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IRT Ends 2002 on High Note

ATLANTA-The locally based REIT posts fourth-quarter net earnings of $10.8 million, up 92.7% from $5.6 million in the comparable 2001 period. Fully diluted funds from operations increased 20.4% to $12.39 million versus $10.29 million a year ago.

By Alex Finkelstein | Updated on January 31, 2003

ATLANTA-IRT Property Co. is off to a strong start this year with Q4 operations showing robust earnings and funds from operations, along with strong leasing and development performances.

The locally based REIT posted fourth-quarter net earnings of $10.8 million, up 92.7% from $5.6 million in the comparable 2001 period. Net earnings per diluted share increased 77.8% to 32 cents in the fourth quarter compared with 18 cents a year ago.

Fully diluted funds from operations in the quarter increased 20.4% to $12.39 million versus $10.29 million a year ago. For all of 2002, FFO jumped 6.6% to $44.29 million from $$41.55 million in 2001.

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