"This debt offering further enhances our capital structure and flexibility by eliminating any loan maturities until 2003," James G. Levy, IRT executive vice president and chief financial officer, says in the statement. "Our ability to complete this offering on favorable terms also demonstrates the strong demand for grocery-anchored shopping centers."
The firm's 2000 net earnings increased 5.8% by year-end to just over $29 million or 91 cents per diluted share. That compared to 86 cents per diluted share for the same period in 1999.
Net earnings for the fourth quarter of 2000 were $6.7 million, compared to $7.15 million the year before.
IRT officials blamed the slight decrease in earnings on the bankruptcy of one of its tenants, Jitney Jungle, for a $1.64 million loss in revenues.
The self-administered equity REIT owns, operates and develops shopping centers in the Southeast with anchor stores in metro Atlanta area that include Publix, Kroger, Harris Teeter, Wal-Mart, Kmart and other national and regional chains. IRT has three wholly owned subsidiaries, VW Mall Inc., IRT Alabama Inc., and IRT Management Co.
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