<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2000
-------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From to
------------ ------------
Commission File Number 1-7859
-----------------------------------
IRT PROPERTY COMPANY
--------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1366611
------------------------------- --------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
200 Galleria Parkway, Suite 1400
Atlanta, Georgia 30339
---------------------------------------- ---------------
(Address of principal executive offices) (Zip Code)
(770) 955-4406
--------------------------------------------------------
(Registrant's telephone number, including area code)
N/A
------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at August 10, 2000
------------------------------ ------------------------------
Common Stock, $1 Par Value 31,498,885 Shares
<PAGE> 2
CERTAIN INFORMATION CONTAINED IN THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933 AND
SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. READERS OF THIS
REPORT SHOULD BE AWARE THAT THERE ARE VARIOUS FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM ANY FORWARD-LOOKING STATEMENTS MADE HEREIN.
THIS INFORMATION IS FURTHER QUALIFIED BY THE SPECIAL CAUTIONARY NOTICE REGARDING
FORWARD-LOOKING STATEMENTS AND THE INFORMATION IN THE SECTION ENTITLED "RISK
FACTORS" CONTAINED IN THE IRT PROPERTY COMPANY ANNUAL REPORT ON FORM 10-K FOR
THE YEAR ENDED DECEMBER 31, 1999, WHICH ARE INCORPORATED HEREIN BY REFERENCE.
2
<PAGE> 3
Item 1. Financial Statements
IRT PROPERTY COMPANY
& SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
<TABLE>
<CAPTION>
June 30, December 31,
2000 1999
----------- ------------
(Unaudited)
<C> <S> <S>
ASSETS
Real estate investments:
Rental properties $622,029 $630,005
Accumulated depreciation (90,938) (86,170)
-------- --------
Net rental properties 531,091 543,835
Equity investment in and advances to unconsolidated
affiliates 8,901 7,251
Net investment in direct financing leases 4,338 4,412
Mortgage loans, net 2,302 92
-------- --------
Net real estate investments 546,632 555,590
Cash and cash equivalents -- 514
Prepaid expenses and other assets 9,908 9,792
-------- --------
Total assets $556,540 $565,896
======== ========
LIABILITIES & SHAREHOLDERS' EQUITY
Liabilities:
Mortgage notes payable, net $117,620 $122,164
7.3% convertible subordinated debentures, net 23,275 23,275
Senior notes, net 124,684 124,654
Indebtedness to banks 21,984 20,400
Accrued interest 3,612 3,612
Outstanding checks in excess of deposits 219 --
Accrued expenses and other liabilities 9,241 8,196
-------- --------
Total liabilities 300,635 302,301
-------- --------
Commitments and contingencies (Note 6)
Minority interest payable 7,343 7,392
Shareholders' Equity:
Common stock, $1 par value, 150,000,000 shares
authorized; 33,234,206 shares issued in 2000
and 1999, respectively 33,234 33,234
Preferred stock, $1 par value, authorized
10,000,000 shares; none issued -- --
Additional paid-in capital 272,451 272,448
Deferred compensation/stock loans (1,952) (1,808)
Treasury stock, at cost, 1,497,821 and 516,527
shares in 2000 and 1999, respectively (11,965) (4,026)
Cumulative distributions in excess of net earnings (43,206) (43,645)
-------- --------
Total shareholders' equity 248,562 256,203
-------- --------
Total liabilities and shareholders' equity $556,540 $565,896
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated
balance sheets.
