Printer Friendly

SIZELER PROPERTY INVESTORS AMENDS MANAGEMENT CONTRACT

 SIZELER PROPERTY INVESTORS AMENDS MANAGEMENT CONTRACT
 KENNER, La., Sept. 15 /PRNewswire/ -- Sizeler Property Investors,


Inc. (NYSE: SIZ) announced today that it is amending certain terms of its management contract with Sizeler Real Estate Management Co., Inc. (the management company), pursuant to which the management company performs leasing and management services with respect to the operations of the company's properties.
 The amendments to the management contract modify the manner in which payments by the company to the management company are calculated. The amendments are to become effective Jan. 1, 1993, subject to final review and approval by the company's independent directors.
 Under the new fee structure, the management company will be paid a management fee, which will be based on a percentage of the company's gross investment in real estate, to be adjusted annually (either upward or downward) by the percentage increase or decrease in the company's Funds from Operations per Share compared to the previous year. In addition, the company will be paid a fee for its leasing services, in accordance with terms of the current contract. All other fee arrangements pursuant to the existing contract, including those related to property acquisitions, are to be eliminated.
 The company believes the fees paid to the management company for its services under the present agreement have been consistent with those industry standards in effect at inception and have been approved annually by the company's independent directors. The company believes that the amendment to the manner in which fees are paid to the management company will be more closely aligned to the changing industry environment relative to real estate investment trusts.
 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.
 -0- 9/15/92
 /CONTACT: John J. Gilluly Jr., vice president/treasurer, or Sidney W. Lassen, chairman/CEO, of Sizeler Property Investors, 504-466-5363/
 (SIZ) CO: Sizeler Property Investors, Inc. ST: Louisiana IN: SU:


EA-BR -- AT006 -- 9665 09/15/92 13:23 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 15, 1992
Words:348
Previous Article:MAGELLAN RECEIVES 13D FROM SAGASCO
Next Article:AMERICAN HONDA REPORTS AUTOMOBILE 10-DAY SALES FOR SEPTEMBER 1992
Topics:


Related Articles
SIZELER PROPERTY INVESTORS REPORTS RESULTS
SIZELER PROPERTY INVESTORS, INC., PURCHASES CAMELOT PLAZA SHOPPING CENTER, IN SAN ANTONIO, TEXAS
SIZELER PROPERTY INVESTORS REPORTS QUARTERLY RESULTS
SIZELER PROPERTY INVESTORS DECLARES DIVIDEND
SIZELER PROPERTY INVESTORS REPORTS ON HURRICANE EFFECT ON PROPERTIES
SIZELER PROPERTY INVESTORS, INC. TO ACQUIRE STEEPLECHASE APARTMENTS
SIZELER PROPERTY INVESTORS ELECTS NEW DIRECTORS
First Union Real Estate Equity & Mortgage Investments Charged by Sizeler With Violating SEC Rules and Regulations With Respect to Sizeler Property...
Sizeler Issues Statement in Response to Inquiries About Effects of Hurricane Katrina.
Sizeler Signs Letter of Intent for Proposed Acquisition.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters