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SIZELER PROPERTY INVESTORS ANNOUNCES RESULTS

 SIZELER PROPERTY INVESTORS ANNOUNCES RESULTS
 KENNER, La., Aug. 21 /PRNewswire/ -- Sizeler Property Investors,


Inc. (NYSE: SIZ) announced today results for the three months ended June 30.
 The company reported funds from operations increased to $1,278,000 for the three months ended June 30, compared to $1,037,000 for the three months ended June 30, 1991. Management of the company believes that funds from operations, defined by the company as income before gains (losses) on sales of real estate and extraordinary items, adjusted for non-cash items -- principally real estate depreciation and amortization expense, is an important financial measure of the company's performance. Total operating revenues for the three months ended June 30 were $3,531,000, compared to $2,605,000 for the comparable period of the previous year. Income from rental operations increased to $1,746,000 for the second quarter 1992, as compared to $1,226,000 in 1991. The increase in operating revenue and income from rental operations resulted primarily from the addition of income-producing properties to the company's portfolio.
 The company reported net income of $402,000 for the first quarter of 1992, compared to $380,000 for the comparable period of 1991. Second quarter results for 1992 included recognition of $246,000 in costs related to proposed real estate investment, compared to $153,000 in the second quarter of 1991.
 Based on 4,736,000 weighted average shares outstanding during the second quarter of 1992, net income was $.08 per share, compared to $.12 per share for the comparable period of 1991, based on 3,224,000 average shares outstanding. Funds from operations was $.27 per share, compared to $.32 per share for the 1992 and 1991 periods, respectively. The decrease in per-share amounts of net income and funds from operations is principally attributable to an increase in the number of shares outstanding as a result of the company's fourth quarter 1991 public stock offering and the temporary investment of the proceeds therefrom in short-term, interest-bearing securities, pending its acquisition of additional income-producing shopping center and apartment properties. During the second quarter of 1992, the company fully invested the proceeds from its 1991 stock offering by acquiring the Westward Shopping Center in West Palm Beach, Fla.
 The company has previously announced the payment of a dividend of $.25 per share on Sept. 4, to shareholders of record as of Aug. 20. The company's board of directors also announced that, recognizing the improvement in the company's operating performance and anticipating a continuation of that trend, it expects to increase the quarterly per- share dividend, commencing with the third quarter of 1992, by at least 1 cent per share and will evaluate whether additional increases are justified.
 Sizeler Property Investors, Inc., is a self-administered equity real estate investment trust which invests in income-producing shopping center 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 6 mos. ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Operating revenue $3,531,000 $2,605,000 $6,589,000 $5,146,000
 Operating expenses 1,785,000 1,379,000 3,285,000 2,653,000
 Income from
 rental operations 1,746,000 1,226,000 3,304,000 2,493,000
 Other income
 (expenses) (1,098,000) (693,000) (1,967,000) (1,400,000)
 Income before costs
 associated with
 proposed real estate
 investment 648,000 533,000 1,337,000 1,093,000
 Costs associated with
 proposed real estate
 investment (246,000) (153,000) (467,000) (153,000)
 Net income $ 402,000 $ 380,000 $ 870,000 $ 940,000
 Net income per
 share $ .08 $ .12 $ .18 $ .29
 Funds from
 operations(a) $1,278,000 $1,037,000 $2,514,000 $2,085,000
 Funds from
 operations per
 share $ .27 $ .32 $ .53 $ .65
 Wtd. average shares
 outstanding 4,736,000 3,224,000 4,734,000 3,224,000
 (a) Funds from operations is defined by the company as income before gains (losses) on sales of real estate and extraordinary items, adjusted for non-cash items -- principally real estate depreciation and amortization expense.
 NOTE: Certain reclassifications have been made in the 1991 operating results to conform to the 1992 classification.
 -0- 8/21/92
 /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 DIV


EA-BN -- AT009 -- 2301 08/21/92 17:14 EDT
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Date:Aug 21, 1992
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