UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-Q


               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 2003

                          Commission File No. 001-7859


                                IRT PARTNERS L.P.
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)


                          1696 N.E. Miami Gardens Drive
                          N. Miami Beach, Florida 33179
--------------------------------------------------------------------------------
                    (Address of Principal Executive Offices)


                                 (305) 947-1664
--------------------------------------------------------------------------------
                (Issuer's Telephone Number, Including Area Code)


                               Georgia 58-2404832
                (State or Other Jurisdiction of (I.R.S. Employer
               Incorporation or Organization) Identification No.)

--------------------------------------------------------------------------------

Check whether the registrant  (1) has filed all reports  required to be filed by
Section 13 or 15(d) of the  Securities Act of 1934 during the past 12 months (or
for such shorter  period that the  registrant was required to file such reports)
and (2) has been subject to such filing requirements for the past 90 days.

                                   Yes [X]   No

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2 of the Exchange). Yes   No [X]


Applicable only to Corporate Issuers:

Not Applicable.



<PAGE>

                                IRT PARTNERS L.P.

                                    FORM 10-Q

                                      INDEX


                         PART I - FINANCIAL INFORMATION

Item 1.  Condensed Financial Statements                                     Page
                                                                           -----

         Condensed Balance Sheets
         As of September 30, 2003 and December 31, 2002 (unaudited) .........  1

         Condensed Statements of Operations
         For the three and nine-month periods ended September 30, 2003
         and 2002 (unaudited) ...............................................  2

         Condensed Statement of Changes in Partners' Capital
         For the nine-month period ended September 30, 2003 (unaudited) .....  3

         Condensed Statement of Cash Flows
         For the nine-month periods ended September 30, 2003 and
         2002 (unaudited) ...................................................  4

         Notes to the Condensed Financial Statements (unaudited) ............  5

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations ..........................................  8

Item 3.  Quantitative and Qualitative Disclosures about Market Risk ......... 12

Item 4.  Controls and Procedures............................................. 12

                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings .................................................. 13

Item 2.  Changes in Securities and Use of Proceeds .......................... 13

Item 3.  Defaults upon Senior Securities .................................... 13

Item 4.  Submission of Matters to a Vote of Security Holders ................ 13

Item 5.  Other Information .................................................. 13

Item 6.  Exhibits and Reports on Form 8-K ................................... 13





<PAGE>

ITEM 1.  FINANCIAL INFORMATION

IRT PARTNERS L.P.
(a limited partnership)
CONDENSED BALANCE SHEETS
SEPTEMBER 30, 2003 AND DECEMBER 31, 2002
(UNAUDITED)
(In thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                              September 30,     December 31,
                                                                                   2003             2002
                                                                              -------------     ------------
                                   ASSETS
PROPERTIES:
<S>                                                                             <C>              <C>
   Income producing........................................................     $  185,587       $  173,611
   Less: accumulated depreciation..........................................         (1,938)         (28,945)
                                                                              ------------     ------------
      Properties, net......................................................        183,649          144,666

CASH AND CASH EQUIVALENTS...................................................            12              608

CASH HELD IN ESCROW.........................................................             -            4,033

 ADVANCES TO AFFILIATE.......................................................            -           20,866

OTHER ASSETS.................................................................        3,288            2,932
                                                                              ------------     ------------
TOTAL........................................................................   $  186,949       $  173,105
                                                                              ============     ============

                     LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
   Mortgage notes payable..................................................     $   34,555       $   41,476
   Unamortized premium on mortgage notes payable...........................          4,803                -
                                                                              ------------     ------------
      Total mortgage notes payable.........................................         39,358           41,476
   Other liabilities.......................................................          3,426            2,208
                                                                              ------------     ------------
         Total liabilities.................................................         42,784           43,684

LIMITED PARTNERS' CAPITAL..................................................         11,161            9,684

COMMITMENTS AND CONTINGENT LIABILITIES

GENERAL PARTNERS' CAPITAL..................................................        133,004          119,737

                                                                              ------------     ------------
TOTAL......................................................................     $  186,949       $  173,105
                                                                              ============     ============

</TABLE>

See accompanying notes to the condensed financial statements.



                                       1
<PAGE>








IRT PARTNERS L.P.
(a limited partnership)
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2003 AND 2002
(UNAUDITED)
(In thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                       For the Period
                                                               --------------------------------
                                        Three Months Ended       January 1,       February 12,       Nine Months Ended
                                          September 30,           2003 to          2003 to             September 30,
                                      ----------------------     February 11,    September 30,     ------------------------
                                        2003         2002          2003              2003             2003          2002
                                      ---------    ---------   --------------------------------    ----------    ----------
<S>                                     <C>          <C>          <C>                  <C>           <C>           <C>
REVENUES FROM RENTAL PROPERTIES.....    $ 6,117      $ 5,827      $    2,783           $ 15,493      $ 18,276      $ 17,993
                                      ---------    ---------   -------------      -------------    ----------    ----------
COSTS AND EXPENSES:
   Property operating expenses......      1,724        1,659             902              4,406         5,308         5,055
   Interest expense.................        591          816             374              1,575         1,949         2,400
   Amortization of deferred
     financing fees.................          -            5               3                  1             4            14
   Rental property depreciation and
     amortization...................        799          982             555              1,949         2,504         2,940
   General and administrative
   expenses.........................         15          261               4                 16            20           853
                                      ---------    ---------   -------------      -------------    ----------    ----------
       Total costs and expenses.....      3,129        3,723           1,838              7,947         9,785        11,262
                                      ---------    ---------   -------------      -------------    ----------    ----------
INCOME BEFORE INTEREST INCOME FROM
   AFFILIATES.......................      2,988        2,104             945              7,546         8,491         6,731

