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IRT PROPERTY COMPANY PURCHASES SHOPPING CENTERS

 IRT PROPERTY COMPANY PURCHASES SHOPPING CENTERS
 ATLANTA, Feb. 5 /PRNewswire/ -- IRT Property Company (NYSE: IRT)


today announced the purchase of four shopping centers for prices aggregating approximately $15,457,000.
 Elmwood Oaks Shopping Center in Harahan (greater New Orleans), La., consists of 134,000 square feet of retail space and is anchored by Wal-Mart, Western Auto, Sound Warehouse and McDonald's. Stanley Market Place is Stanley (greater Charlotte), N.C., is a Winn-Dixie-anchored center containing 40,300 square feet of space. Chadwick Square in Hendersonville, N.C., and Chestnut Square in Brevard, N.C., are each anchored by Food Lion and contain 31,700 and 39,600 square feet, respectively.
 These new investments were purchased with cash totaling $3,723,000 subject to existing mortgage debt of $11,734,000. The company said it expects a yield on its cash investment in excess of 10.5 percent per annum.
 In making the announcement, Donald W. MacLeod, chairman and president of the company, said: "The purchase of these four shopping centers serves as evidence of the values available in today's market to investors who have purchasing power. We believe these purchasing opportunities will continue to be available for the remainder of the year and into 1993, and IRT Property Company intends to continue to be an active purchaser during this period of extraordinary values."
 A self-administered equity real estate investment trust (REIT), IRT is the largest REIT specializing in southeastern United States shopping centers. Anchor tenants include Harris Teeter, Wal-Mart, Ingles and other popular national and regional chain stores. The portfolio of 91 investments represents more than 5,200,000 million square feet of retail space.
 -0- 2/5/92
 /CONTACT: W. Benjamin Jones III, senior vice president of IRT Property Company, 404-955-4406/
 (IRT) CO: IRT Property Company ST: Georgia IN: SU: RLE


BN-BR -- AT018 -- 7301 02/05/92 15:10 EST
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Date:Feb 5, 1992
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