3
<PAGE> 4
IRT PROPERTY COMPANY
& SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months and Six Months Ended June 30, 2000 and 1999
(Unaudited)
(In thousands, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
2000 1999 2000 1999
------- ------- ------- -------
<S> <C> <C> <C> <C>
REVENUES:
Income from rental properties $20,981 $21,304 $42,046 $42,116
Interest income 265 50 480 90
Interest on direct financing leases 110 124 297 315
------- ------- ------- -------
Total revenues 21,356 21,478 42,823 42,521
------- ------- ------- -------
EXPENSES:
Operating expenses of rental properties 4,969 5,063 9,793 9,590
Interest expense 5,402 5,471 10,803 10,799
Depreciation 3,538 3,498 7,109 6,970
Amortization of debt costs 133 113 265 223
General and administrative 889 888 1,669 1,833
------- ------- ------- -------
Total expenses 14,931 15,033 29,639 29,415
Equity in loss of unconsolidated affiliates (23) -- (34) --
------- ------- ------- -------
Earnings before minority interest
and gain on sales of properties 6,402 6,445 13,150 13,106
Minority interest of unitholders in operating
partnership (157) (254) (316) (424)
Gain on sales of properties -- 2,483 2,738 2,483
------- ------- ------- -------
NET EARNINGS $ 6,245 $ 8,674 $15,572 $15,165
======= ======= ======= =======
PER SHARE:
Net earnings--basic $ 0.20 $ 0.26 $ 0.49 $ 0.46
======= ======= ======= =======
Net earnings--diluted $ 0.20 $ 0.26 $ 0.48 $ 0.46
======= ======= ======= =======
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
Basic 31,761 33,148 32,030 33,146
======= ======= ======= =======
Diluted 32,587 33,961 34,923 33,958
======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
4
<PAGE> 5
IRT PROPERTY COMPANY
& SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months and Six Months Ended June 30, 2000 and 1999
(Unaudited)
(In thousands)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
--------------------------
2000 1999
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 15,572 $ 15,165
Adjustments to reconcile earnings to net cash from operating activities:
Depreciation 7,109 6,970
Gain on sales of properties (2,738) (2,483)
Minority interest of unitholders in partnership (68) 424
Amortization of deferred compensation 61 52
Amortization of debt costs and discounts 285 253
Amortization of capitalized leasing income 74 82
Changes in assets and liabilities:
Increase (decrease) in interest receivable, prepaid expenses
and other assets (403) 317
Increase in accrued expenses and other liabilities 1,391 4,361
-------- --------
Net cash flows from operating activities 21,283 25,141
-------- --------
Cash flows from (used in) investing activities:
Proceeds from sales of properties, net 11,660 12,409
Investment in unconsolidated affiliates (1,650) (3,763)
Additions to real estate investments, net (3,382) (12,756)
Funding of mortgage loans receivable, net (2,214) --
Collections of mortgage loans receivable, net 4 1,002
-------- --------
Net cash flows from (used in) investing activities 4,418 (3,108)
-------- --------
Cash flows used in financing activities:
Cash dividends, net (14,968) (15,647)
Purchase of treasury stock (8,318) --
Exercise of stock options 31 37
Principal amortization of mortgage notes payable (1,024) (807)
Repayment of mortgage notes payable (3,520) (625)
Payment of deferred financing costs -- (603)
Proceeds from mortgage notes payable -- 40,000
Increase (decrease) in bank indebtedness 1,584 (43,500)
-------- --------
Net cash flows used in financing activities (26,215) (21,145)
-------- --------
Net (decrease) increase in cash and cash equivalents (514) 888
Cash and cash equivalents at beginning of period 514 344
-------- --------
Cash and cash equivalents at end of period $ -- $ 1,232
======== ========
Supplemental disclosures of cash flow information:
Total cash paid during period for interest $ 10,793 $ 10,782
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
5
<PAGE> 6
IRT PROPERTY COMPANY
& SUBSIDIARIES
Notes to Consolidated Financial Statements
June 30, 2000 and 1999
(Dollars in thousands, except per share amounts)
------------------------------------------------
1. Unaudited Financial Statements
These consolidated financial statements for interim periods are
unaudited and should be read in conjunction with the Company's Report
on Form 10-K for the year ended December 31, 1999. The accompanying
consolidated financial statements include the accounts of IRT Property
Company and its wholly-owned subsidiaries, IRT Management Company, VW
Mall, Inc. and IRT Alabama, Inc., and its majority-owned subsidiary,
IRT Partners LP (collectively, the "Company"). Intercompany
transactions and balances have been eliminated in the consolidation.
The Company's investments in IRT Capital Corporation ("IRTCC") and IRT
Capital Corporation II ("IRTCCII") have been accounted for under the
equity method of accounting. In the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary
to a fair presentation of the financial statements as of June 30, 2000
and 1999 have been recorded. The results of operations for any interim
period are not necessarily indicative of the results that may be
expected for future interim periods or for the full year.
2. Earnings Per Share
Basic earnings per share is computed by dividing net earnings by the
weighted average number of shares outstanding during the period
consistent with the guidelines of Statement of Financial Accounting
Standards No. 128, "Earnings Per Share." The effects of certain stock
options and non-vested restricted stock, using the treasury stock
method, have been excluded from the calculation of dilutive earnings
per share, as they are anti-dilutive. The effects of the conversion of
the Operating Partnership Units held by the minority interest are
dilutive and have been included in the calculation of dilutive earnings
per share for all periods presented. For the six months ended June 30,
2000, the effects of the conversion of the 7.3% debentures have been
included in the calculation of dilutive earnings per share as they are
dilutive. The effects of the conversion of such debentures have been
excluded from the calculation of dilutive earnings per share for the
three months ended June 30, 2000 and the three months and six months
ended June 30, 1999 as they were anti-dilutive for those periods.