INTEREST INCOME FROM AFFILIATES.....          -           76              15                 71            86           234
                                      ---------    ---------   -------------      -------------    ----------    ----------
INCOME FROM CONTINUING OPERATIONS...      2,988        2,180             960              7,617         8,577         6,956
                                      ---------    ---------   -------------      -------------    ----------    ----------
DISCONTINUED OPERATIONS:
   Income from operations of sold
     properties.....................          -          196               -                  -             -           625
   Gain (loss) on disposal of
     income producing properties....          -        2,185             (19)                 -           (19)        2,185
                                      ---------    ---------   -------------     ---------------    ----------    ----------
       Total income from
        discontinued operations.....          -        2,381             (19)                 -           (19)       (2,810)
                                      ---------    ---------   -------------      -------------    ----------    ----------
NET INCOME..........................    $ 2,988      $ 4,561       $     941            $ 7,617       $ 8,558       $ 9,775
                                      =========    =========    ===============   =============    ==========    ==========

</TABLE>
See accompanying notes to the condensed financial statements.






                                       2
<PAGE>

IRT PARTNERS L.P.
(a limited partnership)
CONDENSED STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2003
(UNAUDITED)
(In thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                   General         Limited         Total
                                                  Partner's       Partners'      Partners'
                                                   Capital         Capital        Capital
                                                 -----------    -----------     -----------
<S>              <C>                               <C>             <C>            <C>
Balance, January 1, 2003....................       $ 119,737       $  9,684       $ 129,421
Cash distributions..........................         (10,173)          (602)        (10,775)
Net income..................................           8,080            478           8,558
Fair value adjustment due to merger.........          15,360          1,601          16,961
                                                 -----------    -----------     -----------
Balance, September 30, 2003.................       $ 133,004       $ 11,161       $ 144,165
                                                 ===========    ===========     ===========
</TABLE>

See accompanying notes to the condensed financial statements.









                                       3
<PAGE>

IRT PARTNERS L.P.
(a limited partnership)
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2003 AND 2002
(UNAUDITED)
(In thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                   Nine Months Ended
                                                                                      September 30,
                                                                            --------------------------------
                                                                                 2003              2002
                                                                            --------------    --------------
<S>                                                                                 <C>               <C>
OPERATING ACTIVITIES:
Net income............................................................          $    8,558        $    9,775
 Adjustments to reconcile net income to net cash provided by
   operating activities:
     Straight line rent adjustment....................................                 (63)             (138)
     Amortization of premium on mortgage notes payable................                (330)                -
     Amortization of deferred financing fees..........................                   4                14
     Rental property depreciation and amortization....................               2,504             2,940
     Depreciation and amortization included in discontinued operations                   -               180
     Loss (gain) on disposal of real estate...........................                  19            (2,185)

   Changes in assets and liabilities:
     Increase in other assets.........................................                (376)           (1,305)
     Increase in other liabilities....................................               1,218             1,514
                                                                            --------------    --------------
Net cash provided by operating activities.............................              11,534            10,795
                                                                            --------------    --------------
INVESTING ACTIVITIES:
   Additions to and purchases of properties...........................              (1,197)           (4,756)
   Proceeds from disposal of properties...............................                   -             6,513
   Decrease in cash held in escrow....................................               4,033                 -
                                                                            --------------    --------------
Net cash provided by investing activities.............................               2,836             1,757
                                                                            --------------    --------------
FINANCING ACTIVITIES:
   Repayments of mortgage notes payable...............................              (6,921)             (585)
   Payment of deferred financing costs................................                   -               (58)
   Advances from (to) affiliate, net..................................               2,730            (3,398)
   Cash contributions.................................................                   -             1,946
   Cash distributions paid............................................             (10,775)          (10,252)
                                                                            --------------    --------------
Net cash used in financing activities.................................             (14,966)          (12,347)
                                                                            --------------    --------------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS..................                (596)              205

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD........................                 608               500
                                                                            --------------    --------------
CASH AND CASH EQUIVALENTS, END OF PERIOD..............................          $       12        $      705
                                                                            ==============    ==============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
   Cash paid for interest, net of amount capitalized..................          $    2,306        $    2,373
                                                                            ==============    ==============

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
   The Company merged with IRT and the assets and liabilities of LP were
     restated to fair value as follows:
      Fair value of assets acquired...................................          $  191,173
      Assumption of liabilities and mortgage notes payable............             (41,524)
      Fair value adjustment of mortgage notes payable.................              (5,133)
                                                                            --------------
      Partners' capital...............................................          $  144,516
                                                                            ==============
</TABLE>

See accompanying notes to the condensed financial statements.



