<SEC-DOCUMENT>0001010549-20-000179.txt : 20200819
<SEC-HEADER>0001010549-20-000179.hdr.sgml : 20200819
<ACCEPTANCE-DATETIME>20200819125903
ACCESSION NUMBER:		0001010549-20-000179
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200814
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200819
DATE AS OF CHANGE:		20200819

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:		201116298

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

	MAIL ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>americanrealty8k.htm
<TEXT>
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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>August
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 August 14, 2020, American
Realty Investors, Inc. (&ldquo;<B>ARL</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) announced its operational results for the
quarter ended June 30, 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-family: Times New Roman, Times, Serif; font-size: 12pt"><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 August 14, 2020</A>&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-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>



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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Dated: August 14, 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</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>and 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: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.35pt"><B>NEWS RELEASE</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.35pt"><B>FOR IMMEDIATE RELEASE</B></P></TD>
    <TD STYLE="width: 61%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt"><B>Contact:</B></P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt">American Realty Investors, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 173.4pt 0 54.65pt">Investor Relations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 123.4pt 0 54.65pt">Daniel Moos (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 Q2 2020</B></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: Black">DALLAS
(August 14, 2020) - American Realty Investors, Inc. (NYSE:ARL) is reporting its results of operations for the quarter ended
June 30, 2020. For the three months ended June 30, 2020, The Company reported a net loss applicable to common shares of $2.3
million or $0.14 per diluted share, compared to a net loss applicable to common shares of $2.8 million or $0.17 per diluted
share 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: Black"><B>COVID-19</B></FONT></P>

<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: 40pt"><FONT STYLE="color: Black">The
Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. COVID-19 did not have
a significant on the Company&rsquo;s results of operations or cash flows during the three months ended June 30, 2020.</FONT></P>

<LI STYLE="margin: 0 0 5px"><FONT STYLE="color: Black">The Company collected approximately 97% of its second quarter rents, comprised
of approximately 95% from multi-family tenants and approximately 98% from office tenants.</FONT></LI>

<LI STYLE="margin: 0 0 5px"><FONT STYLE="color: Black">The Company did not grant any abatements or significant deferments of rents.</FONT></LI>

<LI STYLE="margin: 0 0 5px"><FONT STYLE="color: Black">Occupancy at its non-lease up properties remains stable at 87% at June
30, 2020 in comparison to 89% at June 30, 2019.</FONT></LI>

<LI STYLE="margin: 0 0 5px"><FONT STYLE="color: Black">The Company continued to obtain positive leasing spreads for new leases
and renewals at it properties.</FONT></LI>

<LI STYLE="margin: 0 0 5px"><FONT STYLE="color: Black">Ongoing development projects continued during the quarter unabated without
work stoppages. In addition, the Company is evaluating several new development projects.</FONT></LI>

<P STYLE="margin: 0 0 5px"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<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: 40pt"><FONT STYLE="color: Black">The
future impact of COVID-19 on the Company&rsquo;s business and financial activities will depend on future developments, which at
this stage are unpredictable considering the fluctuations of COVID-19 outbreaks and the resulting changes in the markets.</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: Black"><B>Financial
Results</B></FONT></P>

<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: 40pt"><FONT STYLE="color: Black">Rental
and other property revenues were $11.9 million for the three months ended June 30, 2020 and 2019. For the quarter ended June 30,
2020, the Company generated revenues of $7.9 million and $4.0 million from its commercial and residential segments, respectively.</FONT></P>

<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: 40pt"><FONT STYLE="color: Black">Property
operating expenses decreased to $5.8 million for the three months ended June 30, 2020 from $7.3 million for the same period in
2019. The decrease of $1.5 million in property operating expenses was primarily due to a reduction in property taxes and maintenance
costs.</FONT></P>

<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: 40pt"><FONT STYLE="color: Black">General
and administrative expense decreased to $1.7 million for the three months ended June 30, 2020 from $2.4 million for the same period
in 2019. The decrease of $0.7 million in general and administrative expenses was primarily due to a reduction in professional
fees.</FONT></P>

