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

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

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

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): December 31, 2008</B>


<P style="font-size: 24pt" align="center"><B>Roberts Realty Investors,
Inc.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
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cellpadding="0" width="100%" border="0">

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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Georgia</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-13183</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>58-2122873</B></TD>
 </TR>
 <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>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>450 Northridge Parkway, Suite
302<BR>
Sandy Springs, Georgia<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>30350</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(770) 394-6000</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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 style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</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">o</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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<P style="font-size: 10pt" align="left"><B>Item&nbsp;8.01 Other Events.</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">As previously announced in a Current Report on Form 8-K dated December&nbsp;18,
2008, the Board of Directors of Roberts Realty Investors, Inc. on that date declared a
distribution of $9,058,000, or $1.56 per share. The distribution will be paid
on January&nbsp;29, 2009 in a combination of 20% in cash, or $0.31 per share,
and 80% in our common stock, equal to $1.25 per share, to shareholders of
record at the close of business on December&nbsp;29, 2008.

<P style="font-size: 10pt; text-indent: 4%" align="left">Each shareholder has
the option to elect to receive the distribution in cash or shares of common
stock, except the total amount of cash we will pay to shareholders will be
limited to $1,811,000. If shareholders elect to receive a total amount of cash
that exceeds this limit, we will allocate the total of $1,811,000 in cash on a
pro rata basis among those shareholders who elect cash, and they will receive
the balance of their distribution in shares of common stock. We will round up
the number of shares issued to each holder to the closest full share.

<P style="font-size: 10pt; text-indent: 4%" align="left">We are today mailing
to shareholders an election card along with other appropriate disclosure
materials that will explain the terms of the distribution in more detail. For
an election to be effective, each shareholder must make his or her election by
delivering the election card to our transfer agent, American Stock Transfer
&amp; Trust Company, by no later than 5:00 p.m., Eastern Time, on
January&nbsp;20, 2009.

<P style="font-size: 10pt; text-indent: 4%" align="left">A number of our
shareholders are also holders of units in Roberts Properties Residential, L.P.,
the limited partnership through which we conduct our business. Unitholders will
receive the same cash distribution of $0.31 per share as shareholders. As noted
above, in addition to the cash distribution, shareholders will receive
additional shares of our common stock equal to $1.25 per share. Each unitholder
will receive the same pro rata distribution of our common stock, but only when
the unitholder elects to convert his or her units to shares.

<P style="font-size: 10pt; text-indent: 4%" align="left">Copies of the cover
letter, the memorandum to shareholders and the election card are attached as
Exhibit&nbsp;99.1 to this Current Report on Form 8-K, which exhibit is
incorporated herein by reference.

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

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

<P>
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 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="8%"><U>Exhibit&nbsp;No.</U></TD>
  <TD width="5%">&nbsp;</TD>
  <TD><U>Exhibit</U></TD>
 </TR>

</TABLE>


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 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="8%">99.1</TD>
  <TD width="5%">&nbsp;</TD>
  <TD>Cover letter, memorandum to shareholders and election card mailed by
Roberts Realty Investors, Inc. to shareholders on December&nbsp;31, 2008.</TD>
 </TR>

</TABLE>


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<P style="font-size: 10pt" align="center">&nbsp;

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

<P style="font-size: 10pt; text-indent: 4%" align="left">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 style="font-size: 10pt; margin-left: 40%" align="left"><B>ROBERTS REALTY
INVESTORS, INC.</B>

<P style="font-size: 10pt" align="left">Dated: December&nbsp;31, 2008

<P style="margin-top: -11pt; font-size: 10pt; margin-left: 40%"
align="left">By: <U><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;</U> <BR>
Charles R. Elliott <BR>
Chief Financial
Officer

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

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="8%"><U>Exhibit&nbsp;No.</U></TD>
  <TD width="5%">&nbsp;</TD>
  <TD> <U>Exhibit</U></TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="8%">99.1</TD>
  <TD width="5%">&nbsp;</TD>
  <TD>Cover letter, memorandum to shareholders and election card mailed by
Roberts Realty Investors, Inc. to shareholders on December&nbsp;31, 2008.</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">4

<P style="font-size: 10pt" align="center">&nbsp;

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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): December 31, 2008
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 8.01 Other Events.
As previously announced in a Current Report on Form 8-K dated December 18,
2008, the Board of Directors of Roberts Realty Investors, Inc. on that date 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 our common stock, equal to $1.25 per share, to shareholders of
record at the close of business on December 29, 2008.
Each shareholder has
the option to elect to receive the distribution in cash or shares of common
stock, except the total amount of cash we will pay to shareholders will be
limited to $1,811,000. If shareholders elect to receive a total amount of cash
that exceeds this limit, we will allocate the total of $1,811,000 in cash on a
pro rata basis among those shareholders who elect cash, and they will receive
the balance of their distribution in shares of common stock. We will round up
the number of shares issued to each holder to the closest full share.
We are today mailing
to shareholders an election card along with other appropriate disclosure
materials that will explain the terms of the distribution in more detail. For
an election to be effective, each shareholder must make his or her election by
delivering the election card to our transfer agent, American Stock Transfer
& Trust Company, by no later than 5:00 p.m., Eastern Time, on
January 20, 2009.
A number of our
shareholders are also holders of units in Roberts Properties Residential, L.P.,
the limited partnership through which we conduct our business. Unitholders will
receive the same cash distribution of $0.31 per share as shareholders. As noted
above, in addition to the cash distribution, shareholders will receive
additional shares of our common stock equal to $1.25 per share. Each unitholder
will receive the same pro rata distribution of our common stock, but only when
the unitholder elects to convert his or her units to shares.
Copies of the cover
letter, the memorandum to shareholders and the election card are attached as
Exhibit 99.1 to this Current Report on Form 8-K, which exhibit is
incorporated herein by reference.
Item 9.01 Financial Statements
and Exhibits.
(d)
Exhibits
Exhibit No.
Exhibit
99.1
Cover letter, memorandum to shareholders and election card mailed by
Roberts Realty Investors, Inc. to shareholders on December 31, 2008.
2
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: December 31, 2008
By:
/
s/ Charles R.
Elliott
Charles R. Elliott
Chief Financial
Officer
3
EXHIBIT INDEX
Exhibit No.
Exhibit
99.1
Cover letter, memorandum to shareholders and election card mailed by
Roberts Realty Investors, Inc. to shareholders on December 31, 2008.
4