Filed by Equity One, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: IRT Property Company
Commission File No. 001-07859
NEWS RELEASE
Equity One, Inc. For additional information at the Company:
1696 NE Miami Gardens Drive Howard Sipzner, CFO
North Miami Beach, FL 33179 Michele Guard, Investor Relations
305-947-1664 Media Contact:
Abbe Solomon 305-446-2700
FOR IMMEDIATE RELEASE:
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December 2, 2002
EQUITY ONE, INC. DECLARES FOURTH QUARTER CASH DIVIDEND
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North Miami Beach, FL, December 2, 2002 -- The Board of Directors of Equity One,
Inc. (NYSE: EQY) has declared a cash dividend of $0.27 per common share for the
quarter ending December 31, 2002, payable on December 31, 2002 to shareholders
of record on December 16, 2002.
About Equity One
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Equity One Inc. is a North Miami Beach, Fla.-based real estate investment trust
that acquires, renovates, develops and manages neighborhood shopping centers
anchored by national and regional supermarket chains and other
necessity-oriented retailers such as drug stores or discount retail stores.
Equity One's 8.6 million-square-foot portfolio consists of 87 properties
primarily located in metropolitan areas of Florida and Texas, encompassing 55
supermarket-anchored shopping centers, eight drug store-anchored shopping
centers, 18 other retail-anchored shopping centers, three commercial properties
and three retail developments, as well as non-controlling interests in four
unconsolidated joint ventures. For additional information, please visit the
company's Web site at www.equityone.net.
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 Property Company
("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.
Forward Looking Statements
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Certain matters discussed in this press release constitute forward-looking
statements within the meaning of the federal securities laws. Although Equity
One believes that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance that its
expectations will be achieved. Factors that could cause actual results to differ
materially from current expectations include changes in macro-economic
conditions and the demand for office space in the markets in which each has a
substantial presence; the continuing financial success of Equity One's and IRT's
current and prospective tenants; Equity One's ability to merge successfully the
operations of IRT into the
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Equity One organization; Equity One's ability to
realize economies of scale; and other risks, which are described in Equity One's
Form 10-K, which is on file with the Securities and Exchange Commission.
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