American Realty Investors, Inc. is an externally managed real estate company. The Company operates multifamily and properties throughout the southern United States. The Company also invests in mortgage notes receivable and in land that is either held for appreciation and or development. The Company operates through two segments: the acquisition, development, ownership and management of multifamily properties, and the acquisition, development, ownership and management of commercial properties, which are primarily office properties. The services for its commercial segment include primarily rental of office space and other tenant services, including parking and storage space rental. The services for its multifamily segment include primarily rental of apartments and other tenant. The Company’s investment strategy includes acquiring existing income-producing properties as well as developing new properties on land already owned or acquired for a specific development project.