Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
Date of Report (Date of earliest event reported): November 15, 2006
(Exact Name of Registrant as Specified in its Charter)
Nevada   001-15663   75-2847135
(State or other
jurisdiction of incorporation)
File No.)
  (I.R.S. Employer
Identification No.)
1800 Valley View Lane, Suite 300
Dallas, Texas
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code 469-522-4200
     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:
     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
     (c) Effective November 15, 2006, American Realty Investors, Inc. (the “Company”) appointed Alfred Crozier, age 54, to the position of Executive Vice President — Residential Construction. Mr. Crozier has also been appointed to the same position by Income Opportunity Realty Investors, Inc. (“IOT”) and Transcontinental Realty Investors, Inc. (“TCI”). Prior to his selection as an officer of the Company, Mr. Crozier was Managing Director of Development (November 2005 to November 2006) for Woodmont Investment Company GP, LLC, a Dallas, Texas based developer of commercial properties and residential units. Prior thereto (from October 2003 to November 2005) he was President of Sterling Builders, Inc., a Spring, Texas construction and consulting company. Prior thereto (from August 2001 through September 2003) he was Vice President of Westchase Construction, LTD, a Houston, Texas based construction firm and for more than five years prior thereto, he was employed by various firms engaged in the construction industry including Trammel Crow Residential (February 1995 through February 2000) and The Finger Companies (August 1991 through February 1995). Mr. Crozier is also an architect.



     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.
Dated: November 21, 2006  AMERICAN REALTY INVESTORS, INC.
  By:   /s/ Steven A. Abney    
    Steven A. Abney, Executive Vice President,   
    Chief Financial Officer and Acting Principal Executive Officer