<PAGE> 1
EXHIBIT 21
Company Subsidiaries
<TABLE>
<CAPTION>
Jurisdiction of Year
Name Organization Incorporated
---- --------------- ------------
<S> <C> <C>
IRT Management Company Georgia 1990
VW Mall, Inc. Georgia 1994
IRT Capital Corporation Georgia 1996
IRT Alabama, Inc. Alabama 1997
IRT Partners L.P. Georgia 1998
IRT Capital Corporation II Georgia 1999
</TABLE>
All are wholly-owned subsidiaries of the Company except IRT Capital
Corporation ("IRTCC"), IRT Capital Corporation II ("IRTCCII") and IRT Partners
L.P. ("LP"). The Company owns 96% of each the non-voting common stock and 1% of
the voting stock of each of IRTCC and IRTCCII. The Company and IRT Management
Company, combined, own 92.9% of IRT Partners L.P.
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