<PAGE>

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549


                                   FORM 10-K


                 Annual Report Pursuant to Section 13 or 15(d)
                    of the Securities Exchange Act of 1934

For the Fiscal Year Ended December 31, 2000        Commission File Number 1-9349


                       SIZELER PROPERTY INVESTORS, INC.
            (Exact name of registrant, as specified in its charter)


            Delaware                                             72-1082589
  (State or other jurisdiction                                (I.R.S. Employer
of incorporation or organization)                            Identification No.)

     2542 Williams Blvd.                                            70062
     Kenner, Louisiana                                            (Zip Code)
(Address of principal executive offices)

      Registrant's telephone number, including area code: (504) 471-6200

          Securities registered pursuant to Section 12(b) of the Act:

        Title of each class           Name of each exchange on which registered
        -------------------           -----------------------------------------
    Common Stock, $.01 par value               New York Stock Exchange
     8% Convertible Subordinated
        Debentures, due 2003                   New York Stock Exchange

       Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X]   No _______

Indicate by check mark if disclosure of delinquent files pursuant to Item 405 of
the Registration S-K ((S) 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statement incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K (X).

The aggregate market value of voting stock held by non-affiliates of the
registrant was $61,914,000 at March 13, 2001.

The number of shares of common stock outstanding at March 13, 2001, was
8,138,000.

                      DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's definitive proxy statement for the annual meeting
of its shareholders to be held in May 2001 are incorporated by reference in Part
III of this report.
<PAGE>

                                    PART I

Item 1.  Business

The Company

Sizeler Property Investors, Inc. (the "Company") was organized as a Delaware
corporation with perpetual existence on October 28, 1986.

The Company is an equity real estate investment trust (REIT), which focuses on
retail and multi-family properties in the southeastern region of the United
States.  At December 31, 2000, the Company's investment portfolio included
interests in three enclosed shopping malls, three power shopping centers, ten
community shopping centers, and fourteen apartment communities.  The properties
are located in Louisiana (15), Florida (10), Alabama (4) and Texas (1).
Leasable area of the retail properties totalled approximately 2.7 million s.f.
and the apartment communities contained 3,398 units.  At December 31, 2000, the
Company's retail and apartment properties were approximately 92% and 97% leased,
respectively.  The Company defines "leased" as an executed conveyance whereby
the tenant possesses the premises, including those in which the tenant may not
have commenced occupancy or rental payments.

The Company has elected to qualify and be treated as a REIT under the Internal
Revenue Code of 1986, as amended (the "Code"), and intends to maintain its
qualification as a REIT in the future.  As a qualified REIT, with limited
exceptions, the Company will not be taxed under federal and certain state income
tax laws at the corporate level on taxable income that it distributes to its
shareholders.  For special tax provisions applicable to REITs, refer to Sections
856-860 of the Code.


Investment Objective and Strategic Plan

The Company's primary objective is to maximize shareholder value through
internal growth (by employing an effective value-added asset management program
which emphasizes increasing funds from operations and the appreciation of
property values) and development of new properties.  The Company may also make
opportunistic property acquisitions and participate with other entities in
property ownership, through joint ventures or other types of co-ownership.

The Company's strategy for growth is to (1) develop new properties within our
geographic region (the southeastern United States); (2) implement programs of
redevelopment or expansion of certain properties; (3) acquire shopping center
and apartment properties in fundamentally strong markets in our geographic
region; and (4) improve the operating performance of those properties through
our effective and efficient leasing and management programs.

In order to provide a degree of portfolio risk diversification, while
maintaining a focused approach to asset management, the Company has elected to
expand its ownership of apartment properties and, to the extent practical,
intends to achieve a balanced portfolio of investments in shopping centers and
apartments.  At December 31, 2000, approximately 60% of the Company's portfolio
consisted of investments in retail properties and 40% consisted of investments
in apartment communities.

The Company believes that its regional concentration and substantial knowledge
of the markets in which it operates affords it a competitive advantage in the
identification of real estate trends and investment opportunities within these
markets, which will facilitate the Company's overall strategy to increase cash
flow and to enhance the value of its existing portfolio through:  (1) maximizing
rental income by achieving an optimum level of rental rates and occupancy
levels; (2) operating properties in a cost-effective manner; (3) renovating
properties in order to maintain and improve its competitive position and
performance in the marketplace; and (4) assessing the most cost-effective
sources of capital to finance properties.

                                       2
<PAGE>

The Company considers numerous factors in the evaluation of potential real
estate investments including, but not limited to, the following:

     --acquisition and/or development cost and initial cash flow in relation to
       yield objective;

     --the potential to increase cash flow through effective property
       management;

     --geographic area and demographic profile;

     --property size and composition of tenants;

     --availability of financing, including the possibility of assuming existing
       financing or the potential for refinancing;

     --condition, quality of design, construction, and other physical
       attributes;

     --current and expected economic environment of local and regional real
       estate markets;

     --the presence of or proximity to potential environmental issues;

     --current and historical occupancy levels;

     --current and historical sales levels of retail tenants;

     --other characteristics of existing tenants, including credit-worthiness;

     --anticipated future treatment under applicable federal, state, and local
       tax laws and regulations; and

     --potential for appreciation in value.


The Company expects to hold its properties as long-term investments and has no
maximum period for retention of each investment.  Under ordinary circumstances,
the Company would not expect to sell property held for less than four years.


