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, 2008. Partnership and limited liability company ownership includes ownership held through one or more subsidiaries.



|                                                                              |  |           |   |  |             
|----------------------------------------------------------------------------- |  | --------- | - |  | ------------
|Name Of Entity                                                                |  | Ownership |   |  | Jurisdiction
|Corporations:                                                                 |  |           |   |  |             
|American Realty Trust, Inc.**                                                 |  | 100.00    | % |  | Georgia     
|A Williamsburg, Inc.                                                          |  | 100.00    | % |  | Nevada      
|American Mart Hotel Corporation                                               |  | 100.00    | % |  | Nevada      
|ART Chateau Corporation                                                       |  | 100.00    | % |  | Nevada      
|ART Collection, Inc.                                                          |  | 100.00    | % |  | Nevada      
|ART Edina, Inc.                                                               |  | 100.00    | % |  | Nevada      
|ART Elm Fork Ranch, Inc.                                                      |  | 100.00    | % |  | Nevada      
|ART Florentina, Inc.                                                          |  | 100.00    | % |  | Nevada      
|ART Florida Partners, Inc.                                                    |  | 100.00    | % |  | Nevada      
|ART Florida Partners I, Inc.                                                  |  | 100.00    | % |  | Nevada      
|ART GNB, Inc.                                                                 |  | 100.00    | % |  | Nevada      
|ART Grapevine, Inc.                                                           |  | 100.00    | % |  | Nevada      
|ART Hawthorne, Inc.                                                           |  | 100.00    | % |  | Nevada      
|ART Holdings, Inc.                                                            |  | 100.00    | % |  | Nevada      
|ART Hotel Equities, Inc.                                                      |  | 100.00    | % |  | Nevada      
|ART Lake Chateau, Inc.                                                        |  | 100.00    | % |  | Nevada      
|ART Mediterranean Corporation                                                 |  | 100.00    | % |  | Nevada      
|ART Oceanview Corporation                                                     |  | 100.00    | % |  | Nevada      
|ART Palm, Inc.                                                                |  | 100.00    | % |  | Nevada      
|ART Piccadilly Airport Beverage, Inc                                          |  | 100.00    | % |  | Nevada      
|ART Piccadilly Shaw Beverage, Inc.                                            |  | 100.00    | % |  | Nevada      
|ART Piccadilly University Beverage, Inc.                                      |  | 100.00    | % |  | Nevada      
|ART Sunset Corporation                                                        |  | 100.00    | % |  | Nevada      
|ART Walker Cummings, Inc.                                                     |  | 100.00    | % |  | Delaware    
|ART Westwood FL, Inc.                                                         |  | 100.00    | % |  | Nevada      
|Denver Merchandise Mart, Inc.                                                 |  | 100.00    | % |  | Colorado    
|Denver Merchandise Mart Employers, Inc.                                       |  | 51.00     | % |  | Colorado    
|Valley Corporation                                                            |  | 100.00    | % |  | Colorado    
|Downtown Development, Inc.                                                    |  | 100.00    | % |  | Nevada      
|EQK Holdings, Inc.**                                                          |  | 100.00    | % |  | Nevada      
|Basic Capital Management, Inc.**                                              |  | 100.00    | % |  | Nevada      
|EQK Port Olpenitz, Inc.                                                       |  | 100.00    | % |  | Nevada      
|Port Olpenitz GMBH                                                            |  | 90.00     | % |  | Germany     
|EQK Portage, Inc.                                                             |  | 100.00    | % |  | Nevada      
|SH Chemical US, Inc.                                                          |  | 100.00    | % |  | Nevada      
|Garden Capital Merchandise Mart, Inc.                                         |  | 100.00    | % |  | Nevada      
|Garden National Realty, Inc.                                                  |  | 100.00    | % |  | Nevada      
|Palmer Lane Golf, Inc.                                                        |  | 100.00    | % |  | Texas       
|ARI Enterprise, Inc.                                                          |  | 100.00    | % |  | Nevada      
|Income Opportunity Acquisition Corporation                                    |  | 100.00    | % |  | Nevada      
|Midland Odessa Properties, Inc.*                                              |  | 31.30     | % |  | California  
|Transcontinental Realty Acquisition Corporation**                             |  | 100.00    | % |  | Nevada      
|                                                                              |  |          
|LLC Interests (including direct and indirect ownership through subsidiaries): |  |           |   |  |             
|ART Palm, LLC                                                                 |  | 100.00    | % |  | Delaware    
|ART Piccadilly Airport, LLC                                                   |  | 100.00    | % |  | California  
|ART Piccadilly Chateau, LLC                                                   |  | 100.00    | % |  | California  
|ART Piccadilly Shaw, LLC                                                      |  | 100.00    | % |  | California  



