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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): January 27, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>Roberts Realty Investors, Inc.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
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    <TD width="32%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>Georgia</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>001-13183</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>58-2122873</B></TD>
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<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>450 Northridge Parkway, Suite 302<BR>Sandy Springs, Georgia<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>30350</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(770) 394-6000</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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    <TD width="3%" nowrap align="left"><B>Item&nbsp;5.02</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.</B></TD>
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<P align="left" style="font-size: 10pt"><B>Amendment to 2006 Roberts Realty Investors, Inc. Restricted Stock Plan</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">As previously disclosed, on December&nbsp;18, 2008, the board of directors of Roberts Realty Investors, Inc., the
registrant, declared a distribution of $9,058,000, or $1.56 per share. The distribution was paid on January&nbsp;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&nbsp;29, 2008.


<P align="left" style="font-size: 10pt; text-indent: 4%">In light of the distribution described in the preceding paragraph, the compensation committee of the board of
directors of Roberts Realty approved on January&nbsp;27, 2009 an antidilution adjustment to increase the aggregate number of
shares of stock for which awards may be granted under the 2006 Roberts Realty Investors, Inc. Restricted Stock Plan
(the &#147;Plan&#148;) from 400,000 to 654,000 shares, effective immediately. Under the terms of the Plan, Roberts Realty&#146;s
compensation committee has the express authority to adjust the aggregate number and kind of shares of stock for which
awards may be granted under the Plan if it determines, in its sole discretion, that any dividend or other distribution
will affect the company&#146;s stock such that an adjustment is appropriate to prevent dilution or enlargement of the
benefits or potential benefits intended by the company to be made available under the Plan or with respect to any
award. All directors and employees of the company are eligible to receive awards under the Plan.


<P align="left" style="font-size: 10pt; text-indent: 4%">A copy of the amended and restated Plan is attached as Exhibit&nbsp;10.1 to this Current Report on Form 8-K.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;8.01 Other Events.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">The information in Item&nbsp;5.02 of this Current Report on Form 8-K is incorporated into this Item&nbsp;8.01 by reference.


<P align="left" style="font-size: 10pt"><B>Post-Effective Amendment to Registration Statement on Form&nbsp;S-8</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">In connection with the antidilution adjustment to the Plan described in Item&nbsp;5.02 above, Roberts Realty filed
today a post-effective amendment to its registration statement on Form S-8 (File No.&nbsp;333-138703), which was previously
filed with the SEC on November&nbsp;14, 2006, to register an additional 254,000 shares of Roberts Realty common stock that
the company may issue from time to time under the Plan, as amended effective January&nbsp;27, 2009.


<P align="left" style="font-size: 10pt"><B>Post-Effective Amendment to Registration Statement on Form&nbsp;S-3</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">Also in connection with the distribution described in Item&nbsp;5.02 above, Roberts Realty filed today a post-effective
amendment to its Registration Statement on Form&nbsp;S-3 (No.&nbsp;333-82453) filed on July&nbsp;8, 1999, which became effective on
August&nbsp;2, 1999, to register an additional 1,150,500 shares of Roberts Realty common stock that the company may issue
from time to time to unitholders in Roberts Properties Residential, L.P. in exchange for their units.


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<P align="left" style="font-size: 10pt"><B>Approximate Number of Outstanding Shares After January&nbsp;29, 2009</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">Before the payment of the distribution described in Item&nbsp;5.02 above, Roberts Realty had 6,139,642 outstanding
shares of common stock, which included 333,132 shares issued on the conversion of units of limited partnership interest
in Roberts Properties Residential, L.P. to shares after December&nbsp;29, 2008. On January&nbsp;29, 2009, Roberts Realty
distributed approximately 3,971,000 additional shares, of which approximately 3,755,000 shares pertained to the stock
portion of the distribution declared on December&nbsp;18 and 215,540 shares related to the conversion of the 333,132 units
described above. As a result, Roberts Realty will have approximately 10.1&nbsp;million outstanding shares of common stock
after January&nbsp;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&nbsp;million. Roberts Properties Residential, L.P. is the limited
partnership through which Roberts Realty conducts its business.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>


<P align="left" style="font-size: 10pt">(d)&nbsp;<I>Exhibits</I>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><U>Exhibit&nbsp;No.</U></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exhibit</U></TD>
</TR>

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    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="7%">&nbsp;</TD>
    <TD>2006 Roberts Realty Investors, Inc. Restricted Stock Plan, as amended effective January&nbsp;27, 2009. &#091;Incorporated
by reference to Exhibit&nbsp;4.1 in the company&#146;s post-effective amendment to its Registration Statement on Form S-8
filed with the SEC on January&nbsp;29, 2009.&#093;</TD>
</TR>

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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be filed on its behalf by the undersigned hereunto duly authorized.



