Sizeler Property Investors, Inc. Announces
Completion of Acquisition Of Property Management Company
NEW ORLEANS, Oct. 5 /PRNewswire/ -- Sizeler Property Investors, Inc. (NYSE: SIZ)
today announced that the Company had completed the acquisition
of Sizeler Real Estate Management Co., Inc. from Sizeler Realty Co., Inc. The
Company had announced in July that its directors had approved the
then-proposed acquisition. Sizeler Real Estate Management Co., Inc. will now
operate as a wholly-owned subsidiary of Sizeler Property Investors, Inc.
The terms of the purchase agreement were not disclosed. 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.
Sidney W. Lassen, Chairman & CEO, stated that, "The completion of this transaction represents one of a number of steps that the Board and Management have undertaken to both strengthen and improve the long-term value of the Company. Being self-administered and self-managed are consistent with the general trend of REITs throughout the country. The Company expects this acquisition to be seamless insofar as tenants and suppliers are concerned, since the acquired property management organization is intact and its personnel will continue to perform their pre-acquisition responsibilities."
Additionally, Mr. Lassen stated that, "Despite the terrible events which occurred in our country on September 11th and the after effects on the economy and financial markets, we are optimistic about the future prospects for the Company. We anticipate that earnings will be within Management expectations. And, we believe there is ample opportunity for growth at our existing properties through redevelopment and through planned new development activities which are currently underway."
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 29 properties, consisting of three enclosed regional shopping malls, three power shopping centers, nine community shopping centers, and fourteen apartment communities. Fifteen of the Company's properties are located in Louisiana, ten in Florida and four in Alabama.
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 interests 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.