IRT Completes $20 Million in Secured Financings

Apr 19, 2001, 01:00 ET from IRT Property Company

    ATLANTA, April 19 /PRNewswire/ -- IRT Property Company (NYSE:   IRT) today
 announced it has completed non-recourse, secured financing on three shopping
 centers for a total of $20.7 million at a weighted average fixed interest rate
 of 7.17%.
     The loans have a 10-year term and 30-year amortization and are secured by
 Heritage Walk in Milledgeville, Georgia, Pine Ridge Square in Fort Lauderdale,
 Florida, and Macland Pointe in Atlanta, Georgia.  Proceeds from the financings
 were used to pay down general corporate debt.
     "The completion of these financings and our $50 million senior note
 offering earlier this month at favorable rates and terms is significant in
 many respects," stated James G. Levy, executive vice president and chief
 financial officer of IRT Property Company.  "With over 65% of our asset base
 unencumbered and with no loan maturities until 2003, we have maintained a
 conservative capital structure and enhanced our ability to continue to pursue
 our development program and one-off acquisitions.  The flexibility we have on
 our balance sheet has also enabled us to quickly take advantage of several new
 opportunities."
     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 19 /PRNewswire/ -- IRT Property Company (NYSE:   IRT) today
 announced it has completed non-recourse, secured financing on three shopping
 centers for a total of $20.7 million at a weighted average fixed interest rate
 of 7.17%.
     The loans have a 10-year term and 30-year amortization and are secured by
 Heritage Walk in Milledgeville, Georgia, Pine Ridge Square in Fort Lauderdale,
 Florida, and Macland Pointe in Atlanta, Georgia.  Proceeds from the financings
 were used to pay down general corporate debt.
     "The completion of these financings and our $50 million senior note
 offering earlier this month at favorable rates and terms is significant in
 many respects," stated James G. Levy, executive vice president and chief
 financial officer of IRT Property Company.  "With over 65% of our asset base
 unencumbered and with no loan maturities until 2003, we have maintained a
 conservative capital structure and enhanced our ability to continue to pursue
 our development program and one-off acquisitions.  The flexibility we have on
 our balance sheet has also enabled us to quickly take advantage of several new
 opportunities."
     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