"This property offers an attractive initial yield and additional upside potential through re-leasing and the ability to expand the property by an additional 10,000 square feet," Thomas H. McAuley, chairman and CEO of IRT says in a prepared statement. "We are already well on the way to meeting our acquisition goal for the year and believe there will be additional opportunities for select, one-off transactions."
The shopping center is anchored by a 52,500-sf Winn-Dixie supermarket. The acquisition is IRT's second this year totaling $19.6 million.
IRT reported $9.9 million funds from operations for the fourth quarter of 2000, compared with $11.4 million for the same period in 1999.
Funds from operations per fully diluted share increased 2.5% to $1.23 for the fourth quarter, compared with $1.20 in 1999. Total funds from operations were $42.3 million in 2000, compared with $43 million in the prior-year period.
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