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




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 18, 2002


               EQUITY ONE TO HOLD A SPECIAL STOCKHOLDERS' MEETING
               --------------------------------------------------

NORTH MIAMI BEACH,  FL (December 18, 2002) - Equity One Inc.  (NYSE:  EQY) 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 Equity
One with IRT  Property  Company.  The Board of  Directors  of Equity One 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  Sheraton Bal Harbour,  9701  Collins  Avenue,  Bal Harbour,
Florida 33154.

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  8.7  million-square-foot  portfolio  consists  of  88  properties
primarily  located in metropolitan  areas of Florida and Texas,  encompassing 56
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 has filed 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. 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.


     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  we
believe that the expectations  reflected in such forward-looking  statements are
based  upon  reasonable  assumptions,  we  can  give  no  assurance  that  these
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 retail space in Florida and Texas;  the continuing
financial  success of our current and  prospective  tenants;  continuing  supply
constraints  in our  geographic  markets;  the  availability  of properties  for
acquisition;  the  success  of our  efforts to lease up vacant  properties;  the
effects of natural and other disasters;  and other risks, which are described in
our filings with the Securities and Exchange Commission.