SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
___________
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _____________________ to _________________
Commission file number 1-9349
----------
SIZELER PROPERTY INVESTORS, INC.
--------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 72-1082589
- ------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2542 WILLIAMS BOULEVARD, KENNER, LOUISIANA 70062
- -------------------------------------------------- -----------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (504) 471-6200
- ------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report.
Indicate by Check X whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes No
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the latest
practicable date.
7,850,983 shares of Common Stock ($.01 Par Value) were outstanding
as of May 10, 1999.
Page 1 of 12 Pages
Sizeler Property Investors, Inc. and Subsidiaries
INDEX
Page
----
Part I: Financial Information
---------------------
Item 1. Financial Statements
Consolidated Balance Sheets 3
Consolidated Statements of Income 4
Consolidated Statements of Cash Flows 5
Notes to Consolidated Financial Statements 6-7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8-11
Part II: Other Information
-----------------
Item 1. Legal Proceedings 11
Item 2. Changes in Securities 11
Item 3. Defaults upon Senior Securities 11
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 12
2
PART I
FINANCIAL STATEMENTS
Item 1. Financial Statements
Sizeler Property Investors, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
March 31 December 31
1999 1998
------------ ------------
ASSETS
Real estate investments:
Land $ 50,248,000 $ 49,814,000
Buildings and improvements, net of accumulated depreciation
of $58,449,000 in 1999 and $55,964,000 in 1998 221,876,000 222,699,000
Investment in real estate partnership 914,000 913,000
------------ ------------
273,038,000 273,426,000
Cash and cash equivalents 944,000 1,150,000
Accounts receivable and accrued revenue, net of allowance for
doubtful accounts of $424,000 in 1999 and $423,000 in 1998 2,861,000 2,829,000
Prepaid expenses and other assets 8,659,000 8,481,000
------------ ------------
Total Assets $285,502,000 $285,886,000
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Mortgage notes payable $ 89,443,000 $ 89,869,000
Notes payable 51,701,000 49,178,000
Accounts payable and accrued expenses 6,022,000 6,657,000
Tenant deposits and advance rents 873,000 878,000
Minority interest in real estate partnerships 214,000 209,000
------------ ------------
148,253,000 146,791,000
Convertible subordinated debentures 62,878,000 62,878,000
------------ ------------
Total Liabilities 211,131,000 209,669,000
------------ ------------
SHAREHOLDERS' EQUITY
Preferred stock, 6,000,000 shares authorized, none issued -- --
Common stock, par value $.01 per share, 30,000,000 shares
authorized, shares issued and outstanding 8,994,000 in 1999
and 8,980,000 in 1998 90,000 90,000
Additional paid-in capital 127,873,000 127,750,000
Accumulated distributions in excess of net earnings (43,823,000) (42,688,000)
------------ ------------
84,140,000 85,152,000
Treasury shares, at cost, 1,090,000 shares in 1999 and
990,000 shares in 1998 (9,757,000) (8,926,000)
Accumulated other comprehensive income (12,000) (9,000)
------------ ------------
Total Shareholders' Equity 74,371,000 76,217,000
------------ ------------
Total Liabilities and Shareholders' Equity $285,502,000 $285,886,000
============ ============
See notes to consolidated financial statements.
3
Sizeler Property Investors, Inc. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
Quarter Ended March 31
---------------------------
1999 1998
------------ -----------
OPERATING REVENUE
Rents and other income $12,384,000 $11,750,000
Equity in income of partnership 31,000 27,000
------------ -----------
12,415,000 11,777,000
------------ -----------
OPERATING EXPENSES
Management and leasing fees 671,000 617,000
Utilities 474,000 482,000
Real estate taxes 975,000 876,000
Operations and maintenance 1,891,000 1,706,000
Administrative expenses 685,000 668,000
Other operating expenses 656,000 628,000
Depreciation and amortization 2,639,000 2,503,000
------------ -----------
7,991,000 7,480,000
------------ -----------
INCOME FROM OPERATIONS 4,424,000 4,297,000
------------ -----------
OTHER INCOME (EXPENSES)
Interest, dividends, and other income 12,000 14,000
Interest expense (3,822,000) (3,647,000)
------------ -----------
(3,810,000) (3,633,000)
------------ -----------
NET INCOME $ 614,000 $ 664,000
============ ===========
BASIC AND DILUTED EARNINGS PER SHARE DATA
Net income $ 0.08 $ 0.08
============ ===========
See notes to consolidated financial statements.
