American Realty Investors, Inc. / Dividends

Declaration date	Ex date	Record date	Payment date	Amount
March 18, 1999				$0.05
December 17, 1998	December 18, 1998	December 21, 1998	January 4, 1999	$0.05
September 11, 1998	September 14, 1998	September 15, 1998	September 30, 1998	$0.05
June 2, 1998	June 3, 1998	June 4, 1998	June 19, 1998	$0.05
March 12, 1998	March 13, 1998	March 16, 1998	March 31, 1998	$0.05
December 11, 1997	December 12, 1997	December 15, 1997	December 31, 1997	$0.05
September 11, 1997	September 12, 1997	September 15, 1997	September 30, 1997	$0.05
June 11, 1997	June 12, 1997	June 13, 1997	June 30, 1997	$0.05
March 12, 1997	March 13, 1997	March 14, 1997	March 31, 1997	$0.05
December 11, 1996	December 12, 1996	December 13, 1996	December 31, 1996	$0.05
September 11, 1996	September 12, 1996	September 13, 1996	September 30, 1996	$0.05
June 19, 1996	June 20, 1996	June 21, 1996	July 8, 1996	$0.05
April 24, 1990	April 27, 1990	April 30, 1990	May 15, 1990	$0.15
January 5, 1990	January 10, 1990	January 11, 1990	January 18, 1990	$0.285
October 5, 1989	October 11, 1989	October 12, 1989	October 19, 1989	$0.285
July 12, 1989	July 17, 1989	July 18, 1989	July 31, 1989	$0.285
April 10, 1989	April 13, 1989	April 14, 1989	April 28, 1989	$0.27
January 9, 1989	January 12, 1989	January 13, 1989	January 27, 1989	$0.27
October 7, 1988				$0.225