UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549

                                    FORM 10-Q

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

               For the Quarterly Period Ended     September 30, 2001
                                                ----------------------

                                       OR

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

               For  the  Transition  Period  From  ________to  ________


                       Commission File Number      1-7859

                                IRT PARTNERS LP
                              --------------------
             (Exact name of registrant as specified in its charter)

           Georgia                                       58-2404832
--------------------------------            ------------------------------------
(State  or other jurisdiction of            (I.R.S. Employer Identification No.)
 incorporation  or  organization)


200  Galleria  Parkway,  Suite  1400
          Atlanta,  Georgia                                        30339
----------------------------------------                 -----------------------
(Address of principal executive offices)                        (Zip Code)


                               (770)  955-4406
        ----------------------------------------------------------------
              (Registrant's telephone number, including area code)

                                     N/A
        -----------------------------------------------------------------
          (Former  name,  former  address  and  former  fiscal  year,
                        if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding  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  [  ]

                                        1
<PAGE>

CERTAIN  INFORMATION  CONTAINED  IN  THIS  REPORT  CONTAINS  FORWARD-LOOKING
STATEMENTS,  WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933 AND
SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.  READERS OF THIS
REPORT  SHOULD  BE  AWARE THAT THERE ARE VARIOUS FACTORS THAT COULD CAUSE ACTUAL
RESULTS  TO  DIFFER  MATERIALLY FROM ANY FORWARD-LOOKING STATEMENTS MADE HEREIN.
THIS INFORMATION IS FURTHER QUALIFIED BY THE SPECIAL CAUTIONARY NOTICE REGARDING
FORWARD-LOOKING  STATEMENTS  AND  THE  INFORMATION IN THE SECTION ENTITLED "RISK
FACTORS"  CONTAINED  IN  THE IRT PROPERTY COMPANY ANNUAL REPORT ON FORM 10-K FOR
THE  YEAR  ENDED  DECEMBER 31, 2000, WHICH ARE INCORPORATED HEREIN BY REFERENCE.

                                        2
<PAGE>

Item  1.  Financial  Statements

<TABLE>
<CAPTION>
                                       IRT PARTNERS L.P.
                                        BALANCE SHEETS
                          (Dollars in thousands, except unit amounts)



                                                                September 30,    December 31,
                                                                    2001             2000
                                                               ---------------  --------------
                                                                 (Unaudited)
<S>                                                            <C>              <C>
ASSETS

     Rental properties                                         $      163,661   $     161,213
     Accumulated depreciation                                         (26,133)        (24,099)
                                                               ---------------  --------------
          Net rental properties                                       137,528         137,114

     Cash and cash equivalents                                          1,000           6,643
     Advances to affiliate, net                                        20,410              19
     Prepaid expenses and other assets                                  3,325           2,038
                                                               ---------------  --------------

          Total assets                                         $      162,263   $     145,814
                                                               ===============  ==============

LIABILITIES & PARTNERS' CAPITAL

Liabilities:
     Mortgage notes payable, net                               $       37,644   $      30,595
     Accrued expenses and other liabilities                             3,140           1,699
                                                               ---------------  --------------

          Total liabilities                                            40,784          32,294

Limited partners' capital interest (815,852 OP Units in 2001
     and 2000, respectively) at redemption value                        8,811           6,621

Commitments and contingencies  (Note 6)

Partners' capital
     General partner (137,958 and 129,433 OP Units
          in 2001 and 2000, respectively)                               1,213           1,131

     Limited partner (12,841,814 and 11,997,929 OP Units
          in 2001 and 2000, respectively)                             111,455         105,768
                                                               ---------------  --------------


          Total partners' capital                                     112,668         106,899
                                                               ---------------  --------------

          Total liabilities and partners' capital              $      162,263   $     145,814
                                                               ===============  ==============
</TABLE>

      The accompanying notes are an integral part of these balance sheets.


                                        3
<PAGE>
<TABLE>
<CAPTION>
                                IRT PARTNERS L.P.
                             STATEMENTS OF EARNINGS
         For the Three and Nine Months Ended September 30, 2001 and 2000
                                   (Unaudited)
                                 (In thousands)

                                              Three Months Ended        Nine Months Ended
                                                 September 30,             September 30,
                                              ------------------        -------------------
                                               2001        2000          2001        2000
                                              ------      ------        -------     -------
<S>                                           <C>         <C>           <C>         <C>
Revenues:
     Income from rental properties            $5,942      $5,049        $17,540     $15,224
     Gain on sale of outparcel                     -           -            293           -
     Interest income from affiliate              158          70            328         304
                                              ------      ------        -------     -------

