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. and the state or other jurisdiction of
organization or incorporation (indention indicates immediate parent entity; unless otherwise indicated each entity is 100% owned by its parent):



|                                              |  |                                             
|--------------------------------------------- |  | --------------------------------------------
|Name of Entity                                |  | Jurisdiction ofOrganization or Incorporation
|Subsidiaries                                  |  |                                             
|ARI Enterprise, Inc.                          |  | Nevada                                      
|American Realty Trust, Inc.                   |  | Nevada                                      
|American Mart Hotel Corporation               |  | Nevada                                      
|ART Blessin, Inc.                             |  | Nevada                                      
|ART Capstone Corporation                      |  | Nevada                                      
|ART Chateau Corporation                       |  | Nevada                                      
|ART Collection, Inc.                          |  | Nevada                                      
|ART Edina, Inc.                               |  | Nevada                                      
|ART Elm Fork Ranch, Inc.                      |  | Nevada                                      
|ART Encino, Inc.                              |  | Nevada                                      
|ART Florentina, Inc.                          |  | Nevada                                      
|ART Florida Partners, Inc. (Its Subsidiaries) |  | Nevada                                      
|ART Florida Partners I, Inc.                  |  | Nevada                                      
|ART Florida Partners II, Inc.                 |  | Nevada                                      
|ART Four Hickory Corporation                  |  | Nevada                                      
|ART Grapevine, Inc.                           |  | Nevada                                      
|ART Hawthorne, Inc.                           |  | Nevada                                      
|ART Holdings, Inc.                            |  | Nevada                                      
|ART Hotel Equities, Inc.                      |  | Nevada                                      
|ART Keller Property Corporation SOLD 1/2005   |  | Nevada                                      
|ART Lake Chateau, Inc.                        |  | Nevada                                      
|ART Mason Park, Inc.                          |  | Nevada                                      
|ART Mediterranean Corporation                 |  | Nevada                                      
|ART Morgan, Inc.                              |  | Nevada                                      
|ART Oceanview Corporation                     |  | Nevada                                      
|ART Palm, Inc .                               |  | Nevada                                      
|ART Piccadilly Airport Beverage, Inc.         |  | Nevada                                      
|ART Piccadilly Shaw Beverage, Inc.            |  | Nevada                                      
|ART Piccadilly University Beverage, Inc.      |  | Nevada                                      
|ART Pioneer, Inc.                             |  | Nevada                                      
|ART Pioneer Nineteen, Inc.                    |  | Nevada                                      
|ART Pioneer Thirty-Three, Inc.                |  | Nevada                                      
|ART Sunset Corporation                        |  | Nevada                                      
|ART Valley Corporation                        |  | Nevada                                      
|ART Walker Cummings, Inc.                     |  | Delaware                                    
|A Williamsburg, Inc .                         |  | Nevada                                      
|Denver Mart, Inc.                             |  | Delaware                                    
|Denver Merchandise Mart, Inc.                 |  | Colorado                                    
|Valley Corporation                            |  | Colorado                                    
|Downtown Development, Inc.                    |  | Nevada                                      
|EQK Holdings, Inc.*                           |  | Nevada                                      
|Garden Capital Merchandise Mart, Inc.         |  | Nevada                                      



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|                                                     |  |                                             
|---------------------------------------------------- |  | --------------------------------------------
|Name of Entity                                       |  | Jurisdiction ofOrganization or Incorporation
|Garden National Realty, Inc.                         |  | Nevada                                      
|Garden National Management Incorporated              |  | Nevada                                      
|Income Opportunity Acquisition Corporation           |  | Nevada                                      
|Kansas City Hotel Association Beverage Company, Inc. |  | Missouri                                    
|Palmer Lane Golf, Inc.                               |  | Texas                                       
|Transcontinental Realty Acquisition Corporation*     |  | Nevada                                      
|TPM Financial Investors, Inc.                        |  | Nevada                                      
|Waters Edge III Corporation                         |  | Mississippi                                 
|Waters Edge IV Corporation                          |  | Mississippi                                 
|Davister Tiberon Corporation                         |  | Nevada                                      
|Grapevine Land Development                           |  | Nevada                                      
|Midland Odessa Properties, Inc.**                    |  | California                                  
|Partnerships                                         |  |                                             
|American Realty Trust, Inc.                          |  | Nevada                                      
|ART Oak Hill Associates, Ltd.                        |  | Texas                                       
|ART Palm Limited Partnership Class B                 |  | Texas                                       
|ART PDJ, Ltd. (d/b/a TX: ART 57 Properties, Inc.)    |  | Texas                                       
|ART Westside Associates, L.P.                        |  | Texas                                       
|ART White Pines Associates, Ltd.                     |  | Texas                                       
|Campbell Center Associates, Ltd.                     |  | Texas                                       
|Conradi House Associates, Ltd.                       |  | Texas                                       
|Edina Park Plaza Associates Limited Partnership      |  | Texas                                       
|Elm Fork Ranch Partners, Ltd.                        |  | Texas                                       
|Encino Executive Plaza, Ltd.                         |  | California                                  
|Falcon House Associates, Ltd.                        |  | Florida                                     
|Grapevine American, Ltd.                             |  | Texas                                       
|Hawthorne Lakes Associates, Ltd.                     |  | Texas                                       
|Hickory Centre IV, L.P.                              |  | Texas                                       
|IG Capital Partners, Ltd.                            |  | Nevada                                      
|IGCH Village Associates, Ltd.                        |  | Florida                                     
|Ocean Beach Partners, L.P.                           |  | Delaware                                    
|Somerset Point Limited Partnership                   |  | Ohio                                        
|Sunninghill Fort Worth Associates                    |  | Texas                                       
|Syntek Asset Management, L.P.                        |  | Delaware                                    

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|* | Transcontinental Realty Investors, Inc., a Nevada corporation (TCI), is also an indirect subsidiary of the Registrant through the ownership of approximately 82.2% of the
outstanding common stock of TCI by EQK Holdings, Inc. (66.8%), and Transcontinental Realty Acquisition Corporation (15.4%). A list of all subsidiaries and partnership interests of TCI is filed as Exhibit 21.0 to TCIs Annual Report on Form 10-K
for the fiscal year ended December 31, 2005 (the TCI Form 10-K) which was filed with the Commission on March 31, 2006, which Exhibit 21.0 is incorporated by reference herein.
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|** | ARI owns 31.3%, TCI owns 48.8%, and IORI owns 19.9%.
|-- | ----------------------------------------------------