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ATLANTA — IRT Property Co. experienced a $1.09 million (15.26%) drop in third-quarter net income compared to the comparable 2000 period.

The Atlanta-based shopping center developer reported net income of $5.71 million compared with $6.74 million for the same period last year.

Gross revenues were up, however: $21.864 million versus $21.73 million for the same period last year.

Net earnings per diluted share were 19 cents compared with 21 cents a year ago.

For the first nine months, net earnings were $19.59 million 64 cents per diluted share, compared with $22.31 million or 69 cents per diluted share for the same period in 2000.

Funds from operations were 31cents, the same as in third quarter 2000. Total funds from operations were $10.46 million compared with $10.73 million in the prior-year period.

Funds from operations per fully diluted share increased 1.1% to 94 cents in the nine months ended Sept. 30, from 93 cents in the prior-year period. Total fully diluted funds from operations were $31.26 million compared with $32.36 million previously.

“We are encouraged by the continued strength and stability exhibited by neighborhood grocery-anchored centers such as ours in today’s market as compared with other retail assets,” Thomas H. McAuley, chairman and CEO, says in a prepared statement.

He says demand for groceries and other necessity goods and services has only moderately been affected by the economic downturn.

“The downside to this trend, however, is the growing demand for grocery-anchored centers in the acquisition market, which continues to result in much higher prices than we are willing to pay,” McAuley says.

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