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RPI > SEC Filings for RPI > Form 8-K on 21-Dec-2011All Recent SEC Filings




Entry into a Material Definitive Agreement, Financial Statements and

Item 1.01 Entry into a Material Definitive Agreement.

On December 19, 2011, effective as of January 1, 2012, Roberts Realty Investors, Inc. renewed its existing leases with Roberts Properties, Inc. ("Roberts Properties") and Roberts Properties Construction, Inc. ("Roberts Construction," and together with Roberts Properties, the "Roberts Companies") at our Northridge office building. Roberts Properties leased 4,431 rentable square feet, and Roberts Construction leased 1,920 rentable square feet. Each lease has a one-year term with a rental rate of $17.50 per square foot (the same rate that has been in effect for 2011), provided that the rent cannot exceed a stated percentage of our gross income from rents from real property, gain from the disposition of real property, dividends, interest and gains from the dispositions of stock and securities, which percentage is 3.45% for Roberts Properties and 1.50% for Roberts Construction. The Roberts Companies are taking the premises "as is" with no tenant improvements, upgrades or rental concessions. Each of the Roberts Companies has a one-year renewal option at the then prevailing market rate. Additionally, to facilitate a sale of the Northridge office building, each of the Roberts Companies has agreed that if the Northridge office building is sold, that they will vacate the premises within six months or negotiate a new lease with the buyer.

The foregoing description of the material terms of the lease renewals is qualified in its entirety by reference to the full text of the lease amendments filed as Exhibit 10.1 and Exhibit 10.2 to this report, which amendments are incorporated into this Item 1.01 by this reference.

Each of the Roberts Companies is wholly owned by Charles S. Roberts, the Chief Executive Officer, President and Chairman of the Board of Directors of Roberts Realty. In compliance with the applicable listing rules of the NYSE Amex Equities stock exchange, Roberts Realty's audit committee, which is composed of two independent directors, approved the agreements outlined above in accordance with the committee's charter. Additionally, in accordance with Roberts Realty's Code of Business Conduct and Ethics, Roberts Realty's board of directors approved the agreements, with Mr. Roberts abstaining from the vote.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.                                   Exhibit

10.1           Fourth Amendment to Lease dated as of January 1, 2012 by and between
               Roberts Properties, Inc. and Roberts Properties Residential, L.P.

10.2           Fourth Amendment to Lease dated as of January 1, 2012 by and between
               Roberts Properties Construction, Inc. and Roberts Properties
               Residential, L.P.

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