Printer Friendly

IRT PROPERTY COMPANY ANNOUNCES POTENTIAL $77,500,000 SHOPPING CENTER PORTFOLIO ACQUISITION

 IRT PROPERTY COMPANY ANNOUNCES POTENTIAL $77,500,000
 SHOPPING CENTER PORTFOLIO ACQUISITION
 ATLANTA, March 31 /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 nine neighborhood and community shopping centers in Georgia, Florida, North Carolina, Tennessee, Kentucky and Alabama.
 The total purchase price of the centers is approximately $77,500,000, and the centers are being acquired by IRT subject to existing mortgage financing. IRT will pay the difference between the purchase price and the existing 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 by June 30.
 This shopping center portfolio, which totals more than 1 million square feet of retail space, includes two K-Mart anchored centers totaling in excess of 500,000 square feet. Other major anchor tenants in the nine centers include Publix Supermarkets, Kroger, J.C. Penney, Bi-Lo and Food Lion. Two of the centers are adjacent to Wal-Mart stores.
 In making the announcement, Donald W. MacLeod, president and chairman of IRT Property Company, stated: "This acquisition would represent the largest single portfolio acquisition in the 23-year history of IRT. We think this purchase is particularly significant in that part of the cost of acquisition will take the form of IRT Property Company stock. Exchanging stock for quality real estate investments permits IRT to consider acquisitions of larger shopping center portfolios and to increase its shareholder constituency. We expect to consider other packages of southeastern shopping centers on this basis."
 -0- 3/31/92
 /CONTACT: Lee A. Harris, vice president of IRT Property Company, 404-955-4406/
 (IRT) CO: IRT Property Company ST: Georgia IN: SU: RLE


EA-BN -- AT002 -- 3284 03/31/92 09:47 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 31, 1992
Words:328
Previous Article:JEAN PHILIPPE FRAGRANCES REPORTS RECORD 1991 RESULTS; SALES INCREASE 34 PERCENT, NET INCOME INCREASES 46 PERCENT
Next Article:NVF COMPANY REPORTS RESULTS
Topics:


Related Articles
IRT Board Elects McAuley Chairman
Standard & Poor's Affirms IRT Property's Corporate Credit, Unsecured Notes 'BBB-'
IRT Property Company Acquires Shopping Center For $6.35 Million.
IRT Property Company Announces Third Quarter Results; Progress Cited on New Development Initiative; Senior Leasing Executive Promoted.
IRT Property Company to Broadcast First Quarter Conference Call Live on the Internet.
IRT Property Company to Broadcast Third Quarter Conference Call Live on the Internet.
IRT Property Company to Broadcast First Quarter Conference Call Live on the Internet.
IRT Property Company Announces First Quarter Results.
IRT Property Company to Broadcast Second Quarter Conference Call Live on the Internet.
IRT Property Company to Broadcast Second Quarter Conference Call Live on the Internet.

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