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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 ANNOUNCES ELECTION RESULTS
ATLANTA (February 12, 2003) - IRT Property Company (NYSE:IRT) has announced
that, in connection with its proposed merger with Equity One Inc. (NYSE:EQY),
the holders of approximately 15.5 million shares of IRT common stock have
elected to receive $12.15 in cash for each share of IRT common stock and the
holders of approximately 14.4 million shares of IRT common stock have elected to
receive 0.9 shares of Equity One common stock. The holders of approximately
4.5 million shares of IRT common stock did not timely submit an election form.
As permitted by the merger agreement, Equity One has informed the Company that
it currently intends to issue shares of Equity One common stock to holders of
IRT common stock that did not timely make an election, assuming the merger is
consummated.
Based on these preliminary results, each holder who properly submitted an
election form will receive the merger consideration that such holder has elected
and, therefore, there will be no proration of the cash portion of the merger
consideration.
This information is based on preliminary results received from the exchange
agent and is therefore subject to change.
The closing of the merger is subject to certain closing conditions, including
approval by the merger of IRT's shareholders. The special meeting of IRT
shareholders is scheduled to be held at 10:00 a.m., on February 12, 2003.
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 89 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.