ATLANTA, June 3 /PRNewswire-FirstCall/ -- Roberts Realty Investors, Inc.
(Amex: RPI) announces it closed the sale of five Atlanta apartment communities
on June 2, 2004 to Colonial Properties Trust, a NYSE-traded REIT with a total
market capitalization of $3.2 billion. The sale price was $109,150,000 or an
average of $100,045 per apartment unit for the company's Bradford Creek,
Plantation Trace, Preston Oaks, River Oaks, and Veranda Chase communities.
As previously announced, the company will pay a distribution of $4.50 per
share. The distribution will be paid June 18, 2004 to shareholders of record
on June 14, 2004. Due to the large size of the distribution, the American
Stock Exchange requires that the company's ex-dividend date be set for the
first trading day following the payment of the distribution, which is
June 21, 2004.
Mr. Charles S. Roberts, the company's founder and CEO, stated: "We are
very pleased to be able to distribute $4.50 per share to our shareholders,
many of whom are loyal long-term investors. Including this distribution, the
company will have paid to its shareholders $8.84 in dividends and
distributions since 1996."
Mr. Charles R. Elliott, the company's former CFO and current Board member,
added: "This sale maximizes the value of our older appreciated assets and
rewards our shareholders with a substantial distribution. In addition, it
allows management to continue to create shareholder value by focusing on its
newer assets that include three apartment communities totaling 922 apartment
homes, a 220-unit apartment community under development, a 42,090 square foot
retail center, and a 39,907 square foot office building."
SOURCE Roberts Realty Investors, Inc.
/CONTACT: Charles S. Roberts, Chief Executive Officer of Roberts Realty
Investors, Inc., +1-770-394-6000, or fax, +1-770-551-5914/
CO: Roberts Realty Investors, Inc.
-0- Jun/03/2004 18:26 GMT
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