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IRT PROPERTY COMPANY REPORTS INCREASED EARNINGS AND FUNDS FROM OPERATIONS

 IRT PROPERTY COMPANY REPORTS INCREASED EARNINGS
 AND FUNDS FROM OPERATIONS
 ATLANTA, Aug. 13 /PRNewswire/ -- IRT Property Company (NYSE: IRT), the southeastern shopping center REIT, announced its operating results for the second quarter and six months ended June 30.
 Funds from operations -- the most accurate measure of performance for a real estate investment company -- increased to $3,314,458 for the second quarter of 1992 from $2,816,503 for the previous year's second quarter.
 Second quarter 1992 earnings before gain on sales of properties and extraordinary items increased to $1,833,940 or $.13 per share from $1,424,699 or $.12 per share for the comparable period in 1991.
 Net earnings were $1,831,309 or $.13 per share for the second quarter of 1992, compared to $1,774,639 or $.15 per share in 1991. Net earnings for 1992 included a $2,631 extraordinary loss on early retirement of indebtedness, while net earnings for 1991 included a $349,940 gain on sales of properties.
 For the six months ended June 30, funds from operations increased to $6,590,759 from $5,777,801 in 1991. Earnings before gain on sales of properties and extraordinary items increased to $3,637,507 or $.27 per share from $2,984,318 or $.25 per share for the comparable period of 1991. Net earnings totaled $3,818,233 or $.28 per share for 1992, compared to $3,351,658 or $.28 per share for 1991. Net earnings for 1992 included a $183,357 gain on sales of properties and a $2,631 extraordinary loss on the early retirement of indebtedness, while net earnings for 1991 included the $349,940 gain on sales of properties and a $17,400 extraordinary gain on the purchase of a portion of IRT's debentures.
 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, K mart, Harris Teeter Supermarkets, Publix, Kroger and other popular national and regional chain stores. The portfolio of 101 investments represents more than 6.8 million square feet of retail space.
 IRT PROPERTY COMPANY
 6 mos. ended June 30 1992 1991
 Gross revenues $15,511,280 $14,333,551
 Earnings from operations $ 3,637,507 $ 2,984,318
 Gain on sales of properties 183,357 349,940
 Earnings before extraord. items 3,820,864 3,334,258
 Extraord. items -- loss on early
 retirement of indebtedness (2,631) ---
 Gain on purchase of debentures --- 17,400
 Net earnings $ 3,818,233 $ 3,351,658
 Funds from operations (a) $ 6,590,759 $ 5,777,801
 Average shares 13,694,014 12,003,508
 Per share:
 Earnings from operations $ .27 $ .25
 Gain on sales of properties .01 .03
 Earnings before extraord. items .28 .28
 Loss on early retirement of indebtedness --- ---
 Gain on purchase of debentures --- ---
 Net earnings $ .28 $ .28
 3 mos. ended June 30 1992 1991
 Gross revenues $ 7,786,278 $ 7,080,858
 Earnings from operations $ 1,833,940 $ 1,424,699
 Gain on sales of properties --- 349,940
 Earnings before extraord. items 1,833,940 1,774,639
 Extraord. items -- loss on early
 retirement of indebtedness (2,631) ---
 Net earnings $ 1,831,309 $ 1,774,639
 Funds from operations (a) $ 3,314,458 $ 2,816,503
 Average shares 13,709,476 12,013,786
 Per share:
 Earnings from operations $ .13 $ .12
 Gain on sales of properties --- .03
 Earnings before extraord. items .13 .15
 Loss on early retirement of indebtedness --- ---
 Net earnings $ .13 $ .15
 (a) Funds from operations is defined as net cash flows from operating activities before changes in accrued assets and liabilities.
 -0- 8/13/92
 /CONTACT: Mary M. Thomas, executive vice president and treasurer of IRT Property, 404-955-4406/
 (IRT) CO: IRT Property Company ST: Georgia IN: SU: ERN


BR-BN -- AT004 -- 9529 08/13/92 10:28 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
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