Exhibit 26

                            [FIRST UNION LETTERHEAD]

                                 August 11, 2005

FEDERAL EXPRESS

Sizeler Property Investors, Inc.
2542 Williams Boulevard
Kenner, Louisiana 70062
Attention: Sidney W. Lassen
           Chairman of the Board

      Re:  Shareholder Proposal

Dear Mr. Lassen:

      In accordance with Rule 14a-8 of the Securities Exchange Act of 1934,
First Union Real Estate Equity and Mortgage Investments, an Ohio trust (the
"Proponent") hereby submits to Sizeler Property Investors, Inc. (the "Company")
the following proposal and supporting statement for inclusion in the Company's
proxy statement for the next annual meeting of shareholders:

                                    Proposal

      RESOLVED, that the stockholders of the Company, believing that the value
of their investment in the Company can best be maximized through an orderly
liquidation of its assets, hereby request that the Board of Directors adopt a
plan of liquidation which provides that (i) all of the Company's assets would be
sold in an orderly process, (ii) a committee of the Board of Directors be
established consisting of directors, who are not current or former officers or
employees of the Company or related by blood or marriage to a current or former
officer or employee of the Company, and who otherwise qualify as independent
directors, to consider and recommend to the full Board of Directors for approval
the best available offer to acquire the assets, (iii) the proceeds from such
sales, together with cash reserves, be distributed to the shareholders, and (iv)
no person or entity affiliated with the Company or any of its officers or
directors would seek to acquire any Company asset, and no such person or entity
would receive any brokerage commission or similar fee from any sale of a Company
asset

                              Supporting Statement

      The Proponent believes that the current strategic plan and past history
when taken together with the Company's reduced dividends and historical poor
performance as compared to other REITs makes it unlikely that the Company can
generate maximum return for its shareholders through an ongoing operating
Company and that shareholders will be benefited from an orderly liquidation of
the Company's assets. Therefore, the Proponent has submitted a proposal for
consideration by shareholders requesting that the Board of Directors of the
Company adopt a plan of liquidation to be submitted to the shareholders for
approval.



      The Proponent is submitting this proposal, and seeking the liquidation of
the Company, as a concerned shareholder who believes that the best opportunity
for shareholders maximum return on their investment is an orderly liquidation of
the Company. Accordingly, the Proponent urges its fellow shareholders to vote
FOR this proposal.

                         *******************************

      Notice of any alleged deficiencies with respect to this submission (which
the Proponent reserves the right to cure) should be sent to the executive
offices of the Proponent at the address provided above.

                                              Very truly yours,

                                              FIRST UNION REAL ESTATE EQUITY AND
                                              MORTGAGE INVESTMENTS


                                              By: /s/ Michael L. Ashner
                                                  ------------------------------
                                                  Michael L. Ashner
                                                  Chief Executive Officer