4
Sizeler Property Investors, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Quarter Ended March 31
------------------------
1999 1998
---------- ----------
OPERATING ACTIVITIES:
Net income $ 614,000 $ 664,000
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 2,639,000 2,503,000
Increase in accounts receivable and accrued revenue (32,000) (174,000)
Decrease in prepaid expenses and other assets 137,000 48,000
Decrease in accounts payable and accrued expenses (635,000) (286,000)
Other, net 69,000 120,000
---------- ----------
Net Cash Provided by Operating Activities 2,792,000 2,875,000
---------- ----------
INVESTING ACTIVITIES:
Acquisitions of land (434,000) --
Improvements to real estate investments (1,662,000) (2,261,000)
---------- ----------
Net Cash Used in Investing Activities (2,096,000) (2,261,000)
---------- ----------
FINANCING ACTIVITIES:
Proceeds from mortgage notes payable and notes
payable to banks 10,403,000 10,798,000
Principal payments on mortgage notes payable and
notes payable to banks (8,306,000) (8,445,000)
Debt issuance costs and mortgage escrow deposits (472,000) (1,487,000)
Cash dividends paid (1,750,000) (1,857,000)
Issuance of shares pursuant to stock option plans 48,000 50,000
Minority interest in real estate partnerships 5,000 --
Purchases of treasury shares (830,000) --
---------- ----------
Net Cash Used in Financing Activities (902,000) (941,000)
---------- ----------
Net decrease in cash and cash equivalents (206,000) (327,000)
Cash and cash equivalents at beginning of year 1,150,000 1,128,000
---------- ----------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 944,000 $ 801,000
========== ==========
See notes to consolidated financial statements
5
Sizeler Property Investors, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
March 31, 1999
NOTE A -- BASIS OF PRESENTATION
The accompanying consolidated financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) necessary for a fair presentation have been included. Operating
results for the three-month period ended March 31, 1999, are not necessarily
indicative of the results that may be expected for the year ending December 31,
1999. The consolidated balance sheet at December 31, 1998, has been derived
from the audited consolidated financial statements at that date, but does not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Sizeler Property Investors, Inc. Annual Report on Form
10-K for the year ended December 31, 1998.
NOTE B -- RECLASSIFICATIONS
Certain reclassifications have been made in the 1998 Consolidated Financial
Statements to conform with the 1999 financial statement presentation.
NOTE C -- EARNINGS PER SHARE (EPS)
Basic EPS is computed by dividing income available to common shareholders by the
weighted-average number of common shares outstanding for the period. Diluted
EPS reflects the potential dilution that could occur if securities or other
contracts to issue common stock were exercised or converted into common stock
that would then share in the earnings of the Company. Below is a
reconciliation, for each reporting period, of the basic EPS computation to the
diluted EPS computation considering the effect of dilution on shares of common
stock.
Three Months Ended
--------------------------------------
March 31, 1999 March 31, 1998
----------------- ------------------
Basic EPS 7,959,000 $0.08 8,437,000 $0.08
Effect of dilutive securities:
Stock options -- -- 32,000 --
--------- ----- --------- -----
Diluted EPS 7,959,000 $0.08 8,469,000 $0.08
========= ===== ========= =====
There was no effect on net income per share in the calculation of diluted EPS.
