American Realty Advisors: Press Release

Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS

ANNOUNCES REORGANIZATION OF EXECUTIVE TEAM

GLENDALE, Calif. -- February 23, 2010 -- The Board of Directors of American Realty Advisors announced today that President and Chief Executive Officer Stanley L. Iezman will become the firm's Chairman and CEO, effective March 1, 2010. It was also announced that Managing Directors Scott W. Darling and Kirk V. Helgeson would be named to additional positions within the firm. Mr. Darling will become the firm's President and Mr. Helgeson will become Executive Vice-President. American announced the moves as part of its long-term planning and as a result of the firm's on-going expansion.

Mr. Darling is a Principal of American and currently heads the firm's Portfolio Management team, directing all aspects of the firm's nationwide separate account and commingled fund investment activities, as well as serving on its Investment and Executive Committees. In these capacities, Mr. Darling has been a significant factor in the overall growth and development of American's highly successful institutional investment management business. As President, Mr. Darling will assume the responsibilities for the firm's day to day operations. Mr. Darling has over 31 years of experience in all aspects of the institutional real estate investment management industry. Prior to joining American in 1996, Mr. Darling was employed by the Resolution Trust Corporation, where he was Director of Asset Management and Sales for the California Office, the senior asset officer responsible for the management and sale of over $60 billion in assets from savings and loan institutions. Mr. Darling graduated from Florida State University with a B.S. in Real Estate and Finance and received his J.D. from the University of Southern California.

Mr. Helgeson is a Principal of American and Managing Director of the firm's Investment Group, overseeing the investment acquisition/disposition strategy and activity for the firm's portfolios. In addition, he manages the implementation and execution of American's value-added strategy, through both open-end and closed-end commingled as well as separate accounts. He is Chairman of the firm's Investment Committee and also serves on its Executive Committee. As Executive Vice-President, Mr. Helgeson will guide the firm's investment priorities and operations. He has over 20 years of diversified real estate experience encompassing the sourcing, structuring and underwriting of new equity and debt investments, as well as the management of existing assets and portfolios. Prior to joining American in 1999, Mr. Helgeson was the Investment Manager for AFP Properties USA, Inc. responsible for all aspects of the acquisition and disposition process and asset management for a multi-class real estate portfolio in excess of $450 million. Before AFP, Mr. Helgeson was a Senior Appraiser for Eichel Inc., responsible for completing complex appraisal and consulting assignments encompassing a wide range of property types. Mr. Helgeson graduated from the University of Southern California with a B.S. in Business Administration (Real Estate Finance Emphasis) and received his M.B.A. from the University of Southern California.

Mr. Iezman, who will continue to lead the firm's overall direction and management, noted, "We are pleased to continue to expand the senior executive resources for the firm and to recognize the significant leadership role that both Scott and Kirk have played in the success of American during the past decade both in periods of growth as well as during the challenges our industry has faced in the past two years. I am confident that through these expanded responsibilities, and with their collective breadth of knowledge and expertise, both will continue to make significant contributions to the firm's future success on behalf of our clients."

American Realty Advisors is an SEC-registered investment adviser and a leading provider of real estate investment management services to institutional investors. With more than $3.3 billion* in assets under management, American has provided real estate investment management services to institutional investors for over 21 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, and retail properties nationwide. Information regarding American can be found online at www.americanreal.com.

*As of December 31, 2009, assets under management represent gross value of all assets and accounts managed by American (excluding partners' share of equity and partners' share of debt on partnership investments). The number stated above is preliminary as of that date.

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