Competition

Competition in the market areas in which the Company operates is significant and
affects acquisitions and/or development of properties, occupancy levels, rental
rates, and operating expenses of certain properties.  The Company also competes
with a wide variety of institutions and other investors for capital funds
necessary to support its investment activities and asset growth.

The Company believes that the significant operating and financial experience of
management, combined with the Company's regional concentration, as well as the
location, quality, condition, and overall appearance of its properties, which
affect the attraction and retention of its tenants, should enable the Company to
continue to compete effectively with other entities.


Environmental Matters

Investments in real property have the potential for environmental liability on
the part of the owner of such property. The Company is not aware of any
environmental liabilities to the Company relating to the Company's investment
properties which would have a material adverse effect on the Company's business,
assets, or results of operations.

                                       3
<PAGE>

The Company's guidelines require a Phase I environmental study prior to the
acquisition or development of a property that, because of its prior use or its
proximity to other properties with environmental risks, may be subject to
possible environmental hazards.  Where determined appropriate by a Phase I
study, a more extensive evaluation may be undertaken to further investigate the
potential for environmental liability prior to an investment in a property.  The
Company does not presently maintain insurance coverage for environmental
liabilities.

Executive Officers

The Company is self-administered and does not engage a separate advisor or pay
an advisory fee for administrative or investment services.  Management of the
Company is provided by its officers.  The executive officers of the Company are
elected annually by, and serve at the discretion of, the Board of Directors.

The executive officers of the Company are as follows:

<TABLE>
<CAPTION>
       Name                        Age                 Position(s) with the Company
       ----                        ---                 ----------------------------
<S>                                <C>       <C>
Sidney W. Lassen..............      66       Chairman of the Board and Chief Executive Officer
Thomas A. Masilla, Jr.........      54       Vice Chairman of the Board, President, and Principal Operating Officer
Robert A. Whelan..............      33       Chief Financial Officer
James W. Brodie...............      32       Secretary and Vice President of Acquisition and Development
</TABLE>

Mr. Lassen has been an executive officer of the Company since its inception in
1986, and has been involved in the acquisition, development, management, and
disposition of shopping center and apartment properties for over 40 years.  He
has previously served as a trustee of the International Council of Shopping
Centers, the national association for the shopping center industry.  Mr. Lassen
is Chairman of the Board and Chief Executive Officer of Sizeler Realty Co.,
Inc., and a Director of Hibernia Corporation.

Mr. Masilla, a formerly practicing certified public accountant, was elected to
the position of Vice Chairman of the Company in 1994, Principal Operating
Officer and President in 1995, and has been a member of the Company's Board of
Directors since 1986. Mr. Masilla has been a corporate executive and manager for
more than 30 years, with extensive experience in both the real estate and
commercial bank industries.

Mr. Whelan joined the management team in May 1999 and was a real estate
consultant with Ernst & Young /Kenneth Leventhal Real Estate Group prior to
joining the Company. Mr. Whelan is a formerly practicing certified public
accountant and has extensive experience in the acquisition, disposition,
management, financing, and auditing of real estate properties.

Mr. Brodie has been involved in the acquisition, development, management, and
disposition of shopping center and apartment properties since he joined the
company in May 1989.


Property Management

Subsidiaries of the Company have Management Agreements with Sizeler Real Estate
Management Co., Inc. (the "Management Company"), which is wholly-owned by
Sizeler Realty Co., Inc. ("Sizeler Realty").  Sizeler Realty is a diversified
real estate service company in which a beneficial minority interest is directly
owned by Sidney W. Lassen and the balance is owned by members of the family of
Mr. Lassen's wife and her parents' estates.

Under the terms of the Management Agreements with the Company, the Management
Company performs leasing and management services with respect to the Company's
properties, including, for each property, the annual preparation of detailed
operating and capital budgets, accounting, data processing, collection of rents,
repairs, cleaning, maintenance, and other operating services.  Upon request of
the Company, the Management Company also performs, or causes to be performed,
additional services, such as development and re-development of properties,
advertising, promotion, market research, and other management information, and
may perform for fees, services for tenants and other third parties.

The Management Company is paid a fee based on the Company's gross investment in
real estate, subject to adjustment for year-to-year increases or decreases in
funds from operations per share of the Company.

                                       4
<PAGE>

Economic Conditions

The Company is affected by national and local economic conditions and changes in
the real estate and capital markets.  The financial performance of the retail
properties are partially dependent upon the strength of retail sales, which are
directly affected by trends in employment and personal income.  Apartment
properties are affected by market conditions, economic trends, and employment
conditions in the communities in which they are located.

Fifteen of the Company's properties, comprising approximately 45% of its
investment portfolio, are located in Louisiana. The Louisiana economy, since the
late 1980's, has experienced positive growth as reflected in higher levels of
employment and an increase in general economic activity.  The national and
global economies also have an impact on Louisiana, particularly as they affect
the tourism, convention, energy, and port industries, which are important
segments of the Louisiana economy.

To diversify its portfolio and reduce the risks of geographic concentration and
economic dependency on a primary industry, the Company began a program in 1988
of acquiring properties in other states in the Gulf South region.  As of the
date of this filing, the Company has properties in Louisiana, Florida, Alabama,
and Texas.


