <TD STYLE="text-align: center">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt; text-align: center;" colspan="2">
                <p id="p00441" style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2019</b></p>
            </td>
            <TD STYLE="vertical-align: bottom; text-align: center">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
<tr>
            <TD STYLE="padding: 0pt; vertical-align: top">
                <p id="p00442" style="margin: 0pt 0pt 0pt 0.25in; text-align: left; text-indent: -0.125in; 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 id="p00444" style="margin: 0pt; font: 10pt Times New Roman, Times, Serif;"><b>(dollars in&nbsp;thousands,&nbsp;except&nbsp;per&nbsp;share&nbsp;amounts)</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; vertical-align: bottom; width: 66%">
                <p id="p00447" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; 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="vertical-align: bottom; width: 1%">
                <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; width: 14%">&nbsp;</td>
            <TD STYLE="vertical-align: bottom; width: 1%">
                <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="vertical-align: bottom; width: 1%">
                <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; width: 14%">
                <p id="p00451" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <TD STYLE="vertical-align: bottom; width: 1%">
                <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; vertical-align: bottom">
                <p id="p00452" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Rental and other property revenues (including $221 and $113 for the three months ended 2020 and 2019, respectively, from related parties)</p>
            </td>
            <TD>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <TD STYLE="vertical-align: bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <TD STYLE="vertical-align: bottom">
                <p id="p00454" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">11,918</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 id="p00456" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">11,929</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; vertical-align: bottom">
                <p id="p00457" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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 id="p00459" 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 id="p00461" 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; vertical-align: bottom">
                <p id="p00462" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; 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 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 id="p00464" 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 id="p00466" 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; vertical-align: bottom">
                <p id="p00467" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Property operating expenses (including $242 and $257 for the three months ended 2020 and 2019, 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 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 id="p00469" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">6,310</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 id="p00471" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">5,997</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>
        </tr>
<tr style="background-color: #cceeff;">
            <TD STYLE="padding: 0pt; vertical-align: bottom">
                <p id="p00472" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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 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 id="p00474" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,394</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 id="p00476" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,109</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; vertical-align: bottom">
                <p id="p00477" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">General and administrative (including $1,133 and $1,597 for the three months ended 2020 and 2019, 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 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 id="p00479" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,795</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 id="p00481" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,480</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; vertical-align: bottom">
                <p id="p00482" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Franchise taxes and 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="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 id="p00484" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,496</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 id="p00486" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">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>
        </tr>
<tr style="background-color: white;">
            <TD STYLE="padding: 0pt; vertical-align: bottom">
                <p id="p00487" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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 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 id="p00489" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">86</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 id="p00491" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">100</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; vertical-align: bottom">
                <p id="p00492" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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="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 id="p00494" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,287</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 id="p00496" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,853</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">
                <p id="p00497" style="margin: 0pt 0pt 0pt 0.375in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;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: black 1pt solid; border-top: 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; border-top: black 1pt solid; vertical-align: bottom">
                <p id="p00499" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">16,368</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; border-top: 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; border-top: black 1pt solid; vertical-align: bottom">
                <p id="p00501" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">13,664</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; vertical-align: bottom">
                <p id="p00502" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net operating loss</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 id="p00504" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(4,450</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 id="p00506" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,735</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; vertical-align: bottom">&nbsp;</td>
            <TD>&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD>&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff;">
            <TD STYLE="padding: 0pt; vertical-align: bottom">
                <p id="p00507" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; 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 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 id="p00509" 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 id="p00511" 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; vertical-align: bottom">&nbsp;</td>
            <TD>&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD>&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff;">
            <TD STYLE="padding: 0pt; vertical-align: bottom">
                <p id="p00512" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Interest income (including $5,031 and $5,881 for the three months ended 2020 and 2019, 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 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 id="p00514" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">5,754</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 id="p00516" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">6,153</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; vertical-align: bottom">
                <p id="p00517" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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 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 id="p00519" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,212</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 id="p00521" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,667</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; vertical-align: bottom">
                <p id="p00522" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Mortgage and loan interest (including $1,915 and $2,307 for the three months ended 2020 and 2019, 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 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 id="p00524" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(9,602</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;">)</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 id="p00526" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(9,968</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;">)</p>
            </td>
        </tr>
<tr style="background-color: white;">
            <TD STYLE="padding: 0pt; vertical-align: bottom">
                <p id="p00527" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Foreign currency transaction (loss) gain</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 id="p00529" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">7,843</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 id="p00531" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(5,818</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: #cceeff;">
            <TD STYLE="padding: 0pt">
                <p id="p00532" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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 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 id="p00534" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</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 id="p00536" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</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; vertical-align: bottom">
                <p id="p00537" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Equity loss from 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 id="p00539" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(376</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 id="p00541" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,055</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;">)</p>
            </td>
        </tr>
<tr style="background-color: #cceeff;">
            <TD STYLE="padding: 0pt 0pt 1pt; vertical-align: bottom">
