Filed by Equity One, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-6 under
the Securities Exchange Act of 1934
Subject Company: IRT Property Company
Commission File No. 001-07859
NEWS RELEASE
IRT UPDATE ON ELECTION PROCEDURE FOR MERGER CONSIDERATION
ATLANTA, Jan.29 /PRNewswire-FirstCall/ -- IRT Property Company (NYSE: IRT) today
announced procedures to assist stockholders who hold their shares of IRT common
stock through a brokerage firm (i.e., in "street name") in making a timely
election of the form of consideration to be issued to them in the event the
proposed merger between IRT and Equity One is approved by the stockholders of
each of IRT and Equity One at the Special Meetings of Stockholders scheduled for
February 12, 2003.
Under the terms of the proposed merger, each IRT stockholder may elect to
receive for each share of IRT common stock held either $12.15 in cash or 0.9
shares of Equity One common stock, or a combination thereof (however, if cash
elections are made for more than 50% of IRT's outstanding common stock then the
number of shares that will be exchanged for cash will be proportionately reduced
and the remainder will be exchanged for shares of Equity One common stock).
In order to make a proper election, IRT stockholders who hold their shares
through brokerage firms who have not yet received an election form or other
instructions from their brokers regarding such election should immediately
contact their broker and/or call Georgeson Shareholder Services at
(866)-328-5440. If you hold your IRT shares through a brokerage firm and wish to
make an election as to the form of merger consideration, your broker must submit
on your behalf a properly completed election form to American Stock Transfer and
Trust Company, the exchange agent, no later than 5:00 p.m., New York City time
on February 11, 2003. The address of American Stock Transfer and Trust Company
is 59 Maiden Lane, Plaza Level, New York, New York 10038 and its toll free
information number is (800) 937-5449.
The joint proxy statement/prospectus and other relevant documents related to the
proposed merger may be obtained for free from IRT by directing a request to IRT
Property Company, 200 Galleria Parkway, Suite 1400, Atlanta, Georgia 30339,
Attention: Investor Relations, telephone: (770) 955-4406.
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.
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 and other popular national and regional chain
stores. The portfolio of 90 shopping center investments includes approximately
9.8 million square feet of retail space. For additional information, please
visit the company's Web site at www.irtproperty.com.