REALTY SOUTH INVESTORS, INC. REPORTS RESULTS
REALTY SOUTH INVESTORS, INC. REPORTS RESULTS ATLANTA, Feb. 18 /PRNewswire/ -- Realty South Investors, Inc.
(AMEX: RSI) reported today that the company incurred a net loss for 1991 of $5,675,891, compared with a net loss of $1,241,946 for 1990.
The 1991 results reflected a provision for possible losses on real estate investments of $5,610,115 as compared with a loss provision of $1,800,000 in 1990. Arthur G. Weiss, who was elected as chairman of the board of directors and chief executive officer of the company in March 1991, stated that the company has taken a rigorous review of the company's real estate portfolio in order to position the company for a rebound from current economic conditions. In beginning to take steps to enhance stockholder values, Weiss announced that Realty South acquired a 50 percent interest in the 228-unit residential apartment community in Clearwater, Fla., on Dec. 31, 1991. The development, known as Post Court, will continue to be managed by Post Properties, Inc. of Atlanta, the premier residential apartment community developer and operator in the Southeast. The balance of the development is owned by principals of Post. Weiss announced that the board of directors, at its meeting today, approved the formaiton of an Advisory Group to consult with the company in its future endeavors. The following persons have accepted an appointment to the Advisory Group: John A. Williams, chairman, Post Properties, Inc. (apartment development and management); Daniel M. Dupree, president and CEO, New Market Development Co. (shopping center development and management); and Robert C. Goddard III, partner, Brannen/Goddard Co. (office and industrial properties). Weiss also announced that Robert P. Hunter Jr. has been appointed president of the company. Hunter was former senior vice president, general counsel and secretary of Cousins Properties Incorporated and has been active in community affairs. In making the announcement, Weiss said, "We are extremely pleased to have someone with Bob Hunter's experience and talents to join RSI's management team." -0- 2/18/92 /CONTACT: Arthur G. Weiss of Realty South Investors, 404-240-4114/ (RSI) CO: Realty South Investors, Inc. ST: Georgia IN: SU: ERN PER
BN-TG -- AT010 -- 0158 02/18/92 17:18 EST
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|Date:||Feb 18, 1992|
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