SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2013

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

11.          SUBSEQUENT EVENTS

Sales Contract for the Sale of the Northridge Office Building.  On October 15, 2013, the operating partnership entered into a sales contract for the sale of its 37,864 square foot Northridge Office Building to the Fulton County Board of Education (the “Board of Education”), an unrelated third party, for $5,280,000.  The purchase price is payable in cash and is not subject to any financing contingency.  The Board of Education has deposited $50,000 of nonrefundable earnest money with the escrow agent, and the closing is scheduled to occur on or before October 30, 2013.  The Board of Education may extend the closing date to November 15, 2013 by depositing an additional $50,000 of nonrefundable earnest money with the escrow agent.  The Northridge Office Building has a carrying value of $3,184,558 and secures a $2,422,533 loan.  At the closing, Roberts Realty would use the sales proceeds to pay off the loan secured by the office building and the remaining proceeds would be used for general working capital purposes.