                                       4
<PAGE>

IRT PARTNERS L.P.
(a limited partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
(in thousands)

1.   ORGANIZATION AND IRT PROPERTY COMPANY MERGER

     IRT Partners L.P. ("LP"), a Georgia limited partnership, was formed on July
15,  1998 in order to  enhance  the  acquisition  opportunities  of its  general
partner through a downREIT  structure.  This structure offers potential  sellers
the ability to make a tax-deferred  transfer of their real estate  properties in
exchange for partnership units ("OP Units") of LP.

     On February 12,  2003,  Equity One,  Inc.  (the  "Company" or  "Successor")
completed a statutory merger with IRT Property Company ("IRT" or "Predecessor"),
LP's general partner.  As a result of the merger,  the Company acquired from IRT
the general  partnership  interests  in LP. The  Company now owns  approximately
94.4% of LP's partnership  interests.  As a result of the substantial  change in
ownership from this transaction, "push-down" accounting has been applied to LP's
financial  statements,  assets and  liabilities of LP have been restated to fair
value in the same manner as IRT's assets and  liabilities  were  recorded by the
Companyas as a result of the merger.  Although  the fair values  assigned to the
identifiable   tangible  and  intangible   assets  and  liabilities  of  LP  are
preliminary  as LP is  evaluating  the fair  values  and  allocation  of  costs,
management  does not believe  that any future  adjustment  would have a material
effect on LP's financial position or results of operations.

     The  results  of  operations  for the three and  nine-month  periods  ended
September 30, 2002 and for the period from January 1, 2003 through  February 11,
2003  have been  recorded  based on the  historical  values  of the  assets  and
liabilities  of LP prior to the merger.  For the period from  February  12, 2003
through  September 30, 2003, the results of operations  have been recorded under
the fair  values  assigned  to the assets and  liabilities  after the  Company's
merger with IRT.

     LP is  obligated  to redeem  each OP Unit held by a person  other  than the
Company, at the sole request of such limited partner, for cash equal to the fair
market  value  of a share  of the  Company's  common  stock  at the time of such
redemption.  However,  the Company may elect, at its option, to acquire any such
OP Unit presented for redemption for one common share of the Company's  stock or
cash.

     At September  30, 2003,  LP owns 23  neighborhood  and  community  shopping
centers located in Florida, Tennessee,  Georgia and North Carolina. The shopping
centers are anchored by necessity-oriented retailers such as supermarkets,  drug
stores, national value retailers and department stores.

2.   BASIS OF PRESENTATION

     The  accompanying   unaudited  condensed  financial  statements  have  been
prepared by LP's management in accordance with accounting  principles  generally
accepted in the United States of America for interim  financial  information and
with the  instructions of Form 10-Q and Article 10 of Regulation S-X of the U.S.
Securities and Exchange  Commission  (the "SEC").  Accordingly,  these unaudited
condensed  financial  statements  do not  include  all of  the  information  and
footnotes  required by accounting  principles  generally  accepted in the United
States  of  America  for  complete  financial  statements.  In  the  opinion  of
management,  all adjustments  considered  necessary for a fair presentation have
been included.  The results of operations  for the three and nine-month  periods
ended September 30, 2003 are not necessarily  indicative of the results that may
be expected for the full year. These unaudited  condensed  financial  statements
should be read in  conjunction  with  Management's  Discussion  and  Analysis of
Financial  Condition and Results of  Operations  contained elsewhere in

                                       5
<PAGE>

this Form 10-Q and the audited  financial  statements and related  footnotes for
the year ended  December 31, 2002 included in the Current  Report of Equity One,
Inc. on Form 8-K filed with the SEC on November 14, 2003.

     The  preparation  of condensed  financial  statements  in  conformity  with
accounting  principles  generally  accepted  in the  United  States  of  America
requires  management to make estimates and  assumptions  that affect the amounts
reported in the consolidated financial statements and accompanying notes. Actual
results could differ from those estimates.

3.   RENTAL PROPERTIES

     Income producing  property is stated at cost and includes all costs related
to acquisition,  development and  construction,  including tenant  improvements,
interest  incurred  during  development,  costs of  pre-development  and certain
direct  and  indirect  costs  of   development.   Costs   incurred   during  the
predevelopment  stage are  capitalized  once  management  has identified a site,
determined  that the project is feasible and that it is probable that LP will be
able to proceed with the project.  Expenditures  for  ordinary  maintenance  and
repairs are expensed to operations as they are incurred. Significant renovations
and  improvements,  which  improve  or extend the  useful  life of  assets,  are
capitalized.

     Income producing properties are individually  evaluated for impairment when
conditions  exist that may indicate that it is probable that the sum of expected
future  cash flows (on an  undiscounted  basis) from a property is less than its
historical net cost basis. Upon  determination  that a permanent  impairment has
occurred, LP records an impairment charge equal to the excess of historical cost
basis  over  fair  value.   In  addition,   LP  writes  off  costs   related  to
predevelopment  projects  when it  determines  that it will no longer pursue the
project.

