Sizeler Property Investors, Inc. Announces
Completion of Exchange Offer
NEW ORLEANS, May 1 /PRNewswire-FirstCall/ -- Sizeler Property Investors, Inc.
(NYSE: SIZ), announced today that it has completed the exchange offer for its
outstanding 8% convertible subordinated debentures due July 15, 2003 (the "Old
Debentures") and that the offer expired as of 5:00 p.m., New York City time on
May 1, 2002. The Company said that it has accepted tenders from holders of a
total of $28,067,000 in aggregate principal amount of the Old Debentures (28,067
bonds).J.P. Morgan Trust Company, National Association acted as the Exchange
Agent, Georgeson Shareholder Communications Inc. was the Information Agent for
the Exchange Offer, and Cohen & Steers Capital Advisors acted as financial
advisor to the Company.
About Sizeler Property Investors, Inc.
Sizeler Property Investors, Inc. is an equity real estate investment trust (REIT),
which invests in retail and apartment properties in the gulf coast region of the
southeastern United States. The Company currently owns a total of twenty-nine
properties -- fifteen in Louisiana, ten in Florida and four in Alabama.
Where to Obtain Additional Information:
Holders of Old Debentures are urged to read the Prospectus and relevant
documents filed or to be filed with the Securities and Exchange Commission
because they contain important information about Sizeler and the Exchange Offer,
including the complete terms of the Exchange Offer, the terms of the New
Debentures and the Series B Preferred Stock, and other related matters.
Copies of the Prospectus and related documents
and other information may be obtained for free at the Securities and Exchange
Commission website.
The address of the site is http://www.sec.gov . Interested persons may request
free copies of the documents that the Company filed with the Securities and
Exchange Commission by contacting the Company. Requests should be directed to:
Sizeler Property Investors, Inc., 2542 Williams Boulevard, Kenner, Louisiana
70062; Attn: Chief Financial Officer.A registration statement relating to the
New Debentures and the Series B Preferred Stock being offered pursuant to the
Exchange Offer has been filed with the Securities and Exchange Commission. This
announcement shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of the new securities, in any state in
which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state.
Forward-Looking Statements
Certain statements in this release are forward-looking and as such are based
upon the Company's current belief as to the outcome and timing of future events.
There can be no assurance that future developments affecting the Company will be
those anticipated by the Company. These forward-looking statements involve risks
and uncertainties (some of which are beyond the control of the Company) and are
subject to change based upon various factors, including but not limited to the
following risks and uncertainties: changes in the real estate industry and in
performance of the financial markets; the demand for and market acceptance of
the Company's properties for rental purposes; the amount and growth of the
Company's expenses; the continued availability of adequate funding sources to
the Company; tenant financial difficulties; general economic and world
conditions, including threats to the United States homeland from unfriendly
factions; the level of interest rates; economic conditions in those areas where
the Company owns properties, and the possible disposition of mature properties
since the Company is continuously engaged in the examination of its various
lines of business. Should one or more of these risks or uncertainties occur, or
should underlying assumptions prove incorrect, the Company's results could
differ materially from those expressed in the forward-looking statements.
CONTACT:
Sizeler Property Investors, Inc.
Thomas A. Masilla, Jr., Vice Chairman and President
Robert A. Whelan, Chief Financial Officer
+1-504-471-6200
Source: Sizeler Property Investors, Inc.