Roberts Realty Investors, Inc. (NYSE Alternext US: RPI) announced today that the company will issue a total of 3,756,812 shares of its common stock, which equals a 64.7% stock distribution, or 0.647 shares for each outstanding share, in the stock portion of the distribution declared by its board of directors on December 18, 2008 as previously announced. The distribution in the aggregate amount of $9,058,000, or $1.56 per share, will be paid on January 29, 2009 in a combination of 20% in cash, or $0.31 per share, and 80% in Roberts Realty common stock, equal to $1.25 per share, to shareholders of record at the close of business on December 29, 2008. The number of shares included in the stock portion of the distribution is calculated based on the $1.93 average closing sales price per share of the company's common stock on the NYSE Alternext US (formerly the American Stock Exchange) on December 22 and December 23, 2008. The company will issue a small number of additional shares to round up the number of shares issued to each holder to the closest full share. The NYSE Alternext US will adjust today's closing price to reflect the cash and stock portions of the distribution, and the trading price of the company's common stock will reflect the distribution beginning on December 24, 2008.

A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

(d) Exhibits

Exhibit No.      Exhibit

99.1             Press release issued by Roberts Realty Investors, Inc. on
                 December 23, 2008.