Roberts Realty Investors, Inc. Announces Agreement to Sell Five
Apartment Communities for $109,600,000
ATLANTA, April 26 /PRNewswire-FirstCall/ -- Roberts Realty Investors, Inc.
announces it has signed a definitive agreement to sell five Atlanta apartment
communities totaling 1,091 units for $109,600,000, which net of mortgage debt
and closing-related expenses is estimated to be $6.38 per share. The purchase
price for the company's Bradford Creek, Plantation Trace, Preston Oaks, River
Oaks, and Veranda Chase communities is equal to $100,458 per apartment unit or
$77.30 per square foot. The purchaser is an NYSE-traded company with assets in
excess of $2 billion. The transaction, which the company expects to close in
June 2004, is subject to customary due diligence and closing conditions.
Mr. Charles S. Roberts, the company's founder and CEO, stated: "We expect this
transaction to be a win-win for both companies, their shareholders, and
employees. This sale, with its significant profits, will enable us to reward
our loyal and patient shareholders with a substantial distribution of $4.50 per
share." The company will continue to own its Addison Place community, its St. Andrews
at the Polo Club in Palm Beach County, Florida, along with its new 319-unit
community in the Town Center of Ballantyne in Charlotte, North Carolina. These
three leading-edge communities, all built within the last four years, total 922
apartment homes. In addition, the company is developing and constructing a
220-unit community in north Atlanta, which when completed, will increase the
company's portfolio to 1,142 apartment homes. The company also owns two
commercial properties that include a 42,090 square foot retail center currently
under construction adjacent to Addison Place and a 39,907 square foot office
building located near the Northridge interchange at Georgia 400 in north
Atlanta.
In conclusion, Mr. Roberts added: "We believe this sale, at an average price of
$100,458 per unit, maximizes shareholder value, which is the result of
management's continued focus on its business plan as outlined in our previous
annual reports." This press release contains forward-looking statements within the meaning of
the securities laws. 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 anticipated in the
forward-looking statements. Certain factors that might cause such a difference
include, but are not limited to, the following: the transaction may not close
as anticipated for reasons that may include the purchaser's decision to
terminate the contract during its 30-day inspection period or the inability of
the purchaser to assume the mortgage debt secured by the properties; and the
distribution per share may be less than anticipated. 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
Management's Discussion and Analysis of Financial Conditions and Results of
Operations -- Disclosure Regarding Forward-Looking Statements. DATASOURCE: 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
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