SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
SECURITIES EXCHANGE ACT OF 1934
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IRT PROPERTY COMPANY
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IRT PROPERTY COMPANY
200 GALLERIA PARKWAY, SUITE 1400
ATLANTA, GEORGIA 30339
IRT SELLS TWO SHOPPING CENTERS FOR $3.9 MILLION
ATLANTA (December 2, 2002) -- IRT Property Company (NYSE:IRT) today announced
the sale of Asheville Plaza, a 49,800-square-foot shopping center in Asheville,
North Carolina, and Lexington Shopping Center, a 36,535-square-foot shopping
center in Lexington, Virginia, for a combined $3.865 million. The Company will
report a gain of approximately $1.9 million on the sales during the fourth
quarter of 2002.
James G. Levy, IRT Property Company's executive vice president and chief
financial officer, stated, "We have completed the sale of three shopping centers
so far this year and have another center under contract. These sales are
consistent with our strategy of focusing on higher growth properties in larger
markets. These dispositions of smaller, limited growth properties will also
better position the combined portfolio as we move forward with the previously
announced merger with Equity One."
A self-administered equity real estate investment trust, IRT specializes in
Southeastern United States shopping centers. Anchor tenants include Publix,
Kroger, Harris Teeter, Wal-Mart and other popular national and regional chain
stores. The portfolio of 90 shopping center investments includes approximately
9.7 million square feet of retail space. For additional information, please
visit the company's Web site at www.irtproperty.com.
Equity One will be filing a registration statement on Form S-4, containing
a joint proxy statement/prospectus and other relevant documents, with the SEC
concerning the proposed merger between Equity One and IRT. You are urged to read
the registration statement containing the joint proxy statement/prospectus and
any other relevant documents filed or that will be filed with the SEC when they
become available because they will contain important information about Equity
One, IRT and the merger. You may obtain the registration statement containing
the joint proxy statement/prospectus and other documents free of charge at the
SEC's web site, www.sec.gov. The joint proxy statement/prospectus and these
other documents may also be obtained for free from Equity One by directing a
request to Equity One, 1696 N.E. Miami Gardens Drive, North Miami Beach, Florida
33179, Attention: Investor Relations, telephone: (305) 947-1664 and from IRT by
directing a request to IRT Property Company, 200 Galleria Parkway, Suite 1400,
Atlanta, Georgia 30339, Attention: Investor Relations, telephone: (770)
955-4406.
Equity One and IRT, and their respective directors and executive officers
and other members of their management and employees, may be deemed to be
participants in the solicitation of proxies from the stockholders of Equity One
and IRT in connection with the merger. Information about the directors and
executive officers of Equity One and their ownership of Equity One shares is set
forth in the proxy statement for Equity One's 2002 annual meeting of
stockholders. Information about the directors and executive officers of IRT and
their ownership of IRT stock is set forth in the proxy statement for IRT's 2002
annual meeting of shareholders. Investors may obtain additional information
regarding the interests of such participants by reading the joint proxy
statement/prospectus when it becomes available.
In addition to historical information, this press release may include
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements are based on information presently available to
management and are subject to various risks and uncertainties, including,
without limitation, those described in the Company's annual report on Form 10-K
for the year ended December 31, 2001, under "Special Cautionary Notice Regarding
Forward Looking Statements" and "Risk Factors," and otherwise in the Company's
SEC reports and filings.