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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-Q/A
                                 AMENDMENT NO. 4


         [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED SEPTEMBER 30, 1997
                                           -------------------------------  

                          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                    10,711,921
----------------------------          ----------------------------------
          (Class)                     (Outstanding at October 31, 1997)



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This Form 10-Q/A Amendment No. 4 amends the Registrant's quarterly
report on Form 10-Q for the quarter ended September 30, 1997 as follows:


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS - Results of Operations - page 35.


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ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
           AND RESULTS OF OPERATIONS (Continued)

Results of Operations (Continued)

the nine months ended September 30, 1996 to a loss of $117,000 for the nine
months ended September 30, 1997. The decreases are primarily due to a $2.1
million and a $1.6 million increase in unrealized losses on trading portfolio
securities offset by decreases of $688,000 and $133,000 in realized losses
incurred on the sale of trading portfolio securities.

Property operating expenses increased from $3.6 million and $11.2 million for
the three and nine months ended September 30, 1996 to $5.0 million and $13.5
million for the three and nine months ended September 30, 1997. The increases
are primarily due to the acquisition of the Best Western Oceanside Hotel in 1996
and taxes and property maintenance costs associated with the Company's land
parcels. These costs are expected to continue to increase as the Company
acquires additional properties.

Interest expense increased from $4.2 million and $10.7 million for the three and
nine months ended September 30, 1996 to $5.0 million and $13.5 million for the
three and nine months ended September 30, 1997. The increases are primarily due
to the debt incurred related to the acquisition of 14 parcels of land and the
Best Western Oceanside Hotel subsequent to September 1996. These increases were
offset in part by a decrease of $969,000 due to the sale of 40.2 acres of the BP
Las Colinas land parcels in February 1997. Interest expense is expected to
increase as the Company continues to acquire properties on a leveraged basis.

Advisory and mortgage servicing fees increased from $392,000 and $1.1 million
for the three and nine months ended September 30, 1996 to $630,000 and $1.6
million for the three and nine months ended September 30, 1997. These increases
are primarily attributable to the increase in the Company's gross assets, the
basis for such fee. Such fee is expected to increase as the Company continues to
acquire additional properties.

General and administrative expenses increased from $618,000 and $1.9 million for
the three and nine months ended September 30, 1996 to $2.3 million and $4.7
million for the three and nine months ended September 30, 1997. The increase is
primarily attributable to legal fees and travel expenses incurred in 1997
relating to pending acquisitions and refinancings, increases in advisor cost
reimbursements, and the inclusion of the general and administrative expenses of
PWSI. See NOTE 8. "ACQUISITION OF PIZZA WORLD SUPREME, INC."

Depreciation and amortization expense increased from $429,000 and $1.1 million
for the three and nine months ended September 30, 1996 to the $755,000 and $1.9
million for the three and nine months ended September 30, 1997. These increases
are primarily due to the purchase of Best Western Oceanside Hotel in December
1996. Depreciation and amortization for the remainder of 1997 is expected to be
higher than in the third quarter of 1997 due to the recent purchase of the
Piccadilly Inns and the Collection retail and commercial center.

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                                 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:   May 1, 1998                By:  /s/ Karl L. Blaha
     ---------------------------      -----------------------------------
                                      Karl L. Blaha
                                      President






Date:   May 1, 1998                By:  /s/ Thomas A. Holland
     ---------------------------      -----------------------------------
                                      Thomas A. Holland
                                      Executive Vice President and
                                      Chief Financial Officer
                                      (Principal Financial and
                                       Accounting Officer)



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