Item 2.  Properties

As of December 31, 2000, the Company's real estate portfolio included interest
in sixteen shopping centers and fourteen apartment communities.  The Company
holds, directly or indirectly through both wholly-owned subsidiaries and
majority-owned entities, a fee interest in twenty-eight of its properties, and
long-term ground leases on the remaining two properties - Southwood Shopping
Center in Gretna, Louisiana and the Westland Shopping Center in Kenner,
Louisiana. Sixteen properties are held through partnerships and limited
partnerships whereby the majority owner is a wholly-owned subsidiary of Sizeler
Property Investors, Inc.  The minority interests in these entities are held by
third party corporations who have contributed capital for their respective
interests.  The other fourteen properties in the portfolio are held through
wholly-owned subsidiary corporations and limited liability companies.  The
Company, the wholly-owned subsidiaries and majority-owned partnerships and
limited partnerships are referred to collectively as the "Company".  Fourteen of
the Company's properties were subject to mortgage loans at December 31, 2000.

In the opinion of Management, all of the Company's properties are well
maintained and in good repair, suitable for their intended uses, and are
adequately covered by insurance.

                                       5
<PAGE>

The following table sets forth certain information concerning the Company's real
estate investments as of December 31, 2000:

<TABLE>
<CAPTION>
                                                                                            Percent
                                                                                           Leased (c)
                                                                  Gross Leasable Area      December 31
                                      Year          Year Last      in Square Feet or       -----------
Description                         Completed       Renovated        Rentable Units        2000   1999
-----------                         ----------  -----------------    --------------        ----   ----
<S>                                 <C>         <C>                  <C>                   <C>    <C>
Regional Enclosed Malls (3)
---------------------------
  Hammond Square                          1978               1992          361,000           88%    85%
    (Hammond, Louisiana)                                                   431,000 (a)
  North Shore Square                      1986               1995          355,000           98%    97%
    (Slidell, Louisiana)                                                   623,000 (a)
  Southland Mall                       1970, 1981            1994          431,000 (d)       95%    89%
    (Houma, Louisiana)                                                     584,000 (a)
Power Shopping Centers (3)
--------------------------
  Lantana Plaza                           1992               1999          274,000           98%    98%
    (Palm Beach County, Florida)
  Town & Country                          1989                ---          199,000           82%    79%
    (Palatka, Florida)
  Westward                             1961, 1990            1995          221,000           98%   100%
    (W. Palm Beach, Florida)
Community Shopping Centers (10)
-------------------------------
  Airline Park                            1973               1986           71,000           61%    92%
    (Metairie, Louisiana)
  Azalea Gardens                          1950               1986           45,000          100%   100%
    (Jefferson, Louisiana)
  Camelot Plaza                           1981               1999           91,000           84%    76%
    (San Antonio, Texas)
  Colonial                                1967            1987, 1999        45,000          100%   100%
    (Harahan, Louisiana)
  Gonzales Plaza                          1989                ---           73,000           29%    97%
    (Gonzales, Louisiana)                                                  290,000 (a)
  Rainbow Square                          1986                ---           75,000           99%    97%
    (Dunnellon, Florida)                                                   117,000 (a)
  Southwood (b)                           1986                ---           40,000          100%   100%
    (Gretna, Louisiana)
  Weeki Wachee Village                    1987                ---           82,000           86%    90%
    (Weeki Wachee, Florida)
  Westgate                                1964               1987          208,000           98%    93%
    (Alexandria, Louisiana)
  Westland                                1966            1990, 1999       109,000           99%    62%
    (Kenner, Louisiana)                                                  ---------         ----   ----
                                                                         2,680,000           92%    91%
                                                                         =========         ====   ====

Apartments (14)
---------------
  Bel Air                              1968, 1974             ---        202 units           94%    94%
    (Mobile, Alabama)
  Bryn Mawr                               1991               1999        240 units           99%   100%
    (Naples, Florida)
  Colonial Manor                          1967               1994         48 units           98%    92%
    (Harahan, Louisiana)
  Garden Lane                          1966, 1971            1999        262 units           98%    99%
    (Gretna, Louisiana)
  Georgian                                1951               1993        135 units          100%    96%
    (New Orleans, Louisiana)
  Governors Gate                          1999                ---        240 units           92%    90%
    (Pensacola, Florida)
  Hampton Park                            1977               1995        300 units           95%    95%
    (Mobile, Alabama)
  Jamestown Estates                       1972                ---        177 units           98%    93%
    (Pensacola, Florida)
  Lafayette Square                     1969-1972          1995, 1999     675 units           96%    94%
    (Mobile, Alabama)
  Lakeview Club                           1992                ---        443 units          100%    98%
    (Ft. Lauderdale, Florida)
  Magnolia Place                          1984                ---        148 units           92%    93%
    (New Iberia, Louisiana)
  Pine Bend                               1979                ---        152 units           95%    97%
    (Mobile, Alabama)
  Steeplechase                            1982                ---        192 units           96%    92%
    (Lafayette, Louisiana)
  Woodcliff                               1977               1999        184 units           95%    98%
    (Pensacola, Florida)                                              ------                ---    ---
                                                                       3,398 units           97%    96%
                                                                      ======                ===    ===
</TABLE>

                                       6
<PAGE>

(a) The larger number is the total area of the indicated center, including
    owner-occupied stores in which the Company has no ownership interest.
    Hammond Square and Southland Mall have stores owned by Dillard Department
    Stores, Inc., comprising 70,000 s.f.  and 154,000 s.f. of space,
    respectively; North Shore Square Mall has stores owned by Dillard Department
    Stores, Inc. comprising 116,000 s.f. and 77,000 s.f. of space, and Mervyn's
    comprising 75,000 s.f. of space; Gonzales Plaza and Rainbow Square Shopping
    Centers have stores owned by Wal-Mart Stores, Inc., comprising 217,000 s.f.
    and 42,000 s.f., respectively.