     Depreciation  expense is computed using the  straight-line  method over the
estimated useful lives of the assets, as follows:

        Land improvements            40 years
        Buildings                    30-40 years
        Building improvements        5-40 years
        Tenant improvements          Over the terms of the related lease
        Equipment                    5-7 years

     Acquisitions of properties are accounted for using the purchase method and,
accordingly,  the  results  of  operations  are  included  in  LP's  results  of
operations from the respective  dates of  acquisition.  The Company uses various
valuation  methods to allocate the purchase price of acquired  property  between
land, buildings and improvements,  equipment, and other identifiable intangibles
such as lease origination  costs and acquired leases and any debt assumed.  LP's
allocation of the purchase prices for the acquisitions  consummated  during 2003
is preliminary and is subject to change.

4.   MORTGAGE NOTES PAYABLE

     Mortgage notes payable are collateralized by real estate investments. These
notes have stated  interest  rates  ranging from 7.02% to 9.1875% and are due in
monthly installments with maturity dates ranging from 2009 to 2015. LP, upon the
merger of IRT and the  Company,  recorded  a premium  on the  mortgage  notes of
$5,133.


                                       6
<PAGE>

5.   INCOME TAXES

     No  federal  or  state  income  taxes  are  reflected  in the  accompanying
condensed financial  statements because LP is a partnership and its partners are
required to include their respective share of profits and losses in their income
tax returns.

6.   DISPOSITIONS

     LP has adopted SFAS No. 144,  Accounting  for the Impairment or Disposal of
Long-Lived Assets, effective January 1, 2002, and has included the operations of
properties  sold  and  held  for  sale,  as  well  as the  gain  on sale of sold
properties,  as discontinued operations for all periods presented. LP expects to
reclassify  historical  operating results whenever  necessary in order to comply
with the requirements of SFAS No. 144.

     The following table reflects the properties  being reported in discontinued
operations for the three and nine-month  periods ended September 30, 2002 (there
have been no dispositions during 2003):
<TABLE>
<CAPTION>

           Property                 Location            Date Sold      Square Feet      Sales Price     Gain (Loss)
     ---------------------      ------------------    -------------  --------------    ------------   -------------
     <S>                        <C>                     <C>          <C>               <C>             <C>
     Forest Hills Centre*       2Wilson, NC              9/25/02             74,180         $ 6,850         $ 2,185
     Asheville Plaza            Asheville, NC            11/4/02             49,800             950             733
     Lawrence Commons*          Lawrenceburg, TN        12/12/02             52,295           4,219           1,252
                                                                      -------------    ------------   -------------
        Total.....................................................          176,275        $ 12,019         $ 4,170
                                                                      =============    ============   =============
</TABLE>

     *During  first  quarter  2003,   additional   expenses  totaling  $19  were
recognized as a loss under discontinued operations relating to these properties.

7.   RECENT ACCOUNTING PRONOUNCEMENTS

     In April 2002, the FASB issued SFAS No. 145,  Rescission of FASB Statements
No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical  Corrections
which  rescinds  FASB   Statement  No.  4,  Reporting   Gains  and  Losses  from
Extinguishment  of Debt, and an amendment of that Statement,  FASB Statement No.
64, Extinguishments of Debt Made to Satisfy Sinking-Fund  Requirements.  It also
rescinds  FASB  Statement  No. 44,  Accounting  for  Intangible  Assets of Motor
Carriers,  and amends FASB Statement No. 13, Accounting for Leases. Finally SFAS
No. 145 amends  other  existing  authoritative  pronouncements  to make  various
technical  corrections,  clarify meanings, or describe their applicability under
changed  conditions.  The provisions related to the rescission of FASB Statement
No. 4 and its amendment Statement No. 64 is effective for fiscal years beginning
after May 15, 2002. LP adopted SFAS No. 145 as of July 2002 and will reflect any
gains (losses) from extinguishment of debt as part of ordinary income.

     In  November  2002,  FASB  issued  FASB  Interpretation  No. 45 ("FIN 45"),
Guarantor's  Accounting and Disclosure  Requirements  for Guarantees,  Including
Indirect  Guarantee's  of  Indebtedness  of Other's (an  interpretation  of FASB
Statements No. 5, 57 and 107 and rescission of FASB  Interpretation No. 34). FIN
45  clarifies  the   requirements  of  FASB  Statement  No.  5,  Accounting  for
Contingencies. It requires that upon issuance of a guarantee, the guarantor must
recognize a liability for the fair value of the obligation it assumes under that
guarantee   regardless  of  whether  or  not  the  guarantor  receives  separate
identifiable  consideration  (i.e.,  a premium).  LP adopted the new  disclosure
requirements,   which  are  effective  beginning  with  2002  calendar  year-end
financials.  FIN 45's  provisions for initial  recognition

                                       7
<PAGE>

and  measurement  are effective on a prospective  basis to guarantees  issued or
modified after December 31, 2002. The adoption of FIN 45 did not have a material
impact on LP's financial statements.

