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SIZELER PROPERTY INVESTORS REPORTS 29.5 PERCENT INCREASE IN FUNDS FROM OPERATIONS

 SIZELER PROPERTY INVESTORS REPORTS 29.5 PERCENT INCREASE
 IN FUNDS FROM OPERATIONS
 KENNER, La., Oct. 30 /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 funds from operations and total operating revenues increased 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 were $1.36 million, an increase of 29.5 percent over the $1.05 million earned for the same period in 1991.
 Operating revenues totaled $4 million for the quarter, up 33.3 percent over the $3 million earned a year ago. Income from rental operations increased 35 percent to $2.7 million from $2 million in 1991.
 For the nine months ended Sept. 30, funds from operations increased 25.8 percent to $3.9 million, operating revenues increased 30.9 percent to $10.6 million, and income from rental operations increased 30.9 percent to $7.2 million -- all compared to the same period in 1991.
 Funds from operations per share for the three-month and nine-month periods ended Sept. 30, were $.29 and $.82, respectively, compared to $.33 and $.97 for the corresponding periods of 1991. Net income per share for these same periods of 1992 were $.10 and $.28, respectively, compared to $.14 and $.43 for the corresponding periods of 1991. 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 additional income- producing properties during the second quarter of 1992.
 The increase in operating revenue and income from rental operations is primarily due to the acquisition of a number of high-quality properties over the last 17 months. These properties have excellent cash flow and have yielded the company between 10 percent and 19 percent on individual equity investments. "Our staff is clearly focused on getting the most favorable long-term return on the company's equity investment in acquired properties," said Sidney Lassen, CEO of Sizeler. "We continue to emphasize retail shopping centers and apartments as the properties of choice for our portfolio. Geographically, acquisitions in the Florida market are a priority in our plan for the future ?
 Sizeler Property Investors, Inc.'s common stock (SIZ) is traded on the New York Stock Exchange. At the Sept. 30, the company had assets totaling $117 million.
 SIZELER PROPERTY INVESTORS, INC.
 Consolidated Statements of Income
 Qtr. ended 9 mos. ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Rental revenues
 Minimum rents $2,845,283 $2,097,171 $7,547,513 $5,642,388
 Percentage rents 257,864 204,753 701,746 605,579
 Reimbursed expenses and
 other income 848,120 642,555 2,240,554 1,816,939
 Equity in income of
 partnership 25,316 25,383 75,942 50,626
 Total 3,976,583 2,969,862 10,565,755 8,115,532
 Rental expenses
 Management and
 leasing 172,112 130,500 509,192 396,919
 Utilities 272,111 252,253 658,197 600,051
 Real estate taxes 257,436 129,793 661,836 408,810
 Maintenance services
 and supplies 440,746 312,516 1,116,528 841,357
 Other rental expenses 165,233 128,639 469,462 367,919
 Total 1,307,638 953,701 3,415,215 2,615,056
 Income from rental
 operations 2,668,945 2,016,161 7,150,540 5,500,476
 Other income (expenses)
 Interest and dividend
 income 40,080 51,000 237,545 315,000
 Interest expense (1,036,302) (789,000) (2,708,589) (2,105,000)
 Admin. expenses (257,196) (183,000) (634,457) (447,000)
 Franchise tax expense (60,458) (43,000) (180,797) (132,000)
 Total 1,355,069 1,052,161 3,864,242 3,131,476
 Depreciation 738,123 554,000 1,915,813 1,546,000
 Costs associated with
 proposed real estate
 investment 143,250 33,000 609,753 186,000
 Net income $ 473,696 $ 465,161 $1,338,676 $1,399,476
 Net income per share $0.10 $0.14 $0.28 $0.43
 Funds from opers. $1,355,069 $1,052,161 $3,864,242 $3,131,476
 Funds from opers.
 per share $0.29 $0.33 $0.82 $0.97
 Wtd. average shares 4,738,000 3,230,000 4,735,000 3,227,000
 -0- 10/30/92
 /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: ERN


BR-BN -- AT005 -- 7121 10/30/92 12:45 EST
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Date:Oct 30, 1992
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