EXHIBIT (a) 13

                                                                    NEWS RELEASE

   TENDER OFFERS FOR TRANSCONTINENTAL REALTY AND INCOME OPPORTUNITY REALTY
                      COMMON STOCK EXTENDED TO MARCH 5

DALLAS, FEBRUARY 21, 2003 -- American Realty Investors (NYSE: ARL) announced
Friday the extension of the expiration date until 12:00 midnight Eastern time
on Wednesday, March 5, 2003, of the previously announced tender offers for all
the common shares of its affiliates Transcontinental Realty Investors, Inc.
(NYSE: TCI) and Income Opportunity Realty Investors, Inc. (AMEX: IOT).

American Realty has been informed by American Stock Transfer and Trust Company,
the depositary for both tender offers, that as of 5 p.m. Eastern time, Feb. 20,
2003, approximately 1.03 million shares of Transcontinental Realty Investors
common stock, or approximately 12.82 percent of outstanding TCI shares, have
been tendered and not withdrawn pursuant to the tender offer, and that
approximately 247,287 shares of Income Opportunity Realty Investors common
stock, or approximately 16.89 percent of outstanding IOT shares, have been
tendered and not withdrawn pursuant to the tender offer.

American Realty Investors is a real estate investment company that holds a
diverse portfolio of equity real estate located across the U.S., including
office buildings, apartments, hotels, shopping centers and land.
Transcontinental Realty Investors is a real estate investment company that
invests in real estate similar to ARL's holdings. Income Opportunity Realty
Investors is a real estate investment trust that invests in real estate. For
more information on the companies, visit their websites at www.bcm-inc.com.

THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER
TO SELL SHARES OF TRANSCONTINENTAL REALTY INVESTORS, INC. OR SHARES OF INCOME
OPPORTUNITY REALTY INVESTORS, INC. EACH ACQUIRING ENTITY FILED A TENDER OFFER
STATEMENT AND EACH TARGET ENTITY HAS FILED A SOLICITATION/ RECOMMENDATION
STATEMENT WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO THE
OFFER. THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED
LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND THE SOLICITATION/
RECOMMENDATION STATEMENT CONTAINS IMPORTANT INFORMATION THAT SHOULD BE READ
CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE OFFER. THE OFFER TO
PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS,
AS WELL AS THE SOLICITATION/RECOMMENDATION STATEMENT, WILL BE MADE AVAILABLE TO
ALL STOCKHOLDERS OF EACH TARGET ENTITY AT NO EXPENSE TO THEM. THE TENDER OFFER
STATEMENT (INCLUDING THE OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL
AND ALL OTHER OFFER DOCUMENTS FILED WITH THE COMMISSION) AND THE SOLICITATION/
RECOMMENDATION STATEMENT ALSO IS AVAILABLE AT NO CHARGE AT THE COMMISSION'S
WEBSITE AT WWW.SEC.GOV . TENDER OFFER STATEMENT AND RELATED MATERIALS MAY BE
OBTAINED FOR FREE BY DIRECTING SUCH REQUESTS TO AMERICAN REALTY'S INFORMATION
AGENT, GEORGESON SHAREHOLDER COMMUNICATIONS. FOR TRANSCONTINENTAL INFORMATION,
CALL TOLL-FREE (866) 423-4880. FOR INCOME OPPORTUNITY INFORMATION, CALL
TOLL-FREE (866) 423-4879.

                                      # # #

Information Agent:  Transcontinental Realty Investors (866) 423-4880.
                    Income Opportunity Realty Investors (866) 423-4879.

Media Contact:  Phyllis Wolper (469) 522-4245  investor.relations@bcminc.com