     In January 2003, FASB issued FASB  Interpretation No. 46,  Consolidation of
Variable  Interest  Entities  ("FIN 46"),  an  interpretation  of ABR 51. FIN 46
provides guidance on identifying  entities for which control is achieved through
means other than through voting rights,  variable interest entities ("VIE"), and
how to determine when and which business enterprises should consolidate the VIE.
In  addition,  FIN 46  requires  both  the  primary  beneficiary  and all  other
enterprises  with a significant  variable  interest in a VIE to make  additional
disclosures.  The transitional  disclosure  requirements will take effect almost
immediately and are required for all financial  statements  issued after January
31, 2003. The  consolidated  provisions of FIN 46 are effective  immediately for
variable  interests  in VIEs  created  after  January  31,  2003.  For  variable
interests in VIEs created before  February 1, 2003, the provisions of FIN 46 are
effective for the first interim or annual period ending after December 15, 2003.
LP is not a party to any VIE's.

     In April 2003,  FASB issued SFAS No. 149,  Amendment  of  Statement  133 on
Derivative  Instruments and Hedging  Activities,  which clarifies the accounting
and reporting for derivative instruments,  including derivative instruments that
are embedded in contracts.  This  statement is effective  for contracts  entered
into or modified  after June 30, 2003. LP adopted this  pronouncement  beginning
July 1, 2003.  The  adoption  of SFAS No. 149 did not have a material  impact on
LP's financial condition or results of operations.

     In May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial
Instruments with  Characteristics of both Liabilities and Equity. This statement
establishes  standards  for the  classification  and  measurement  of  financial
instruments  that possess  characteristics  similar to both liability and equity
instruments. SFAS No. 150 also addresses the classification of certain financial
instruments  that include an obligation to issue equity  shares.  On October 29,
2003, the FASB voted to defer, for an indefinite  period, the application of the
guidance in FASB Statement No. 150, Accounting for Certain Financial Instruments
with  Characteristics  of Both Liabilities and Equity. The FASB decided to defer
the  application  of the aspect of Statement 150 until it could consider some of
the resulting implementation issues.

8.   COMMITMENTS AND CONTINGENCIES

     LP has  guaranteed  the  $150,000  unsecured  senior  notes of the  Company
bearing  interest  at fixed  interest  rates  ranging  from  7.25% to 7.84%  and
maturing  between 2006 and 2012. The interest rate of one series of these senior
notes is subject to a 50 basis point  increase if the Company  does not maintain
an investment  grade debt rating.  LP has also  guaranteed a $340,000  unsecured
revolving  credit facility of the Company,  under which $138,000 was outstanding
at September 30, 2003.  These notes and revolving credit facility have also been
guaranteed by most of the Company's wholly-owned subsidiaries.

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS

OVERVIEW

     The following  discussion should be read in conjunction with LP's unaudited
Condensed Financial Statements,  including the notes thereto, which are included
elsewhere herein and LP's audited Financial Statements and notes thereto for the
year ended  December 31, 2002 appearing in the Current Report on Form 8-K of the
Company filed November 14, 2003. The results of operations for an interim period
may not give a true indication of results for the year.

                                       8
<PAGE>

     Unless the context otherwise requires, all references to "we," "our," "us,"
"IRT Partners," and "LP" in this report refer collectively to IRT L.P.

RESULTS OF OPERATIONS

Three Months Ended  September 30, 2003 Compared to Three Months Ended
September 30, 2002.

     Total revenues from rental  properties  increased by $290,000,  or 5.0%, to
$6.1  million in 2003 from $5.8  million in 2002 due to an  increase  in expense
recoveries.

     Property operating expenses increased by $65,000,  or 3.9%, to $1.7 million
for 2003 from $1.7 million in 2002.

     Rental property  depreciation  and amortization  decreased by $183,000,  or
18.6%,  to $799,000 for 2003 from $982,000 in 2002 due to the restatement of the
assets  to  fair  value  upon,  and  the  allocation  between   depreciable  and
non-depreciable assets resulting from, the merger of IRT with the Company.

     Interest expense decreased by $225,000, or 27.6%, to $591,000 for 2003 from
$816,000 in 2002 related to the payoff of a mortgage  note and  amortization  of
premiums on mortgage notes payable of $142,000.

     During 2002, a property was sold and the operations are reflected in income
from  operations  of sold  properties.  LP recognized a gain on the sale of $2.2
million. There were no dispositions during 2003.

     As a result of the  foregoing,  net income  decreased by $1.6  million,  or
34.5%, to $3.0 million for 2003 from $4.6 million in 2002.

Nine Months Ended September 30, 2003 Compared to Nine Months Ended
September 30, 2002.

     Total revenues from rental  properties  increased by $283,000,  or 1.6%, to
$18.3  million in 2003 from $18.0  million in 2002 due to an increase in expense
recoveries.

     Property operating expenses increased by $253,000, or 5.0%, to $5.3 million
for 2003 from $5.1 million in 2002.

