IRT says in a statement that it will report a gain of $2.3 million on the sale during third-quarter 2002.

The sale, according to James G. Levy, IRT's executive vice president and chief financial officer, in a printed statement, "is consistent with our strategy to sell limited growth properties in tertiary markets and focus on higher growth properties in larger markets."

In the statement, IRT says it is in final negotiations to sell two additional properties by the end of this year. One deal, according to the IRT statement, is under contract.

Meanwhile, Inland is proceeding with its previously stated goal of acquiring properties in the Southeast, which is where a majority of IRT's properties are located.

There are 92 shopping center investments in the IRT portfolio, representing 9.8 million sf. Among the anchors at those centers are Publix, Kroger, Wal-Mart and Harris Teeter.

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