Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b) On October 28, 2008, David R. Fletcher ceased to be Executive Vice President and Chief Financial Officer of American Realty Investors, Inc. (the "Company" or the "Issuer" or "ARL"). Mr. Fletcher had been appointed by the Board of Directors of the Company effective May 20, 2008 to such position. Mr. Fletcher, who also ceased similar positions with Income Opportunity Realty Investors, Inc. and Transcontinental Realty Investors, Inc. on the same day will be pursuing other opportunities in the future not involving the Company.
(c) On October 28, 2008, with the cessation of David R. Fletcher as the Chief Financial Officer of the Company, Gene S. Bertcher, Executive Vice President and Chief Accounting Officer became the Principal Financial Officer of the Company in addition to being the Principal Accounting Officer of the Company.

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