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SIZELER PROPERTY INVESTORS REPORTS RESULTS

 SIZELER PROPERTY INVESTORS REPORTS RESULTS
 KENNER, La., Feb. 7 /PRNewswire/ -- Sizeler Property Investors,


Inc. (NYSE: SIZ) announced today results for the three months ended Dec. 31, 1991.
 The company reported funds from operations for the three months ended Dec. 31, 1991, was $1,078,000 or $.27 per share compared to $1,022,000 or $.31 per share, for the three months ended Dec. 31, 1990. Management of the company believes that funds from operations, defined by the company as net cash provided by operating activities before changes in operating assets and liabilities, is an important financial measure of the company's performance. Total operating revenues for the three months ended Dec. 31, 1991, were $2,953,000, compared to $2,600,000 for the comparable period of the previous year. Income from rental operations increased to $1,341,000 for the fourth quarter 1991, as compared to $1,232,000 in 1990. The increase in operating revenue and income from rental operations resulted primarily from the addition of income-producing properties to the company's portfolio during 1991.
 The company reported net income of $388,000 or $.10 per share, based on 4,031,000 weighted average shares outstanding for the 1991 period, compared to $817,000 or $.25 per share, based on 3,271,000 shares outstanding for the comparable period of 1990. Fourth quarter results for 1990 included a net gain from the sale of real estate of $278,000, whereas fourth quarter 1991 results included a net loss of $134,000 related to real estate investment activity.
 The decrease in per share amounts for funds from operations and net income is principally the result of the investment of the proceeds from the company's fourth quarter 1991 public stock offering in short-term, interest-bearing securities pending its acquisition of additional income-producing shopping center and apartment properties. Certain reclassifications have been made in the 1990 operating results to conform to the 1991 classifications.
 The company has previously announced the payment of a dividend of $.25 per share on March 6 to shareholders of record as of Feb. 19.
 Sizeler Property Investors, Inc. is a self-administered equity real estate investment trust which invests in income-producing shopping centers and apartment properties in the southern United States. The company is based in Kenner, La., a suburb of New Orleans.
 SIZELER PROPERTY INVESTORS, INC.
 Qtr. ended 12 mos. ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Operating revenue $2,953,000 $2,600,000 $11,069,000 $10,985,000
 Operating expenses 1,612,000 1,368,000 5,773,000 5,182,000
 Income from
 rental operations 1,341,000 1,232,000 5,296,000 5,803,000
 Other income
 (expenses) (819,000) (693,000) (3,184,000) (3,172,000)
 Income before gain
 (loss) on sale of
 real estate 522,000 539,000 2,112,000 2,631,000
 Gain (loss) on sale
 of real estate (134,000) 278,000 (320,000) (243,000)
 Net income $ 388,000 $ 817,000 $ 1,792,000 $ 2,388,000
 Net income per
 share $ .10 $ .25 $ .52 $ .70
 Funds from
 operations $1,078,000 $1,022,000 $ 4,215,000 $ 4,585,000
 Funds from
 operations per
 share $ .27 $ .31 $ 1.23 $ 1.34
 Wtd. average shares
 outstanding 4,031,000 3,271,000 3,429,000 3,423,000
 -0- 2/7/92
 /CONTACT: John J. Gilluly Jr., vice president/treasurer of Sizeler Property Investors, 504-466-5363/
 (SIZ) CO: Sizeler Property Investors, Inc. ST: Louisiana IN: SU: ERN


BN-TG -- AT012 -- 7984 02/07/92 17:58 EST
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Date:Feb 7, 1992
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