     Rental property  depreciation  and amortization  decreased by $436,000,  or
14.8%,  to $2.5  million  for 2003  from $2.9  million  in 2002  related  to the
restatement  of the  assets  to fair  value  upon,  and the  allocation  between
depreciable and  non-depreciable  assets  resulting from, the merger of IRT
with the Company.

     Interest expense decreased by $451,000,  or 18.8%, to $1.9 million for 2003
from  $2.4  million  in 2002  related  to the  payoff  of a  mortgage  note  and
amortization of premiums on mortgage notes payable of $330,000.

     During 2002, a property was sold and the operations are reflected in income
from  operations  of sold  properties.  LP recognized a gain on the sale of $2.2
million. There were no dispositions during 2003.

     As a result of the  foregoing,  net income  decreased by $1.2  million,  or
12.5%, to $8.6 million for 2003 from $9.8 million in 2002.

CASH FLOWS

     Net cash  provided by operating  activities  of $11.5  million for the nine
months ended September 30, 2003 included:  (i) net income of $8.6 million,  (ii)
adjustments  for non-cash items which  increased

                                       9
<PAGE>

cash flow by $2.1  million,  and (iii) a net  increase in  operating  assets and
liabilities of $842,000,  compared to net cash provided by operating  activities
of $10.8 million for the nine months ended  September 30, 2002,  which  included
(i) net income of $9.8 million,  (ii)  adjustments for non-cash and gain on sale
items  which  increased  cash  flow by  $811,000,  and (iii) a net  increase  in
operating assets and liabilities of $209,000.

     Net cash  provided by  investing  activities  of $2.8  million for the nine
months ended  September  30, 2003  included:  (i) capital  improvements  of $1.2
million  offset by proceeds  from  escrowed  funds on sale of properties of $2.9
million and $1.1 million returned to the operating cash accounts.  These amounts
should be compared to net cash provided by investing  activities of $1.8 million
for the nine months ended September 30, 2002 which included: (i) the acquisition
of one shopping center for $1.9 million and (ii)  construction,  development and
other capital improvements of $3.0 million,  offset by proceeds from the sale of
one property of $6.5 million.

     Net cash used in financing  activities of $15.0 million for the nine months
ended  June 30,  2003  included:  (i) the payoff of one  mortgage  note for $5.3
million and monthly principal  payments on mortgage notes of $1.6 million,  (ii)
distributions  to OP Unit  holders of $10.8  million,  offset by  advances  from
affiliates of $2.7 million, compared to net cash used by financing activities of
$12.3 million for the nine months ended September 30, 2002 which  included:  (i)
net  proceeds  from  issuance  of OP  Units  of  $1.9  million,  offset  by  (a)
distribution to OP Unit holders of $10.3 million, (b) net advances to affiliates
of $3.4 million,  (c) principal payments on mortgage notes of $585,000,  and (d)
other uses of $58,000.

LIQUIDITY AND CAPITAL RESOURCES

     LP's principal demands for liquidity are maintenance expenditures, repairs,
property  taxes  and  tenant  improvements,  leasing  costs,  debt  service  and
distributions  to its OP Unit  holders.  LP  presently  expects  cash  from  its
operating  activities  to be the primary  source of funds to pay  distributions,
mortgage note payments and certain capital improvements on LP's properties.

     LP guarantees the Company's indebtness under the Company's unsecured senior
debt and unsecured revolving credit facilities.

     LP,  through the  Company,  uses  unsecured  borrowings  for use in meeting
capital requirements. As of September 30, 2003, LP had $34.6 million in mortgage
notes  payable at a weighted  average  interest  rate of 8.4%,  which are due in
monthly installments with maturity dates ranging from 2006 to 2015.

     As of September 30, 2003, the scheduled amortization and principal payments
due on mortgage notes payable are as follows (in thousands):
<TABLE>
<CAPTION>

                                                                              Total
                                Scheduled             Balloon            Principal Balance
          Year                Amortization            Payments            Due at Maturity
 ----------------------    -----------------    ------------------    ---------------------
<S>                                    <C>                  <C>                      <C>
 2003.......................        $    115             $       -                $     115
 2004.......................             650                     -                      650
 2005.......................             709                     -                      709
 2006.......................             771                     -                      771
 2007.......................             838                     -                      838
 Thereafter.................           5,508                25,964                   31,472
                           -----------------    ------------------    ---------------------

     Total..................        $  8,591             $  25,964                $  34,555
                           =================    ==================    =====================
</TABLE>

     Our debt level could subject us to various  risks,  including the risk that
our cash flows will be insufficient  to meet required  payments of principal and
interest, and the risk that the resulting reduced

                                       10
<PAGE>

financial flexibility could inhibit our ability to develop or improve our rental
properties,  withstand  downturns  in our  rental  income or take  advantage  of
business opportunities. In addition, because we currently anticipate that only a
small  portion of the  principal  of our  indebtedness  will be repaid  prior to
maturity,  it is expected that it will be necessary to refinance the majority of
our debt.  Accordingly,  there is a risk that such indebtedness will not be able
to be refinanced or that the terms of any  refinancing  will not be as favorable
as the terms of our current indebtedness.