          Total revenues                       6,100       5,119         18,161      15,528
                                              ------      ------        -------     -------

Expenses:
     Operating expenses of rental properties   1,523       1,357          4,623       3,990
     Interest on mortgages                       732         609          2,044       1,835
     Depreciation                                954         873          2,883       2,619
     Amortization of debt costs                    3           -              6           -
     General and administrative                  268         271            762         641
                                              ------      ------        -------     -------

          Total expenses                       3,480       3,110         10,318       9,085
                                              ------      ------        -------     -------

          Earnings before gain on
            sales of properties                2,620      2,009          7,843       6,443

Gain on sales of properties                        -          -          1,108           -
                                              ------     ------        -------     -------

          Net earnings                        $2,620     $2,009        $ 8,951     $ 6,443
                                              ======     ======        =======     =======
</TABLE>

        The accompanying notes are an integral part of these statements.


                                        4
<PAGE>
<TABLE>
<CAPTION>
                                       IRT PARTNERS L.P.
                                    STATEMENTS OF CASH FLOWS
                     For the Nine Months Ended September 30, 2001 and 2000
                                          (Unaudited)
                                         (In thousands)

                                                                             Nine Months Ended
                                                                               September 30,
                                                                            -------------------
                                                                              2001       2000
                                                                            ---------  --------
<S>                                                                         <C>        <C>
Cash flows from operating activities:
  Net earnings                                                              $  8,951   $ 6,443
  Adjustments to reconcile earnings to net cash from operating activities:
     Depreciation                                                              2,883     2,619
     Gain on sale of operating properties                                     (1,108)        -
     Gain on sale of outparcel                                                  (293)        -
     Straight line rent adjustment                                              (136)      (24)
     Amortization of debt costs and discounts                                      6         -
     Changes in assets and liabilities:
       Increase in prepaid expenses and other assets                          (1,078)     (587)
       Increase (decrease) in accrued expenses and other liabilities           1,441        (1)
                                                                            ---------  --------

Net cash flows from operating activities                                      10,666     8,450
                                                                            ---------  --------

Cash flows used in investing activities:
  Additions to operating properties, net                                      (8,401)   (2,301)
  Proceeds from sales of operating properties, net                             6,210         -
  Proceeds from sale of outparcel, net                                           348         -
                                                                            ---------  --------

Net cash flows used in investing activities                                 (1,843)   (2,301)
                                                                            ---------  --------

Cash flows used in financing activities:
  Issuance of units for cash                                                   7,903         -
  Distributions paid, net                                                     (8,897)   (8,083)
  Collection of advances to affiliate, net                                         -     6,220
  Advances to affiliate, net                                                  (20,391)        -
  Proceeds from mortgage notes payable                                         7,540         -
  Principal amortization of mortgage notes payable                              (491)     (435)
  Payment of deferred financing costs                                           (130)        -
                                                                            ---------  --------

Net cash flows used in financing activities                                  (14,466)   (2,298)
                                                                            ---------  --------

Net (decrease) increase in cash and cash equivalents                          (5,643)    3,851

Cash and cash equivalents at beginning of period                               6,643       359
                                                                            ---------  --------

Cash and cash equivalents at end of period                                  $  1,000   $ 4,210
                                                                            =========  ========

Supplemental disclosures of cash flow information:

  Total cash paid for interest                                              $  2,016   $ 1,838
                                                                            =========  ========
</TABLE>

        The accompanying notes are an integral part of these statements.


                                        5
<PAGE>
                                IRT PARTNERS L.P.
                          Notes to Financial Statements
                           September 30, 2001 and 2000
                   (Dollars in thousands, except unit amounts)


1.   Unaudited  Financial  Statements

     These  financial  statements  for  interim  periods  are unaudited.  In the
opinion  of  management,  all  adjustments  (which include only normal recurring
adjustments)  necessary to a fair presentation of the financial statements as of
September  30,  2001 and 2000 have been recorded.  The results of operations for
the  interim  periods  are not necessarily indicative of the results that may be
expected  for  future  interim  periods  or  for  the  full  year.

2.   Organization  and  Nature  of  Operations

     IRT  Partners  L.P.  ("LP"),  a Georgia limited partnership formed July 15,
1998,  is  the  entity  through  which  IRT  Property Company (the "Company"), a
self-administered  and  self-managed  real  estate  investment  trust  ("REIT"),
conducts  a  portion  of  its  business  and  owns  (either  directly or through
subsidiaries)  a  portion  of  its  assets.

