Roberts Realty Investors, Inc. Updates Status of Peachtree Parkway Sale

   Roberts Realty Investors, Inc. Updates Status of Peachtree Parkway Sale

PR Newswire

ATLANTA, Jan. 10, 2013

ATLANTA, Jan. 10, 2013 /PRNewswire/ -- Roberts Realty Investors, Inc. (NYSE
MKT: RPI) announces that the sale of its 20 acre Peachtree Parkway property to
Lennar Multifamily Investors, LLC for a net sales price of $7,090,000 is
scheduled to close on February 7, 2013. Lennar completed its due diligence on
the Peachtree Parkway property on January 4, 2013 and in accordance with the
terms of the sales contract its $300,000 earnest money deposit is now
non-refundable.

We intend to use the $7,090,000 of sale proceeds to pay off our Peachtree
Parkway land loan, which will significantly reduce the company's debt. The
payoff of the Peachtree Parkway land loan will also release our North Springs
property, which serves as $4,400,000 of additional collateral for the
Peachtree Parkway land loan. The North Springs property is a 10-acre site
located on Peachtree Dunwoody Road in Sandy Springs across from the North
Springs commuter rail station that is zoned for 356 apartment units, 210,000
square feet of office space, and 56,000 square feet of retail space. The
North Springs property has a book value of $11,000,000 and after the closing
of the sale, the company will own the North Springs land on a free and clear
basis, which will provide the company with additional financial flexibility
and further growth opportunities.

In addition to the sale of the Peachtree Parkway property, we continue to work
on various strategic alternatives to maximize shareholder value, including a
possible merger or recapitalization of the company. The Peachtree Parkway
sale enhances both our ability to complete a merger transaction and to raise
new equity to grow the company through acquisitions of existing apartment
communities and/or to build new apartments on our remaining land. We have had
serious discussions with numerous companies regarding a merger or
recapitalization of the company and remain in active discussions with several
potential merger or equity partners. We continue to diligently pursue a
definitive agreement with one of these companies on terms that are
advantageous to our shareholders. Again, the Peachtree Parkway sale enhances
these opportunities.

Roberts Realty Investors, Inc. is a self-administered, self-managed equity
real estate investment trust based in Atlanta.

Forward Looking Statements

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, as amended. Some of the forward-looking statements
relate to our intent, belief or expectations regarding the sale of the
Peachtree Parkway land. These statements involve risks and uncertainties,
related to the sale including the occurrence, ultimate terms and timing of the
sale. Other forward-looking statements relate to our intent, belief or
expectations regarding our examination of strategic alternatives. These
statements involve risks and uncertainties, including the occurrence, terms
and timing of one or more transactions or sales. These forward-looking
statements are not guarantees of future performance.

For these forward-looking statements, Roberts Realty claims the protection of
the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. You should not place undue reliance
on the forward-looking statements, which speak only as of the date of this
report. All subsequent written and oral forward-looking statements
attributable to Roberts Realty or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements contained
or referred to in this section. Roberts Realty undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events, or otherwise. For more information about
other risks and uncertainties Roberts Realty faces, please see the section in
Roberts Realty's most recent annual report on Form 10-K entitled "Risk
Factors."

SOURCE Roberts Realty Investors, Inc.

Contact: Charles S. Roberts, President, +1-770-394-6000, Fax: +1-770-551-5914
 
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