SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Amendment No. )
---
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 (as permitted by Rule 14a-6(e) (2))
[ ] Definitive Proxy Statement
[x] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Rule 14a-1(c) or Rule 14a-12
IRT PROPERTY COMPANY
--------------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)
--------------------------------------------------------------------------------
(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:
--------------------------------------------------------------------
(2) Aggregate number of securities to which transaction applies:
--------------------------------------------------------------------
(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):
--------------------------------------------------------------------
(4) Proposed maximum aggregate value of transaction:
--------------------------------------------------------------------
(5) Total fee paid:
--------------------------------------------------------------------
[ ] 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:
--------------------------------------------------------------------
(2) Form, Schedule or Registration Statement No.:
--------------------------------------------------------------------
(3) Filing Party:
--------------------------------------------------------------------
(4) Date Filed:
--------------------------------------------------------------------
IRT PROPERTY COMPANY
200 GALLERIA PARKWAY, SUITE 1400
ATLANTA, GEORGIA 30339
----------------------------------------
PROXY SUPPLEMENT
DATED MAY 31, 2002
TO THE
PROXY STATEMENT DATED APRIL 30, 2002
----------------------------------------
To our Shareholders:
IRT Property Company (the "Company") is delivering this Proxy Supplement
(this "Proxy Supplement") to you to correct and update some of the information
contained in the Company's Proxy Statement dated April 30, 2002 (the "Original
Proxy Statement") that was previously delivered to you in connection with the
Company's 2002 Annual Meeting of Shareholders held on May 30, 2002. Capitalized
terms used but not defined in the Proxy Supplement shall have the meanings
ascribed to them in the related Original Proxy Statement.
The following information supersedes and replaces in its entirety the table
of the Original Proxy Statement entitled "Option Grants in Fiscal 2001":
OPTION GRANTS IN FISCAL 2001
INDIVIDUAL GRANTS POTENTIAL REALIZABLE
------------------------------------- VALUE AT ASSUMED ANNUAL
NUMBER OF % OF TOTAL RATES OF STOCK
SECURITIES OPTIONS APPRECIATION FOR
UNDERLYING GRANTED TO EXERCISE OR OPTION TERM
OPTIONS EMPLOYEES BASE PRICE EXPIRATION ------------------------
NAME GRANTED (#) IN 2001 ($/SH) DATE 5% 10%
-------------------------- ----------- ---------- ------------ ---------- ------------- ---------
Incentive Stock Options
Thomas H. McAuley 12,000 2.39% $ 8.313 1/2/11 $ 62,732 $158,976
James G. Levy 12,000 2.39% 8.313 1/2/11 62,732 158,976
W. Benjamin Jones, III 12,000 2.39% 8.313 1/2/11 62,732 158,976
Robert E. Mitzel 12,000 2.39% 8.313 1/2/11 62,732 158,976
E. Thornton Anderson 12,000 2.39% 8.313 1/2/11 62,732 158,976
Nonqualified Stock Options
Thomas H. McAuley 74,212 (1) 14.79% $ 8.313 1/2/08 $ 251,135 $585,251
James G. Levy 13,313 (1) 2.65% 8.313 1/2/08 45,051 104,989
W. Benjamin Jones, III 15,168 (1) 3.02% 8.313 1/2/08 51,329 119,618
Robert E. Mitzel 15,168 (1) 3.02% 8.313 1/2/08 51,329 119,618
E. Thornton Anderson 8,133 (1) 1.62% 8.313 1/2/08 27,522 64,139
(1) Includes a dividend equivalent feature as described in the Summary Compensation Table.
This Proxy Supplement is being furnished by the Company as additional proxy
material, in connection with the solicitation of proxies by the Company's Board
of Directors for the Company's 2002 Annual Meeting of Shareholders and all
adjournments or reconventions thereof.
Please note that this Proxy Supplement should be read in conjunction with
the Original Proxy Statement, including the Notice of Annual Meeting of
Shareholders distributed therewith and all information incorporated by reference
therein. If you would like another copy of the Original Proxy Statement, please
request a copy at the following address or telephone number:
Investor Relations
IRT Property Company
200 Galleria Parkway, Suite 1400
Atlanta, Georgia 30339
Telephone: (770) 955-4406
Facsimile: (770) 988-8773
BY ORDER OF THE BOARD OF DIRECTORS
/s/ W. Benjamin Jones III
W. Benjamin Jones III
Executive Vice President and Secretary