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IRT PROPERTY COMPANY ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION BY UNDERWRITERS

 ATLANTA, Sept. 15 /PRNewswire/ -- IRT Property Company (NYSE: IRT) today announced the exercise by the underwriters of the over-allotment options granted in the concurrent public offerings completed Aug. 31.
 Upon the exercise and closing of these options, an additional 586,200 shares (527,580 shares by the company and 58,620 shares by the selling shareholders) were sold at $11.25 per share, the original offering price, and an additional $11,250,000 principal amount of 7.3 percent convertible subordinated debentures were sold. The debentures are convertible into shares of common stock at $11.25 per share. IRT now has approximately 25.3 million shares of common stock outstanding.
 The co-managers of the offerings are Merrill Lynch & Co., Alex. Brown & Sons Incorporated and A.G. Edwards & Sons, Inc.
 The company said proceeds of the offerings, including the over- allotment options, 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- 9/15/93
 /CONTACT: Lee A. Harris, senior vice president and secretary of IRT Property, 404-955-4406/
 (IRT)


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

BR -- AT002 -- 2084 09/15/93 08:53 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
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