     The  Company  is  the  sole general partner of LP and maintains an indirect
partnership  interest  through  its  wholly-owned  subsidiary,  IRT  Management
Company.  The  Company initially contributed 20 shopping centers, related assets
and cash to LP in exchange for 8,486,217 limited partnership units ("OP Units").
The Company was issued additional OP Units in exchange for cash contributions to
fund  further  acquisition activity.  Since the formation of LP, the Company has
contributed  cash  to  acquire  six  shopping  centers, and LP has divested five
shopping  centers.  At September 30, 2001, the Company owned approximately 94.1%
of  LP.

     LP  was formed by the Company in order to enhance the Company's acquisition
opportunities  by  offering  potential  sellers  the  ability  to  engage in tax
deferred  sales of properties in exchange for OP Units.  In August 1998, certain
unaffiliated  persons  contributed  their  interests  in  three Florida shopping
centers  in  exchange  for  a  total  of  815,852  OP  Units.

     LP  is  obligated  to  redeem  each OP Unit held by a person other than the
Company,  at  the request of the holder, for cash equal to the fair market value
of  a  share  of  the  Company's  common  stock  at the time of such redemption,
provided  that  the  Company may elect to acquire any such OP Unit presented for
redemption for one common share or cash.  Such limited partnership interest held
by  persons  unaffiliated  with  the  Company is reflected as "Limited Partners'
Capital  Interest"  in  the  accompanying  balance sheets at the cash redemption
amount  on  the  balance  sheet  dates.

     Federal  income  tax laws require the Company, as a REIT, to distribute 90%
of  its  ordinary  taxable income for 2001 (95% for 2000 and earlier).  LP makes
quarterly  distributions to holders of OP Units to enable the Company to satisfy
this  requirement.

     At  September  30,  2001,  LP  owns  24 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  and/or  discount  variety  stores.


                                        6
<PAGE>

3.  Rental  Properties

<TABLE>
<CAPTION>
                                                     ACQUISITIONS

    Date                                                   Square   Year        % Leased      Total Initial
  Acquired           Property Name          City, State    Footage  Built    at Acquisition       Cost       Cash Paid
------------  -----------------------  ------------------  -------  ------  ----------------  -------------  ----------
<S>           <C>                      <C>                 <C>      <C>     <C>               <C>            <C>
4/12/01       Unigold Shopping Center  Orlando, FL         102,985    1987               97%  $ 8,000        $    7,903


=======================================================================================================================


                                                     DISPOSITIONS

   Date                                                    Square   Sales       Net      Gain
   Sold           Property Name            City, State     Footage  Price     Proceeds   (Loss)
------------  -----------------------  ------------------  -------  ------  -----------  -------

4/18/01       Eden Center              Eden, NC             56,355  $3,950  $     3,830  $   742

5/31/01       Chadwick Square          Hendersonville, NC   32,100   2,401        2,351      366
                                                           -------  ------  -----------  -------

                                                            88,455  $6,351  $     6,181  $ 1,108
                                                           =======  ======  ===========  =======
</TABLE>

4.   Mortgage  Notes  Payable

     On  April  19, 2001, LP obtained a non-recourse, secured loan on Pine Ridge
Square of $7,540, at a fixed interest rate of 7.02%. The loan is due and payable
in  ten  years and principal amortization is based on a thirty year amortization
schedule.  Costs  associated with obtaining the secured loan totaled $130 and is
being  amortized  over  the  term  of  the  loan.

5.   Related  Party  Transactions

     LP advances cash generated by the properties within LP to the Company based
on cash flow requirements. Also, in certain instances, the Company advances cash
to  LP  for operating requirements. As of September 30, 2001, LP had advances to
the  Company of $20,391. During 2001, the Company has paid LP approximately $328
in  interest  from  the  advances,  which  bear interest calculated on a monthly
basis,  at  the  three-month  treasury  bill  rate.

6.   Commitments  and  Contingencies

     LP  has  guaranteed  the  bank  indebtedness and senior indebtedness of the
Company.


                                        7
<PAGE>

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of  Operations.
        (Dollars  in  thousands)

Material  Changes  in  Financial  Condition.

     During the  nine months ended September 30, 2001 LP obtained cash proceeds
of:

-    approximately  $7,540  from  obtaining  non-recourse,  secured  loans on a
     shopping  center  at  an  interest  rate  of  7.02%,

-    approximately  $7,903  from the issuance of units due to a shopping center
     acquisition,

-    approximately  $6,210  upon  the sales of four properties and recognized a
     gain  of  approximately  $1,108  for  financial  reporting  purposes,  and

-    approximately  $348 upon the sale of an outparcel and recognized a gain of
     approximately  $293  for  financial  reporting  purposes.