<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: 40pt"><FONT STYLE="color: Black">Interest
income decreased to $5.3 million for the three months ended June 30, 2020 from $6.5 million for the same period in 2019. The decrease
of $1.2 million in interest income was primarily due to a decrease in notes receivable from related parties.</FONT></P>

<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: 40pt"><FONT STYLE="color: Black">Other
income decreased to $2.8 million for the three months ended June 30, 2020 from $3.4 million for the same period in 2019. The decrease
of $0.6 million in other income was primarily due to a decrease in tax incentive finance proceeds.</FONT></P>

<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: 40pt"><FONT STYLE="color: Black">Foreign
currency transaction was a loss of $5.6 million for the three months ended June 30, 2020 as compared to a loss of $2.3 million
for the same period in 2019. The increase is foreign currency loss was due to a decrease in the exchange rate from U.S. Dollars
to the Israel Shekel offset in part by a reduction in the bonds outstanding.</FONT></P>

<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: 40pt"><FONT STYLE="color: Black">Loss
from unconsolidated investments was $0.7 million for the three months ended June 30, 2020, compared to a loss of $0.2 million
for the same period in 2019. The increase in loss from unconsolidated investments during the quarter was primarily due to an increase
in depreciation and amortization expense related to the VAA Joint Venture.</FONT></P>

<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: 40pt"><FONT STYLE="color: Black">Gain
on land sales was $5.3 million for the three months ended June 30, 2020, compared to $2.1 million for the same period in 2019.
In the current period the Company sold approximately 25.9 acres of land for an aggregate sales price of $6.6 million which resulted
in a gain of $5.3 million. For the same period in 2019, the Company sold approximately 41.6 acres of land for an aggregate sales
price of $7.6 million which resulted in a gain of $2.5 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: Black"><B>About
American Realty Investors, Inc.</B></FONT></P>

<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: 40pt"><FONT STYLE="color: Black">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. The Company&rsquo;s primary asset and source of its operating results is its investment in Transcontinental
Realty Investors, Inc. (NYSE:TCI). For more information, visit the Company&rsquo;s website at&nbsp;www.americanrealtyinvest.com.</FONT></P>
<P STYLE="font: 400 16px Helvetica Neue; color: rgb(68, 68, 68); margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"></P>

