<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.


                                       15



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission