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IRT REPORTS INCREASED OPERATING RESULTS FOR 1992

 ATLANTA, Feb. 22 /PRNewswire/ -- IRT Property Company (NYSE: IRT), the southeastern shopping center REIT, today announced its 1992 operating results.
 Net earnings increased to $10,973,952 or $.74 per share for 1992 from $7,413,075 or $.59 per share for 1991. Net earnings for 1992 included a $3,547,071 net gain on sales of properties and a $14,811 extraordinary loss on extinguishment of debt, while 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. Excluding gains on sales of properties and extraordinary items, earnings from operations for 1992 increased to $7,441,692 from $6,261,200 for 1991. Per share amounts, however, remained constant at $.50 due to an increased number of shares outstanding in 1992.
 Funds from operations -- the most accurate measure of performance for a real estate investment company -- increased 17 percent to $13,804,159 for 1992 from $11,840,167 for 1991. Gains on sales of properties and extraordinary items are not included in funds from operations.
 Net earnings for the fourth quarter of 1992 increased to $5,387,838 or $.30 per share from $2,543,686 or $.19 per share for the same quarter of 1991. Net earnings for the fourth quarter of 1992 included a $3,363,714 net gain on sales of properties and a $12,180 extraordinary loss on extinguishment of debt, while net earnings for the fourth quarter of 1991 included a $784,535 gain on sales of properties. Excluding gains on sales and extraordinary items, earnings from operations for the fourth quarter of 1992 increased to $2,036,304 from $1,759,151 in the same quarter of 1991. Due to an increased number of shares outstanding during 1992, earnings from operations totaled $.11 per share in 1992 and $.13 per share in 1991.
 Funds from operations for the fourth quarter of 1992 increased 16 percent to $3,641,868 from $3,146,319 in the fourth quarter of 1991.
 A self-administered equity real estate investment trust (REIT), IRT is the largest REIT specializing in southeastern United States shopping centers. Anchor tenants include Wal-Mart, Kmart, Harris Teeter, Publix and other popular national and regional chain stores. The portfolio of 86 investments represents more than 6.5 million square feet of retail space.
 IRT PROPERTY COMPANY
 Year ended Dec. 31 1992 1991
 Gross revenues $34,006,687 $28,686,196
 Earnings from operations $ 7,441,692 $ 6,261,200
 Gain on sales of properties, net 3,547,071 1,134,475
 Earnings before extraordinary items $10,988,763 $ 7,395,675
 Extraordinary items
 Loss on extinguishment of debt $ (14,811) $ ---
 Gain on purchase of debentures --- 17,400
 Net earnings $10,973,952 $ 7,413,075
 Funds from operations(a) $13,804,159 $11,840,167
 Average shares 14,896,369 12,633,644
 Per share:
 Earnings from operations $ .50 $ .50
 Gain on sales of properties, net .24 .09
 Earnings before extraordinary items .74 .59
 Extraordinary items --- ---
 Net earnings $ .74 $ .59
 3 mos. ended Dec. 31 1992 1991
 Gross revenues $ 8,996,920 $ 7,137,299
 Earnings from operations $ 2,036,304 $ 1,759,151
 Gain on sales of properties, net 3,363,714 784,535
 Earnings before extraordinary item $ 5,400,018 $ 2,543,686
 Extraordinary item
 Loss on extinguishment of debt $ (12,180) $ ---
 Net earnings $ 5,387,838 $ 2,543,686
 Funds from operations(a) $ 3,641,868 $ 3,146,319
 Average shares 18,187,464 13,655,546
 Per share:
 Earnings from operations $ .11 $ .13
 Gain on sales of properties, net .19 .06
 Earnings before extraordinary item .30 .19
 Extraordinary item --- ---
 Net earnings $ .30 $ .19
 (a) Funds from operations is defined as net cash flows from operating activities before changes in accrued assets and liabilities.
 -0- 2/22/93
 /CONTACT: Mary M. Thomas, executive vice president and treasurer of IRT Property Company, 404-955-4406/
 (IRT)


CO: IRT Property Company ST: Georgia IN: SU: ERN

RA-BR -- AT014 -- 8861 02/22/93 10:11 EST
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Date:Feb 22, 1993
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