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<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AMERICAN REALTY INVESTORS, INC.</B></FONT>
    </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">
        <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="arl10q063020a004"></A>CONSOLIDATED STATEMENTS OF OPERATIONS</B></FONT>
    </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">
        <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Unaudited)</B></FONT>
    </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
        <TR STYLE="vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">For the Three Months Ended June 30,</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">For the Six Months Ended June 30,</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2020</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2019</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2020</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2019</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="14" STYLE="text-align: center; font-weight: bold">
                <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(dollars in&nbsp;thousands,&nbsp;except&nbsp;per&nbsp;share&nbsp;amounts)</B></FONT>
            </TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD STYLE="font-weight: bold">Revenues:</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; width: 56%; text-align: left; text-indent: -0.125in">Rental and other property revenues (including $280 and $202 for the three months and $546 and $413 for the six months ended 2020 and 2019, respectively, from related parties)</TD>
            <TD STYLE="width: 1%">&nbsp;</TD>
            <TD STYLE="width: 1%; text-align: left">$</TD>
            <TD STYLE="width: 8%; text-align: right">11,947</TD>
            <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
            <TD STYLE="width: 1%">&nbsp;</TD>
            <TD STYLE="width: 1%; text-align: left">$</TD>
            <TD STYLE="width: 8%; text-align: right">11,840</TD>
            <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
            <TD STYLE="width: 1%">&nbsp;</TD>
            <TD STYLE="width: 1%; text-align: left">$</TD>
            <TD STYLE="width: 8%; text-align: right">23,865</TD>
            <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
            <TD STYLE="width: 1%">&nbsp;</TD>
            <TD STYLE="width: 1%; text-align: left">$</TD>
            <TD STYLE="width: 8%; text-align: right">23,769</TD>
            <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="font-weight: bold">Expenses:</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">Property operating expenses (including $254 and $246 for the three months ended and $496 and $504 for the six months ended 2020 and 2019, respectively, from related parties)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">5,810</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">7,323</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">12,120</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">13,320</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Depreciation and amortization</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">3,418</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">3,439</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">6,812</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">6,548</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">General and administrative (including $765 and $985 for the three months ended and $1,898 and $2,582 for the six months ended 2020 and 2019, respectively, from related parties)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">1,669</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">2,419</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">4,464</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">5,024</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Franchise taxes and other expenses</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&#x2014;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">585</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">1,496</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">585</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Net income fee to related party</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">112</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">90</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">198</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">190</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Advisory fee to related party</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,241</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,361</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,528</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,214</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-align: left">Total operating expenses</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,250</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,217</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,618</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,881</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Net operating loss</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(1,303</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(4,377</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(5,753</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(6,112</TD>
            <TD STYLE="text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="text-align: left; font-weight: bold">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="text-align: left; font-weight: bold">Other income (expenses):</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">Interest income (including $5,129 and $6,207 for the three months ended and $9,755 and $12,304 for the six months ended 2020 and 2019, respectively, from related parties)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">5,284</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">6,505</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">11,038</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">12,658</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Other income</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">2,794</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">3,364</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">4,006</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">7,031</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">Mortgage and loan interest (including $1,543 and $2,385 for the three months ended and $3,458 and $4,692 for the six months ended 2020 and 2019, respectively, from related parties)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(9,071</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(9,408</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(18,673</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(19,376</TD>
            <TD STYLE="text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Foreign currency transaction (loss) gain</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(5,599</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(2,325</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">2,244</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(8,143</TD>
            <TD STYLE="text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Equity loss from VAA</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(735</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(236</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(1,111</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(1,291</TD>
            <TD STYLE="text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Earnings from unconsolidated subsidiaries and investees</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">16</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">173</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">132</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">231</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.375in; text-align: left">Total other income (expenses)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,311</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,927</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,364</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,890</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Income (loss) before gain on land sales, non-controlling interest, and taxes</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(8,614</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(6,304</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(8,117</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(15,002</TD>
            <TD STYLE="text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Loss on sale of income producing properties</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&#x2014;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(80</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&#x2014;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(80</TD>
            <TD STYLE="text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Gain on land sales</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,339</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,517</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,477</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,733</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Net income (loss) before taxes</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(3,275</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(3,867</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">1,360</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(10,349</TD>
            <TD STYLE="text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">State income tax expense</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(49</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#x2014;</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(296</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#x2014;</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Net income (loss)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(3,324</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(3,867</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">1,064</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(10,349</TD>
