CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental and other property revenues (including $173, $170 for the three months ended 2016 and 2015, respectively, from related parties)	$ 29,205	$ 23,156
Expenses:
Property operating expenses (including $210 and $162 for the three months ended 2016 and 2015, respectively, from related parties)	15,216	11,668
Depreciation and amortization	5,830	4,704
General and administrative (including $918 and $1,007 for the three months ended 2016 and 2015, respectively, from related parties)	2,025	2,201
Net income fee to related party	72	290
Advisory fee to related party	2,738	2,292
Total operating expenses	25,881	21,155
Net operating income (loss)	3,324	2,001
Other income (expense):
Interest income (including $4,528 and $4,897 for the three months ended 2016 and 2015 respectively, from related parties)	5,291	5,237
Other income (expense)	298	4,097
Mortgage and loan interest (including $1,092 and $864 for the three months ended 2016 and 2015, respectively, from related parties)	(13,525)	(9,794)
Loan charges and prepayment penalties	(689)	(1,850)
Earnings (loss) from unconsolidated subsidiaries and investees	155	45
Litigation settlement (expense)		(73)
Total other expenses	(8,470)	(2,338)
Loss before gain on land sales, non-controlling interest, and taxes	(5,146)	(337)
Gain (loss) on sale of income producing properties	(244)
Gain (loss) on land sales	1,652	2,876
Net income (loss) from continuing operations before tax	(3,738)	2,539
Income tax benefit (expense)	1	103
Net income (loss) from continuing operations	(3,737)	2,642
Discontinued operations:
Net income (loss) from discontinued operations	3	293
Income tax benefit (expense) from discontinued operations	(1)	(103)
Net income (loss) from discontinued operations	2	190
Net income (loss)	(3,735)	2,832
Net income (loss) attributable to non-controlling interests	530	508
Net income (loss) attributable to American Realty Investors, Inc.	(3,205)	3,340
Preferred dividend requirement	(497)	(390)
Net income (loss) applicable to common shares	$ (3,702)	$ 2,950
Earnings per share - basic
Net income (loss) from continuing operations (in dollars per share)	$ (0.24)	$ 0.16
Net income (loss) from discontinued operations (in dollars per share)		0.01
Net income (loss) applicable to common shares (in dollars per share)	(0.24)	0.17
Earnings per share - diluted
Net income (loss) from continuing operations (in dollars per share)	(0.24)	0.16
Net income (loss) from discontinued operations (in dollars per share)		0.01
Net income (loss) applicable to common shares (in dollars per share)	$ (0.24)	$ 0.17
Weighted average common shares used in computing earnings per share (in shares)	15,514,360	14,027,619
Weighted average common shares used in computing diluted earnings per share (in shares)	15,514,360	17,426,707
Amounts attributable to American Realty Investors, Inc.
Net income (loss) from continuing operations	$ (3,207)	$ 3,150
Net income (loss) from discontinued operations	2	190
Net income (loss) applicable to American Realty Investors, Inc.	$ (3,205)	$ 3,340