6
<PAGE> 7
<TABLE>
<CAPTION>
Per Share
Income Shares Amount
------ ------ ---------
<S> <C> <C> <C>
(In thousands except per share amounts)
For the three months ended June 30, 2000
Basic net earnings available to shareholders $ 6,245 31,761 $ 0.20
Options outstanding -- 10 =======
Minority interest of unitholders in operating partnership 157 816
-------- ------
Diluted net earnings available to shareholders $ 6,402 32,587 $ 0.20
======== ====== =======
For the three months ended June 30, 1999
Basic net earnings available to shareholders $ 8,674 33,148 $ 0.26
Options outstanding -- 2
Minority interest of unitholders in operating partnership 254 811
-------- ------
Diluted net earnings available to shareholders $ 8,928 33,961 $ 0.26
========= ====== =======
For the six months ended June 30, 2000
Basic net earnings available to shareholders $ 15,572 32,030 $ 0.49
Options outstanding -- 8 =======
Minority interest of unitholders in operating partnership 316 816
Conversion of 7.3% debentures 900 2,069
-------- ------
Diluted net earnings available to shareholders $ 16,788 34,923 $ 0.48
======== ====== =======
For the six months ended June 30, 1999
Basic net earnings available to shareholders $ 15,165 33,146 $ 0.46
Options outstanding -- 1 =======
Minority interest of unitholders in operating partnership 424 811
-------- ------
Diluted net earnings available to shareholders $ 15,589 33,958 $ 0.46
======== ====== =======
</TABLE>
3. 7.3% Convertible Subordinated Debentures
Based upon the $11.25 conversion price, 2,068,889 authorized but
unissued common shares have been reserved for possible issuance if the
remaining $23,275 of debentures outstanding on June 30, 2000 are
converted.
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<PAGE> 8
4. Rental Properties
SHOPPING CENTER DISPOSITIONS
<TABLE>
Date Square Sales Cash
Sold Property Name City, State Footage Price Proceeds Gain
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1/14/00 Palm Gardens Largo, FL 49,890 $ 1,500 $ 1,389 $ 804
2/18/00 Westgate Square Sunrise, FL 104,853 11,355 10,271 1,934
---------------------------------------
154,743 $12,855 $11,660 $2,738
=======================================
</TABLE>
5. Investment in Joint Venture
On May 24, 1999 IRTCII was formed under the laws of Georgia. This taxable
subsidiary has the ability to develop properties, buy and sell properties,
provide equity to developers who are merchant builders and perform third
party management, leasing and brokerage functions. The Company holds 96% of
the non-voting common stock and 1% of the voting common stock of IRTCCII.
The remaining voting common stock is held by an officer of the Company and
a director of the Company. The ownership of the common stock of IRTCCII
entitles the Company to substantially all of the economic benefits from the
results of operations of this subsidiary. IRTCCII is accounted for by the
Company under the equity method of accounting.
On June 1, 1999 the Company loaned IRTCCII approximately $3,800 to purchase
23 acres of undeveloped land in Miramar, Florida. On September 3, 1999, the
Company loaned IRTCCII approximately $2,600 to purchase a shopping center
and two parcels of approximately nine acres of undeveloped land in Pasco
County, Florida. Through June 30, 2000, the Company has loaned an
additional $2,501 to IRTCCII for the development of these properties.
6. Commitments and Contingencies
On January 20, 2000, the Company entered into a co-development agreement.
Under this agreement, the Company will fund, through loans to the
co-developer, monies to acquire land adjacent to an existing shopping
center in Atlanta, Georgia and to develop such land. The Company has
committed up to $3,650 for this project of which $2,214 is outstanding as
of June 30, 2000. The loan, secured by a mortgage on the development and
bearing interest at a rate based on the one month LIBOR plus 250 basis
points, matures on July 1, 2001.
8
<PAGE> 9
Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations.
(Dollars in thousands)
Material Changes in Financial Condition.
During the six months ended June 30, 2000, the Company:
- obtained cash proceeds of approximately $11,660 from
the sale of two properties and recognized a gain of
approximately $2,738 for financial reporting
purposes.
During the six months ended June 30, 2000, the Company
utilized funds of:
- approximately $14,968 to pay dividends to the holders
of the Company's common stock,
- approximately $8,318 to repurchase 1,030,501 shares
of the Company's common stock,
- approximately $3,520 to repay a 7.75% mortgage at its
scheduled maturity,
- approximately $2,214 to fund a loan for a
co-development project,
- approximately $3,382 for capital expenditures and
tenant improvements, and
- approximately $1,650 for advances to IRTCCII for
further development of land and properties acquired
in 1999.
