SCHEDULE 14A INFORMATION
                PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

Filed  by  the  Registrant     [X]
Filed  by  a  Party  other  than  the  Registrant     [  ]

Check  the  appropriate  box:



                                                               
[ ]  Preliminary Proxy Statement                                  [ ]  Confidential, for Use of the Commission Only
[ ]  Definitive Proxy Statement                                        (as permitted by Rule 14a-6(e) (2))
[ ]  Definitive Additional Materials
[X]  Soliciting Material Pursuant to Rule 14a-12



                              IRT PROPERTY COMPANY
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                (Name of Registrant as Specified In Its Charter)

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    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment  of  Filing  Fee  (Check  the  appropriate  box):

[X]   No  fee  required.
[ ]   Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

      (1)   Title of each class of securities to which transaction applies:

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      (2)   Aggregate  number of securities to which transaction applies:

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      (3)   Per unit price or other underlying value of transaction computed
            pursuant to Exchange Act Rule 0-11 (Set forth the amount on which
            the filing  fee  is calculated and state how it was determined):

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      (4)   Proposed  maximum  aggregate  value  of  transaction:

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      (5)   Total  fee  paid:

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[ ]   Fee  paid  previously  with  preliminary  materials.

[ ]   Check  box  if any part of the  fee is  offset as provided by Exchange Act
      Rule  0-11(a)(2) and  identify the filing for which the offsetting fee was
      paid  previously. Identify  the  previous filing by registration statement
      number,  or  the  Form  or  Schedule  and  the  date  of  its  filing.

      (1)   Amount  Previously  Paid:

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      (2)   Form,  Schedule  or  Registration  Statement  No.:

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      (3)   Filing  Party:

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      (4)   Date  Filed:

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                  IRT PROPERTY COMPANY TO HOLD SPECIAL MEETING

ATLANTA  (December  18, 2002) - IRT Property Company (NYSE: IRT) today announced
that  it  will  hold  a Special Meeting of Stockholders on February 12, 2003, at
10:00  A.M. (EST), to approve the previously announced merger of IRT with Equity
One, Inc.  The Board of Directors of IRT has set December 30, 2002 as the record
date for the determination of the holders of Common Stock entitled to notice of,
and  to  vote  at,  the  meeting.  The meeting will be held at The Cobb Galleria
Centre,  Two  Galleria  Parkway,  Atlanta,  Georgia  30339.

                           ABOUT IRT PROPERTY COMPANY
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     A self-administered equity real estate investment trust, IRT specializes in
Southeastern  United  States  shopping  centers.  Anchor tenants include Publix,
Kroger,  Harris  Teeter,  Wal-Mart and other popular national and regional chain
stores.  The  portfolio of 89 shopping center investments includes approximately
9.7  million  square  feet  of retail space.  For additional information, please
visit  the  company's  Web  site  at  www.irtproperty.com.

     The  joint  proxy  statement/prospectus and other relevant documents may be
obtained  for  free from IRT by directing a request to IRT Property Company, 200
Galleria  Parkway,  Suite  1400,  Atlanta,  Georgia  30339,  Attention: Investor
Relations,  telephone:  (770)  955-4406.

     Equity  One  and IRT, and their respective directors and executive officers
and  other  members  of  their  management  and  employees,  may be deemed to be
participants  in the solicitation of proxies from the stockholders of Equity One
and  IRT  in  connection  with  the  merger. Information about the directors and
executive officers of Equity One and their ownership of Equity One shares is set
forth  in  the  proxy  statement  for  Equity  One's  2002  annual  meeting  of
stockholders.  Information about the directors and executive officers of IRT and
their  ownership of IRT stock is set forth in the proxy statement for IRT's 2002
annual  meeting  of  shareholders.  Investors  may obtain additional information
regarding  the  interests  of  such  participants  by  reading  the  joint proxy
statement/prospectus  when  it  becomes  available.