Roberts Realty Divests Suburban ATL Community for $60M

From The Atlanta Business Chronicle

Roberts Realty Investors Inc. has sold the 403-unit Addison Place apartment community in Johns Creek, Ga., for $60 million.

The buyer was not disclosed.

Addison Place was designed and built by Roberts Properties Inc., a non-owned affiliate of Atlanta-based Roberts Realty Investors (AMEX: RPI). The development has 118 townhouses and 285 apartments.

Roberts Realty Investors also said Tuesday it will give a dividend of 66 cents a share to shareholders and 66 cents per unit to unitholders. The distribution will be paid on Aug. 5 to shareholders and unitholders of record on July 10.

The company had planned on a distribution of $2.50 a share/unit, but given the weakness in the U.S. economy and continued stress in the banking system, the company said it believes the safest course of action is to distribute only 66 cents a share/unit.

"Despite the aggressive actions taken by the Federal Reserve during the past year, the economy continues to struggle and credit is still difficult to obtain," said Charles R. Elliott, Roberts Realty chief financial officer. "In this weak and uncertain economy with no improvement in sight, our priority is to prudently manage our balance sheet for maximum liquidity."