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1992 SIZELER ACHIEVEMENTS PROVIDE SOLID FOUNDATION FOR FUTURE

 KENNER, La., Jan. 5 /PRNewswire/ -- Sizeler Property Investors, Inc. (NYSE: SIZ), an equity real estate investment trust (REIT), which owns primarily retail properties in the southern United States, today expressed optimism about its 1992 achievements and the continuation of its long-term plan to increase cash flow through opportunistic acquisitions and effective asset management.
 The company's current portfolio of investment-grade properties include two enclosed regional shopping malls, one "power" shopping center (a large community shopping center anchored by market-dominant retail merchants), 10 community shopping centers and four apartment complexes. At Sept. 30, the average occupancy rate of the company's 1.8 million square feet of retail space was approximately 93 percent, and the apartment complexes were fully leased.
 Management believes that the company's future operating performance can be further improved in 1993 and beyond through the continuation of a focused acquisition program which targets quality income-producing properties in strong markets; the expected availability of properties to be purchased at attractive investment yields and significant discounts from reproduction costs; and the ability to improve rental income rates from new leases and renewals consistent with market conditions.
 It is management's expectation over the next five years to achieve a "minimum" annual growth objective in funds (recurring cash flow) from operations per share of 6 percent to 8 percent, accompanied by an appropriate increase in cash dividends paid to shareholders. The company recently raised its dividend to shareholders to an annualized $1.04 per share.
 Sidney W. Lassen, chairman and CEO, stated that "there are many attractive real estate acquisition opportunities in today's marketplace. The company's track record over the last 18 months certainly demonstrates an ability to identify and purchase quality properties. During this period, Sizeler acquired six investment properties with returns ranging from 10 percent to 19 percent and we are continuing to evaluate a number of excellent investment opportunities."
 Prior to year-end, the company had approximately 1,600 additional apartment units under formal agreement to purchase. Of this number 615 units are expected to close by year-end 1992. The company's long-term plan is to increase the apartment component of its investment properties because of the nation-wide lack of new, affordable housing in an expected market environment of expanding consumer needs.
 Geographically, the company is especially attracted to the Florida market, where property prices are relatively low, but population and income growth are expected to be high. The company has a good working knowledge of the Florida market and believes that this will be a distinct advantage in its future acquisition efforts. During 1992, the company acquired the 221,000-square-foot Westward ("power") Shopping Center, in West Palm Beach, Fla. -- projected to be one of the top growth markets in the United States over the next five years. The company now has a total of 378,000 square feet of retail space in the Florida market.
 The company's 1992 financial performance through Sept. 30 demonstrates a favorable trend, with funds from operations per share increasing from $.26 in the first quarter to $.27 in the second quarter and to $.29 in the third quarter. Income from rental operations showed a solid increase of $2.4 million for the nine months of 1992 compared to the same period a year ago. The company's management is optimistic about future growth in operating performance, especially considering the full-year cash flow impacts in 1993 from 1992 acquisitions and the potentially positive effects of future acquisition opportunities.
 -0- 1/5/93
 /CONTACT: John J. Gilluly Jr., vice president/treasurer of Sizeler Property Investors, Inc., 504-466-5363, or, home, 504-833-4773/
 (SIZ)


CO: Sizeler Property Investors, Inc. ST: Louisiana IN: SU:

SM -- NYYFNS3 -- 1516 01/05/93 06:53 EST
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Publication:PR Newswire
Date:Jan 5, 1993
Words:609
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