Roberts Realty Bounces Back

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.