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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): September 23, 1999
ROBERTS REALTY INVESTORS, INC.
(Exact name of Registrant as specified in charter)
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<CAPTION>
GEORGIA 001-13183 56-2122873
<S> <C> <C>
(State or other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification Number)
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8010 ROSWELL ROAD, SUITE 120, ATLANTA, GEORGIA 30350
(Address of principal executive offices) (Zip Code)
(770) 394-6000
(Registrant's Telephone Number, including Area Code)
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ITEM 5. OTHER EVENTS
Roberts Realty is filing this Current Report on Form 8-K so as to file
with the SEC a press release concerning the declaration of the third quarter
1999 quarterly distribution to shareholders.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
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<CAPTION>
Exhibit No. Description
<S> <C>
99.3 Press release concerning the declaration of the
third quarter 1999 distribution.
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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 filed on its behalf by the
undersigned hereunto duly authorized.
ROBERTS REALTY INVESTORS, INC.
Dated: September 24, 1999 By: /s/ Charles R. Elliott
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Charles R. Elliott, Chief Financial Officer
(The Registrant's Principal Financial
and Chief Accounting Officer, who is
duly authorized to sign this report)
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Exhibit Index
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<CAPTION>
Exhibit No. Description
<S> <C>
99.3 Press release concerning the declaration of the third quarter
1999 distribution.
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ROBERTS REALTY INVESTORS, INC.
CONTACT: FOR IMMEDIATE RELEASE
Charles R. Elliott September 23, 1999
Chief Financial Officer
Telephone: (770) 394-6000
FAX: (770) 396-0706
ROBERTS REALTY INVESTORS, INC.
ANNOUNCES THIRD QUARTER DIVIDEND
ATLANTA, GA - The Board of Directors of Roberts Realty Investors, Inc.
(AMEX:RPI) announces it declared a third quarter dividend in the amount of $0.15
per share ($0.60 per share on an annual basis) to be paid October 15, 1999 to
shareholders of record on September 30, 1999. This is the company's fifteenth
consecutive quarterly dividend since it started paying dividends in the first
quarter of 1996.
The company has completed construction of the 118-townhome first phase of
Addison Place, which is 42% occupied with 95% occupancy expected in the fourth
quarter of 1999. These 118 townhomes will add approximately $500,000 to the
company's annual cash flow.
The second phase of Addison Place, consisting of 285 garden apartments,
commenced construction in July 1999. Occupancy is expected to begin in the first
quarter of 2000. When completed, Addison Place will consist of 118 townhomes and
285 garden apartments representing a total investment of $36 million.
In addition to Addison Place, construction has commenced on the company's first
community in Charlotte. It is located in the Town Center of Ballantyne, a
2000-acre master-planned community. This 332-unit community represents a $26
million investment and it firmly establishes the company as a local
owner/developer in Charlotte.
Roberts Realty Investors, Inc. is a nationally recognized leader in the
development and management of new luxury apartment homes. The company intends to
grow its investment grade portfolio by developing and constructing only
institutional quality apartment communities in Georgia, North Carolina and
Florida. Roberts Realty Investors, Inc. is a self-advised and managed
multifamily Real Estate Investment Trust headquartered in Atlanta, Georgia.
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This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Although the company believes the expectations reflected
in the forward-looking statements are based on reasonable assumptions, the
company's actual results could differ materially from those set forth in the
forward-looking statements. Certain factors that might cause such a difference
include, but are not limited to, the following: occupancy rates and rents may be
adversely affected by local economic and market conditions in Atlanta and
Charlotte; overbuilding in our markets; construction costs of a new community
may exceed original estimates; construction and lease-up of new communities in
Atlanta and Charlotte may not be completed on schedule; and financing may not be
available or, if available, not on favorable terms.
