Equity One will own 181 properties totaling 18.7 million sf after the deal closes. The REIT will have a $1.56 billion total market capitalization and a $766 million equity market capitalization.

Each IRT shareholder may decide to take $12.15 per share in cash or 0.9 shares of Equity One common stock, or a combination of the two options, IRT principals said in a conference call today outlining its third-quarter earnings. Holders of no more than 50% of IRT's outstanding common may receive cash.

IRT valued the deal at $730 million based on a New York Stock Exchange closing price Oct. 28 of $13.59 per IRT share and the assumption of a 50% cash election, the company says in a prepared statement.