EXHIBIT 21.1

AMERICAN REALTY INVESTORS, INC.

SUBSIDIARIES OF THE REGISTRANT

The following is a list of all subsidiaries of and partnership interests of American Realty Investors, Inc., the percentage of ownership and the state or other jurisdiction of organization or incorporation as of December 31, 2013.  Partnership and limited liability company ownership includes ownership held through one or more subsidiaries.

Corporations
Name of Entity				Ownership	Jurisdiction
ARI Enterprise, Inc.				100.0%	Nevada
EQK Holdings, Inc.				100.0%	Nevada
	ART Edina, Inc.			100.0%	Nevada
	ART Elm Fork Ranch, Inc.			100.0%	Nevada
	ART Florentina, Inc.			100.0%	Nevada
	ART GNB, Inc.			100.0%	Nevada
	ART Hotel Equities, Inc.			100.0%	Nevada
	ART Lake Chateau, Inc.			100.0%	Nevada
	EQK Port Olpenitz, Inc.			100.0%	Nevada
		Halona Partners AG, Gossau		100.0%	Switzerland
			Euro Immo Invest GmbH	100.0%	Germany
		Port Olpenitz GMBH		90.0%	Germany
	EQK Portage, Inc.			100.0%	Nevada
	Transcontinental Realty Investors, Inc.			67.4%	Nevada
Midland Odessa Properties, Inc. (note 2)				31.3%	California
Transcontinental Realty Acquisition Corporation (note 3)				100.0%	Nevada
LLC interests (including direct and indirect ownership through subsidiaries)
Name of Entity				Ownership	Jurisdiction
ATI Mineral Holdings, LLC				35.76%	Nevada
	Trinity East Energy, LLC			8.76%	Texas
Dallas Investors Series 1, LLC				100.00%	Nevada
Dallas Investors Series 2, LLC				100.00%	Nevada
Dallas Investors Series 3, LLC				100.00%	Nevada
EQK Governors Square, LLC				100.00%	Nevada
EQK Holdings, LLC				100.00%	Nevada
EQK Texas Plaza Land, LLC				100.00%	Nevada
EQK Texas Properties, LLC				100.00%	Nevada
Valwood Acres, LLC				100.00%	Nevada
Partnership interests (including direct and indirect ownership through subsidiaries)
Name of Entity				Ownership	Jurisdiction
Cross County National Associates, LP				100.00%	Illinois
Edina Park Plaza Associates Limited Partnership				100.00%	Texas
Elm Fork Ranch Partners, LTD				100.00%	Texas
Garden Whispering Pines, LP				100.00%	Delaware
Hawthorn Lakes Associates, LTD (note 4)				various	Texas

Note 1:   Income Opportunity Realty Investors, Inc., a Nevada corporation (“IOT”), is also an indirect subsidiary of the Registrant through the ownership of approximately 81.12% of the outstanding common stock of IOT by Transcontinental Realty Investors, Inc. (see note 3).  A list of all subsidiaries and partnership interests of IOT is filed an exhibit to IOT’s annual Report on Form 10-K for the fiscal year ended December 31, 2013 which was filed with the Commission on March 31, 2014, which exhibit is incorporated by reference herein.

Note 2: ARI owns 31.3%, TCI owns 48.8%, and IOT owns 19.9%

Note 3:  Transcontinental Realty Investors, Inc., a Nevada corporation (“TCI”), is also an indirect subsidiary of the Registrant through the ownership of approximately 83.8% of the outstanding common stock of TCI by EQK Holdings, Inc. (67.38%) and Transcontinental Realty Acquisition Corporation (16.44%).  A list of all subsidiaries and partnership interests of TCI is filed as an exhibit to TCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the “TCI Form 10-K”) which was filed with the Commission on March 31, 2014, which exhibit is incorporated by reference herein.

Note 4:  Through EQK Holdings, Inc., ARI owns a limited partner interest in Hawthorn Lakes Associates, LTD.  Hawthorn Lakes Associates, LTD itself owns the following entities either directly or indirectly: 100% of GC Merchandise Mart, LLC (Delaware), Denver Merchandise Mart, Inc. (Delaware), Valley Corporation (Colorado) and 49% of Denver Merchandise Mart Employers, Inc. (Colorado).