NOTE D -- MORTGAGE NOTES PAYABLE
The Company's mortgage notes payable are secured by certain land, buildings, and
improvements. At March 31, 1999, mortgage notes payable totalled $89.4 million.
Individual notes ranged from $3.0 million to $22.0 million, with fixed rates of
interest ranging from 6.85% to 10.88%, and maturity dates ranging from December
1, 1999, to January 1, 2013. Net book values of properties securing these
mortgage notes payable totalled $130.5 million at March 31, 1999, with
individual property net book values ranging from $3.7 million to $32.5 million.
6
NOTE E -- NEW ACCOUNTING PRONOUNCEMENTS
Reportable Operating Segments. Effective January 1, 1998, the Company adopted
SFAS No. 131, Disclosure About Segments of an Enterprise and Related
Information. This Statement establishes standards for the way that public
business enterprises report information about operating segments in financial
statements. It also establishes standards for related disclosures about
products and services, geographic areas, and major customers.
The Company is engaged in two operating segments, the ownership and rental of
retail shopping center properties and apartment properties. These reportable
segments offer different products or services and are managed separately because
each requires different operating strategies and management expertise. There
are no intersegment sales or transfers.
The Company assesses and measures segment operating results based on a
performance measure referred to as Income from Rental Operations, and is based
on the revenues and expenses associated with the operations of the real estate
properties. Income from Rental Operations is not a measure of operating results
or cash flows from operating activities as measured by generally accepted
accounting principles, and is not necessarily indicative of cash available to
fund cash needs and should not be considered an alternative to cash flows as a
measure of liquidity.
The operating revenues, operating expenses, income from rental operations, and
real estate investments for each of the reportable segments are summarized below
for the periods ended March 31, 1999, and 1998.
March 31
-------------------------
Operating revenues: 1999 1998
----------- -----------
Retail $ 7,046,000 $ 6,789,000
Apartments 5,369,000 4,988,000
----------- -----------
$ 12,415,000 $ 11,777,000
=========== ===========
Operating expenses:
Retail $ 2,791,000 $ 2,726,000
Apartments 2,561,000 2,251,000
----------- -----------
5,352,000 4,977,000
Depreciation 2,639,000 2,503,000
----------- -----------
$ 7,991,000 $ 7,480,000
=========== ===========
Income from Rental Operations:
Retail $ 4,255,000 $ 4,063,000
Apartments 2,808,000 2,737,000
----------- -----------
7,063,000 6,800,000
Depreciation (2,639,000) (2,503,000)
----------- -----------
Income from operations 4,424,000 4,297,000
Other Income/(Expenses) (1) (3,810,000) (3,633,000)
----------- -----------
Net Income $ 614,000 $ 664,000
=========== ===========
Real Estate Investments: (2)
Retail $199,704,000 $198,403,000
Apartments 131,783,000 115,087,000
----------- -----------
$331,487,000 $313,490,000
=========== ===========
(1) Includes interest expense, net of interest and dividend income.
(2) Includes investments in land, which the Company can use for future
development, and an investment in a real estate partnership, which is
accounted for by the equity method.
7
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Comparison of the Three Months Ended March 31, 1999 and 1998
Operating revenue totalled $12.4 million, compared to $11.7 million reported
for the same period a year ago. Operating revenue for retail centers and
apartments were $7.0 million and $5.4 million, respectively. The increase in
operating revenue is due primarily to increases in rental rates, sustained
occupancy levels at the properties, and net operating revenue of approximately
$300,000 derived from the recently-completed development of Governors Gate
apartments during the first quarter of 1999. Income from operations before
depreciation totalled $7.1 million in 1999, compared to $6.8 million in 1998,
and depreciation expense totalled $2.6 million and $2.5 million, respectively,
for the same periods. Operating expenses, net of depreciation, totalled $5.4
million in 1999, compared to $5.0 million in 1998, due to increased management
and leasing fees from improved operating performance at the Company's
properties, higher real estate taxes, higher maintenance expenses, and increased
franchise taxes due to an increase in the Company's authorized shares.