                <p id="p00542" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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; 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 id="p00544" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">116</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;">&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; 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 id="p00546" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">58</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;">&nbsp;</p>
            </td>
        </tr>
<tr style="background-color: white;">
            <TD STYLE="padding: 0pt">
                <p id="p00547" style="margin: 0pt 0pt 0pt 0.375in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Total other income (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: 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 id="p00549" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,947</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 id="p00551" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,963</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: #cceeff;">
            <TD STYLE="padding: 0pt; vertical-align: bottom">
                <p id="p00552" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Income (loss) 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 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 id="p00554" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">497</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 id="p00556" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(8,698</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; vertical-align: bottom">
                <p id="p00557" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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: 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 id="p00559" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,138</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 id="p00561" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,216</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; vertical-align: bottom">
                <p id="p00562" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) 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 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 id="p00564" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,635</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 id="p00566" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,482</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">
                <p id="p00567" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">State inncome 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="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 id="p00569" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(247</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 id="p00571" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</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">
                <p id="p00572" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) 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-top: 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-top: black 1pt solid; vertical-align: bottom">
                <p id="p00574" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,388</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-top: 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-top: black 1pt solid; vertical-align: bottom">
                <p id="p00576" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,482</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; vertical-align: bottom">
                <p id="p00577" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss)</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 id="p00579" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,388</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 id="p00581" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,482</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: #cceeff;">
            <TD STYLE="padding: 0pt; vertical-align: bottom">
                <p id="p00582" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net (income) loss 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: 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 id="p00584" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,442</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 id="p00586" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">335</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; vertical-align: bottom">
                <p id="p00587" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) attributable to American Realty Investors, Inc.</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; 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 id="p00589" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,946</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;">&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; 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 id="p00591" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,147</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: #cceeff;">
            <TD STYLE="padding: 0pt">
                <p id="p00592" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) 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: black 2.5pt 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 2.5pt double; vertical-align: bottom">
                <p id="p00594" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,946</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 2.5pt 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 2.5pt double; vertical-align: bottom">
                <p id="p00596" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,147</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; vertical-align: bottom">&nbsp;</td>
            <TD>&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD>&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
            <TD STYLE="vertical-align: bottom">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff;">
            <TD STYLE="padding: 0pt; vertical-align: bottom">
                <p id="p00597" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;"><b>(Loss) 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 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 id="p00599" 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 id="p00601" 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; vertical-align: bottom">
                <p id="p00602" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) 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: black 1pt solid; 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 1pt solid; vertical-align: bottom">
                <p id="p00604" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.27</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;">$</p>
            </td>
            <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">
                <p id="p00606" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.41</p>
            </td>
            <TD STYLE="padding-bottom: 1pt; vertical-align: bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
<tr style="background-color: #cceeff;">
            <TD STYLE="padding: 0pt">
                <p id="p00607" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) applicable to common shares</p>
            </td>
            <TD>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <TD STYLE="border-bottom: black 2.5pt double; vertical-align: bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <TD STYLE="border-bottom: black 2.5pt double; vertical-align: bottom">
                <p id="p00609" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.18</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 2.5pt 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 2.5pt double; vertical-align: bottom">
                <p id="p00611" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.38</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">
                <p id="p00612" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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 id="p00614" 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 id="p00616" 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; vertical-align: bottom">
                <p id="p00617" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;"><b>(Loss) 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 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 id="p00619" 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 id="p00621" 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; vertical-align: bottom">
                <p id="p00622" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) 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: black 2.5pt 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 2.5pt double; vertical-align: bottom">
                <p id="p00624" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.27</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 2.5pt double; vertical-align: bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <TD STYLE="border-bottom: black 2.5pt double; vertical-align: bottom">
                <p id="p00626" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.41</p>
            </td>
            <TD STYLE="padding-bottom: 1pt; vertical-align: bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
<tr style="background-color: #cceeff;">
            <TD STYLE="padding: 0pt">
                <p id="p00627" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) applicable to common shares</p>
            </td>
            <TD>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <TD STYLE="border-bottom: black 2.5pt double; vertical-align: bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <TD STYLE="border-bottom: black 2.5pt double; vertical-align: bottom">
                <p id="p00629" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.18</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 2.5pt 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 2.5pt double; vertical-align: bottom">
                <p id="p00631" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.38</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">
                <p id="p00632" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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 id="p00634" 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 id="p00636" 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">
                <p id="p00637" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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 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 id="p00639" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,997,076</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 id="p00641" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,997,076</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">
                <p id="p00642" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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 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 id="p00644" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,997,076</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 id="p00646" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,997,076</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">