<P align="left" style="margin-left:48%; font-size: 10pt"><B>ROBERTS REALTY INVESTORS, INC.</B>


<P align="left" style="font-size: 10pt">Dated: January&nbsp;29, 2008



<P align="left" style="margin-left:48%; font-size: 10pt; margin-top: -11pt">By: <U>&nbsp;&nbsp;<B>/</B>s/ Charles R. Elliott&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Charles R. Elliott
<BR>
Chief Financial Officer


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Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 2009
Roberts Realty Investors, Inc.
(Exact name of registrant as specified in its charter)
Georgia
001-13183
58-2122873
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
450 Northridge Parkway, Suite 302
Sandy Springs, Georgia
30350
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(770) 394-6000
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
Amendment to 2006 Roberts Realty Investors, Inc. Restricted Stock Plan
As previously disclosed, on December 18, 2008, the board of directors of Roberts Realty Investors, Inc., the
registrant, declared a distribution of $9,058,000, or $1.56 per share. The distribution was 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.
In light of the distribution described in the preceding paragraph, the compensation committee of the board of
directors of Roberts Realty approved on January 27, 2009 an antidilution adjustment to increase the aggregate number of
shares of stock for which awards may be granted under the 2006 Roberts Realty Investors, Inc. Restricted Stock Plan
(the "Plan") from 400,000 to 654,000 shares, effective immediately. Under the terms of the Plan, Roberts Realty's
compensation committee has the express authority to adjust the aggregate number and kind of shares of stock for which
awards may be granted under the Plan if it determines, in its sole discretion, that any dividend or other distribution
will affect the company's stock such that an adjustment is appropriate to prevent dilution or enlargement of the
benefits or potential benefits intended by the company to be made available under the Plan or with respect to any
award. All directors and employees of the company are eligible to receive awards under the Plan.
A copy of the amended and restated Plan is attached as Exhibit 10.1 to this Current Report on Form 8-K.
Item 8.01 Other Events.
The information in Item 5.02 of this Current Report on Form 8-K is incorporated into this Item 8.01 by reference.
Post-Effective Amendment to Registration Statement on Form S-8
In connection with the antidilution adjustment to the Plan described in Item 5.02 above, Roberts Realty filed
today a post-effective amendment to its registration statement on Form S-8 (File No. 333-138703), which was previously
filed with the SEC on November 14, 2006, to register an additional 254,000 shares of Roberts Realty common stock that
the company may issue from time to time under the Plan, as amended effective January 27, 2009.
Post-Effective Amendment to Registration Statement on Form S-3
Also in connection with the distribution described in Item 5.02 above, Roberts Realty filed today a post-effective
amendment to its Registration Statement on Form S-3 (No. 333-82453) filed on July 8, 1999, which became effective on
August 2, 1999, to register an additional 1,150,500 shares of Roberts Realty common stock that the company may issue
from time to time to unitholders in Roberts Properties Residential, L.P. in exchange for their units.
2
Approximate Number of Outstanding Shares After January 29, 2009
Before the payment of the distribution described in Item 5.02 above, Roberts Realty had 6,139,642 outstanding
shares of common stock, which included 333,132 shares issued on the conversion of units of limited partnership interest
in Roberts Properties Residential, L.P. to shares after December 29, 2008. On January 29, 2009, Roberts Realty
distributed approximately 3,971,000 additional shares, of which approximately 3,755,000 shares pertained to the stock
portion of the distribution declared on December 18 and 215,540 shares related to the conversion of the 333,132 units
described above. As a result, Roberts Realty will have approximately 10.1 million outstanding shares of common stock
after 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.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Exhibit
10.1
2006 Roberts Realty Investors, Inc. Restricted Stock Plan, as amended effective January 27, 2009. [Incorporated
by reference to Exhibit 4.1 in the company's post-effective amendment to its Registration Statement on Form S-8
filed with the SEC on January 29, 2009.]
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be filed on its behalf by the undersigned hereunto duly authorized.
ROBERTS REALTY INVESTORS, INC.
Dated: January 29, 2008
By:
/
s/ Charles R. Elliott
Charles R. Elliott
Chief Financial Officer
3