American Realty Advisors: Press Release

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Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS' MANAGING DIRECTOR OF RESEARCH

APPOINTED TO NCREIF DATA PRODUCTS COUNCIL

GLENDALE, Calif. -- (Market Wire) -- May 27, 2009 - American Realty Advisors is pleased to announce that Walter Page, Managing Director of Research and Strategy at American, has been appointed as Vice Chair of the National Council of Real Estate Investment Fiduciaries (NCREIF) Data Products Council, a newly-established committee comprised of nine distinguished members of the real estate investment community. Mr. Page and the eight other representatives will provide a wide spectrum of expertise including research, performance measurement, valuation and portfolio/investment management. The Council will be tasked with developing, establishing and enforcing policies and procedures governing existing NCREIF indices and will provide recommendations to the Board of Directors with regard to new real estate products and reports.

Mr. Page joined American in 2007 and currently heads the firm's Research and Strategy team located in the Chicago regional office. Mr. Page also serves as a member of the firm's Investment Committee. He has been a member of NCREIF since 1996 and has been an active contributor to and played a key leadership role in establishing NCREIF's expansive operating expense database. Prior to joining American, Mr. Page was head of Research and Portfolio Management for a major real estate investment trust, where he served as the firm's chief economic and real estate market forecaster.

American's President and CEO, Stanley Iezman, stated, "We congratulate Walter on his nomination and appointment to the NCREIF Data Products Council. This Council will prove to be very valuable as NCREIF continues to move forward with additions and enhancements to its current product suite, particularly in light of the increased role of direct real estate investments in institutional portfolios."

About American Realty Advisors
American Realty Advisors, a California corporation, is an SEC-registered investment advisor under the Investment Advisers Act of 1940 and a leading provider of real estate investment management services to institutional investors. With more than $3.9 billion* in assets under management, American has provided innovative real estate solutions to institutional investors for over 20 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, retail and other properties nationwide. Information regarding American can be found online at www.americanreal.com.

*Assets under management represent gross value of all assets and accounts managed by American as of March 31, 2009 (excluding partners' share of equity and partner's share of debt on partnership investments).

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