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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
 FORM 10-K/A (Mark One) þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 5(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
  For the fiscal year ended
    December 31, 2004 OR o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 Commission File Number 001-15663 American Realty Investors, Inc. 
   Nevada    1800 Valley View Lane, Suite 300, Dallas, Texas
 
 75-2847135    75234
    Registrants Telephone Number, including area code
    469-522-4200 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class
    
    Name of each exchange on which registeredCommon Stock, $0.01 par value
    
    New York Stock Exchange
 Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. YesþNoo Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation
S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of
registrants knowledge, in definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K. þ Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Act). YesoNoþ The aggregate market value of the voting stock held by non-affiliates of the issuer,
computed by reference to the closing sales price on June 30, 2004, was approximately $2,424,000.
At March 31, 2005, the issuer had outstanding approximately 977,004 shares of par value $0.01
Common Stock. DOCUMENTS INCORPORATED BY REFERENCE
None




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AMENDMENT NO. 2 TO
ANNUAL REPORT ON FORM 10-K FOR
AMERICAN REALTY INVESTORS, INC. The undersigned Registrant hereby further amends the following items, exhibits, or other
portions of its Annual Report on Form 10-K for the fiscal year ended December 31, 2004 as set forth
below and as reflected in the substituted pages attached hereto which replace the same numbered
pages in the original filing:  
    Page 52  Report of BDO Seidman, LLP dated April 15, 2004, should have
acknowledged that it was except for Notes 19, 20 and 24, which were as of March
31, 2005; the page has been corrected as noted on the attached substituted
page. The change is made to correct inadvertently-omitted material, but has no
effect upon any of the financial information contained in the financial
statements which remain unchanged. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this Amendment to be signed on its behalf by the undersigned, thereunto
duly-authorized. Date: May 31, 2005. AMERICAN REALTY INVESTORS, INC.By:
    /s/ Allen WilsonAllen Wilson, Acting PrincipalFinancial Officer By:
    /s/ Ted P. StokelyTed P. Stokely, Chairman of the Board 1




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors of
American Realty Investors, Inc. We have audited the accompanying consolidated balance sheets of American Realty Investors, Inc.
and Subsidiaries as of December 31, 2003 and the related consolidated statements of operations,
stockholders equity, other comprehensive income (loss) and cash flows for each of the two years in
the period ended December 31, 2003. We have also audited the schedules listed in the accompanying
index. These financial statements and schedules are the responsibility of the Companys management.
Our responsibility is to express an opinion on these financial statements and schedules based on
our audits. We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and schedules are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements and schedules. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements and schedules. We believe our audits provide a
reasonable basis for our opinion. As described in Note 22, American Realty Investors, Inc.s management has indicated its intent
to sell both land and operating properties and refinance or extend debt coming due, to meet its
liquidity needs. In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the consolidated financial position of American Realty Investors, Inc. and
Subsidiaries as of December 31, 2003 and the consolidated results of their operations and their
cash flows for each of the two years in the period ended December 31, 2003, in conformity with
accounting principles generally accepted in the United States of America. Also, in our opinion, the schedules present fairly, in all material respects, the information
set forth therein. BDO SEIDMAN, LLP Dallas, Texas
April 15, 2004 (except for Notes 19, 20 and 24 which are as of March 31, 2005) 52