Sizeler Property Investors, Inc. Today
Announced That It Will Become Self-Managed
NEW ORLEANS, July 17 /PRNewswire/ -- Sizeler Property Investors, Inc. (NYSE: SIZ)
today announced that the Company had entered into an agreement
in principle to acquire Sizeler Real Estate Management Co., Inc. from Sizeler
Realty Co., Inc. Sizeler Real Estate Management Co., Inc. has been the third
party property manager since the inception of the Company in 1986. Once the
transaction is completed, Sizeler Real Estate Management Co., Inc. will operate
as a wholly-owned subsidiary of Sizeler Property Investors, Inc. This
transaction was unanimously recommended by an independent committee of the Board
of Directors, which received a fairness opinion from Cohen & Steers Capital
Advisors, LLC -- a prominent investment banking firm providing financial
advisory services to real estate companies. The acquisition was unanimously
approved by all the independent directors at the full Board meeting.
The terms of the agreement were not disclosed. However, from a financial point of view, this transaction is not significant to the Company. Information on Sizeler Realty Co., Inc. and Sizeler Real Estate Management Co., Inc. can be found in the Company's previously filed Form 10-ks and Proxy statements.
Thomas A. Masilla, Jr., Vice Chairman & President, stated that, "We look forward to the Company having self-managed operations. This transaction will be beneficial to the Company in that it will bring property management in- house, which is the general trend for REITs throughout the country."
Sizeler Property Investors, Inc. is an equity real estate investment trust, which focuses on retail and multi-family properties in the southeastern region of the United States. Sizeler currently owns 30 properties, consisting of three enclosed regional shopping malls, three power centers, ten community shopping centers, and fourteen apartment communities. Fifteen of the Company's properties are located in Louisiana, ten in Florida, four in Alabama and one in Texas.
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 are 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; and in general economic conditions,
including interest rates, as well as economic conditions in those areas where
the Company owns properties; possible dispositions of mature properties since
the Company is continuously engaged in the examination of its various lines
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.