(b) The Company has a 50% partnership interest in Southwood Shopping Center.

(c) The Company defines "leased" as an executed conveyance whereby the tenant
    possesses the premises, including those in which the tenant may not have
    commenced occupancy or rental payments. Percent leased for retail is
    computed as the ratio of total space leased, including anchor stores, total
    leasable space, expressed as a percentage. The computation excludes owner-
    occupied stores in which the Company has no ownership interest.

(d) During 2000, the Company removed 36,000 s.f. from retail use.

Item 3.  Legal Proceedings

The Company is not presently involved in any material litigation nor, to its
knowledge, is any material litigation threatened against the Company or its
properties.  The Company is presently, and from time to time, subject to claims
and lawsuits arising in the ordinary course of business, which are routine in
nature or expected to be covered by the Company's liability insurance.


Item 4.  Submission of Matters to a Vote of Security Holders

No matters were submitted to a vote of security holders during the fourth
quarter of fiscal 2000.

                                       7
<PAGE>

                                    PART II

Item 5.  Market for Registrant's Common Stock and Related Stockholder Matters

The Company's shares of common stock ("shares") are listed for trading on the
New York Stock Exchange under the symbol "SIZ".

The following table sets forth the high and low sales price of the shares for
the periods indicated, as reported by the New York Stock Exchange, and the
dividends paid per share in such periods:

                                                                   Dividends
                                              High       Low         Paid
                                            ---------   ------       -----
 2000
 ----
 1st Quarter............................      $8.56      $6.38       $0.22
 2nd Quarter............................       7.81       6.44        0.23
 3rd Quarter............................       8.50       7.38        0.23
 4th Quarter............................       7.88       6.88        0.23

 1999
 ----
 1st Quarter............................      $8.94      $7.94       $0.22
 2nd Quarter............................       9.44       7.75        0.22
 3rd Quarter............................       9.13       8.25        0.22
 4th Quarter............................       8.69       8.00        0.22

As of March 13, 2001, there were 474 individually listed owners of record of the
Company's shares. Approximately 84% of the Company's outstanding shares are held
in nominee name by CEDE & Co., which is accounted for as a single shareholder of
record for multiple beneficial owners. CEDE & Co. is a nominee of the Depository
Trust Company (DTC), with respect to securities deposited by participants with
DTC, e.g., mutual funds, brokerage firms, banks, and other financial
organizations.

The Company has paid dividends in each quarter since its inception as a publicly
owned company in 1987, with a cumulative total of approximately $92 million paid
to shareholders over this time period.

Under the REIT rules of the Internal Revenue Code, the Company must pay at least
95% of its ordinary taxable income as dividends in order to avoid taxation as a
regular corporation. Effective January 1, 2001, as a result of the Tax Relief
Extension Act of 1999, a REIT will now only be required to distribute to
shareholders at least 90% of its ordinary taxable income. The declaration of
dividends is a discretionary decision of the Board of Directors and depends upon
the Company's funds from operations, financial requirements, tax considerations,
and other factors. A portion of the Company's dividends paid may be deemed
capital gain income, a return of capital, or both, to its shareholders. The
Company annually provides its shareholders a statement as to its designation of
the taxability of the dividend.

The federal income tax status of dividends per share paid for each of the five
years ended December 31 was as follows:


                                    2000    1999     1998       1997    1996
                                   -----   -----    -----      -----   -----
 Ordinary Income                   $0.54   $0.54    $0.62      $0.54   $0.37
 Return of Capital                  0.37    0.34     0.27(a)    0.34    0.51
 Capital Gain                        ---     ---      ---        ---     ---
                                   -----   -----    -----      -----   -----
   Total                           $0.91   $0.88    $0.89      $0.88   $0.88
                                   =====   =====    =====      =====   =====

     (a) Includes a $0.01 per share distribution for the redemption of stock
         purchase rights in connection with the Company's adoption of a
         replacement shareholder rights plan.

The Company has a dividend reinvestment plan pursuant to which the Company's
shareholders of record may use their dividends to purchase additional shares.
The Company has acquired shares for the plan by open market purchases and newly
issued shares.  Brokerage commissions on all such purchases are paid by the
Company and are not charged to plan participants.

