Roberts Realty Investors, Inc. issued a press release on January 13, 2009 announcing that its board of directors has amended its stock repurchase plan to authorize the company to repurchase up to 600,000 shares of its outstanding common stock, effective immediately. The company may repurchase shares from time to time by means of open market purchases and in solicited and unsolicited privately negotiated transactions, depending on availability, the company's cash position and price. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

On December 2, 2008, Roberts Realty's board of directors previously approved an amendment to the plan to permit the repurchase of up to 300,000 shares. Subsequently, on December 18, 2008, the board declared a distribution of $9,058,000, or $1.56 per share. The distribution 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 company announced on December 23, 2008 that it will issue 0.647 shares of its common stock for each outstanding share, in the stock portion of the distribution declared on December 18.

Roberts Realty currently has 6,125,590 outstanding shares of common stock, which includes 319,080 shares issued on the conversion of units in Roberts Properties Residential, L.P. to shares after December 29, 2008. On January 29, 2009, Roberts Realty will distribute approximately 3,963,000 additional shares, of which approximately 3,757,000 shares pertain to the stock portion of the distribution declared on December 18 and 206,445 shares relate to the conversion of the 319,080 units described above. As a result, Roberts Realty will have approximately 10.1 million outstanding shares of common stock on January 29, 2009. In addition, if unitholders convert units to shares after the date of this report, the total number of shares outstanding will be greater than 10.1 million. Roberts Properties Residential, L.P. is the limited partnership through which Roberts Realty conducts its business.

(d) Exhibits

Exhibit No.                                     Exhibit

99.1             Press release issued by Roberts Realty Investors, Inc. on January 13,
                 2009.