Filed by Equity One, Inc.
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
NEWS RELEASE:
Equity One, Inc. For additional information at the Company:
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1696 NE Miami Gardens Drive Howard Sipzner, CFO
North Miami Beach, FL 33179 Michele Guard, Investor Relations
305-947-1664 Media Contact:
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Abbe Solomon 305-446-2700
FOR IMMEDIATE RELEASE:
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Thursday, January 23, 2003
Equity One, Inc. Announces Tax Allocations of 2002 Dividend Distributions
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North Miami Beach, FL - January 23, 2003 -- Equity One, Inc. (NYSE: EQY), an
owner, developer and operator of primarily supermarket-anchored shopping centers
located predominantly in high growth markets of Florida and Texas, today
announced the tax allocations of the 2002 dividend distributions on shares of
its common stock.
For each stockholder of Equity One, the Form 1099-DIV will summarize the
allocation of 2002 dividends paid on shares of Equity One common stock. The
amounts indicated on Form 1099-DIV should be reported on each stockholder's 2002
federal income tax return. The schedule below, presented on a per share basis,
is provided for information purposes only, and should only be used to clarify
the Form 1099-DIV.
The 2002 distributions paid with respect to Equity One common stock (CUSIP
#294752100 and traded under ticker symbol EQY) are as follows:
Taxable
Payment Total Ordinary Long Term Unrecaptured Return of
Date Dividend Income Rate Gain 1250 Gain Capital
03/28/2002 $ 0.2700 $ 0.2496 $ 0.0069 $ 0.0072 $ 0.0063
06/28/2002 0.2700 0.2497 0.0069 0.0071 0.0063
09/30/2002 0.2700 0.2496 0.0069 0.0072 0.0063
12/31/2002 0.2700 0.2497 0.0070 0.0071 0.0062
Total $ 1.0800 $ 0.9986 $ 0.0277 $ 0.0286 $ 0.0251
100% 92.5% 2.6% 2.6% 2.3%
The taxability of the 2002 dividends is not indicative of the taxability of
future dividends.
About Equity One
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Equity One Inc. is a North Miami Beach, Florida 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 nine million square foot portfolio consists of 88
properties primarily located in metropolitan areas of Florida and Texas,
encompassing 55 supermarket-anchored shopping centers, nine drug store-anchored
shopping centers, 19 other retail-anchored shopping centers, one self storage
facility and four retail developments, as well as non-controlling interests in
four unconsolidated joint ventures. For additional information, please visit the
Company's website 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 Property Company. 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 proxy statement/prospectus and other
relevant documents free of charge at the SEC's website, www.sec.gov. In
addition, you may obtain documents filed with the SEC by Equity One free of
charge by requesting them in writing from Equity One, Inc., 1696 N.E. Miami
Gardens Drive, Miami, Florida 33179, Attention: Investor Relations, telephone
(305) 947-1664. You may obtain documents filed with the SEC by IRT free of
charge by requesting them in writing from IRT Property Company, 200 Galleria
Parkway, Suite 1400, Atlanta, Georgia 30339, Attention: Investor Relations,
telephone (770) 955-4406.
Forward Looking Statements
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Certain matters discussed by Equity One 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 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 Equity One's current and prospective
tenants; continuing supply constraints in its geographic markets; the
availability of properties for acquisition; the success of its efforts to lease
up vacant properties; the effects of natural and other disasters; and other
risks, which are described in Equity One's filings with the Securities and
Exchange Commission.