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, 2010. Partnership and limited liability company ownership includes ownership held through one or more subsidiaries.

Corporations



|                                                                                         |  |           |       |   |              |  |            | 
|---------------------------------------------------------------------------------------- |  | --------- | ----- | - | ------------ |  | ---------- | 
|Name of Entity                                                                           |  | Ownership |       |   | Jurisdiction | 
|American Realty Trust, Inc.                                                              |  |           | 100.0 | % |              |  | Georgia    | 
|ART Chateau Corporation                                                                  |  |           | 100.0 | % |              |  | Nevada     | 
|ART Collection, 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 Grapevine, Inc.                                                                      |  |           | 100.0 | % |              |  | Nevada     | 
|ART Hawthorne, Inc.                                                                      |  |           | 100.0 | % |              |  | Nevada     | 
|ART Hotel Equities, Inc.                                                                 |  |           | 100.0 | % |              |  | Nevada     | 
|ART Lake Chateau, Inc.                                                                   |  |           | 100.0 | % |              |  | Nevada     | 
|ART Oceanview Corporation                                                                |  |           | 100.0 | % |              |  | Nevada     | 
|ART Palm, Inc.                                                                           |  |           | 100.0 | % |              |  | Nevada     | 
|ART Sunset Corporation                                                                   |  |           | 100.0 | % |              |  | Nevada     | 
|ART Walker Cummings, Inc.                                                                |  |           | 100.0 | % |              |  | Delaware   | 
|Denver Merchandise Mart, Inc.                                                            |  |           | 100.0 | % |              |  | Colorado   | 
|Valley Corporation                                                                       |  |           | 100.0 | % |              |  | Colorado   | 
|Downtown Development, Inc.                                                               |  |           | 100.0 | % |              |  | Nevada     | 
|EQK Holdings, Inc.                                                                       |  |           | 100.0 | % |              |  | Nevada     | 
|Basic Capital Management, Inc.                                                           |  |           | 100.0 | % |              |  | Nevada     | 
|EQK Port Olpenitz, Inc.                                                                  |  |           | 100.0 | % |              |  | Nevada     | 
|Port Olpenitz GMBH                                                                       |  |           | 90.0  | % |              |  | Germany    | 
|EQK Portage, Inc.                                                                        |  |           | 100.0 | % |              |  | Nevada     | 
|SH Chemical US, Inc.                                                                     |  |           | 100.0 | % |              |  | Nevada     | 
|Transcontinental Realty Investors, Inc.                                                  |  |           | 65.2  | % |              |  | Nevada     | 
|Garden Capital Merchandise Mart, Inc.                                                    |  |           | 100.0 | % |              |  | Nevada     | 
|Palmer Lane Golf, Inc.                                                                   |  |           | 100.0 | % |              |  | Texas      | 
|ARI Enterprise, Inc.                                                                     |  |           | 100.0 | % |              |  | Nevada     | 
|Income Opportunity Acquisition Corporation (note 1)                                      |  |           | 100.0 | % |              |  | 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) (Continued) |  |           |       |   |              |  |            | 
|                                                                                         |  |          
|EQK Holdings, LLC                                                                        |  |           | 100.0 | % |              |  | Nevada     | 
|EQK Governors Square, LLC                                                                |  |           | 100.0 | % |              |  | Nevada     | 
|EQK Sesame Square, LLC                                                                   |  |           | 100.0 | % |              |  | Nevada     | 
|EQK Texas Plaza Land, LLC                                                                |  |           | 100.0 | % |              |  | Nevada     | 
|EQK Texas Properties, LLC                                                                |  |           | 100.0 | % |              |  | Nevada     | 
|Four Hickory Center, LLC                                                                 |  |           | 100.0 | % |              |  | Nevada     | 
|LK-Four Hickory, LLC                                                                     |  |           | 28.57 | % |              |  | Nevada     | 
|GC Merchandise Mart, LLC                                                                 |  |           | 100.0 | % |              |  | Delaware   | 
|PID Development, LLC                                                                     |  |           | 100.0 | % |              |  | Nevada     | 



---

Partnerships (including direct and indirect ownership through subsidiaries



|                                                |  |           |        |   |              |         
|----------------------------------------------- |  | --------- | ------ | - | ------------ | --------
|Name of Entity                                  |  | Ownership |        |   | Jurisdiction
|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 Capital, LP                              |  |           | 100.00 | % |              | Delaware
|Garden Whispering Pines, LP                     |  |           | 100.00 | % |              | Delaware
|Grapevine American, LTD                         |  |           | 100.00 | % |              | Texas   
|Hawthorn Lakes Associates, LTD                  |  |           | 100.00 | % |              | Texas   
|Metra Cross Pool 2, LP                          |  |           | 9.39   | % |              | Delaware
|Metra Quail Oaks, LP                            |  |           | 9.39   | % |              | Delaware
|Metra Westwood, LP                              |  |           | 9.39   | % |              | Delaware
|Ocean Beach Partners, LP                        |  |           | 100.00 | % |              | Delaware



Note 1: Income Opportunity Realty Investors, Inc., a Nevada corporation (IOT), is also an indirect subsidiary of the Registrant through the
ownership of approximately 85.32% 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, 2009 which was filed with the Commission on March 31, 2010, 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 82.8% of the outstanding common stock of TCI by American Realty Trust, Inc. (11.37%), Basic Capital
Management (11.35%), EQK Holdings, Inc. (45.16%) and Transcontinental Realty Acquisition Corporation (14.95%). 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, 2009 (the TCI Form 10-K) which was filed with the Commission on March 31, 2009, which exhibit is incorporated by reference herein.