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GlobeSt.com UPDATE: Equity One Merges With IRT

MIAMI-Now the North Miami Beach, FL-based REIT owns 180 properties totaling about 18.4 million sf in 12 states. Shareholders from both companies officially approved the union yesterday. The company will be called Equity One.

By Melissa Bogdany | Updated on February 13, 2003

MIAMI-Equity One Inc., based in North Miami Beach, FL, has completed its merger with Atlanta-based IRT Property Co. Both companies’ stockholders approved the merger Feb. 12.

The combined real estate investment trusts have retained the Equity One name. Now Equity One owns 180 properties of approximately 18.4 million sf in 12 states, and is one of the largest neighborhood shopping center owners in the southern United States.

“The combination of Equity One and IRT will create an unequaled shopping center platform in the southern United States, with particular emphasis on fast-growing, urban markets in Florida, Texas and Georgia,” Chaim Katzman, chairman and CEO of Equity One, says in a statement. “We believe that the combined company will realize meaningful benefits in its leasing, management and capital markets activities, and provide superior returns for our stockholders.”

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