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                         SECURITIES EXCHANGE ACT OF 1934

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[ ]  Preliminary Proxy Statement                                  [ ]  Confidential, for Use of the Commission Only
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                              IRT PROPERTY COMPANY
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                (Name of Registrant as Specified In Its Charter)

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                 IRT PROPERTY COMPANY ANNOUNCES ELECTION RESULTS

ATLANTA  (February  12,  2003)  -  IRT Property Company (NYSE:IRT) has announced
that,  in  connection  with its proposed merger with Equity One Inc. (NYSE:EQY),
the  holders  of  approximately  15.5  million  shares  of IRT common stock have
elected  to  receive  $12.15  in cash for each share of IRT common stock and the
holders of approximately 14.4 million shares of IRT common stock have elected to
receive  0.9  shares  of Equity One common stock.   The holders of approximately
4.5  million  shares of IRT common stock did not timely submit an election form.
As  permitted  by the merger agreement, Equity One has informed the Company that
it  currently  intends  to issue shares of Equity One common stock to holders of
IRT  common  stock  that did not timely make an election, assuming the merger is
consummated.

Based  on  these  preliminary  results,  each  holder  who properly submitted an
election form will receive the merger consideration that such holder has elected
and,  therefore,  there  will  be no proration of the cash portion of the merger
consideration.

This  information  is  based  on  preliminary results received from the exchange
agent  and  is  therefore  subject  to  change.

The  closing  of  the merger is subject to certain closing conditions, including
approval  by  the  merger  of  IRT's  shareholders.  The  special meeting of IRT
shareholders  is  scheduled  to  be  held  at  10:00 a.m., on February 12, 2003.

A  self-administered  equity  real  estate  investment trust, IRT specializes in
Southeastern  United  States  shopping  centers.  Anchor tenants include Publix,
Kroger,  Harris  Teeter,  Wal-Mart and other popular national and regional chain
stores.  The  portfolio of 89 shopping center investments includes approximately
9.7  million  square  feet  of retail space.  For additional information, please
visit  the  company's  Web  site  at  www.irtproperty.com.