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IRT PROPERTY REPORTS 1991 FINANCIAL RESULTS

 IRT PROPERTY REPORTS 1991 FINANCIAL RESULTS
 ATLANTA, Feb. 18 /PRNewswire/ -- IRT Property Company (NYSE: IRT),


the southeastern shopping center REIT, announced its 1991 financial results today.
 Earnings from operations for 1991 were $6,261,200 or $.50 per share compared to $6,656,881 or $.55 per share for 1990. Net earnings were $7,413,075 or $.59 per share for 1991 compared to $11,717,244 or $.97 per share for 1990. Net earnings for 1991 included a $1,134,475 gain on sales of properties and a $17,400 extraordinary gain on the purchase of IRT's EuroDollar debentures, while 1990 net earnings included $4,001,561 gain on sales of properties and a $1,058,802 extraordinary gain on the purchase of its debentures.
 Funds from operations -- the most accurate measure of performance for a real estate investment company -- were $11,840,167 or $.94 per share for 1991 compared to $12,238,142 or $1.02 per share for 1990. Gains on sales of properties and extraordinary gains are not included in funds from operations.
 Funds from operations for the fourth quarter of 1991 increased to $3,146,319 from $2,970,188 in the fourth quarter of 1990. Per share amounts, however, decreased to $.23 from $.25 due to an increased number of shares of stock outstanding during 1991.
 Earnings from operations for the fourth quarter of 1991 were $1,759,151 or $.13 per share compared to $1,552,252 or $.13 per share for the same quarter of 1990. Net earnings for the fourth quarter were $2,543,686 or $.19 per share for 1991 and $5,619,803 or $.47 per share for 1990. Net earnings for the fourth quarter of 1991 included a $784,535 gain on sales of properties, while fourth quarter 1990 net earnings included a $4,001,561 gain on sales of properties and a $65,990 extraordinary gain on the purchase of IRT's EuroDollar 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 91 investments represents more than 5.2 million square feet of retail space.
 IRT PROPERTY COMPANY
 Year ended Dec. 31 1991 1990
 Gross revenues $28,686,196 $29,808,804
 Earnings before gain on sales of
 properties $ 6,261,200 $ 6,656,881
 Gain on sales of properties 1,134,475 4,001,561
 Earnings before extraord. item 7,395,675 10,658,442
 Extraord. item -- gain on purchase
 of debentures 17,400 1,058,802
 Net earnings $ 7,413,075 $11,717,244
 Funds from operations (a) $11,840,167 $12,238,142
 Average shares 12,633,644 12,038,407
 Per share:
 Earnings before gain on sales of
 properties $ .50 $ .55
 Gain on sales of properties .09 .33
 Earnings before extraord. item .59 .88
 Gain on purchase of debentures --- .09
 Net earnings $ .59 $ .97
 Funds from operations $ .94 $1.02
 3 mos. ended Dec. 31 1991 1990
 Gross revenues $ 7,137,299 $ 7,468,491
 Earnings before gain on sales of
 properties $ 1,759,151 $ 1,552,252
 Gain on sales of properties 784,535 4,001,561
 Earnings before extraord. item 2,543,686 5,553,813
 Extraord. item -- gain on purchase
 of debentures --- 65,990
 Net earnings $ 2,543,686 $ 5,619,803
 Funds from operations (a) $ 3,146,319 $ 2,970,188
 Average shares 13,655,546 11,970,004
 Per share:
 Earnings before gain on sales of
 properties $ .13 $ .13
 Gain on sales of properties .06 .33
 Earnings before extraord. item .19 .46
 Gain on purchase of debentures --- .01
 Net earnings $ .19 $ .47
 Funds from operations $ .23 $ .25


(a) Funds from operations is defined as net cash flows from operating activities before changes in accrued assets and liabilities.
 -0- 2/18/92
 /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 -- AT004 -- 9916 02/18/92 11:59 EST
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