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Home > Investing > Spotlight on REITs: IRT Property Company

Spotlight on REITs: IRT Property Company

Money Manager | Monday, June 13th, 2011

IRT Property Company: This Real Estate Investment Trust was based out of Atlanta Georgia and specialized in retail properties and developments; from the development and management this company would oversee it all.

The company owned several open air retail centers as well as other retail and commercial space, the bulk of their properties were owned in Florida and Georgia, but they did have property in Texas and other southern states as well. With over 90 shopping centers they were a huge name in the REIT and retail communities, most of these centers where based in the suburbs or local communities.

IRT Property Company was then bought by Equity One INC in 2002, the IRT Property Company shareholders would each receive $12.15 in cash for each common share and no more than 50% of the shares could be traded for cash the others would be traded for a 0.9 share in Equity One INC. The transaction was said to have cost $730 million and would close in early 2003.

At that time Equity One INC already owned dozens of retail properties its self, almost doubling its market growth with the question of IRT Property Company. In fact the company’s market capitalization would be around $1.56 billion dollars US.

IRT Property Company owned and managed mostly grocery and discount stores, meaning that they were big stores with a lot of growth potential. Equity One INC would keep the stores as they are and manage them, there would be no changing of store names or products.

Equity One INC will have property in 12 states and over 181 properties after the merger, this was as of 2003. Equity One INC now owns several more properties in 17 states, and is currently traded on the New York Stock Exchange as EQY.

Equity One INC now owns and manages all of what use to be IRT Property Company’s properties and the company is now dissolved.

REITs such as IRT Property Company and Equity One INC are subject to different tax laws than most businesses, meaning that a large portion of the profits made each year are given to the shareholders rather than to the government for tax purposes, meaning that this is a solid investment for those who are looking for a few tax breaks at the end of the year.

Equity One INC also now owns one of the largest retail portfolios in the REIT market today; it has also bought and acquired other smaller REITs as well. Meaning that in the world of REITs the smaller and newer companies will almost always be bought out by the bigger and older companies in the business.

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