American Realty Investors (ARI) invests in, develops, and operates commercial properties and land in growing suburban markets. The company's portfolio includes approximately 60 apartment communities, about 20 office buildings, and about five each of industrial, retail, and hotel properties. It also owns a trade show and exhibit hall, as well as undeveloped land. ARI has properties in about 20 states, but most of its holdings are located in Texas. The company is part of a complex web of ownership that includes Prime Income Asset Management, which manages ARI and owns about 15% of it. Through various entities, Texas real estate mogul Gene Phillips and his family control around three-quarters of ARI.