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SIZELER PROPERTY INVESTORS, INC. REPORTS 23 PERCENT INCREASE IN FUNDS FROM OPERATIONS FOR FIRST QUARTER 1993

 KENNER, La., April 28 /PRNewswire/ -- Sizeler Property Investors, Inc. (NYSE: SIZ), an equity real estate investment trust (REIT) which invests in income-producing retail centers and apartment properties in the southern U.S., announced today that funds from operations, total operating revenues, and net income increased for the three-month period ended March 31, compared to the same period in 1992.
 For the three-month period ended March 31, funds from operations totaled $1.51 million compared to $1.24 million earned for the same period a year ago. On a per share basis, funds from operations increased to $.32, up 23 percent over the $.26 earned in 1992. Funds from operations is defined as net income, excluding gains (or losses) from sales of investments and other non-operating extraordinary items, plus depreciation, and after adjustments for unconsolidated partnerships to reflect funds from operations on the same basis.
 Operating revenues totaled $4.89 million for the first quarter of 1993, an increase of 58 percent over the $3.10 million earned in the same quarter a year ago. Income from rental operations, before depreciation expense, increased 56 percent to $3.27 million from $2.10 million a year ago.
 Net income totaled $949,000 or $.20 per share in the first quarter of 1993 compared to $465,000 or $.10 per share in 1992. Included in net income for the 1993 first quarter period is a gain on the sale of investment in real estate companies of $285,000. (The $285,000 gain was not included in the calculation of funds from operations.)
 "The company's improved financial performance in the first quarter of 1993 is the result of the acquisition of investment properties at positive spreads over the cost of funds," stated Sidney W. Lassen, CEO of Sizeler. "During 1992, the company successfully added over $40 million in income-producing properties to its portfolio. These acquisitions, in conjunction with improved earnings from existing properties, contributed to the company's 1993 first quarter performance.
 "It is the company's plan to continue its acquisition program in 1993 because we believe that real estate properties will continue to be available at favorable prices," Lassen added.
 At March 31, the company's real estate portfolio consisted of two enclosed shopping malls, one "power" shopping center (a large community shopping center, anchored by market-dominant retail merchants), 10 community shopping centers, and seven apartment complexes. The properties are located in Louisiana (14), Florida (3), Alabama (2), and Texas (1). Leasable area of the retail centers totals approximately 1.9 million square feet, and the apartment properties consist of 1,138 units. At March 31, the average aggregate occupancy rate at the company's retail centers was 94 percent and the apartment properties were 99 percent leased.
 Sizeler Property Investors, Inc.'s common stock (SIZ) is traded on the New York Stock Exchange.
 SIZELER PROPERTY INVESTORS, INC. AND SUBSIDIARIES
 Financial Summary
 Qtr. ended March 31 1993 1992
 (unaudited)
 Operating revenues $4,894,000 $3,058,000
 Operating expenses 1,625,000 954,000
 Income from rental operations 3,269,000 2,104,000
 Other income (expenses) (1,760,000) (871,000)
 Depreciation 845,000 548,000
 Costs associated with proposed
 real estate investment --- (220,000)
 Gain on sale of investment in
 real estate companies 285,000 ---
 Net income $ 949,000 $ 465,000
 Net income per share $ 0.20 $ 0.10
 Funds from operations $1,505,000 $1,241,000
 Funds from operations per share $ 0.32 $ 0.26
 Weighted avg. shares outstanding 4,738,755 4,732,000
 -0- 4/28/93
 /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: ERN

BR-CF -- AT015 -- 2181 04/28/93 15:14 EDT
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Date:Apr 28, 1993
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