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Equity One, IRT Plan Merger

MIAMI-Under the merger, valued at an estimated $730 million, Equity One would acquire IRT to form one of the biggest shopping center REITS in the Southeast with a combined 181 properties and 18.7 million sf in 12 states.

By Melissa Bogdany | Updated on October 30, 2002

MIAMI-Equity One Inc., the North Miami Beach, FL-based REIT, has entered into a definitive merger agreement with IRT Property Co., a trust based in Atlanta. The deal, valued at an estimated $730 million, would form one of the largest shopping center REITs in the Southeast.

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.

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