                                       8
<PAGE>

Item 6.  Selected Financial Data

The following table sets forth selected consolidated financial data (in
thousands, except per share data) for the Company and its subsidiaries and
should be read in conjunction with the consolidated financial statements and
notes thereto included herein:

<TABLE>
<CAPTION>
                                                                                  Year Ended December 31
                                                      ------------------------------------------------------------------------

OPERATING DATA/(1)/                                     2000            1999            1998            1997            1996
                                                      --------        --------        --------        --------        --------
<S>                                                   <C>             <C>             <C>             <C>             <C>
  Operating Revenue
   Rents and other income                             $ 51,324        $ 49,848        $ 47,680        $ 46,349        $ 44,353
   Equity in income of partnership                         117             121             111              94             103
                                                      --------        --------        --------        --------        --------
                                                        51,441          49,969          47,791          46,443          44,456
  Operating Expenses                                   (33,263)        (32,604)        (30,481)        (29,280)        (27,630)
                                                      --------        --------        --------        --------        --------
   INCOME FROM OPERATIONS                               18,178          17,365          17,310          17,163          16,826

   Interest expense                                    (15,850)        (15,018)        (14,554)        (14,608)        (14,542)
                                                      --------        --------        --------        --------        --------

  INCOME BEFORE EXTRAORDINARY ITEM                       2,328           2,347           2,756           2,555           2,284

Extraordinary Item - early extinguishment of debt         ----            ----            ----            ----            (449)
                                                      --------        --------        --------        --------        --------

        NET INCOME                                    $  2,328        $  2,347        $  2,756        $  2,555        $  1,835
                                                      ========        ========        ========        ========        ========

Funds From Operations/(2)/                            $ 12,907        $ 12,603        $ 12,284        $ 11,509        $ 10,771

Net Cash Provided by (Used in):
  Operating Activities                                $ 14,010        $ 13,193        $ 12,456        $ 12,945        $ 13,504
  Investing Activities                                $(10,496)       $ (9,925)       $(16,966)         (6,757)       $ (7,476)
  Financing Activities                                $ (2,955)       $ (3,081)       $  4,532        $ (5,528)       $ (6,834)
Dividends Paid                                        $  7,234        $  6,938        $  7,330        $  7,413        $  7,425
Per Share Data:
  Net Income                                          $   0.29        $   0.30        $   0.33        $   0.30        $   0.22
  Dividends Paid                                      $   0.91        $   0.88        $   0.88        $   0.88        $   0.88
Weighted Average Shares Outstanding                      7,950           7,888           8,331           8,423           8,433

<CAPTION>
                                                        2000            1999            1998            1997            1996
                                                      --------        --------        --------        --------        --------
<S>                                                   <C>            <C>            <C>            <C>             <C>
BALANCE SHEET DATA
  Gross Investment in Real Estate                     $349,675        $339,306        $329,390        $311,216        $304,424
  Total Assets                                         285,417         284,943         284,935         275,485         277,604
  Mortgage Notes Payable                               113,163          84,712          89,869          90,615          68,080
  Notes Payable                                         35,716          59,988          49,178          32,342          52,639
  Convertible Subordinated Debentures                   61,878          61,878          62,878          62,878          62,878
  Total Liabilities                                    218,298         213,990         208,718         190,958         188,237
  Shareholders' Equity                                  67,119          70,953          76,217          84,527          89,367
</TABLE>

________________

 (1)  See "Management's Discussion and Analysis of Financial Condition and
      Results of Operations" for information regarding factors such as property
      development and other transactions which have affected operating
      performance during the periods indicated.

 (2)  Real estate industry analysts and the Company utilize the concept of funds
      from operations (FFO) as an important analytical measure of a Real Estate
      Investment Trust's financial performance, with FFO being defined by the
      Company and the National Association of Real Estate Investment Trusts
      (NAREIT) as net income, excluding gains or losses from sales of property
      and those items defined as extraordinary under accounting principles
      generally accepted in the United States of America (GAAP), plus
      depreciation on real estate assets, and after adjustments for
      unconsolidated partnerships to reflect funds from operations on the same
      basis.

                                       9
<PAGE>

Item 7.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

Overview

The following discussion should be read in conjunction with the consolidated
financial statements and notes thereto appearing elsewhere in this Annual Report
on Form 10-K.  Historical results and percentage relationships, including trends
which might appear, set forth in the consolidated statements of income contained
in the consolidated financial statements, should not be taken as indicative of
future operations.

The Company's real estate investment portfolio is composed of sixteen retail
properties and fourteen apartment communities.  As of December 31, 2000, the
Company's gross investment in real estate totalled $350 million and consisted of
approximately 60%, or $213 million, in shopping centers, and approximately 40%,
or $137 million, in apartments.  Total revenue for 2000 was $51 million, and
consisted of approximately 55%, or $28 million, generated by the shopping center
properties, and approximately 45%, or $23 million, generated by the apartment
properties.

Results of Operations

Comparison of the years ended December 31, 2000, and 1999

For the year ended December 31, 2000 operating revenue from retail centers and
apartments increased approximately 3% to $51.4 million, compared with $50.0
million in the prior year.  Operating revenue for retail centers and apartments
was $28.5 million and $22.9 million, respectively.  The increase in operating
revenue was due primarily to new retail leases, in particular the leasing of
40,000 s.f. of space previously reported vacated by a tenant at the end of 1999,
and the opening of a 44,300 s.f. Publix Supermarket at the end of August,
coupled with increased apartment rental rates, as apartment revenues increased
5% over the prior year, and market sustained occupancy levels.  Net Operating
Income increased 4% to $29.4 million in 2000, as compared to $28.2 million in
1999.  Operating expenses, excluding depreciation and interest expense totalled
$22.1 million in 2000, compared to $21.8 million in 1999. The increase in
operating expenses was primarily attributable to increased utilities and
insurance costs and real estate taxes.

Net Operating Income (NOI) is another measurement of financial performance
utilized by the Company, and is based on the operating revenues and expenses
directly associated with the operations of the real estate properties (excluding
depreciation and interest expense).

