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IRT PROPERTY COMPANY REPORTS INCREASED EARNINGS AND FUNDS FROM OPERATIONS FOR THE THIRD QUARTER OF 1992

 IRT PROPERTY COMPANY REPORTS INCREASED EARNINGS
 AND FUNDS FROM OPERATIONS FOR THE THIRD QUARTER OF 1992
 ATLANTA, Nov. 5 /PRNewswire/ -- IRT Property Company (NYSE: IRT), the southeastern shopping center REIT, today announced its operating results for the third quarter and nine months ended Sept. 30.
 Funds from operations -- the most accurate measure of performance for a real estate investment company -- increased 22 percent to $3,571,532 for the third quarter of 1992 from $2,916,047 for the previous year's third quarter. This increase reflects, for the first time, the operating results of the 11 shopping center investments acquired by the company on July 31.
 Third quarter 1992 net earnings were $1,767,881 or $.13 per share, compared to $1,517,731 or $.12 per share for the comparable period in 1991.
 For the nine months ended Sept. 30, funds from operations increased 17 percent to $10,162,291 from $8,693,848 in 1991. Earnings before gain on sales of properties and extraordinary items were $5,405,388 or $.39 per share compared to $4,502,049 or $.37 per share for the comparable period of 1991. Net earnings totaled $5,586,114 or $.40 per share for 1992, compared to $4,869,389 or $.40 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 a $349,940 gain on sales of properties and a $17,400 extraordinary gain on the purchase of a portion of IRT's debentures.
 Donald W. MacLeod, chairman and president of IRT, stated: "To date in 1992, the company has acquired 15 shopping center investments for approximately $110 million. The increases in funds from operations and net earnings for the quarter and nine months of 1992 are reflective of these acquisitions."
 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, Kmart, Harris Teeter Supermarkets, Publix, Kroger and other popular national and regional chain stores. The portfolio of 78 investments represents more than 5 million square feet of retail space.
 IRT PROPERTY COMPANY
 9 mos. ended Sept. 30 1992 1991
 Gross revenues $25,009,767 $21,548,897
 Earnings from operations $ 5,405,388 $ 4,502,049
 Gain on sales of properties 183,357 349,940
 Earnings before extraord. items 5,588,745 4,851,989
 Extraord. items -- loss on early
 retirement of indebtedness (2,631) ---
 Gain on purchase of debentures --- 17,400
 Net earnings $ 5,586,114 $ 4,869,389
 Funds from operations (a) $10,162,291 $ 8,693,848
 Average shares 13,791,330 12,289,267
 Per share:
 Earnings from operations $ .39 $ .37
 Gain on sales of properties .01 .03
 Earnings before extraord. items .40 .40
 Loss on early retirement of indebtedness --- ---
 Gain on purchase of debentures --- ---
 Net earnings $ .40 $ .40
 3 mos. ended Sept. 30 1992 1991
 Gross revenues $ 9,498,487 $ 7,215,346
 Earnings from operations $ 1,767,881 $ 1,517,731
 Gain on sales of properties --- ---
 Earnings before extraord. items 1,767,881 1,517,731
 Extraord. items -- loss on early
 retirement of indebtedness --- ---
 Net earnings $ 1,767,881 $ 1,517,731
 Funds from operations (a) $ 3,571,532 $ 2,916,047
 Average shares 13,983,846 12,851,467
 Per share:
 Earnings from operations $ .13 $ .12
 Gain on sales of properties --- ---
 Earnings before extraord. items .13 .12
 Loss on early retirement of indebtedness --- ---
 Net earnings $ .13 $ .12
 (a) Funds from operations is defined as net cash flows from operating activities before changes in accrued assets and liabilities.
 -0- 11/5/92
 /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


EA-BN -- AT004 -- 2927 11/05/92 09:55 EST
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Publication:PR Newswire
Date:Nov 5, 1992
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