Under the deal, Equity One will acquire IRT. The deal would more than double Equity One's shopping center portfolio. After the merger, Equity One will own 181 properties with a combined 18.7 million sf in 12 states. This includes 80 properties consisting of 8.4 million sf in Florida.

As part of the deal, for each share of IRT common stock, IRT shareholders may choose to receive $12.15 in cash, 0.9 shares of Equity One common stock or a combination of the two. The agreement also provides that the holders of 50% or less of IRT's outstanding common stock may get cash.

With a 50% cash election and the $13.59 closing price for Equity One common stock on Oct. 28, IRT is valued at $730 million. This includes Equity One's assumption of $297 million in IRT debt and transaction costs.