X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Roberts Realty Investors Inc. is back in the black, posting third-quarter net income of $5.3 million, or $1.01 per share, after showing a net loss of $1 million, or a loss of 21 cents per share, in third quarter 2002.

For the nine-month period, Roberts generated net income of $3.5 million, or 67 cents per share, compared to a net loss of $2.6 million, or a loss of 52 cents per share, last year.

In a prepared statement, Roberts officials credit much of the company’s improved performance in revenue, operating expenses, net operating income and FFO to the completion of the lease-ups at the Veranda Chase and Addison Place apartment communities. Veranda lease-up was completed in June; Addison Place in September 2002.

The company’s bottom line was also helped by the Aug. 6 sale of its Highland Park community which produced a gain of $6 million, or $1.17 per share, net of minority interest of $2.4 million.

Third-quarter funds from operations increased 86.7% to $521,000, or seven cents per share, from $279,000, or four cents per share, in third quarter 2002. For the nine-month period, FFO was $1.6 million, or 22 cents per share, a 2.9% increased from $1.5 million, or 21 cents per share, last year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.