     During  the  nine  months  ended  September 30, 2001, LP utilized funds of:

-    approximately  $8,897 to pay distributions to the holders of the OP Units,

-    approximately  $7,903 for the acquisition of a shopping center investment,
     and

-    approximately  $20,391  for  advances  to  the  Company,

     During  the  nine  months ended September 30, 2000, the Company advanced LP
$6,220.  LP  utilized  funds of approximately $8,083 to pay distributions to the
holders  of  the  OP  Units.

Material  Changes  in  Results  of  Operations.

     During  the  three  and nine months ended September 30, 2001, rental income
from  LP's  portfolio   of  shopping  center  investments:

-    increased  approximately  $291  and  $564,  respectively,  for  the  core
     portfolio,

-    increased  approximately  $805  and  $2,077,  respectively  due  to  the
     acquisition of a shopping center in 2000 and a shopping center in the
     second quarter  of  2001,  and

-    decreased  approximately  $203 and $325, respectively, due to sales of two
     investments  in  2001.


                                        8
<PAGE>

     During  the three and nine months ended September 30, 2000, compared to the
corresponding  periods  of  1999,  rental income from LP's portfolio of shopping
center  investments:

-    increased  approximately  $237  and  $425,  respectively,  for  the  core
     portfolio,

-    increased approximately $29 and $531, respectively, due to the acquisition
     of  two  shopping  centers  in  1999,  and

-     decreased  approximately  $0  and  $520, respectively, due to the sales of
      three  shopping centers  in  1999.

     Percentage  rentals  received  from  shopping  center  investments  totaled
approximately  $1  and  $58 during the three months ended September 30, 2001 and
2000,  respectively,  and  $330 and $284 for the nine months ended September 30,
2001  and  2000,  respectively.  Percentage  rental  income  is  recorded  upon
collection  based  on  the  tenants'  lease  year  end.

     Interest  due  from  affiliate  increased  during the three and nine months
ended  September 30, 2001 approximately $88 and $24, respectively, due primarily
to  the  timing  of  the  advances  from  the  Company.

     During  the  three  and  nine  months  ended  September 30, 2001, operating
expenses  related  to  LP's  portfolio  of  real  estate  investments:

-    decreased  approximately $2 and increased approximately $96, respectively,
     for  the  core     portfolio,

-    increased  approximately  $224  and  $591,  respectively,  due  to  the
     acquisition of a shopping center in 2000 and a shopping center in 2001, and

-    decreased approximately $56 and $54, respectively, due to the sales of two
     properties  in  2001.

     During  the  three  and  nine  months  ended  September 30, 2000, operating
expenses  related  to  LP's  portfolio  of  real  estate  investments:

-    increased  approximately  $136  and  $311,  respectively,  for  the  core
     portfolio,

-    increased approximately $32 and $156, respectively, due to the acquisition
     of  two  shopping  center  investments  in  1999,  and

-    decreased  approximately  $19  and  $92, respectively, due to the sales of
     three  shopping  centers  in  1999.

     The  net  increase  of  $81  and  $264  for the three and nine months ended
September  30, 2001 as compared to the same prior year periods, respectively, in
depreciation  expense  was due to the acquisition of a real estate investment in
the  fourth  quarter  of  2000 and one investment in the second quarter of 2001.

     The  net decrease in general and administrative expense of approximately $3
for  the  three  months  ended  September  30,  2001 was due to the closing of a
regional  office in the second quarter of 2001 and increase of $121 for the nine
months  ended  September  30,  2001, was primarily due to a larger allocation of
expenses from the Company due to the additional real estate investments acquired
in  2000  and  2001.


                                        9
<PAGE>

PART II.  OTHER INFORMATION


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

     (a)     Exhibits.

             None.

     (b)     Reports  on  Form  8-K.

             No reports on Form 8-K were filed by LP during the
             quarter  ended  September 30,  2001.


                                       10
<PAGE>
                                   SIGNATURES

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



                                       IRT  PARTNERS, L.P.



Date:     November  13,  2001          /s/  Thomas  H.  McAuley
-----     -------------------          ------------------------
                                       Thomas  H.  McAuley
                                       President  &  Chief  Executive  Officer


Date:     November  13,  2001          /s/  James  G.  Levy
-----     -------------------          ------------------------
                                       James  G.  Levy
                                       Executive  Vice  President  &
                                       Chief  Financial  Officer


                                       11
<PAGE>