Filed by Equity One, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: IRT Property Company
Commission File No. 001-07859
Equity One, Inc. For additional information at the Company:
1696 NE Miami Gardens Drive Howard Sipzner, CFO
North Miami Beach, FL 33179 Michele Guard, Investor Relations
305-947-1664 Media Contact:
Abbe Solomon 305-446-2700
FOR IMMEDIATE RELEASE:
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December 18, 2002
EQUITY ONE TO HOLD A SPECIAL STOCKHOLDERS' MEETING
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NORTH MIAMI BEACH, FL (December 18, 2002) - Equity One Inc. (NYSE: EQY) today
announced that it will hold a Special Meeting of Stockholders on February 7,
2003, at 10:00 a.m. (EST), to approve the previously announced merger of Equity
One with IRT Property Company. The Board of Directors of Equity One has set
December 30, 2002 as the record date for the determination of the holders of
Common Stock entitled to notice of, and to vote at, the meeting. The meeting
will be held at the Sheraton Bal Harbour, 9701 Collins Avenue, Bal Harbour,
Florida 33154.
About Equity One
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Equity One Inc. is a North Miami Beach, Fla.-based real estate investment
trust that acquires, renovates, develops and manages neighborhood shopping
centers anchored by national and regional supermarket chains and other
necessity-oriented retailers such as drug stores or discount retail stores.
Equity One's 8.7 million-square-foot portfolio consists of 88 properties
primarily located in metropolitan areas of Florida and Texas, encompassing 56
supermarket-anchored shopping centers, eight drug store-anchored shopping
centers, 18 other retail-anchored shopping centers, three commercial properties
and three retail developments, as well as non-controlling interests in four
unconsolidated joint ventures. For additional information, please visit the
company's Web site at www.equityone.net.
Equity One has filed a registration statement on Form S-4, containing a
joint proxy statement/prospectus and other relevant documents, with the SEC
concerning the proposed merger between Equity One and IRT. You are urged to read
the registration statement containing the joint proxy statement/prospectus and
any other relevant documents filed or that will be filed with the SEC when they
become available because they will contain important information about Equity
One, IRT and the merger. You may obtain the registration statement containing
the joint proxy statement/prospectus and other documents free of charge at the
SEC's web site, www.sec.gov. The joint proxy statement/prospectus and these
other documents may also be obtained for free from Equity One by directing a
request to Equity One, 1696 N.E. Miami Gardens Drive, North Miami Beach, Florida
33179, Attention: Investor Relations, telephone: (305) 947-1664.
Equity One and IRT, and their respective directors and executive officers
and other members of their management and employees, may be deemed to be
participants in the solicitation of proxies from the stockholders of Equity One
and IRT in connection with the merger. Information about the directors and
executive officers of Equity One and their ownership of Equity One shares is set
forth in the proxy statement for Equity One's 2002 annual meeting of
stockholders. Information about the directors and executive officers of IRT and
their ownership of IRT stock is set forth in the proxy statement for IRT's 2002
annual meeting of shareholders. Investors may obtain additional information
regarding the interests of such participants by reading the joint proxy
statement/prospectus when it becomes available.
Forward Looking Statements
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Certain matters discussed in this press release constitute forward-looking
statements within the meaning of the federal securities laws. Although we
believe that the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, we can give no assurance that these
expectations will be achieved. Factors that could cause actual results to differ
materially from current expectations include changes in macro-economic
conditions and the demand for retail space in Florida and Texas; the continuing
financial success of our current and prospective tenants; continuing supply
constraints in our geographic markets; the availability of properties for
acquisition; the success of our efforts to lease up vacant properties; the
effects of natural and other disasters; and other risks, which are described in
our filings with the Securities and Exchange Commission.