DALLAS, Jan. 22, 2002 (PRIMEZONE) -- American Realty Investors, Inc. (NYSE:ARL), Transcontinental Realty Investors, Inc. (NYSE:TCI) and Income Opportunity Realty Investors, Inc. (AMEX:IOT) announced Tuesday that the affiliated companies have named Ronnie Kimbrough, age 49, as executive vice president and chief financial officer.
In addition, Kimbrough was promoted to the position of executive vice president and CFO of Basic Capital Management, Inc., a private real estate investment firm that serves as advisor to ARI, TRI and IORI. He succeeds Brett Horak, who resigned to pursue outside business interests.
Kimbrough had served as controller of BCM, a position he held from Sept. 2000 to the present. Previously, Kimbrough served as vice president and treasurer of a number of Basic Capital affiliates. He holds a BBA in accounting from Baylor University.
American Realty Investors and Transcontinental Realty Investors are Dallas-based real estate companies that primarily invest in equity interests in real estate through direct ownership and partnerships. Income Opportunity Realty Investors is a Dallas-based real estate investment trust. More information is available the companies' Web site at www.bcm-inc.com.