Interest expense reflects a net increase of $175,000 resulting from the
following activity completed within the past sixteen months. In December 1997,
mortgage financing was completed on one of the Company's enclosed regional
malls, and in the second quarter of 1998, the Company refinanced mortgage debt
on ten of its apartment properties. The mortgage proceeds derived from the
financing and refinancings were used to pay down bank debt resulting in lower
bank line balances in the earlier months of 1998. Throughout 1998 and into
1999, the Company drew on its bank lines to fund the following transactions
which resulted in higher bank line balances at the end of the first quarter in
1999: (i) repaid a mortgage note payable on one of its retail centers; (ii)
made contract payments on the Governors Gate apartment property development, and
(iii) funded treasury share repurchases. The Company also increased its
committed bank lines by $25 million to a total of $105 million, for which the
Company has incurred additional amortized commitment fees. As a result of the
above activity, bank line interest expense increased $350,000, and mortgage
interest expense decreased $175,000, resulting in a net increase of $175,000.
The average bank borrowings were approximately $50.5 million and $33.7 million
for the first quarter of 1999 and 1998, respectively, with an average rate of
6.7% and 7.1%, respectively.
Net income totalled $614,000, or $0.08 per share in the first quarter of 1999,
compared to $664,000, or $0.08 per share, for the same period in 1998.
Liquidity and Capital Resources
The primary source of working capital for the Company is net cash provided by
operating activities, from which the Company funds normal operating requirements
and distributions to shareholders. In addition, the Company maintains unsecured
credit lines with commercial banks, which it utilizes to temporarily finance the
cost of portfolio acquisitions, property development and redevelopment
activities, and other expenditures. At March 31, 1999, the Company had
$944,000 in cash and cash equivalents and bank commitments for $105 million of
lines of credit, of which approximately $53.3 million was available.
Utilization of the bank lines is subject to certain restrictive covenants that
impose maximum borrowing levels by the Company through the maintenance of
prescribed debt-to-equity and other certain financial ratios.
Net cash flows provided by operating activities decreased $83,000 in the first
quarter of 1999 compared to the same period in 1998. The decrease from 1998 to
1999 is principally attributable to a net decrease in operating assets and
liabilities, partially offset by an increase in income from operations before
depreciation, as described in the previous section.
Net cash flows used in investing activities decreased $165,000 in 1999 from
1998, primarily attributable to the decreased level of improvements to real
estate investments resulting from the completion of the development of Governors
Gate apartment property located in Florida. Construction of this new luxury
apartment community was completed at the end of the first quarter in 1999. This
community has 240 garden-style units, with a mix of
8
one, two, and three bedroom units. Also during the first quarter of 1999, the
Company acquired two parcels of land, one in Florida and the other in Texas,
which the Company can use for future development.
Net cash flows used in financing activities decreased $39,000, primarily
attributable to a reduction in debt issuance costs associated with the mortgage
debt refinancing during 1998 involving ten of the Company's apartment
properties. Mortgage debt totalling $59.1 million was refinanced resulting in
new mortgage debt totalling $61.5 million, of which the net proceeds totalling
$2.4 million were used to pay down short-term variable-rate bank debt. The
Company was able to achieve a reduction in the average interest rate on the
mortgages refinanced by approximately 100 basis points, from an average rate of
approximately 7.8% down to an average rate of approximately 6.8%. The Company
also has additional principal payments, resulting from the mortgage debt
refinancing mentioned above. Additionally, during the first quarter of 1999,
pursuant to the Company's stock repurchase program initiated in 1995, the
Company repurchased approximately 100,000 treasury shares at a total cost of
approximately $830,000. There were no treasury shares repurchased during the
first quarter of 1998. As a result of fewer common shares outstanding, total
cash dividends paid decreased approximately $100,000 during the first quarter of
1999 as compared to the same period a year ago.