Interest expense reflected a net increase of $832,000 resulting from the rising
interest rate environment during the year. In 2000, the Company completed
approximately $30 million of additional long-term, fixed-rate, non-recourse
financing and used these proceeds to reduce floating rate bank debt. The average
bank borrowings in 2000 were approximately $47.3 million, with an average
interest rate of 7.9%, as compared to $54.0 million, with an average interest
rate of 6.8% in 1999.

Comparison of the years ended December 31, 1999, and 1998

For the year ended December 31, 1999 operating revenue from shopping centers and
apartments increased approximately $584,000 and $1,594,000, respectively,
resulting in a combined total increase of approximately $2.2 million. The
increase in operating revenue is primarily attributable to the Governors Gate
Apartments complex, which was completed in the first quarter of 1999. In
addition, there were increases in rental rates coupled with market sustained
occupancy levels at the retail properties. Operating expenses, net of
depreciation, increased approximately $1.4 million in 1999 compared to 1998. The
increase in operating expenses associated with the retail properties is $408,000
and with the apartment properties is $1.0 million. The increase in operating
expenses was due to costs related to Governors Gate apartments as well as
increases in management and leasing fees, and other non-controllable costs.

Interest expense reflects a net increase of $464,000 resulting from activity
described below. During 1998, the Company refinanced mortgage debt on ten of its
apartment properties, resulting in a net decrease in mortgage interest expense
of $285,000. These mortgage notes payable are long-term, fixed-rate, non-
recourse instruments. The mortgage proceeds derived from the refinancings were
used to pay down bank debt resulting in lower bank line balances. Subsequently,
the Company drew on its bank lines to fund the following transactions: (i)
repaid a mortgage note payable on one of its

                                       10
<PAGE>

retail centers; (ii) made contract payments for the development of Governors
Gate apartment community and a free-standing Walgreens store (of which related
interest has been capitalized); and (iii) funded treasury share repurchases. As
a result of the above activity, bank line interest expense increased $895,000,
and mortgage interest expense decreased $431,000, resulting in a net increase of
$464,000. The average bank borrowings were approximately $54.0 million and $38.6
million for 1999 and 1998, respectively, with an average rate of 6.8% and 7.6%
respectively.


Liquidity and Capital Resources

The primary source of working capital for the Company is net cash provided by
operating activities, from which the Company funds normal operating requirements
and distributions to shareholders. In addition, the Company maintains unsecured
credit lines with commercial banks, which it utilizes to temporarily finance the
cost of portfolio growth, property improvements, and other expenditures. At
December 31, 2000, the Company had $1.9 million in cash and cash equivalents.
The company also maintained bank lines of credit totaling $55 million of which
approximately $19 million was available. Utilization of the bank lines is
subject to certain restrictive covenants that impose maximum borrowing levels by
the Company through the maintenance of certain prescribed financial ratios.

Net cash flows provided by operating activities increased $817,000 in 2000 from
1999, as compared to an increase of $737,000 in 1999 from 1998.  The increase
between 2000 and 1999 is primarily attributable to a net increase in income from
operations before depreciation, as well as a net decrease in accounts receivable
and prepaid expenses.  The increase between 1999 and 1998 is primarily
attributable to a net increase in income from operations before depreciation, as
well as a net increase in operating liabilities.

Net cash flows used in investing activities increased $571,000 in 2000 from
1999, primarily attributable to increased development activities.

Net cash flows used in investing activities decreased $7.0 million in 1999 from
1998, primarily due to the construction of Governors Gate apartments during
1998, which was completed in March 1999.  This luxury 240-unit garden-style
apartment community, located in Florida, contributed positively to the Company's
increase in revenue for 1999.  The decrease was partially offset by the
development of a freestanding Walgreens store at the Camelot Plaza Shopping
Center in San Antonio, Texas and the start of construction on a new Publix super
market at the Town and Country Shopping Center in Palatka, Florida.  The Company
also acquired two parcels of land, one in Florida, and the other in Texas, which
can be used for future development.

Net cash flows used in financing activities decreased $126,000 in 2000 from 1999
due to (i) net decrease in cash proceeds of approximately $1.3 million from the
issuance of mortgage notes payable, related debt issuance costs, and the
subsequent paydown of notes payable to banks; (ii) increase in cash dividends to
shareholders of approximately $296,000; (iii) increase in cash proceeds of
approximately $940,000 from the issuance of common stock pursuant to the direct
stock purchase and dividend reinvestment plan; and (iv) pursuant to the
Company's stock repurchase program initiated in 1995, the Company reduced cash
usage by approximately $805,000 in 2000, repurchasing 95,900 fewer shares than
in 1999.

As of December 31, 2000, fifteen of the Company's properties, comprising
approximately 50% of its gross investment in real estate, were subject to a
total of $114 million in mortgage debt, all of which are non-recourse and bear a
fixed rate of interest for a fixed term.  Fifteen of the properties in the
portfolio are currently unencumbered by mortgage debt. The Company anticipates
that its current cash balance, operating and investing cash flows, and
borrowings (including borrowings under its lines of credit) will be adequate to
fund the Company's future (i) operating and administrative expenses, (ii) debt
service obligations, (iii) distributions to shareholders, (iv) capital
improvements on existing properties, (v) development of new properties, and (vi)
normal repair and maintenance costs at its properties.