                <p id="p00647" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; 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 id="p00649" 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 id="p00651" 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; vertical-align: bottom">
                <p id="p00652" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; 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 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"></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"></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; vertical-align: bottom">
                <p id="p00657" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) 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="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 id="p00659" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,388</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;">$</p>
            </td>
            <TD STYLE="vertical-align: bottom">
                <p id="p00661" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,482</p>
            </td>
            <TD STYLE="vertical-align: bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
<tr style="background-color: white;">
            <TD STYLE="padding: 0pt; vertical-align: bottom">
                <p id="p00662" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) applicable to American Realty Investors, Inc.</p>
            </td>
            <TD>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <TD STYLE="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <TD STYLE="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom">
                <p id="p00664" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,946</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 2.5pt double; border-top: black 1pt solid; 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 2.5pt double; border-top: black 1pt solid; vertical-align: bottom">
                <p id="p00666" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,147</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>
</TABLE>

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

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<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="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>&nbsp;</b></p>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;" colspan="2">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;" colspan="2">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: center; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">March 31, 2020</td>
            <TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">December 31, 2019</td>
            <TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: center; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">(Unaudited)</td>
            <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">(Audited)</td>
            <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="6">(dollars in thousands, except share
                <br> and par value amounts)</td>
            <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: center; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif">Assets</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;" colspan="2">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;" colspan="2">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; text-indent: -0.125in; width: 70%">Real estate, at cost</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">$</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 12%">482,834</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">$</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 12%">469,997</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Real estate subject to sales contracts at cost</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">6,887</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">7,966</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Less accumulated depreciation</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(93,144</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(90,173</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Total real estate</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">396,577</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">387,790</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Notes and interest receivable (including $106,148 in 2020 and $105,524 in 2019 from related parties)</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">170,918</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">169,299</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Less allowance for estimated losses (including $12,557 and $13,099 in 2020 and 2019 from related parties)</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,557</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(13,099</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Total notes and interest receivable</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">158,361</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">156,200</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">39,946</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">51,228</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Restricted cash</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">28,158</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">32,083</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Investment in VAA</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">53,508</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">59,148</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Investment in other unconsolidated investees</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">8,623</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">8,507</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Receivable from related party</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">78,779</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">85,996</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Other assets</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">51,119</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">49,689</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Total assets</td>
            <TD STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
            <TD STYLE="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">815,071</td>
            <TD STYLE="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
            <TD STYLE="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">830,641</td>
            <TD STYLE="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: center; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif">Liabilities and Shareholders&#x2019; Equity</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Liabilities:</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Notes and interest payable</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">260,969</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">254,873</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Bond and interest payable</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">207,832</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">229,722</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Deferred revenue (including $24,762 in 2020 and 2019 to related parties)</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">24,762</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">24,762</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Accounts payable and other liabilities (including $12,069 in 2020 and $11,817 in 2019 to related parties)</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">20,604</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">24,768</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Total liabilities</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">514,167</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">534,125</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Shareholders&#x2019; equity:</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in; 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 2020 and 2019 (liquidation preference $10 per share), including 1,800,000 shares held by ARL and its subsidiaries in 2020 and 2019.</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">5</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">5</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in; 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 2020 and 2019, including 140,000 shares held by TCI (consolidated) in 2020 and 2019.</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">164</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">164</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Treasury stock at cost; 415,785 shares in 2020 and 2019, and 140,000 shares held by TCI (consolidated) as of 2020 and 2019.</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,395</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,395</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Paid-in capital</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">82,017</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">82,017</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Retained earnings</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">166,654</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">163,708</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Total American Realty Investors, Inc. shareholders&#x2019; equity</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">242,445</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">239,499</td>
            <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Non-controlling interest</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">58,459</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">57,017</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: white; vertical-align: bottom;">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Total shareholders&#x2019; equity</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">300,904</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
            <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">296,516</td>
            <TD STYLE="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
            <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif">Total liabilities and shareholders&#x2019; equity</td>
            <TD STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
            <TD STYLE="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">815,071</td>
            <TD STYLE="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
            <TD STYLE="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
            <TD STYLE="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">830,641</td>
            <TD STYLE="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
        </tr>
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