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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 18, 1999
IRT PROPERTY COMPANY
(Exact name of registrant as specified in its charter)
GEORGIA 1-7859 58-1366611
(State or other (Commission file number) (I.R.S. Employer
jurisdiction of incorporation) Identification No.)
200 GALLERIA PARKWAY
SUITE 1400
ATLANTA, GEORGIA 30339
(Address of principal executive offices)
(770) 955-4406
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On November 18, 1999, IRT Property Company (the "Company") announced
that the Company's Board of Directors had approved a stock repurchase program
with respect to up to $25 million of the Company's common stock. A copy of the
press release is filed herewith as Exhibit 99.1 and incorporated herein by
reference.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
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Exhibit No. Description
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99.1 Press Release dated November 18, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IRT PROPERTY COMPANY
Date: November 23, 1999 By:/s/ James G. Levy
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James G. Levy
Senior Vice President & Chief
Accounting Officer
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EXHIBIT 99.1
IRT ANNOUNCES STOCK REPURCHASE PROGRAM
ATLANTA (Nov. 18, 1999) -- IRT Property Company (NYSE:IRT) announced today that
its Board of Directors has authorized the repurchase of up to $25 million of its
outstanding common stock. Repurchases may be made in the open market, through
block purchases or in privately negotiated transactions, at the discretion of
the Company's management. The stock repurchase program is scheduled to terminate
on December 1, 2000.
Thomas H. McAuley, Chairman and Chief Executive Officer, stated, "The shares of
our stock are trading at a significant discount to our estimated net asset
value. While REITs are a capital intensive business, over the last several
months we have continued to evaluate using a portion of our capital for stock
repurchases. Given the continued decline of our stock, at the present time,
share repurchases represent a compelling value. We intend to fund the
repurchases primarily through selected asset sales, using our new $100 million
credit facility as an interim source of funds."
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, Kmart and other popular national and regional
chain stores. The portfolio of 96 shopping center investments includes
approximately 10 million square feet of retail space.
Statements made in this press release, other than those concerning historical
information, should be considered forward-looking statements pursuant to the
safe harbor provisions of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. These forward-looking statements are
based on information currently available to management and are subject to
various risks and uncertainties, including but not limited to those described in
the Company's annual report on Form 10-K for the year ended December 31, 1998,
under "Special Cautionary Notice Regarding Forward Looking Statements" and "Risk
Factors," and otherwise in the Company's SEC reports and filings.