During the six months ended June 30, 1999, the Company:
- obtained a $40,000 loan secured by first mortgages on
eight properties, and
- obtained cash proceeds of approximately $12,409 from
the sale of properties and recognized a gain of
approximately $2,483 for financial reporting purposes
During the six months ended June 30, 1999, the Company
utilized funds of:
- approximately $43,500 to pay down its unsecured
revolving term loan,
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<PAGE> 10
- $15,518 for the acquisition of two shopping center
investments, consisting of cash paid of approximately
$9,776 and mortgage debt assumed of approximately
$5,742 secured by one of the centers,
- $3,800 for a loan to IRTCCII for the acquisition of
approximately 23 acres of undeveloped land in
Miramar, Florida, and
- $625 to repay, at its scheduled maturity, a 9%
purchase-money mortgage.
Material Changes in Results of Operations.
During the three months and six months ended June 30, 2000,
rental income from the Company's portfolio of shopping center
investments:
- increased approximately $361 and $706, respectively,
for the core portfolio,
- increased approximately $0 and $502, respectively,
due to the acquisition of two shopping centers in the
first quarter of 1999, and
- decreased approximately $683 and $1,278,
respectively, due to sales of two investments in the
first quarter of 2000 and four in the second quarter
of 1999.
During the three months and six months ended June 30, 1999,
compared to the corresponding periods of 1998, rental income from the
Company's portfolio of shopping center investments:
- increased approximately $499 and $752, respectively,
for the core portfolio,
- increased approximately $2,205 and $4,896,
respectively, due to the acquisition of two shopping
centers in 1999 and nine shopping centers in 1998,
and
- decreased approximately $172 and $324, respectively,
due to the sale of four investments in 1999, the sale
of two investments in 1998 and the foreclosure of a
mortgage held by the Company in 1998, and
- decreased approximately $891 and $1,095,
respectively, due to centers under redevelopment.
Percentage rentals received from shopping center investments,
excluding percentage rentals received from the two Wal-Mart investments
classified as direct financing leases, totaled approximately $211 and
$199
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<PAGE> 11
during the three months ended June 30, 2000 and 1999, respectively, and
$820 and $742 during the six months ended June 30, 2000 and 1999,
respectively. Percentage rental income is recorded upon collection
based on the tenants' lease years.
Interest income during the three months and six months ended
June 30, 2000 increased approximately $215 and $390, respectively, due
primarily to interest accrued on development loans.
During the three months and six months ended June 30, 2000,
operating expenses related to the Company's portfolio of real estate
investments:
- increased approximately $275 and $388, respectively,
for the core portfolio,
- increased approximately $0 and $125, respectively,
due to the acquisition of two shopping centers in the
first quarter of 1999, and
- decreased approximately $181 and $311, respectively,
due to the sale of two properties in the first
quarter of 2000 and four in the second quarter of
1999.
During the three months and six months ended June 30, 1999,
operating expenses related to the Company's portfolio of real estate
investments:
- decreased approximately $21 and increased
approximately $9, respectively, for the core
portfolio,
- increased approximately $776 and $1,443,
respectively, due to the acquisition of two shopping
center investments in 1999 and nine shopping center
investments in 1998, and
- decreased approximately $159 and $209, respectively,
due to the sale of an apartment investment in 1998.
During the three months and six months ended June 30, 2000,
interest expense on mortgages decreased approximately $215 and
increased approximately $91, respectively, primarily due to the
addition of the 6.5% fixed-rate, 25 year fully-amortizing $40,000
mortgage debt secured by eight of the Company's properties in February
1999 and the repayment of $3,520 on a 7.75% mortgage loan at its
scheduled maturity in the first quarter of 2000.
Interest expense on bank indebtedness increased approximately
$147 and decreased approximately $86, respectively, for the three
months and
11
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six months ended June 30, 2000. The Company had average borrowings of
approximately $20,768 and $15,293 at effective interest rates of 7.6%
and 6.3%, which rates reflect increases in market rates, generally,
under its variable rate bank credit facility during the three months
ended June 30, 2000 and 1999, respectively. The Company had average
borrowings of approximately $20,505 and $26,301 at effective interest
rates of 7.3% and 6.4%, which rates reflect higher rates generally in
the latest six months compared to the same period of 1999, under its
variable rate bank credit facility during the six months ended June 30,
2000 and 1999, respectively. The Company incurred commitment fees of
approximately $50 and $53 for the three months ended June 30, 2000 and
1999, respectively, which are included in this interest expense. The
Company incurred commitment fees of approximately $100 and $90 for the
six months ended June 30, 2000 and 1999, respectively.
