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IRT PROPERTY COMPANY SELLS DURHAM, N.C., APARTMENTS

 ATLANTA, Oct. 25 /PRNewswire/ -- IRT Property Company (NYSE: IRT) today announced the closing of the sale of Carriage House Apartments, a 272-unit town home apartment development in Durham, N.C., for $7 million cash.
 IRT recognized a gain on this sale of approximately $4.2 million for financial reporting purposes.
 In making this announcement, Donald W. MacLeod, chairman and president, stated: "This sale conforms to our strategy of concentrating on shopping center investments in the southeastern United States. Focusing on a particular type of property and in a concentrated geographic region results in greater familiarity with the market and promotes more efficient efforts in management and leasing."
 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 and Harris Teeter, Kroger and Publix supermarkets. The portfolio of 68 shopping center investments represents approximately 6.8 million square feet of retail space.
 -0- 10/25/93
 /CONTACT: Lee A. Harris, senior VP & general counsel, IRT Property Company, 404-955-4406/
 (IRT)


CO: IRT Property Company ST: Georgia, North Carolina IN: SU: RLE

BN-RA -- AT006 -- 6193 10/25/93 10:08 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
Words:193
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