IRT's First-Half Net Income and FFO Down

ATLANTA-They’re not breaking out the bubbly at IRT Property Co. over second-quarter results but they’re not weeping, either. Net earnings and funds from operations for the first half were down, but net earnings were up in the second quarter while FFO was flat.

For the first six months, net earnings were $13.9 million or 45 cents per diluted share versus $15.6 million or 47 cents per diluted share last year.

econd-quarter earnings were better. Net earnings per diluted share increased 30% to 26 cents from 20 cents in the same 2000 period. Net earnings rose 26% to $7.9 million, including a $2.5 million gain on the sale of four assets. That performance compared with $6.2 million for the same period a year ago.