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Roberts Suspends Quarterly Dividend for Next Two Quarters

ATLANTA-Hit by a weakened economy and cash flow problems, Roberts Realty Investors suspended payment of its dividend for the fourth quarter of 2001 and the first quarter of 2002.

By Mark Clothier | Updated on November 30, 2001

ATLANTA-Citing a cash flow crunch, a weakened economy and a 7% drop in occupancy rates, Roberts Realty Investors’ Board of Directors is suspending payment of the company’s dividend for both the fourth quarter of 2001 and the first quarter of 2002.

“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.”

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