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SIZELER PROPERTY INVESTORS, INC. EXPECTS TO REPORT $1.36 MILLION IN FUNDS FROM OPERATIONS; FURTHER IMPROVEMENTS IN OPERATING REVENUES; INCREASES DIVIDEND

SIZELER PROPERTY INVESTORS, INC. EXPECTS TO REPORT $1.36 MILLION IN FUNDS FROM OPERATIONS; FURTHER IMPROVEMENTS IN OPERATING REVENUES;
 INCREASES DIVIDEND
 KENNER, La., Oct. 6 /PRNewswire/ -- Sizeler Property Investors, Inc. (NYSE: SIZ), an equity real estate investment trust (REIT), which invests in income-producing shopping center and apartment properties, announced today that it expects to report increases in funds from operations and total operating revenues for the three months and nine months ended Sept. 30.
 Funds from operations, defined as income before real estate sales and extraordinary items adjusted for depreciation and amortization expense, is a primary measure of REIT performance. For the 1992 third quarter, funds from operations will approximate $1.36 million, compared to $1.05 million for the same period in 1991 and $1.28 million for the second quarter of 1992.
 Operating revenues will total $4 million for the quarter, compared to $3 million a year ago. Income from rental operations will increase to $2.7 million from $2 million in 1991.
 For the nine months ended Sept. 30, Sizeler expects to report funds from operations of $3.9 million, operating revenues of $10.6 million, and income from rental operations of $7.2 million. This will compare to 1991 funds from operations of $3.1 million, operating revenue of $8.1 million, and income from rental operations of $5.5 million.
 Funds from operations per share for the three months and nine months of 1992 will be $.29 and $.82, compared to $.33 and $.97 in 1991. Net income for these same periods of 1992 is expected to be $.5 million or $.10 per share, compared to $.5 million or $.14 per share a year ago. Per share amounts reflect the effect of a 1.5 million share increase in the total number of shares outstanding, as a result of the company's fourth quarter 1991 public offering. Proceeds from this offering were initially invested in short-term, interest bearing securities until fully invested in acquisitions of additional income-producing properties, which were completed during the second quarter of 1992.
 Further Improvements in Operating Revenues
 "The increase in operating revenue and income from rental operations resulted primarily from the deliberate execution of our plan to invest new money in high-quality properties at attractive yields, with good potential for cash flow growth," said Sidney Lassen, CEO of Sizeler. "Our efforts are clearly focused on the economics of each transaction. Our staff carefully evaluates all of the relevant factors for each potential acquisition before committing the investment of company funds. The strategy is to acquire only those properties that provide the most favorable long-term return on the company's equity investment. Our acquisition program continues to emphasize retail shopping centers and apartment properties. We have designated the southern states of Texas, Louisiana, and Florida as our primary market area. Florida, in particular, exhibits enormous potential for investment for our company, as demonstrated by our recent acquisition of the Westward Shopping Center, in West Palm Beach, which we expect to add at least $2.6 million in operating revenue on an annualized basis. All acquisitions completed thus far in 1992 should add approximately $4 million to annual revenues."
 Dividend Increased to $.26 Per Share
 "We are highly confident in our ability to continue this investment strategy with excellent results for our shareholders," Lassen continued. "Based upon the company's continued improvement in operations, the board has declared a third quarter dividend of $.26 per share on October 6, to shareholders of record on November 9, payable on November 25. This dividend increase reflects management and the board's confidence in the company's ability to achieve future performance despite difficult economic times."
 Occupancy Remains at High Level
 At Sept. 30, the company's real estate properties consisted of two enclosed regional shopping malls, one power shopping center (a large community center anchored by market-dominant retail merchants), 10 community and neighborhood shopping centers, and three apartment complexes containing 331 units. The properties are located in Louisiana (12), Florida (3), and Texas (1). Leasable area of the retail properties totals about 1.9 million square feet. At Sept. 30, the average aggregate occupancy rate at the company's retail properties was approximately 93 percent, vs. the same percent a year ago. The apartment complexes were fully leased.
 Sizeler Property Investors, Inc.'s common stock (SIZ) is traded on the New York Stock Exchange. At Sept. 30, the company had assets totaling $117 million.
 -0- 10/6/92
 /CONTACT: John J. Gilluly Jr., vice president/treasurer of Sizeler Property Investors, 504-466-5363, or, home, 504-833-4773/
 (SIZ) CO: Sizeler Property Investors, Inc. ST: Louisiana IN: SU: ERP DIV


BR -- AT014 -- 7261 10/06/92 17:21 EDT
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Publication:PR Newswire
Date:Oct 6, 1992
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