"As we all know, the widespread effects of the Sept. 11 tragedies have quickly contributed to a significant downturn in an already weak economy," Charles S. Roberts, Roberts Realty Investors chief executive officer, says in a letter to shareholders. "The lack of job growth in Atlanta, coupled with substantial layoffs has produced lower than expected occupancy levels throughout the Atlanta apartment market."
Occupancy at Roberts' properties has dropped to an average 87% from 94% in the last several months. "As a result, the company's cash flow has been and will continue to be lower than previously budgeted," Roberts says. "Real estate experts believe these weak conditions will continue through mid-2002 or until the overall economy improves."
Roberts Realty Investors is an umbrella partnership real estate investment trust that owns and operates apartment complexes in metro Atlanta.
Roberts is in the midst of a $36 million growth spurt. Four properties are under construction, two properties are in the planning and design stage, and two are in lease-up.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
