Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b) Effective August 14, 2020, Daniel J. Moos, age 69, President [since April 2007] and Chief Executive Officer [since March 2010] of American Realty Investors, Inc. (the "Company" or the "Issuer"), ceased to be and resigned as President and Chief Executive Officer, as well as all positions with any United States subsidiary entities. Mr. Moos noted that his resignation is not the result of any disagreement with the Company, its management, the Board of Directors or any committee of the Board with respect to procedures, policies or operations of the Issuer.

Mr. Moos will continue as the Chief Executive Officer ("CEO") of Southern Properties Capital LTD, a British Virgin Islands Company ("SPC"), wholly owned by Transcontinental Realty Investors, Inc. ("TCI"), which is over 78% owned by the Issuer and its subsidiaries. SPC has series of debentures listed and traded on the Tel Aviv Stock Exchange ("TASE"). He will also continue as the Manager of Victory Abode Apartments LLC ("V Abode"), which is equally owned and controlled 50% by SPC and 50% by an indirect subsidiary of Macquarie Bank of Australia. Mr. Moos will be concentrating his management efforts on the assets and operations of SPC and V Abode for the next few months.

(c) Effective as of August 17, 2020, the Board of Directors of the Company appointed Erik L. Johnson, age 52, Executive Vice President and Chief Financial Officer of the Company. Mr. Johnson most recently was Vice President of Financial Reporting of The Macerich Company (NYSE: MAC) in Santa Monica, California, a position he held for more than the past five years, from 2005 through June 2020. Mr. Johnson, a certified public accountant ("CPA") from 2001-2005, was controller/Chief Accounting Officer of North American Scientific, Inc. (NASDAQ: NASI), based in Los Angeles, California, and from 2000- 2001, he was the controller of Launch Media, Inc. (NASDAQ: LAUN) in Santa Monica, California.





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