The net increase of $40 and $140 in depreciation expense for
the three months and six months ended June 30, 2000 and 1999,
respectively, was due to the acquisition of two real estate investments
in the first quarter of 1999, net of the effect of the disposition of
two properties in the first quarter of 2000 and four properties in the
second quarter of 1999.
The net decrease in general and administrative expense of
approximately $1 and $164 for the three months and six months ended
June 30, 2000, respectively, was primarily due to compensation expense
that was accrued in 1999 but not in the first quarter of 2000.
Funds from Operations. The Company defines funds from
operations, consistent with the National Association of Real Estate
Investment Trusts ("NAREIT") definition of such term, as net earnings
on real estate investments (calculated in accordance with generally
accepted accounting principles) before gains (losses) on the sale of
properties and extraordinary items plus depreciation and amortization
of capitalized leasing costs. Interest and amortization of issuance
costs related to convertible debentures are added back to funds from
operations when assumed conversion of the debentures is dilutive.
Conversion of the debentures is dilutive and therefore assumed for the
three months and six months ended June 30, 2000 and 1999. Management
believes funds from operations should be considered along with, but not
as an alternative to, net income as defined by generally accepted
accounting principles as a measure of the Company's operating
performance. Funds from operations does not represent cash generated
from operating activities in accordance with generally accepted
accounting principles and is not necessarily indicative of cash
available to fund cash needs.
12
<PAGE> 13
The following data is presented with respect to the calculation of
funds from operations under the NAREIT definition for the three months and six
months ended June 30, 2000 and 1999 (in thousands, except per share data):
FUNDS FROM OPERATIONS ("FFO"):
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ------------------
2000 1999 2000 1999
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net earnings $ 6,245 $ 8,674 $15,573 $15,165
Gain on sales of properties -- (2,483) (2,738) (2,483)
Depreciation* 3,483 3,437 6,999 6,875
Amortization of capitalized leasing fees* 198 109 370 209
Amortization of capitalized leasing income 32 38 74 82
------- ------- ------- -------
Funds From Operations 9,958 9,775 20,278 19,848
Interest on convertible debentures 425 425 850 850
Amortization of convertible debenture costs 25 25 50 50
Amounts attributable to minority interests 223 316 447 521
------- ------- ------- -------
Fully Diluted Funds From Operations $10,631 $10,541 $21,625 $21,269
======= ======= ======= =======
Per Share:
Fully Diluted Funds From Operations $ 0.31 $ 0.29 $ 0.62 $ 0.59
======= ======= ======= =======
Applicable weighted average shares 34,656 36,030 34,923 36,027
======= ======= ======= =======
</TABLE>
----------------------
* Net of amounts attributable to minority interests
ADDITIONAL INFORMATION: The following data is presented with respect
to amounts incurred for improvements to the Company's real estate investments,
for leasing fees paid and for principal amortization of mortgage notes payable
during the three months and six months ended June 30, 2000 and 1999 (in
thousands):
<TABLE>
<S> <C> <C> <C> <C>
Tenant improvements:
Shopping centers $ 668 $ 429 $ 1,737 $ 602
Industrial -- -- -- --
------- ------- ------- -------
Total tenant improvements 668 429 1,737 602
------- ------- ------- -------
Capital expenditures:
Shopping centers 1,438 1,262 1,639 1,537
Industrial 9 4 6 21
------- ------- ------- -------
Total capital expenditures 1,447 1,266 1,645 1,558
------- ------- ------- -------
Total improvements $ 2,115 $ 1,695 $ 3,382 $ 2,160
======= ======= ======= =======
Leasing fees paid $ 344 $ 273 $ 734 $ 505
======= ======= ======= =======
Principal amortization of mortgage notes payable $ 511 $ 496 $ 1,024 $ 807
======= ======= ======= =======
</TABLE>
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PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
(21) Company Subsidiaries
(27) Financial Data Schedule (for S.E.C. use only)
(99) Unaudited Financial Statements of IRT Partners L.P.
for the three months and six months ended June 30,
2000.
(b) Reports on Form 8-K. No reports on Form 8-K were filed by the
Company during the three months ended June 30, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed by the
undersigned, thereunto duly authorized.
IRT PROPERTY COMPANY
Date: August 11, 2000 /s/ Thomas H. McAuley
------------------------------------
Thomas H. McAuley
President & Chief Executive Officer
Date: August 11, 2000 /s/ James G. Levy
------------------------------------
James G. Levy
Executive Vice President &
Chief Financial Officer
14
