Filed by Equity One, Inc.

                           Pursuant to Rule 425 under the Securities Act of 1933
                                        and deemed filed pursuant to Rule 14a-12
                                          of the Securities Exchange Act of 1934

                                           Subject Company: IRT Property Company
                                                   Commission File No. 001-07859

                                                                    NEWS RELEASE


Equity One, Inc.                     For additional information at the Company:
1696 NE Miami Gardens Drive              Howard Sipzner, CFO
North Miami Beach, FL  33179             Michele Guard, Investor Relations
305-947-1664      Media Contact:
                                         Abbe Solomon 305-446-2700

FOR IMMEDIATE RELEASE:
_____________________
December 2, 2002


             EQUITY ONE, INC. DECLARES FOURTH QUARTER CASH DIVIDEND
             ______________________________________________________


North Miami Beach, FL, December 2, 2002 -- The Board of Directors of Equity One,
Inc. (NYSE:  EQY) has declared a cash dividend of $0.27 per common share for the
quarter ending  December 31, 2002,  payable on December 31, 2002 to shareholders
of record on December 16, 2002.

About Equity One
________________

Equity One Inc. is a North Miami Beach,  Fla.-based real estate investment trust
that acquires,  renovates,  develops and manages  neighborhood  shopping centers
anchored   by   national   and   regional    supermarket    chains   and   other
necessity-oriented  retailers  such as drug  stores or discount  retail  stores.
Equity  One's  8.6  million-square-foot  portfolio  consists  of  87  properties
primarily  located in metropolitan  areas of Florida and Texas,  encompassing 55
supermarket-anchored   shopping  centers,  eight  drug  store-anchored  shopping
centers, 18 other retail-anchored  shopping centers, three commercial properties
and three  retail  developments,  as well as  non-controlling  interests in four
unconsolidated  joint  ventures.  For additional  information,  please visit the
company's Web site at www.equityone.net.

Equity One will be filing a  registration  statement  on Form S-4,  containing a
joint proxy  statement/prospectus  and other  relevant  documents,  with the SEC
concerning  the proposed  merger  between  Equity One and IRT  Property  Company
("IRT").  You are urged to read the registration  statement containing the joint
proxy  statement/prospectus  and any other relevant documents filed or that will
be filed  with the SEC when they  become  available  because  they will  contain
important  information about Equity One, IRT and the merger.  You may obtain the
registration statement containing the joint proxy statement/prospectus and other
documents  free of charge at the SEC's web site,  www.sec.gov.  The joint  proxy
statement/prospectus  and these other  documents  may also be obtained  for free
from Equity One by directing a request to Equity One,  1696 N.E.  Miami  Gardens
Drive,  North  Miami  Beach,  Florida  33179,  Attention:   Investor  Relations,
telephone:  (305)  947-1664  and 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.

Forward Looking Statements
__________________________

Certain  matters  discussed  in this press  release  constitute  forward-looking
statements  within the meaning of the federal  securities laws.  Although Equity
One believes that the expectations reflected in such forward-looking  statements
are  based  upon  reasonable  assumptions,  it can  give no  assurance  that its
expectations will be achieved. Factors that could cause actual results to differ
materially  from  current   expectations   include  changes  in   macro-economic
conditions  and the demand for office  space in the  markets in which each has a
substantial presence; the continuing financial success of Equity One's and IRT's
current and prospective tenants;  Equity One's ability to merge successfully the
operations  of IRT into the

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Equity One  organization;  Equity  One's  ability to
realize economies of scale; and other risks, which are described in Equity One's
Form 10-K, which is on file with the Securities and Exchange Commission.


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