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IRT PROPERTY COMPANY ANNOUNCES REDEMPTION OF DEBENTURES

 ATLANTA, July 7 /PRNewswire/ -- IRT Property Company (NYSE: IRT) today announced that $12,550,000 of its 2 percent convertible subordinated debentures due in June 1, 2002 have been tendered to the company for mandatory redemption on Aug. 1, 1993.
 This represents the remaining outstanding balance of the original $25 million debenture offering completed June 1, 1987. These bonds, which are listed on the London Stock Exchange, were held by foreign investors.
 According to the terms of the debentures, the company is required to redeem at least $12,500,000 of such debentures at a premium to par of 45 percent. The company's board of directors has authorized the redemption of $12,550,000 of such debentures; and after such redemption, no debentures will remain outstanding. Included in the amount of debentures tendered for redemption was $6,820,000 of debentures held by a subsidiary of the company.
 A self-administered equity real estate investment trust (REIT), IRT specializes in southeastern United States shopping centers. Anchor tenants include Publix, Kroger, Harris Teeter, Wal-Mart, Kmart and other popular national and regional chain stores. The portfolio of 87 investments includes more than 6.6 million square feet of retail space.
 -0- 7/7/93
 /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:

RA-BR -- AT006 -- 9041 07/07/93 11:30 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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