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|                                                                                          |  |           |   |  |             
|----------------------------------------------------------------------------------------- |  | --------- | - |  | ------------
|Name Of Entity                                                                            |  | Ownership |   |  | Jurisdiction
|LLC Interests (including direct and indirect ownership through subsidiaries): (Continued) |  |           |   |  |             
|ART Piccadilly University, LLC                                                            |  | 100.00    | % |  | California  
|ART Pioneer Crossing, LLC                                                                 |  | 100.00    | % |  | Nevada      
|EQK Holdings, LLC                                                                         |  | 100.00    | % |  | Nevada      
|EQK Governors Square, LLC                                                                 |  | 100.00    | % |  | Nevada      
|EQK Sesame Square, LLC                                                                    |  | 100.00    | % |  | Nevada      
|EQK Texas Plaza Land, LLC                                                                 |  | 100.00    | % |  | Nevada      
|EQK Texas Properties, LLC                                                                 |  | 100.00    | % |  | Nevada      
|EQK Windmill Farms, LLC                                                                   |  | 100.00    | % |  | Nevada      
|Four Hickory Center, LLC                                                                  |  | 100.00    | % |  | Nevada      
|GC Merchandise Mart, LLC                                                                  |  | 100.00    | % |  | Delaware    
|LK-Four Hickory, LLC                                                                      |  | 28.57     | % |  | Nevada      
|Pacific Center, LLC                                                                       |  | 100.00    | % |  | Nevada      
|PID Development, LLC                                                                      |  | 100.00    | % |  | Nevada      
|                                                                                          |  |          
|Partnerships (including direct and indirect ownership through subsidiaries):              |  |           |   |  |             
|ART Palm, LP                                                                              |  | 100.00    | % |  | Texas       
|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 Arlington Place, LP                                                                |  | 100.00    | % |  | Delaware    
|Garden Capital, LP                                                                        |  | 100.00    | % |  | Delaware    
|Garden Chateau, LP                                                                        |  | 100.00    | % |  | Delaware    
|Garden La Mirada, LP                                                                      |  | 100.00    | % |  | Delaware    
|Garden Regency Falls, LP                                                                  |  | 100.00    | % |  | Delaware    
|Garden Villa Del Mar, LP                                                                  |  | 100.00    | % |  | Delaware    
|Garden Whispering Pines, LP                                                               |  | 100.00    | % |  | Delaware    
|Garden Woodlake, LP                                                                       |  | 100.00    | % |  | Delaware    
|Grapevine American, LTD                                                                   |  | 100.00    | % |  | Texas       
|Hawthorn Lakes Associates, LTD                                                            |  | 100.00    | % |  | Texas       
|IGCH Villager Associates, LTD                                                             |  | 100.00    | % |  | Florida     
|Metra Arbor Pointe, LP                                                                    |  | 9.39      | % |  | Delaware    
|Metra Brighton Court, LP                                                                  |  | 9.39      | % |  | Delaware    
|Metra Cross Pool 1, LP                                                                    |  | 9.39      | % |  | Delaware    
|Metra Cross Pool 2, LP                                                                    |  | 9.39      | % |  | Delaware    
|Metra Delmar Valley, LP                                                                   |  | 9.39      | % |  | Delaware    
|Metra Enclave, LP                                                                         |  | 9.39      | % |  | Delaware    
|Metra Fairway View, LP                                                                    |  | 9.39      | % |  | Delaware    
|Metra Fountain Lake, LP                                                                   |  | 9.39      | % |  | Delaware    
|Metra Harpers Ferry, LP                                                                  |  | 9.39      | % |  | Delaware    
|Metra Meridian, LP                                                                        |  | 9.39      | % |  | Delaware    
|Metra Quail Oaks, LP                                                                      |  | 9.39      | % |  | Delaware    
|Metra Sunchase, LP                                                                        |  | 9.39      | % |  | Delaware    
|Metra Westwood, LP                                                                        |  | 9.39      | % |  | Delaware    
|Metra Willow Creek, LP                                                                    |  | 9.39      | % |  | Delaware    
|Metra Wood Hollow, LP                                                                     |  | 9.39      | % |  | Delaware    
|National Operating, LP                                                                    |  | 100.00    | % |  | Delaware    
|National Realty, LP                                                                       |  | 100.00    | % |  | Delaware    
|NLP Cooley Associates, LP                                                                 |  | 100.00    | % |  | Texas       
|Ocean Beach Partners, LP                                                                  |  | 100.00    | % |  | Delaware    



|* | ARL owns 31.3%, TCI owns 48.8%, and IOT owns 19.9%
|- | --------------------------------------------------

|** | Transcontinental Realty Investors, Inc., a Nevada corporation (TCI), is also an indirect subsidiary of the Registrant through the ownership of approximately 82.8% of the
outstanding common stock of TCI by American Realty Trust, Inc. (10.50%), Basic Capital Management (11.35%), EQK Holdings, Inc. (46.04%) and Transcontinental Realty Acquisition Corporation (14.95%). 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, 2008 (the TCI Form 10-K) which was filed with the Commission on March 31, 2009, which Exhibit 21.0 is
incorporated by reference herein.
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