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IRT PROPERTY COMPANY ANNOUNCES POTENTIAL $70 MILLION ACQUISITION OF WAL-MART ANCHORED SHOPPING CENTERS

 IRT PROPERTY COMPANY ANNOUNCES POTENTIAL $70 MILLION
 ACQUISITION OF WAL-MART ANCHORED SHOPPING CENTERS
 ATLANTA, May 20 /PRNewswire/ -- IRT Property Company (NYSE: IRT), the southeastern shopping center REIT, today announced that it had entered into a preliminary letter of intent to acquire a portfolio of eight neighborhood and community shopping centers in Georgia, Florida, North Carolina, Virginia and Tennessee.
 The total purchase price of the centers is approximately $70 million, and the centers are being acquired subject to first mortgage financing. IRT will pay the difference between the purchase price and the mortgage financing in cash and IRT stock.
 The preliminary agreement is subject to entering into a formal contract of sale and purchase, which will contain certain other conditions to closing. Subject to reaching a final agreement and the satisfaction of these conditions, the purchase and sale is expected to close in August 1992.
 This shopping center portfolio, which is being acquired from Dreyfus Realty Advisors, Inc. of New York representing a major institutional investor, totals approximately 1,275,000 square feet of retail space. Each of the centers is anchored with a Wal-Mart store, and other major tenants in the eight centers include Winn-Dixie, Kroger, Ingles and Delchamps.
 In making the announcement, Donald W. MacLeod, president and chairman of IRT Property Company stated: "This is the second major acquisition announced by IRT in the past seven weeks and, in each instance, the portfolio to be acquired will involve the exchange of properties for stock in IRT. This seller is a prominent institutional investor which, as a result of this transaction, will become a significant shareholder in IRT Property Company."
 -0- 5/20/92
 /CONTACT: Lee A. Harris, vice president of IRT Property Company, 404-955-4406/
 (IRT) CO: IRT Property Company ST: Georgia IN: SU: RLE


BR-EA -- AT003 -- 6222 05/20/92 12:02 EDT
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Publication:PR Newswire
Date:May 20, 1992
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