     We believe,  based on currently proposed plans and assumptions  relating to
our operations,  that our existing  financial  arrangements,  together with cash
generated  from  our  operations,   will  be  sufficient  to  satisfy  our  cash
requirements for a period of at least twelve months. In the event that our plans
change,  our  assumptions  change or prove to be  inaccurate  or cash flows from
operations or amounts available under existing  financing  arrangements prove to
be insufficient  to fund our expansion and development  efforts or to the extent
we discover suitable acquisition targets the purchase price of which exceeds our
existing  liquidity,  we  would  be  required  to  seek  additional  sources  of
financing.  There can be no  assurance  that any  additional  financing  will be
available on acceptable  terms or at all, and any future equity  financing could
be dilutive to existing  partners.  If  adequate  funds are not  available,  our
business operations could be materially adversely affected.

INFLATION

     Most of our leases contain  provisions  designed to partially  mitigate the
adverse impact of inflation.  Such  provisions  include  clauses  enabling us to
receive percentage rents based on tenant gross sales above predetermined levels,
which rents generally  increase as prices rise, or escalation  clauses which are
typically  related to increases in the Consumer Price Index or similar inflation
indices.  Most of our leases  require  the tenant to pay its share of  operating
expenses,  including common area  maintenance,  real estate taxes and insurance,
thereby  reducing  our exposure to  increases  in costs and  operating  expenses
resulting from inflation.

     Our financial  results are affected by general  economic  conditions in the
markets in which our properties  are located.  An economic  recession,  or other
adverse  changes in general or local  economic  conditions  could  result in the
inability of some  existing  tenants to meet their lease  obligations  and could
otherwise  adversely  affect  our  ability to  attract  or retain  tenants.  The
properties  are  typically  anchored  by  supermarkets,  drug  stores  and other
consumer  necessity  and service  retailers  which  typically  offer  day-to-day
necessities rather than luxury items. These types of tenants, in our experience,
generally  maintain more consistent sales performance  during periods of adverse
economic conditions.

CAUTIONARY STATEMENT RELATING TO FORWARD LOOKING STATEMENTS

     Certain  matters  discussed in this  Quarterly  Report on Form 10-Q contain
"forward-looking  statements"  for purposes of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the  Securities  Exchange Act of 1934, as
amended. These forward-looking  statements are based on current expectations and
are not guarantees of future performance.

     All   statements   other   than   statements   of   historical   facts  are
forward-looking  statements, and can be identified by the use of forward-looking
terminology such as "may," "will,"  "might,"  "would,"  "expect,"  "anticipate,"
"estimate,"   "would,"  "could,"  "should,"   "believe,"   "intend,"  "project,"
"forecast,"  "target,"  "plan," or  "continue" or the negative of these words or
other variations or comparable terminology, are subject to certain risks, trends
and  uncertainties  that could cause actual  results to differ  materially  from
those   projected.   Because   these   statements   are  subject  to  risks  and
uncertainties,  actual  results may differ  materially  from those  expressed or
implied by the  forward-looking  statements.  We caution  you not to place undue
reliance on those statements, which speak only as of the date of this report.

                                       11
<PAGE>

     Among the factors that could cause actual results to differ materially are:

     o    general economic conditions,  competition and the supply of and demand
          for shopping center properties in our markets;

     o    management's   ability  to  successfully  combine  and  integrate  the
          properties and operations of separate  companies that we have acquired
          in the past or may acquire in the future;

     o    interest rate levels and the availability of financing;

     o    potential  environmental liability and other risks associated with the
          ownership, development and acquisition of shopping center properties;

     o    risks that tenants will not take or remain in occupancy or pay rent;

     o    greater than anticipated construction or operating costs;

     o    inflationary and other general economic trends;

     o    the effects of hurricanes and other natural disasters; and

     o    other risks detailed from time to time in the reports filed by us with
          the Securities and Exchange Commission.

     Except for ongoing obligations to disclose material information as required
by the federal  securities  laws, we undertake no obligation to release publicly
any  revisions  to  any   forward-looking   statements  to  reflect   events  or
circumstances   after  the  date  hereof  or  to  reflect  the   occurrence   of
unanticipated events.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

     LP utilizes  mortgage  notes  payable with fixed rates.  Sudden  changes in
interest  rates  generally  do not affect  LP's  interest  expense as these debt
instruments  have fixed rates for extended  periods of time. LP's potential risk
is from  increases in long-term real estate  mortgage  rates or borrowing  rates
that may occur. As the debt  instruments  mature,  LP typically  refinances such
debt at the then current market interest  rates,  which may be more or less than
the interest rates on the maturing debt. The weighted average life for our fixed
rate mortgage notes is 7.0 years.