The Company's current dividend policy is to pay quarterly dividends to
shareholders, based upon, among other factors, funds from operations, as opposed
to net income. Because funds from operations excludes the deduction of non-cash
charges, principally depreciation of real estate assets, quarterly dividends
will typically be greater than net income and may include a tax-deferred return
of capital component. The Board of Directors, on February 8, 2001, declared a
cash dividend with respect to the period October 1, 2000 through December 31,
2000, of $0.23 per share, to shareholders of record as of March 1, 2001.

                                       11
<PAGE>

Funds From Operations

Real estate industry analysts and the Company utilize the concept of funds from
operations as an important analytical measure of a REIT's financial performance.
The Company considers funds from operations in evaluating its operating results,
and its dividend policy is also based, in part, on the concept of funds from
operations.

Funds from Operations (FFO) is defined by the Company and the National
Association of Real Estate Investment Trusts (NAREIT) as net income, excluding
gains or losses from sales of property and those items defined as extraordinary
under accounting principles generally accepted in the United States of America
(GAAP), plus depreciation on real estate assets and after adjustments for
unconsolidated partnerships to reflect funds from operations on the same basis.
Funds from operations do not represent cash flows from operations as defined by
GAAP, nor is it indicative that cash flows are adequate to fund all cash needs,
including distributions to shareholders. Funds from operations should not be
considered as an alternative to net income as defined by GAAP or to cash flows
as a measure of liquidity.  A reconciliation of net income to basic funds from
operations is presented below:

<TABLE>
<CAPTION>
                                                                              Year Ended December 31
                                                                              ----------------------
                                                                    2000                                   1999
                                                                    ----                                   ----
                                                                            Weighted                               Weighted
                                                                            Average                                Average
                                                       ($000)               Shares             ($000)              Shares
                                                   ---------------     -----------------   ---------------     ----------------
      <S>                                          <C>                 <C>                 <C>                 <C>
      Net Income                                       $ 2,328             7,950,000           $ 2,347            7,888,000
           Additions:
              Depreciation                              11,173                                  10,845
              Partnership depreciation                      35                                      37
           Deductions:
              Minority depreciation                         50                                      48
              Amortization costs                           579                                     578
                                                     ---------           -----------         ---------            ---------
      Funds from Operations - Basic                    $12,907             7,950,000           $12,603            7,888,000
                                                     =========           ===========         =========            =========
</TABLE>

For the year ended December 31, 2000, funds from operations increased
approximately $300,000 to $12.9 million, compared to $12.6 million in 1999.
This increase in funds from operations is primarily attributable to growth in
operating revenues as a result of new retail leases at its malls, power centers,
and community shopping centers, combined with higher apartment property
occupancies and market sustained rents.  The growth of operating revenues and
improved operating margins were partially offset by the combined effects of
increased uncontrollable expenses such as higher interest costs, real estate
taxes, and property insurance costs.

For the year ended December 31, 1999, funds from operations totalled $12.6
million, compared to $12.3 million in 1998, an increase of approximately
$300,000.  This increase in funds from operations is primarily attributable to
internal growth and improved operating performance by the Company's retail and
apartment properties, which experienced overall revenue growth, primarily from
higher rental rates coupled with market sustained occupancy.

Future Results

This Form 10-K and other documents prepared, and statements made by the Company,
may contain certain forward-looking statements that are subject to risk and
uncertainty. Investors and potential investors in the Company's securities are
cautioned that a number of factors could adversely affect the Company and cause
actual results to differ materially from those in the forward-looking
statements, including, but not limited to (a) the inability to lease current or
future vacant space in the Company's properties; (b) decisions by tenants and
anchor tenants who own their space to close stores at the Company's properties;
(c) the inability of tenants to pay rent and other expenses; (d) tenant
financial difficulties; (e) decreases in rental rates available from tenants;
(f) increases in operating costs at the Company's properties; (g) lack of
availability of financing for acquisition, development, and rehabilitation of
properties by the Company; (h) possible dispositions of mature properties since
the Company is continuously engaged in the examination of its various lines of
business (i) increases in interest rates; (j) a general economic downturn
resulting in lower retail sales and causing downward pressure on occupancies and
rents at retail properties; as well as (k) the adverse tax consequences if the
Company were to fail to qualify as a REIT in any taxable year; and (l) the
competitive factors described in "Item 1 - Competition" of this report.

                                       12
<PAGE>

Effects of Inflation

Substantially all of the Company's retail leases contain provisions designed to
provide the Company with a hedge against inflation. Most of the Company's retail
leases contain provisions which enable the Company to receive percentage rentals
based on tenant sales in excess of a stated breakpoint and/or provide for
periodic increases in minimum rent during the lease term. The majority of the
Company's retail leases are for terms of less than ten years, which allows the
Company to adjust rentals to changing market conditions. In addition, most
retail leases require tenants to pay a contribution towards property operating
expenses, thereby reducing the Company's exposure to higher costs caused by
inflation. The Company's apartment leases are written for short terms, generally
six to twelve months, and are adjusted according to changing market conditions.