As of March 31, 1999, thirteen of the Company's properties, comprising
approximately 47% of its gross investment in real estate, were subject to a
total of $89.4 million in mortgage obligations, all of which bear fixed rates of
interest for fixed terms. The remaining seventeen properties in the portfolio
are currently unencumbered by debt. The Company anticipates that its current
cash balance, operating cash flows, and borrowings (including borrowings under
its lines of credit) will be adequate to fund the Company's future (i) operating
and administrative expenses, (ii) debt service obligations, (iii) distributions
to shareholders, (iv) capital improvements on existing properties, and (v)
normal repair and maintenance expenses at its properties.
The Company's current dividend policy is to pay quarterly dividends to
shareholders, based upon, among other factors, funds from operations, as opposed
to net income. Because funds from operations excludes the deduction of certain
non-cash charges, principally depreciation on real estate assets and certain
non-operating items, quarterly dividends will typically be greater than net
income and may include a tax-deferred return of capital component. On May 7,
1999, the Company's Board of Directors declared a cash dividend with respect to
the quarter ending March 31, 1999, of $0.22 per share, payable on June 3, 1999,
to shareholders of record as of May 27, 1999.
Funds From Operations
Real estate industry analysts utilize the concept of funds from operations as
an important analytical measure of a REIT's financial performance. The Company
considers funds from operations in evaluating its operating results, and its
dividend policy is also based, in part, on the concept of funds from operations.
Funds from operations is defined by the Company as net income, excluding gains
or losses from sales of property and other non-operating extraordinary items,
plus depreciation on real estate assets, and after adjustments for
unconsolidated partnerships to reflect funds from operations on the same basis.
Funds from operations do not represent cash flows from operations as defined by
GAAP, nor is it indicative that cash flows are adequate to fund all cash needs.
Funds from operations should not be considered as an alternative to net income
as defined by GAAP or to cash flows as a measure of liquidity.
For the three-month period ended March 31, 1999, funds from operations
totalled $3.1 million, compared to $3.0 million earned for the same period in
1998. The increase in funds from operations is primarily attributable to
internal growth and improved operating performance by the Company's portfolio of
both retail and apartment properties.
Future Results
This Form 10-Q and other documents prepared, and statements made by the
Company, may contain certain forward-looking statements that are subject to risk
and uncertainty. Investors and potential investors in the Company's securities
are cautioned that a number of factors could adversely affect the Company and
cause actual
9
results to differ materially from those in the forward-looking statements,
including (a) the inability to lease currently vacant space in the Company's
properties; (b) decisions by tenants and anchor tenants who own their space to
close stores at the Company's properties; (c) the inability of tenants to pay
rent and other expenses; (d) tenant bankruptcies; (e) decreases in rental rates
available from tenants; (f) increases in operating costs at the Company's
properties; (g) lack of availability of financing for acquisition, development
and rehabilitation of properties by the Company; (h) increases in interest
rates; (i) year 2000 issues, and (j) a general economic downturn resulting in
lower retail sales and causing downward pressure on occupancies and rents at
retail properties.
