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SIZELER PROPERTY INVESTORS REPORTS QUARTERLY RESULTS

 SIZELER PROPERTY INVESTORS REPORTS QUARTERLY RESULTS
 KENNER, La., May 8 /PRNewswire/ -- Sizeler Property Investors,


Inc. (NYSE: SIZ) announced today results for the three months ended March 31.
 The company reported funds from operations increased to $1,233,000 for the three months ended March 31, compared to $1,050,000 for the three months ended March 31, 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 March 31 were $3,058,000, compared to $2,542,000 for the comparable period of the previous year. Income from rental operations increased to $1,556,000 for the first quarter 1992 as compared to $1,268,000 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 during 1991.
 The company reported net income of $465,000 for the first quarter of 1992, compared to $562,000 for the comparable period of 1991. First quarter results for 1992 included recognition of $220,000 in costs related to prior real estate investment activity.
 Based on 4,732,000 weighted average shares outstanding during the first quarter of 1992, net income was $.10 per share, compared to $.17 per share for the comparable period of 1991, based on 3,226,000 average shares outstanding. Funds from operations was $.26 per share, compared to $.33 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. Certain reclassifications have been made in the 1991 operating results to conform to the 1992 classifications.
 The company had previously announced the payment of a dividend of $.25 per share on June 5 to shareholders of record as of May 22.
 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.
 3 mos. ended 3/31/92 3/31/91
 Operating revenue $3,058,000 $2,542,000
 Operating expenses 1,502,000 1,274,000
 Income from rental operations 1,556,000 1,268,000
 Other income (expenses) (871,000) (706,000)
 Income before gain (loss) on sale
 of real estate 685,000 562,000
 Loss on disposal of investment
 in real estate (220,000) ---
 Net income $ 465,000 $ 562,000
 Net income per share $ .10 $ .17
 Funds from operations $1,233,000 $1,050,000
 Funds from operations per share $ .26 $ .33
 Wtd. average shares outstanding 4,732,000 3,226,000
 -0- 5/8/92
 /CONTACT: Thomas S. Davidson, president of Sizeler Property Investors, 504-466-5363/
 (SIZ) CO: Sizeler Property Investors, Inc. ST: Louisiana IN: SU: ERN


EA-BN -- AT008 -- 8193 05/08/92 15:35 EDT
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Publication:PR Newswire
Date:May 8, 1992
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