Sizeler Property Investors Inc. has reported that substantially all of its properties are not damaged by Hurricane Katrina.
Based on the information currently available to Sizeler, none of its properties has sustained any flood or other major storm-related damage. Due to the current conditions in New Orleans and surrounding communities, governmental authorities have prevented Sizeler’s inspection of properties representing less than 11% of the gross leasable area of Sizeler’s retail properties and less than 15% of Sizeler’s apartment units available for rent.
Two of Sizeler’s three enclosed malls are fully operational, and the third will be by mid-week. All other properties outside the immediate New Orleans area are fully operational.
The company has previously disclosed in its Annual Report on Form 10-K that it believes it maintains adequate insurance on its property portfolio. Based on the information currently in its possession, Sizeler believes that its losses from actual damages and storm clean-up resulting from Hurricane Katrina will be covered by insurance policies in place, subject to deductibles under its insurance policies. In this regard, Sizeler notes that none of its properties, to its knowledge, has sustained any flood, storm surge, or rising water damage, for which insurance coverage may not be available in all cases.
Sizeler Property Investors Inc. currently owns a total of 30 properties –16 in Louisiana, 10 in Florida and four in Alabama.
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