Exhibit 14

                 [LETTERHEAD OF BALLARD SPAHR ANDREWS INGERSOLL]

                                                 March 24, 2005

By Telecopier

Henry Kahn, Esquire
Mark D. Gately, Esquire
Hogan & Hartson L.L.P.
111 South Calvert Street
Suite 1600
Baltimore, MD 21202

                  Re:   Sizeler Property Investors, Inc.

Gentlemen:

            We write on behalf of First Union Real Estate Equity & Mortgage
Investments ("First Union") with respect to two matters of urgent interest to
the stockholders of Sizeler Property Investors, Inc. ("Sizeler").

            First, on March 15, 2005 Sizeler represented to the Circuit Court in
and for Baltimore City that it would provide 60 days notice to stockholders of
its annual meeting. The past nine annual meetings have been held on the first or
second Friday in May (between May 7 - 12). Accordingly, please advise us and all
stockholders when in early May, consistent with Sizeler's past practice, it will
schedule its annual meeting. As the second Friday of May this year (May 13) is
much less than 60 days away, we must insist on a response by Monday, March 28,
2005.

            Second, as you will recall, with respect to Sizeler's extremely
rushed announcement of and immediate (one hour later) issuance of 2.649 million
shares of stock, Judge Pierson of the Circuit Court held on March 15 that First
Union had raised "grave questions about the transaction" and "potentially
serious issues . . . in term's of defendant's [Sizeler's] conduct." In view of
the state court's concerns, we trust that during the pending litigation
regarding the propriety of Sizeler's conduct in that transaction, Sizeler will
refrain from taking action outside of the usual course of business without
adequate notice to stockholders of at least three business days, so that
Sizeler's stockholders will have the opportunity to consider Sizeler's proposed
action. We will assume that this is agreeable to Sizeler unless we are promptly
advised otherwise.



            Finally, we firmly believe that First Union will prevail on
Sizeler's claims brought last week in the Maryland District Court in Civil
Action No. 1:05-cv-718. With respect to First Union's conduct at issue,
Sizeler's contentions that First Union has not filed accurate, complete, and
timely Form 13Ds are without merit and we ask you to advise us what discovery
Sizeler would like us to promptly provide in order to bring this claim to
resolution.

                                                          Yours sincerely,


                                                          Stephen J. Kastenberg