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                       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 MARCH 31, 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                            10,711,921
----------------------------                 -------------------------------
          (Class)                            (Outstanding at April 30, 1998)


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This Form 10-Q/A amends the Registrant's quarterly report on Form 10-Q for the
quarter ended March 31, 1998 as follows:


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - NOTE 6.  INDUSTRY SEGMENTS
- page 15.


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


NOTE 5.  INVESTMENT IN EQUITY INVESTEES (Continued)

respective investments. Through December 31, 1997, 214 residential lots had been
sold. In the first three months of 1998 3 additional lots were sold. At March
31, 1998, 70 lots remained to be sold. The partnership recorded a gain of
$25,000 on such sales.

In June 1996, a newly formed limited partnership, of which the Company is the
general partner, purchased a 580 acre parcel of undeveloped land in Collin
County, Texas. In January 1998, the partnership sold a 155.4 acre tract of such
land parcel for $2.9 million. The partnership received $721,000 in cash and
provided purchase money 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 purchase money financing bears interest at 12% per annum,
requires monthly payments of interest only and matures in July 1998. The
partnership recognized a gain of $1.2 million on the sale.

NOTE 6.  INDUSTRY SEGMENTS

<TABLE>
<CAPTION>
                                                           Other
                                                            Real       Pizza
 1998                                        Hotels        Estate      Parlor       Total
------                                      --------     ---------     -------    ---------
<S>                                         <C>          <C>           <C>        <C>
Revenues ...............................    $  6,327     $   5,128     $ 6,794    $  18,249
Income (loss) before
    income taxes .......................        (803)       (8,321)         16       (9,108)
Identifiable assets ....................      54,702       374,253      22,240      451,195
Depreciation and
    amortization .......................         516           484         232        1,232
Capital expenditures ...................          54         1,618         670        2,342
</TABLE>

NOTE 7.  MARKETABLE EQUITY SECURITIES - TRADING PORTFOLIO

Since 1994, the Company has been 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 three months of 1998, the Company purchased $1.1
million and sold $1.8 million of such securities. These equity securities are
considered a trading portfolio and are carried at market value. At March 31,
1998, the Company recognized an unrealized decrease in the market value of its
trading portfolio securities of $430,000. Also in the first three months of
1998, the Company realized a net gain of $113,000 from the sale of trading
portfolio securities and received $11,000 in dividends. Unrealized and realized
gains and losses on trading portfolio securities are included in other income in
the accompanying Consolidated Statements of Operations.

NOTE 8.  MARGIN BORROWINGS

The Company has margin arrangements with various brokerage firms which provide
for borrowing of up to 50% of the market value of the Company's

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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:    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)

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