American Realty Investors, Inc. is an externally advised and managed real estate investment company that owns a diverse portfolio of income-producing properties and land held for development. The Company's segments are commercial properties, apartments, land and other. The Company's business is the acquisition, development and ownership of income-producing residential and commercial real estate properties. In addition, the Company acquires land for future development in in-fill or suburban markets. The Company's portfolio of income-producing properties includes residential apartment communities, office buildings, hotels and other commercial properties. It owns approximately 50 residential apartment communities comprising over 7,980 units, approximately nine commercial properties comprising an aggregate of over 2.2 million rentable square feet, an investment in approximately 3,810 acres of undeveloped and partially developed land and a golf course comprising approximately 100 acres.