     LP estimates  the fair market value of LP's long term,  fixed rate mortgage
loans using  discounted cash flow analysis based on current  borrowing rates for
similar types of debt.  At September 30, 2003,  the fair value of the fixed rate
mortgage loans was estimated to be $41.9 million  compared to the carrying value
amount of $34.6  million.  If the weighted  average  interest rate on LP's fixed
rate debt were 100  basis  points  lower or  higher  than the  current  weighted
average  rate of 8.4%,  the fair market  value would be $36.9  million and $33.3
million, respectively.

ITEM 4. CONTROLS AND PROCEDURES

     We maintain disclosure controls and procedures that are designed to provide
reasonable  assurance that information  required to be disclosed in our Exchange
Act reports is recorded,  processed,  summarized  and  reported  within the time
periods specified in the Securities and Exchange  Commission's  rules and forms,
and that  such  information  is  accumulated  and  communicated  to  management,
including the Chief

                                       12
<PAGE>

Executive  Officer  and Chief  Financial  Officer of Equity  One,  Inc.,  in its
capacity as general partner, as appropriate, to allow timely decisions regarding
required  disclosure.  In designing and evaluating  the disclosure  controls and
procedures,  management  recognized that any controls and procedures,  no matter
how well  designed  and  operated,  can provide  only  reasonable  assurance  of
achieving  the  desired  control  objectives,  and  management  necessarily  was
required to apply its judgment in evaluating the  cost-benefit  relationship  of
possible controls and procedures.

     As required by Rule  13a-15(b)  under the  Securities  and  Exchange Act of
1934,  we  carried  out an  evaluation,  under  the  supervision  and  with  the
participation  of management,  including the Chief  Executive  Officer and Chief
Financial  Officer of Equity One, Inc., in its capacity as general  partner,  of
the  effectiveness  of the design and operation of our  disclosure  controls and
procedures.  Based on the  foregoing,  the  Chief  Executive  Officer  and Chief
Financial  Officer of Equity  One,  Inc.,  in its  capacity  as general  partner
concluded  that,  as of the  end of the  period  covered  by  this  report,  our
disclosure  controls and procedures  were effective at the reasonable  assurance
level to ensure that information  required to be disclosed by us in reports that
we file under the Exchange Act is recorded,  processed,  summarized and reported
within the time periods specified in SEC rules and forms.

     There  have  been  no  changes  in our  internal  controls  over  financial
reporting  during the quarter  ended  September 30, 2003,  that have  materially
affected,  or are reasonably likely to materially  affect, our internal controls
over financial reporting.

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

     None.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

     None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

     None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     None.

ITEM 5. OTHER INFORMATION

     None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits:

            31.1    Certification of Chief Executive Officer of Equity
                    One,  Inc., in its capacity as general  partner of
                    LP,   pursuant   to  Rule   13a-14(a)   under  the
                    Securities  Exchange  Act of 1934, as amended, and
                    Section 302 of the Sarbanes-Oxley Act of 2002.

            31.2    Certification of Chief Financial Officer of Equity
                    One,  Inc., in its capacity as general  partner of
                    LP,   pursuant   to  Rule   13a-14(a)   under  the
                    Securities  Exchange  Act of 1934, as amended, and
                    Section 302 of the Sarbanes-Oxley Act of 2002.

                                   13
<PAGE>

            32      Certification of Chief Executive Officer and Chief
                    Financial  Officer  of Equity  One,  Inc.,  in its
                    capacity  as general  partner of LP,  pursuant  to
                    Rule 13a-14(b)  under the Securities  Exchange Act
                    of 1934, as amended and 18 U.S.C. 1350, as created
                    by Section 906 of the Sarbanes-Oxley Act of 2002.


     (b)  Reports on Form 8-K:

               None.













                                       14
<PAGE>





                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


     Date: November 14, 2003       IRT PARTNERS L.P.

                                   BY: Equity One, Inc., general partner



                                  /s/ HOWARD M. SIPZNER
                                  --------------------------------------

                                  Howard M. Sipzner
                                  Chief Financial Officer
                                 (Principal Accounting and Financial Officer)













                                       15
<PAGE>




                                INDEX TO EXHIBITS
                                -----------------




         EXHIBIT NO.    DESCRIPTION
         ----------     -----------

            31.1        Certification of Chief Executive Officer of Equity
                        One,  Inc., in its capacity as general  partner of
                        LP,   pursuant   to  Rule   13a-14(a)   under  the
                        Securities  Exchange  Act of 1934, as amended, and
                        Section 302 of the Sarbanes-Oxley Act of 2002.

            31.2        Certification of Chief Financial Officer of Equity
                        One,  Inc., in its capacity as general  partner of
                        LP,   pursuant   to  Rule   13a-14(a)   under  the
                        Securities  Exchange  Act of 1934, as amended, and
                        Section 302 of the Sarbanes-Oxley Act of 2002.

               32       Certification of Chief Executive  Officer and Chief
                        Financial  Officer  of  Equity  One,  Inc.,  in its
                        capacity as general partner of LP, pursuant to Rule
                        13a-14(b)  under  the  Securities  Exchange  Act of
                        1934, as amended, and 18 U.S.C. 1350, as created by
                        Section 906 of the Sarbanes-Oxley Act of 2002.










                                       16