            <TD STYLE="text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Net (income) loss attributable to non-controlling interest</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,018</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,089</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(424</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,424</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Net income (loss) attributable to American Realty Investors, Inc.</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,306</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,778</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">640</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,925</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.125in; text-align: left">Net income (loss) applicable to common shares</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,306</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,778</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">640</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(8,925</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="font-weight: bold">(Loss) earnings per share - basic</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Net income (loss)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.21</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.24</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.07</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.65</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.125in; text-align: left">Net income (loss) applicable to common shares</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.14</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.17</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.04</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.56</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="font-weight: bold">(Loss) earnings per share - diluted</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.125in; text-align: left">Net income (loss)</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.21</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.24</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.07</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.65</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.125in; text-align: left">Net income (loss) applicable to common shares</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.14</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.17</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.04</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.56</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in">Weighted average common shares used in computing earnings per share</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">15,997,076</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">15,997,076</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">15,997,076</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">15,997,076</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in">Weighted average common shares used in computing diluted earnings per share</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">15,997,076</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">15,997,076</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">15,997,076</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">15,997,076</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="text-align: left; font-weight: bold">Amounts attributable to American Realty Investors, Inc.</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Net income (loss)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,324</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,867</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,064</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,349</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.125in; text-align: left">Net income (loss) applicable to American Realty Investors, Inc.</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,306</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,778</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">640</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(8,925</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AMERICAN REALTY INVESTORS, INC.</B></FONT>
    </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">
        <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="arl10q063020a003"></A>CONSOLIDATED BALANCE SHEETS </B></FONT>
    </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">
        <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
        <TR STYLE="vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">June 30, 2020</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">December 31, 2019</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold">(Unaudited)</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold">(Audited)</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="6" STYLE="text-align: center; font-weight: bold">(dollars in thousands, except share and par value amounts)</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: center; text-indent: -0.125in; font-weight: bold">Assets</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; width: 70%; text-align: left; text-indent: -0.125in">Real estate, at cost</TD>
            <TD STYLE="width: 1%">&nbsp;</TD>
            <TD STYLE="width: 1%; text-align: left">$</TD>
            <TD STYLE="width: 12%; text-align: right">484,639</TD>
            <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
            <TD STYLE="width: 1%">&nbsp;</TD>
            <TD STYLE="width: 1%; text-align: left">$</TD>
            <TD STYLE="width: 12%; text-align: right">469,997</TD>
            <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in">Real estate subject to sales contracts at cost</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">6,307</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">7,966</TD>
            <TD STYLE="text-align: left">&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">Less accumulated depreciation</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(96,002</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(90,173</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: -0.125in">Total real estate</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">394,944</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">387,790</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in">Notes and interest receivable (including $110,827 in 2020 and $106,081 in 2019 from related parties)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">180,146</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">169,299</TD>
            <TD STYLE="text-align: left">&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">Less allowance for estimated losses (including $12,557 and $13,099 in 2020 and 2019 from related parties)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,557</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,099</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: -0.125in">Total notes and interest receivable</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">167,589</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">156,200</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in">Cash and cash equivalents</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">42,461</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">51,228</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in">Restricted cash</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">30,114</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">32,083</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in">Investment in VAA</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">52,773</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">59,148</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in">Investment in other unconsolidated investees</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">8,639</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">8,507</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in">Receivable from related party</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">75,923</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">85,996</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Other assets</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">55,846</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">49,689</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.5in; text-align: left; text-indent: -0.125in">Total assets</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">828,289</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">830,641</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: center; text-indent: -0.125in; font-weight: bold">Liabilities and Shareholders&#x2019; Equity</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">Liabilities:</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">Notes and interest payable</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">$</TD>
            <TD STYLE="text-align: right">263,325</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">$</TD>
            <TD STYLE="text-align: right">254,873</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">Bond and interest payable</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">218,216</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">229,722</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">Deferred revenue (including $25,660 in 2020 and $24,762 in 2019 to related parties)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">25,660</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">24,762</TD>
            <TD STYLE="text-align: left">&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">Accounts payable and other liabilities (including $12,267 in 2020 and $11,817 in 2019 to related parties)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,508</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,768</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: -0.125in">Total liabilities</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">530,709</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">534,125</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in">Shareholders&#x2019; equity:</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">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>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">5</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">5</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">Common stock, $0.01 par value, 100,000,000 shares authorized; 16,412,861 shares issued and 15,997,076 outstanding as of&nbsp;&nbsp;2020 and 2019, including 140,000 shares held by TCI (consolidated) in 2020 and 2019.</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">164</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">164</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">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>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(6,395</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(6,395</TD>
            <TD STYLE="text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">Paid-in capital</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">82,017</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">82,017</TD>
            <TD STYLE="text-align: left">&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">Retained earnings</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">164,348</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">163,708</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: -0.125in">Total American Realty Investors, Inc. shareholders' equity</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">240,139</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">239,499</TD>
            <TD STYLE="text-align: left">&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">Non-controlling interest</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">57,441</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">57,017</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.5in; text-align: left; text-indent: -0.125in">Total shareholders' equity</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">297,580</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">296,516</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.5in; text-align: left; text-indent: -0.125in">Total liabilities and shareholders' equity</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">828,289</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">830,641</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
        </TR>
    </TABLE>
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