Sizeler to redeem 9% convertibles with stock sale proceeds

New York, March 15 - Sizeler Property Investors, Inc. said it plans to redeem its 9% convertible subordinated debentures due 2009 with proceeds from a planned sale of common stock.

The convertibles become callable on May 1.

Expected net proceeds from the stock, which will be placed by Cohen & Steers Capital Advisors, LLC, are $27.19 million. Any proceeds left after redeeming the convertibles will be used for general corporate purposes, according to a 424B5 filing with the Securities and Exchange Commission.

Sizeler, a New Orleans, La., real estate investment trust, priced $29.3 million of the convertibles in May 2002 and issued a further $27.299 million in an exchange. As of Dec. 31, 2004, it had $56.599 million outstanding, according to its most recent 10-K report.

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