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IRT PROPERTY SELLS SHOPPING CENTER PROPERTIES TO INGLES MARKETS

 IRT PROPERTY SELLS SHOPPING CENTER PROPERTIES TO INGLES MARKETS
 ATLANTA AND ASHEVILLE, N.C., Sept. 9 /PRNewswire/ -- IRT Property Company (NYSE: IRT) ("IRT") and Ingles Markets, Incorporated (NASDAQ-NMS: IMKTA) ("Ingles") today jointly announced that they have reached an agreement whereby Ingles will purchase from IRT 23 shopping center properties which are currently leased to Ingles and anchored by supermarkets operated by Ingles.
 These shopping center properties were previously purchased by IRT in December 1986, in connection with a sale-leaseback transaction with Ingles.
 Twenty-two of the shopping center properties are located in North Carolina, and one shopping center property is located in Georgia. The purchase price of the shopping center properties is approximately $55,600,000, and the transaction is expected to close on or about Oct. 1.
 IRT is a self-administered equity real estate investment trust (REIT). IRT is the largest REIT specializing in southeastern shopping centers. Anchor tenants include Wal-Mart, Kmart and other popular national and regional chain stores and supermarkets. IRT currently maintains a portfolio of 101 investments representing more than 6.8 million square feet of retail space.
 Ingles Markets, Incorporated is a leading supermarket chain with operations in five southeastern states. Headquartered in Asheville, N.C., Ingles operates 171 supermarkets. In conjunction with its supermarket operations, the company also operates 68 neighborhood shopping centers, all but two of which contain an Ingles supermarket. The company's Class A common stock is traded on the National Market System under the NASDAQ symbol IMKTA.
 -0- 9/9/92
 /CONTACT: Mary M. Thomas, executive vice president of IRT Property Company, 404-955-4406, or Jack R. Ferguson, vice president-Finance and chief financial officer of Ingles, 704-669-2941/
 (IRT IMKTA) CO: IRT Property Company; Ingles Markets, Incorporated ST: Georgia, North Carolina IN: SU: RLE


BR-EA -- AT005 -- 7400 09/09/92 10:02 EDT
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Publication:PR Newswire
Date:Sep 9, 1992
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