IRT Posts $10.6M Third-Quarter FFO

ATLANTA-Locally based IRT Property Co., which is being acquired by Miami-based Equity One Inc. in a $730 million stock-debt deal, posted third-quarter net earnings of $8.2 million, up 44% from $5.7 million for the same 2001 period, the company reports.

Net earnings per diluted share increased 26.3% to 24 cents compared with 19 cents in last year’s third quarter. For the nine-month period, net earnings were up 4.6% to $20.5 million versus $19.6 million a year ago.

Third-quarter fully diluted funds from operations rose 1.4% to $10.57 million compared with $10.4 million last year. For the first nine months, FFO totaled $31.9 million against $31.1 million in the same 2001 period.