FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS

AT THE COMPANY
--------------
Carolyn Tiffany
Chief Operating Officer
(617) 570-4614

             FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
        UNDETERRED BY SIZELER'S RECENT RESTRICTION ON SHAREHOLDER RIGHTS

      Boston, Massachusetts - July 14, 2005 - First Union Real Estate Equity and
Mortgage Investments (NYSE:FUR) announced today that they are disappointed but
undeterred by the recent Maryland Federal Court ruling allowing management of
Sizeler Property Investors, Inc. (NYSE:SIZ) to deny shareholders equal access to
a list of non-objecting beneficial owners ("NOBO list") which would ease
communication with shareholders. First Union Chairman and Chief Executive
Officer Michael Ashner observed, "our view reflects a recognition that since
first announcing our plans to unseat current management and propose a
liquidation of the assets of Sizeler, substantially all of Sizeler's common
stock has changed hands with a stock price increase of more than 35%. We believe
it to be extremely unlikely that such trading activity represents an endorsement
of management and its policies." He further observed that "we believe that more
than a 70% of Sizeler's stock is held by approximately 20 shareholder groups and
institutions, all of whom will be made aware of our intentions." Mr. Ashner
stated "given the trend to enhance shareholder rights throughout America, it is
unfortunate that Sizeler continues to rely on anti-shareholder tactics in their
effort to entrench themselves by denying shareholders equal and timely access to
information about the upcoming Board election. It would appear that Sizeler
management is using the same playbook of the recently deposed Blockbuster
management."

      First Union notes that NOBO lists are generated by a third party and are
used to communicate with consenting shareholders who hold their stock in "street
name."

                               -------------------

      First Union Real Estate Equity and Mortgage Investments is a NYSE-listed
real estate investment trust (REIT) headquartered in Boston, Massachusetts.

      First Union Real Estate Equity and Mortgage Investments has filed with the
SEC a preliminary proxy statement with respect to its solicitation of proxies to
elect Michael L. Ashner, Peter Braverman and Steven Zalkind as directors at
Sizeler's 2005 Annual Meeting of Stockholders. INVESTORS ARE URGED TO READ THE
DEFINITIVE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
You will be able to obtain the documents free of charge at the SEC's website,
www.sec.gov. First Union and Messrs. Ashner, Braverman and Zalkind may be deemed
to be participants in the solicitation of proxies from the shareholders of
Sizeler in connection with the annual meeting. Information about these
participants is set forth in the preliminary proxy statement filed by First
Union with the SEC. Investors may obtain additional information regarding the
interests of such participants by reading the definitive proxy statement when it
becomes available.