SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                         ------------------------------


                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


        Date of report (Date of earliest event reported)  May 15, 2002
                                                         --------------


                              IRT PROPERTY COMPANY
                              --------------------
               (Exact Name of Registrant as Specified in Charter)


          Georgia                     1-7859         58-1366611
  ----------------------------     ------------  -------------------
  (State or Other Jurisdiction     (Commission     (IRS Employer
        of Incorporation)          File Number)  Identification No.)


  200 Galleria Parkway, Suite 1400, Atlanta, Georgia        30339
  --------------------------------------------------      ----------
       (Address of Principal Executive Offices)           (Zip Code)


  Registrant's telephone number, including area code     (770) 955-4406
                                                         --------------


ITEM  5.     OTHER  EVENTS.

     On May 15, 2002, IRT Property Company issued the press release filed with
this  Current  Report  as  Exhibit  99.1.


ITEM  7.     FINANCIAL  STATEMENTS,  PRO  FORMA  INFORMATION  AND EXHIBITS.

     (c)     Exhibits.
             --------

             EXHIBIT NUMBER             DESCRIPTION
            ----------------     --------------------------
                  99.1           Press  Release.


                                   SIGNATURES

     Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  hereunto  duly  authorized.


                                              IRT  PROPERTY  COMPANY


Date:     May 15, 2002              By:     /s/  James  G.  Levy
                                            --------------------
                                            Name:     James  G.  Levy
                                            Title:    Chief  Financial  Officer