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Roberts Realty Investors Inc. Message Board

  • smaycs4 smaycs4 Mar 28, 2013 8:21 AM Flag

    Positive 8k on 3/27 Stock is $1.34 (Please get me to $2+, I own at $1.28 from 12/20/11)

    On March 20, 2013, the company sold the remaining 1.5 acres of our Peachtree Parkway land to an unrelated third party for $450,000. We owned this parcel of land debt free and will use the sales proceeds for general corporate purposes. We have now sold the entire 25.1 acres of our Peachtree Parkway land in three separate transactions that produced proceeds of $9,255,530 and decreased our operating expenses by more than $475,000 per year. In addition, we paid off $8,175,000 of debt, which represented a 32% reduction in the company's total outstanding debt.

    Equally important, these sales released our North Springs transit station property, which served as additional collateral for the Peachtree Parkway loan. The North Springs transit station property, which we now own debt free, has a book value of $11 million and an independent appraised value of $16.35 million. The property is a 10-acre site located on Peachtree Dunwoody Road across the street from the North Springs rail station in Sandy Springs, Georgia. The property is zoned for a mixed-use development consisting of 356 multifamily units, 210,000 square feet of office space, and 56,000 square feet of retail space. We are in the process of listing the North Springs property for sale to provide the equity to develop our Bradley Park and Highway 20 properties while continuing to reduce our debt and decrease our operating expenses.


    On March 20, 2013, the company sold the remaining 1.5 acres of our Peachtree Parkway land to an unrelated third party for $450,000. We owned this parcel of land debt free and will use the sales proceeds for general corporate purposes. We have now sold the entire 25.1 acres of our Peachtree Parkway land in three separate transactions that produced proceeds of $9,255,530 and decreased our operating expenses by more than $475,000 per year. In addition, we paid off $8,175,000 of debt, which represented a 32% reduction in the company's total outstanding debt.

    Equally important, these sal

 
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