Exhibit 99

                                                           For Immediate Release

           SIZELER PROPERTY INVESTORS INC. AND FIRST UNION REALTY AND
         MORTGAGE INVESTMENTS AGREE TO CEASE PROXY CONTEST AND PENDING
                                   LITIGATION

      September 12, 2005 - Sizeler Property Investors Inc. (NYSE:SIZ) and First
Union Realty and Mortgage Investments (NYSE:FUR) jointly announced today that
they have entered into an agreement ending a proxy contest between the parties.

      Among other things, the agreement provides for the withdrawal by First
Union of its nominees for election to the Board of Directors of Sizeler at the
2005 Annual Meeting of Stockholders and a related stockholder proposal, the
dismissal and release of all litigation between them, and the appointment of
Michael L. Ashner, Chairman and Chief Executive Officer of First Union, to the
Board of Directors of Sizeler, the Compensation Committee of the Board of
Directors of Sizeler, and the Strategic Direction and Acquisition Committee of
the Board of Directors. The agreement also, among other matters: (i) reduces the
number of members of the Board of Directors of Sizeler to 7; (ii) has Sizeler's
Board adopting and recommending to shareholders for action at the upcoming
Annual Meeting of Stockholders an amendment to its charter providing for the
elimination of the staggered Board by the 2007 Annual Meeting of Stockholders;
and (iii) calls for Sizeler to reimburse First Union up to $375,000 for the
latter's out of pocket costs and expenses incurred in connection with the proxy
contest.

      With the termination of the proxy contest, Sidney Lassen, Chief Executive
Officer of Sizeler, will also continue as chairman of the board and will lead
Sizeler's strategic plan to grow shareholder value. Mr. Lassen commented, "We
are confident that ending the proxy contest and putting in place this agreement
serves the best interests of Sizeler, all its shareholders and the communities
Sizeler serves."

      Mr. Lassen continued, "With the proxy contest behind the company, we are
focusing our immediate attention and resources on making sure that each Sizeler
property in the areas affected by Hurricane Katrina is fully serving the needs
of its tenants and the community, while continuing to obtain additional
information about the relatively minor portion of our portfolio to which access
is currently restricted by governmental authorities. At the same time, we are
assessing the impact of the hurricane on Sizeler's near-term and longer-term
operations as well as our previously announced portfolio expansion and
repositioning plans. Our strong balance sheet will continue to support the
addition of apartments and community centers in rapidly growing markets in the
Southeast in furtherance of our growth strategy."

      Mr. Lassen continued: "The appointment of Michael Ashner to our Board,
similar to the election of Mark Tanz, will bolster our ability to address the
challenges and opportunities before our company. We also acknowledge the long
service of Ted Strauss and Tom Masilla on our Board of Directors, and their



willingness to step aside from their Board positions at this time to aid this
settlement. Their valuable contributions will continue in other capacities,
including Tom's continued service as our President and Chief Operating Officer."

      Michael Ashner, Chairman and Chief Executive Officer of First Union,
indicated that "in view of the business uncertainty resulting from the effects
of Hurricane Katrina to the Gulf Coast markets, a near term liquidation of
Sizeler would be ill advised. In my experience, only buyers benefit when assets
are marketed for sale under an aura of distress. Moreover, we agree with Sidney
Lassen that Sizeler is well positioned to participate in the investment and
development opportunities that will occur in its market areas. We look forward
to providing Sizeler with whatever assistance we can with respect to the present
challenges it faces and the investment opportunities it may choose to pursue in
the future."

      Sizeler Property Investors, Inc. is an equity real estate investment trust
(REIT) that invests in retail and apartment properties in the southeastern
United States. The Company currently owns a total of thirty properties --
sixteen in Louisiana, ten in Florida and four in Alabama.

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

Forward-Looking Statements

Investors and potential investors in our securities are cautioned that a number
of factors could adversely affect our Company and cause actual results to differ
materially from those in forward-looking statements or forecasts made herein or
in prior Company statements, including, but not limited to (a) the inability to
lease current or future vacant space in our properties; (b) decisions by tenants
and anchor tenants who own their space to close stores at our properties, as the
result of individual operating decisions, internal reorganization, or other
factors; (c) the inability of tenants to pay rent and other expenses or other
tenant financial difficulties; (d) disruption of tenant operations or uninsured
repair costs as the result of hurricanes in the southeastern U.S. or other
adverse weather conditions or forces of nature; (e) general economic and world
conditions, including threats to the United States homeland from unfriendly
factions; (f) decreases in rental rates available from tenants; (g) increases in
operating costs at our properties; (h) increases in corporate operating costs
associated with new regulatory requirements; (i) lack of availability of
financing for acquisition, development and rehabilitation of properties by us;
(j) force majeure as it relates to construction and renovation projects; (k)
possible dispositions of mature properties because we are continuously engaged
in the examination of our various lines of business; (l) increases in interest
rates; (m) a general economic downturn resulting in lower retail sales and
causing downward pressure on occupancies and rents at retail properties; (n) the
adverse tax consequences if we were to fail to qualify as a REIT in any taxable



