 American Realty Investors, Inc. NYSE:ARL, a Dallas-based real estate investment company, is reporting its Results of Operations for the year ended December 31, 2019. The Companys holdings consist of Transcontinental Realty Investors, Inc. NYSE: TCI. Being that The Companys operational activities are limited to the ownership of TCI, this annual report will primarily discuss the operational activity of TCI. With the current Coronavirus presenting a concern it was deemed appropriate to provide additional context to both the past years results and our business outlook. We remain confident the underlying need for quality multi-family housing will remain strong. Should circumstances change or our view be less optimistic, we have the ability to dramatically slow our pace of our new development efforts. For example, to date, TCIs existing portfolio has seen a significant increase in value. For FYE 2018, same store aggregate appraised value of TCIs holdings was approximately 244.4 million. Whereas for FYE 2019, same store aggregate appraised value of TCIs holdings was 298.7 million. This represents a 54.2 million or 22 increase in overall asset value year over year. 