Roberts Realty Investors, Inc. Closes $109,150,000 Sale
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. ST: Georgia IN: RLT SU: RLE -0- Jun/03/2004 18:26 GMT