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Roberts Again Suspends Dividend in Soft Multifamily Market

ATLANTA-The locally based developer continues its $93-million, three-apartment-complex building program despite sagging occupancy levels, Charles S. Roberts, the firm's CEO, says in a prepared statement.

By Marita Thomas | Updated on July 02, 2002

ATLANTA-Directors of locally based Roberts Realty Investors have voted to continue suspending dividend payments through the quarter ended June 30. Roberts first suspended dividends at the end of November 2001.

In a prepared statement, Charles S. Roberts, chief executive officer of the apartment developer, says “the Atlanta apartment market has remained soft and the lack of any meaningful job growth this year continues to negatively affect our occupancy.”

Meanwhile, Roberts continues its $93-million building program that includes two multifamily communities in Atlanta and one in Charlotte.The 403-unit Addison Place in Atlanta is completed and 70% leased. The 250-unit, $21-million Veranda Chase, also in Atlanta, is 85% complete and 17% leased. A 319-unit property in Charlotte is 50% constructed and leasing activity is expected to begin this November.

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