8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


         Date of Report (Date of earliest event reported): June 19, 2000

                           American Realty Trust, Inc.
               (Exact name of registrant as specified in charter)

                                                     
        Georgia                          1-9948                  54-0697989
(State of other jurisdic-             (Commission              (IRS employer
tion of incorporation)                file number)          identification no.)





10670 North Central Expressway
Suite 300
Dallas, Texas                                              75231
(Address of principal executive offices)                   (Zip code)


       Registrant's telephone number, including area code: (214) 692-4700


          (Former name or former address, if changed since last report)






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ITEM 5.  OTHER EVENTS

         On June 19, 2000, American Realty Trust, Inc. (the "Company") issued a
press release announcing that it had received margin calls from numerous margin
debt holders. The Company's press release is filed as Exhibit 99.1 to this
Current Report on Form 8-K, and the contents of such Exhibit are incorporated
herein by reference. On the same day, the Company's advisor, Basic Capital
Management, Inc. ("BCM"), which holds a substantial number of shares of common
stock in the Company, announced that it had also received margin calls from
numerous margin debt holders with respect to its common stock in the Company
and in the Company's affiliates, Income Opportunity Realty Investors, Inc.,
Transcontinental Realty Investors, Inc. and with respect to its limited
partnership units in National Realty, L.P. The press release of BCM is filed as
Exhibit 99.2 to this Current Report on Form 8-K, and the contents of such
Exhibit are incorporated herein by reference.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(c)     Exhibits.

        99.1    Press Release dated June 19, 2000

        99.2    Press Release of BCM dated June 19, 2000.




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                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                                     AMERICAN REALTY TRUST, INC.



                                     By:  /s/ Robert A. Waldman
                                        ---------------------------------------
                                          Robert A. Waldman
                                          Secretary



June 19, 2000







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                                  EXHIBIT INDEX




   Exhibit No.                      Description
   -----------                      -----------
                         
      99.1                  Press Release dated June 19, 2000

      99.2                  Press Release of BCM dated June 19, 2000










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EX-99.1

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                                                                  EXHIBIT 99.1




                    [AMERICAN REALTY TRUST, INC. LETTERHEAD]


                  AMERICAN REALTY TRUST ANNOUNCES MARGIN CALLS

DALLAS, June 19, 2000 (PRIMEZONE) -- American Realty Trust, Inc. (NYSE: ARB -
news) announced Monday that on Friday, June 16, 2000, the company received
margin calls from numerous margin lenders with respect to its existing margin
debt in the total amount of approximately $35 million which is secured by the
company's equity investments in its affiliates, Income Opportunity Realty
Investors, Inc. (AMEX: IOT - news), Transcontinental Realty Investors, Inc.
(NYSE: TCI - news), and National Realty, L.P. (AMEX: NLP - news).

American Realty Trust is not currently in a position to satisfy such debt and,
as a result, the company may default in its obligations under the related margin
agreements. ART intends to negotiate with its margin lenders regarding the terms
of repayment of this debt. There can be no assurance that the company will be
successful in its efforts to negotiate satisfactory terms for the repayment of
this debt.

Dallas-based American Realty Trust, Inc. owns a diverse portfolio of properties
located across the United States, as well as interests in mortgage loans and
stock holdings in real estate related entities. For more information on the
company, go to the Investor Data page of its web site at www.amrealtytrust.com.

CONTACT:       Ken Fairchild
               Fairchild Motta
               (214) 691-2232 or
               (214) 695-1464

SOURCE:        American Realty Trust, Inc.

EX-99.2

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                                                                    EXHIBIT 99.2

BASIC CAPITAL MANAGEMENT, INC. ANNOUNCES MARGIN CALLS

DALLAS, June 19, 2000 -- Basic Capital Management, Inc. announced Monday that on
Friday, June 16, 2000, the company received margin calls from numerous margin
lenders with respect to its existing margin debt in the total amount of
approximately $37 million which is secured by BCM's equity investments in its
affiliates, American Realty Trust, Inc. (NYSE: ARB), Income Opportunity Realty
Investors, Inc. (AMEX: IOT), Transcontinental Realty Investors, Inc. (NYSE:
TCI), and National Realty, L.P. (AMEX: NLP).

Basic Capital Management currently is not in a position to satisfy such debt
and, as a result, the company may default in its obligations under the related
margin agreements. BCM intends to negotiate with its margin lenders regarding
the terms of repayment of this debt. There can be no assurance that the
company will be successful in its effort to negotiate satisfactory terms for
the repayment of this debt.

Basic Capital Management, Inc. is a Dallas-based real estate advisory company.
For more information on the company, go to the web site www.bcm-inc.com.

CONTACT: Phyllis Wolper
         Director, Investor Relations
         (214) 692-4902

SOURCE:  Basic Capital Management, Inc.