Pursuant to Rule 425 under the Securities Act of 1933
                                  and deemed filed pursuant to Rule 14a-6 under
                                            the Securities Exchange Act of 1934

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



FOR IMMEDIATE RELEASE:
January 15, 2003

                   EQUITY ONE ANNOUNCES NO KMART CLOSINGS AND
                        REAFFIRMS FFO GUIDANCE FOR 2003

North Miami Beach, FL, January 15, 2003 -- Equity One, Inc. (NYSE:EQY) announced
today that neither of its two Kmart  locations are included in the store closing
list released by Kmart.

     Earlier today,  IRT Property Company  (NYSE:IRT)  announced that the 86,479
square    foot    Kmart   at    Spalding    Village,    a    235,318-square-foot
supermarket-anchored  shopping  center in Griffin,  Georgia,  is scheduled to be
closed. The five other Kmart locations in the IRT portfolio will remain open.

     Equity One and IRT are  moving  ahead  with  their  respective  stockholder
meetings  on  February  12,  2003 and  subject to each  securing  the  necessary
stockholder  approvals and the satisfaction of the remaining closing conditions,
expect to close the pending merger on or about  February 12, 2003.  Based on the
foregoing,  Equity One is reaffirming its post merger 2003 guidance for targeted
funds from operations ("FFO") per diluted share to be between $1.49 and $1.53.

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  approximately  9 million  square-foot  portfolio  consists  of 90
properties  primarily  located  in  metropolitan  areas of  Florida  and  Texas,
encompassing 57 supermarket-anchored shopping centers, eight drug store-anchored
shopping centers, 18 other  retail-anchored  shopping centers,  three commercial
properties and four 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
Securities and Exchange  Commission  (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 with the SEC because  they  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,  http://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  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.