Year 2000 Issue
The Company has been addressing the potential computer program problems
resulting from the arrival of Year 2000 (Y2K). The Company has established a
Y2K compliance review process to assess the impact on the Company's internal
financial information systems and property mechanical operations systems, as
well as the potential impact from Y2K problems of significant tenants, vendors
and suppliers of financial and other services (collectively "independent third
parties"). The Company has identified required modifications to its internal
corporate computer operating systems and certain software modifications at its
apartment properties. The Company has completed these identified modifications
and continues to test and monitor its systems. The Company has been working
with external consultants to evaluate its computer systems and to determine
their Y2K compliance. At March 31, 1999, this evaluation has shown that the
majority of the Company's computer systems are Y2K compliant. The remaining
systems will either be fixed to become compliant, or they will be replaced with
new systems which are Y2K compliant during 1999. The estimated cost to fix
and/or replace these remaining computer systems is not expected to exceed
$5,000. The Company will continue assessing its own and its independent third
parties' exposure to the Y2K problem, and contingency plans they have developed
to deal with identified exposures. Based on the results of these inquiries, the
Company will formulate appropriate contingency back-up plans to take necessary
and feasible precautions against problems not within its control. The Company is
also continuing the process of reviewing, testing, and monitoring its own
internal systems to ensure that they are Y2K compliant and to make necessary and
timely corrections of identified Y2K problems under its direct control. This
overall process will be on-going throughout 1999 due to the dependence upon the
timeliness of activities of the Company's third parties, whom it does not
control.
Pursuant to the disclosure requirements of the Securities and Exchange
Commission, the Company is attempting to identify possible worst case scenarios
concerning Y2K issues and the related risks to the Company should one or more of
these scenarios occur. It should be noted, however, that the Company cannot
predict the probability of these scenarios actually materializing.
In the Company's opinion, risks which could have a material effect on the
Company's business, results of operations, or financial statements would likely
be due to the Company's dependence on the services of independent third parties
over which the Company has no control. Such potentially material risks would
include, but are not limited to, the following: (i) failure of tenants to make
rental payments because either their internal systems or their banking
institutions will be unable to process such payments; (ii) the Company will be
unable to pay vendors and/or creditors due to the failure of tenants to pay
rents and/or the Company's banking institutions' failure to process such
payments; and (iii) the complete failure or extended interruption of utility
services to the Company's properties, which are served by various utilities, due
to the utilities' inability to provide such services. If such a worse case
scenario occurs, it will likely be of catastrophic proportions impacting
multiple companies and industries of all kinds. Accordingly, the Company's
ability to mitigate its exposures to such risks will be limited to what it can
control, and corrective measures will be subject to the Company's resources as
well as the efforts which industry and government make to alleviate the
problems.
Currently, the Company is continuing to evaluate contingency plans for the
above-described scenarios. However, the Company's plans will depend upon the
assessments and contingency plans of the independent third parties. The Company
has requested such information from numerous independent third parties, and it
is awaiting receipt of their responses. Responses received to date indicate that
independent third parties are working on their own assessments at this time. The
Company will continue to assess this matter so as to develop appropriate plans
to reasonably mitigate such risks, if and when identified.
10
Effects of Inflation
Substantially all of the Company's retail leases contain provisions designed
to provide the Company with a hedge against inflation. Most of the Company's
retail leases contain provisions which enable the Company to receive percentage
rentals based on tenant sales in excess of a stated breakpoint, and/or provide
for periodic increases in minimum rent during the lease term. Also, the
majority of the Company's retail leases are for terms of less than ten years,
which allows the Company to adjust rentals to changing market conditions. In
addition, most retail leases require tenants to contribute towards property
operating expenses, thereby reducing the Company's exposure to higher costs
caused by inflation. Apartment leases are written for short terms, generally
six to twelve months.
PART II
Other Information
-----------------
Item 1. Legal Proceedings.
There are no pending legal proceedings to which the Company is a party
or to which any of its properties is subject, which in the opinion of
management and its litigation counsel has resulted or will result in
any material adverse effect on the financial position of the Company.
Item 2. Changes in Securities.
None.
Item 3. Defaults upon Senior Securities.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
27. Financial Data Schedule.
(b) Reports on Form 8-K
None.
11
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SIZELER PROPERTY INVESTORS, INC.
--------------------------------
(Registrant)
By: /s/ Robert A. Whelan
---------------------------------
Robert A. Whelan
Chief Financial Officer
By: /s/ David A. O'Flynn, Jr.
---------------------------------
David A. O'Flynn, Jr.
Controller and Secretary
(Principal Accounting Officer)
Date: May 13, 1999
12