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IRT PROPERTY COMPANY REPORTS THIRD QUARTER 1991 RESULTS

 IRT PROPERTY COMPANY REPORTS THIRD QUARTER 1991 RESULTS
 ATLANTA, Nov. 14 /PRNewswire/ -- IRT Property Company (NYSE: IRT), the southeastern shopping center REIT, today announced its operating results for the third quarter and nine months ended Sept. 30.
 Funds from operations were $2,916,047 for the third quarter of 1991, compared to $3,114,779 for the previous year's third quarter.
 Third quarter 1991 earnings before gain on sales of properties and purchase of debentures were $1,517,731 or $.12 per share, compared to $1,720,810 or $.14 per share for the comparable period in 1990.
 Net earnings were $1,517,731 or $.12 per share for the third quarter of 1991, compared to $2,013,805 or $.17 per share in 1990. Net earnings for 1990 included a $292,995 gain on the purchase of a portion of IRT's Eurodollar debentures.
 For the nine months ended Sept. 30, funds from operations totaled $8,693,848, compared to $9,267,954 in 1990. Earnings before gain on sales of properties and purchase of debentures were $4,502,049 or $.37 per share, compared to $5,104,629 or $.42 per share for the comparable period of 1990. Net earnings totaled $4,869,389 or $.40 per share for 1991, compared to $6,097,441 or $.50 per share for 1990. Net earnings for 1991 included a $349,940 gain on sales of properties and a $17,400 gain on the purchase of a portion of IRT's debentures, while net earnings for 1990 included a $992,812 gain on purchase of debentures.
 A self-administered equity real estate investment trust (REIT), IRT is the largest REIT specializing in southeastern United States shopping centers. Anchor tenants include Harris Teeter, Wal-Mart, Ingles and other popular national and regional chain stores. The portfolio of 88 investments represents more than 5 million square feet of retail space.
 IRT PROPERTY COMPANY
 9 mos. ended Sept. 30 1991 1990
 Gross revenues $21,548,897 $22,340,313
 Earnings before gain on sales of
 properties $ 4,502,049 $ 5,104,629
 Gain on sales of properties 349,940 ---
 Earnings before extraord. item 4,851,989 5,104,629
 Extraord. item -- gain on purchase
 of debentures 17,400 992,812
 Net earnings $ 4,869,389 $ 6,097,441
 Funds from operations (a) $ 8,693,848 $ 9,267,954
 Average shares 12,289,267 12,061,458
 Per share:
 Earnings before gain on sales of
 properties $ .37 $ .42
 Gain on sales of properties .03 ---
 Earnings before extraord. item .40 .42
 Gain on purchase of debentures --- .08
 Net earnings $ .40 $ .50
 Funds from operations $ .71 $ .77
 3 mos. ended Sept. 30 1991 1990
 Gross revenues $ 7,215,346 $ 7,398,951
 Earnings before gain on sales of
 properties $ 1,517,731 $ 1,720,810
 Gain on sales of properties --- ---
 Earnings before extraord. item 1,517,731 1,720,810
 Extraord. item -- gain on purchase
 of debentures --- 292,995
 Net earnings $ 1,517,731 $ 2,013,805
 Funds from operations (a) $ 2,916,047 $ 3,114,779
 Average shares 12,851,467 11,944,345
 Per share:
 Earnings before gain on sales of
 properties $ .12 $ .14
 Gain on sales of properties --- ---
 Earnings before extraord. item .12 .14
 Gain on purchase of debentures --- .03
 Net earnings $ .12 $ .17
 Funds from operations $ .23 $ .26


(a) Funds from operations is defined as net cash flows from operating activities before changes in accrued assets and liabilities.
 -0- 11/14/91
 /CONTACT: Mary M. Thomas, executive vice president and treasurer of IRT Property Co., 404-955-4406/
 (IRT) CO: IRT Property Company ST: Georgia IN: SU: ERN BN-BR -- AT002 -- 4338 11/14/91 10:29 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 14, 1991
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