year; and (o) inability to purchase or sell properties in the amount and at the
times expected or forecast by management; (p) increases in market prices for
properties such that the Company would be required to purchase properties at
lower cap rates or at lower revenue run rates; (q) inability of our Company to
implement its strategic initiatives or achieve previously forecasted operating
performance for the foregoing reasons, due to the effects of Hurricane Katrina,
or for other reasons. In addition, the full effects of Hurricane Katrina cannot
be fully assessed at this time, and have resulted in various uncertainties for
Sizeler, in addition to those disclosed above, and for the storm-affected areas
in general, among others: (i) the full extent of storm damage and related
conditions within the New Orleans metropolitan area and other areas affected by
the storm and the uncertainty of when appropriate responses will be put into
place, including repairs to utilities, public water and sewer systems, and other
key parts of the infrastructure; (ii) the near-term and longer-term economic
effect of Hurricane Katrina on the economies in markets affected by the storm
and resulting effects on demands for retail and apartment space and valuations
for properties in these asset classes; (iii) the impact of Hurricane Katrina on
the claims-paying ability of the Company's insurers, as well as actions that may
be taken by the insurance industry to limit payments for certain types of
damages. Except as required under federal securities laws and the rules and
regulations of the SEC, we do not have any intention or obligation to update or
revise any forward-looking statements made herein or previously made (including
those made in filings and disclosures prior to Hurricane Katrina), whether as a
result of new information, future events, changes in assumptions or otherwise.

                                   # # # # # #
                               PROXY SOLICITATION

      Because Sizeler is currently soliciting proxies for its 2005 annual
meeting of stockholders, it is required to make the following disclosures to its
stockholders:

      SIZELER PROPERTY INVESTORS, INC. AND ITS DIRECTORS, INCLUDING THOSE
DIRECTORS WHO ARE ALSO EXECUTIVE OFFICERS, MAY BE DEEMED TO BE PARTICIPANTS IN
THE SOLICITATION OF PROXIES FOR THE 2005 ANNUAL MEETING OF STOCKHOLDERS TO BE
HELD ON OCTOBER 27, 2005. A LISTING OF THE SIZELER DIRECTORS AND CERTAIN OTHER
INFORMATION REGARDING THEIR DIRECT AND INDIRECT INTERESTS IN THE SOLICITATION IS
INCLUDED IN EXHIBIT A TO THE COMPANY'S PRELIMINARY PROXY STATEMENT ON SCHEDULE
14A FILED ON AUGUST 22, 2005.

SIZELER WILL ALSO BE FILING A DEFINITIVE PROXY STATEMENT, FORM OF PROXY
SOLICITED BY SIZELER'S BOARD OF DIRECTORS AND OTHER RELEVANT DOCUMENTS WITH THE
SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH ITS 2005 ANNUAL MEETING.
STOCKHOLDERS OF SIZELER ARE ADVISED TO READ, WHEN AVAILABLE, SIZELER'S
DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED BY SIZELER
WITH THE SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH SIZELER'S
SOLICITATION OF PROXIES FOR THE 2005 ANNUAL MEETING TO BE HELD ON OCTOBER 27,
2005 BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. STOCKHOLDERS OF
SIZELER AND OTHER INTERESTED PARTIES MAY OBTAIN FREE OF CHARGE, WHEN AVAILABLE,



COPIES OF THE DEFINITIVE PROXY STATEMENT AND ANY OTHER DOCUMENTS FILED BY
SIZELER WITH THE SECURITIES AND EXCHANGE COMMISSION (INCLUDING THE PRELIMINARY
PROXY STATEMENT ON SCHEDULE 14A FILED ON AUGUST 22, 2005), AT THE SEC'S INTERNET
WEBSITE HTTP://WWW.SEC.GOV AND ALSO ON SIZELER'S INTERNET WEBSITE
HTTP://WWW.SIZELER.NET. THE PRELIMINARY PROXY STATEMENT ON SCHEDULE 14A FILED
AUGUST 22, 2005, AND, WHEN AVAILABLE, THE DEFINITIVE PROXY STATEMENT AND FORM OF
PROXY SOLICITED BY SIZELER'S BOARD OF DIRECTORS FOR THE 2005 ANNUAL MEETING TO
BE HELD ON OCTOBER 27, 2005 ALSO MAY BE OBTAINED FREE OF CHARGE BY CONTACTING
MORROW & CO., INC., WHICH IS ASSISTING SIZELER IN THE SOLICITATION OF PROXIES,
AT (800) 654-2468 OR (212) 754-8000 (COLLECT).

Sizeler contact info:                                First Union contact info:
Andrea Calise/ Adam Weiner                           Carolyn Tiffany
Kekst and Company                                    Chief Operating Officer
(212) 521-4800                                       (617) 570-4614