 American Realty Investors, Inc. NYSE:ARL, a Dallas-based real estate investment company, is reporting its Results of Operations for the quarter ended March 31, 2020. The Companys primary real estate holdings consist of Transcontinental Realty Investors, Inc. NYSE: TCI. Being that The Companys operational activities are virtually limited to the ownership of TCI, this quarterly report will primarily discuss the operational activity of TCI. For the three months ended March 31, 2020, The Company reported a net income applicable to common shares of 2.9 million or 0.18 per diluted share, compared to a net loss applicable to common shares of 6.1 million or 0.38 per diluted share for the same period in 2019. This was driven by the overall strategic direction of both investing and expanding the core multi-family portfolio. In particular, as certain new multifamily development projects are completed, in which the Company has made significant new investments, it is expected that net income will again be positively impacted throughout the remainder of 2020. All new multifamily real estate projects within TCIs future pipeline are progressing in various stages of development. Of significant note, the Company experienced a one-time expense as a requirement to pay Franchise Tax due to the Joint Venture Victory Abode Apartments VAA. The Company does not anticipate this expense to reoccur in future periods. 