<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-Q/A


              [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED JUNE 30, 1998
                                                            -------------


                          Commission File Number 1-9948
                                                 ------

                           AMERICAN REALTY TRUST, INC.
         -----------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)


          Georgia                                           54-0697989
-------------------------------                          -------------------
(State or Other Jurisdiction of                           (I.R.S. Employer
Incorporation or Organization)                           Identification No.)


10670 North Central Expressway, Suite 300, Dallas, Texas         75231
-----------------------------------------------------------------------------
   (Address of Principal Executive Offices)                    (Zip Code)


                                 (214) 692-4700
                       -----------------------------------
                         (Registrant's Telephone Number,
                              Including Area Code)

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.   Yes  X      No
                                         ---        ---    

                      APPLICABLE ONLY TO CORPORATE ISSUERS:


Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practicable date.


Common Stock, $.01 par value                   10,755,584
----------------------------         ------------------------------
         (Class)                     (Outstanding at July 31, 1998)


<PAGE>   2


This Form 10-Q/A amends the Registrant's quarterly report on Form 10-Q for the
quarter ended June 30, 1998 as follows:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - NOTE 6. INDUSTRY SEGMENTS
- page 20.


<PAGE>   3


                           AMERICAN REALTY TRUST, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued


NOTE 5.  INVESTMENT IN EQUITY INVESTEES (Continued)

received $721,000 in cash and provided seller financing of an additional $2.2
million. Of the net sales proceeds, $300,000 was distributed to the limited
partner and $300,000 was distributed to the Company as general partner in
accordance with the partnership agreement. The seller financing bore interest at
12% per annum, required monthly payments of interest only and matured in July
1998. The seller financing was paid off at maturity, with the net proceeds being
distributed $1.1 million to the limited partner and $1.1 million to the Company
as general partner. The partnership recognized a gain of $1.2 million on the
sale.

In April 1996, the Company purchased a 28% general partner interest in Campbell
Center Associates, Ltd. ("Campbell Associates"), which in turn has a 56.25%
interest in Campbell Centre Joint Venture, which owned at the time 413,175
square foot office building in Dallas, Texas. The purchase price of the general
partner interest was $550,000 in cash and a $500,000 note, which bears interest
at 8% per annum, requires monthly payments of interest only and matures April
2000. In January 1997, the Company exercised its option to purchase an
additional 28% general partner interest in Campbell Associates. The purchase
price was $300,000 in cash and a $750,000 note, which bears interest at 8% per
annum, requires monthly payments of interest only and matures in April 2000. In
July 1997, the Company purchased an additional 9% general partner interest in
Campbell Associates for $868,000 in cash. In June 1998, the Company purchased
the remaining 35% general partner interest in Campbell Associates for $2.1
million.

In June 1998, Campbell Centre Joint Venture sold the office building for $32.1
million in cash. Campbell Associates, as a partner, received net cash of $13.2
million from the sales proceeds and escrowed an additional $190,000 for pending
parking lot issues. Campbell Associates recognized a gain of $8.2 million on the
sale.

NOTE 6.  INDUSTRY SEGMENTS

<TABLE>
<CAPTION>
                                              Other
                                               Real           Pizza
 1998                         Hotels          Estate          Parlor          Total
------                      ----------      ----------      ----------      ----------
<S>                         <C>             <C>             <C>             <C>       
Revenues ...............    $   15,368      $   11,486      $   14,085      $   40,939
(Loss) from operations..          (525)        (24,047)            (63)        (24,635)
Identifiable assets ....        70,673         424,466          24,867         520,006
Depreciation and
    amortization .......         1,145           1,335             479           2,959
Capital expenditures ...           718           4,089             787           5,594
</TABLE>


NOTE 7.  MARKETABLE EQUITY SECURITIES - TRADING PORTFOLIO

In the first quarter of 1994, the Company began purchasing equity securities of
entities other than those of the REITs and NRLP to diversify and increase the
liquidity of its margin accounts. In the first six months of 1998, the Company
purchased $5.0 million and sold $3.8 million of such securities. These equity
securities are considered


                                       20
<PAGE>   4


                                 SIGNATURE PAGE


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                             AMERICAN REALTY TRUST, INC.






Date:    November 24, 1998              By:  /s/ Karl L. Blaha
     ------------------------              --------------------------------
                                           Karl L. Blaha
                                           President



Date:    November 24, 1998              By:  /s/ Thomas A. Holland
     ------------------------              --------------------------------
                                           Thomas A. Holland
                                           Executive Vice President and
                                           Chief Financial Officer
                                           (Principal Financial and
                                           Accounting Officer)


                                       36