Printer Friendly

IRT PROPERTY COMPANY ANNOUNCES COMMON STOCK AND DEBENTURE OFFERINGS

 ATLANTA, Aug. 25 /PRNewswire/ -- IRT Property Company (NYSE: IRT) today announced concurrent public offerings of (a) 4 million shares of common stock (of which 3,600,000 shares were offered by the company and 400,000 shares by the selling shareholders) at $11.25 per share and (b) $75 million principal amount of 7.3 percent convertible subordinated debentures due 2003.
 The debentures are convertible into shares of common stock at $11.25 per share. IRT will have approximately 24.7 million shares of common stock outstanding following the offering.
 The co-managers of the offerings are Merrill Lynch & Co., Alex. Brown & Sons Incorporated and A.G. Edwards & Sons, Inc.
 The company said proceeds will be used to purchase neighborhood and community shopping centers primarily in the Southeast, to renovate or expand presently owned properties and to retire debt.
 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 and Harris Teeter, Publix and Kroger supermarkets. The portfolio of 68 shopping center investments represents approximately 6.8 million square feet of retail space.
 -0- 8/25/93
 /CONTACT: Mary M. Thomas, executive vice president and treasurer of IRT Property, 404-955-4406/
 (IRT)


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

RA-BN -- AT001 -- 5728 08/25/93 09:20 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 25, 1993
Words:223
Previous Article:MICHIGAN ST HOSP FIN AUTH (MCLAREN) $108.7 MIL 1993A BNDS 'A' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:GRAPHIC INDUSTRIES REPORTS SALES AND EARNINGS UP FOR SECOND QUARTER AND FIRST HALF
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters