IRT Acquires Shopping Center in Orlando for $8 Million; Completes Second Acquisition of 2001 for a Total of $19.6 Million

Apr 17, 2001, 01:00 ET from IRT Property Company

    ATLANTA, April 17 /PRNewswire/ -- IRT Property Company (NYSE:   IRT) today
 announced it has acquired Unigold Shopping Center, a 102,985-square-foot
 shopping center in the Winter Park area of Orlando, Florida, for approximately
 $8 million.
     Unigold is currently 97% leased and anchored by a 52,500-square-foot Winn-
 Dixie.  Based upon leases currently in place, the Company expects an initial
 yield of approximately 11% on its investment.
     "Our commitment to acquiring properties in high-growth markets through
 one-off transactions has again produced another exciting opportunity for us,"
 stated Thomas H. McAuley, chairman and chief executive officer of IRT Property
 Company.  "Similar to our acquisition in Coral Springs, Florida, earlier this
 year, this property offers an attractive initial yield and additional upside
 potential through re-leasing and the ability to expand the property by an
 additional 10,000 square feet.  We are already well on the way to meeting our
 acquisition goal for the year and believe there will be additional
 opportunities for select, one-off transactions."
     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, Kmart and other popular national and
 regional chain stores.  The portfolio of 93 shopping center investments
 includes approximately 9.7 million square feet of retail space.
     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, 2000
 under "Special Cautionary Notice Regarding Forward Looking Statements" and
 "Risk Factors," and otherwise in the Company's SEC reports and filings.
 
 

SOURCE IRT Property Company
    ATLANTA, April 17 /PRNewswire/ -- IRT Property Company (NYSE:   IRT) today
 announced it has acquired Unigold Shopping Center, a 102,985-square-foot
 shopping center in the Winter Park area of Orlando, Florida, for approximately
 $8 million.
     Unigold is currently 97% leased and anchored by a 52,500-square-foot Winn-
 Dixie.  Based upon leases currently in place, the Company expects an initial
 yield of approximately 11% on its investment.
     "Our commitment to acquiring properties in high-growth markets through
 one-off transactions has again produced another exciting opportunity for us,"
 stated Thomas H. McAuley, chairman and chief executive officer of IRT Property
 Company.  "Similar to our acquisition in Coral Springs, Florida, earlier this
 year, this property offers an attractive initial yield and additional upside
 potential through re-leasing and the ability to expand the property by an
 additional 10,000 square feet.  We are already well on the way to meeting our
 acquisition goal for the year and believe there will be additional
 opportunities for select, one-off transactions."
     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, Kmart and other popular national and
 regional chain stores.  The portfolio of 93 shopping center investments
 includes approximately 9.7 million square feet of retail space.
     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, 2000
 under "Special Cautionary Notice Regarding Forward Looking Statements" and
 "Risk Factors," and otherwise in the Company's SEC reports and filings.
 
 SOURCE  IRT Property Company