Item 7a. Quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to interest rate changes primarily as a result of its
bank lines of credit and long-term debt used to maintain liquidity, and fund
capital expenditures and expansion of the Company's real estate investment
portfolio and operations. The Company's interest rate risk management objective
is to limit the impact of interest rate changes on earnings and cash flows, and
to optimize its overall borrowing costs. To achieve its objective, the Company
utilizes its variable LIBOR-based, short-term (one to six month maturities) bank
credit lines to fund new investments until such investments can be financed with
long-term fixed-rate non-recourse mortgage debt. At December 31, 2000,
borrowings under the Company's bank lines of credit totaled $35,716,000 and bore
an average interest rate of 8.00%. The carrying amounts of these instruments
approximate fair value because they are short-term and therefore utilize
interest rates which are adjusted to market at maturity.

Based on the balance of bank lines of credit outstanding at December 31, 2000
and the average interest rate during 2000, a 10% increase in variable interest
rates would increase the Company's interest expense in 2001 by approximately
$284,000. Conversely, a 10% decrease in variable interest rates would decrease
the Company's interest expense in 2001 by the same amount.

As the bank lines of credit include those obligations that exist as of December
31, 2000, it does not consider those exposures or positions which could arise
after that date.  The Company's ultimate realized gain or loss with respect to
interest rate fluctuations will depend on the exposures that arise during the
period and the level of interest rates.


Item 8.  Financial Statements and Supplementary Data

The Company's Consolidated Balance Sheets as of December 31, 2000 and 1999, and
its Consolidated Statements of Income, Shareholders' Equity, Cash Flows, and
Notes to Consolidated Financial Statements for the years ended December 2000,
1999, and 1998, together with the Reports of Independent Auditors thereon, are
included under Item 14 of this report and are incorporated herein by reference.
Unaudited quarterly results of operations included in Notes to Consolidated
Financial Statements are also incorporated herein by reference.


Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure

There have been no changes in or disagreements with Accountants on accounting
and financial disclosures.

                                       13
<PAGE>

                                   PART  III


Item 10.   Directors and Executive Officers of the Registrant

For information regarding the executive officers of the Company, see "Executive
Officers"in Part I, Item 1 of this report.  The other information required by
this Item 10 is incorporated herein by reference to the Company's definitive
proxy statement, which will be filed with the Securities and Exchange
Commission, pursuant to Regulation 14A, within 120 days of the end of the
Company's fiscal year.


Item 11.   Executive Compensation

The information required by this Item 11 is incorporated herein by reference to
the Company's definitive proxy statement, which will be filed with the
Securities and Exchange Commission pursuant to Regulation 14A within 120 days of
the end of the Company's fiscal year.


Item 12.   Security Ownership of Certain Beneficial Owners and Management

The information required by this Item 12 is incorporated herein by reference to
the Company's definitive proxy statement, which will be filed with the
Securities and Exchange Commission, pursuant to Regulation 14A, within 120 days
of the end of the Company's fiscal year.


Item 13.   Certain Relationships and Related Transactions

The information required by this Item 13 is incorporated herein by reference to
the Company's definitive proxy statement, which will be filed with the
Securities and Exchange Commission pursuant to Regulation 14A within 120 days of
the end of the Company's fiscal year.

                                       14
<PAGE>

                                 PART IV


Item 14.   Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a) (1) and (2) Financial Statements and Financial Statement Schedules


                         INDEX TO FINANCIAL STATEMENTS
                       AND FINANCIAL STATEMENT SCHEDULES

<TABLE>
<CAPTION>
                                                                                               Page
                                                                                               ----
<S>                                                                                            <C>
Report of Independent Auditors                                                                   16

Consolidated Balance Sheets as of December 31, 2000 and 1999                                     17

Consolidated Statements of Income for the years ended December 31, 2000, 1999,
 and 1998                                                                                        18

Consolidated Statements of Shareholders' Equity for the years ended December 31, 2000,
 1999, and 1998                                                                                  19

Consolidated Statements of Cash Flows for the years ended December 31, 2000, 1999, and 1998      20

Notes to Consolidated Financial Statements                                                       21

Financial Statement Schedules

     Schedule II.   Valuation and Qualifying Accounts                                            32

     Schedule III.  Real Estate and Accumulated Depreciation                                     33
</TABLE>

All other schedules for which provision is made in the applicable accounting
regulations of the Securities and Exchange Commission are not submitted because
they are not required or the required information appears in the financial
statements or notes thereto.

                                       15
<PAGE>

                        REPORT OF INDEPENDENT AUDITORS


Shareholders and Board of Directors
Sizeler Property Investors, Inc.


We have audited the consolidated balance sheets of Sizeler Property Investors,
Inc. and subsidiaries as of December 31, 2000 and 1999, and the related
consolidated statements of income, shareholders' equity, and cash flows for each
of the years in the three-year period ended December 31, 2000.  In connection
with our audits of the consolidated financial statements, we have also audited
the financial statement schedules listed in the Index at Item 14(a).  These
consolidated financial statements and financial statement schedules are the
responsibility of the Company's management.  Our responsibility is to express an
opinion on these consolidated financial statements and the financial statement
schedules based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America.  Those standards required that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation.  We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Sizeler Property
Investors, Inc. and subsidiaries as of December 31, 2000 and 1999, and the
results of their operations and their cash flows for each of the years in the
three-year period ended December 31, 2000, in conformity with accounting
principles generally accepted in the United States of America.  Also, in our
opinion, the related financial statement schedules, when considered in relation
to the basic consolidated financial statements taken as a whole, present fairly,
in all material respects, the information set forth therein.



                                                                  KPMG LLP


New Orleans, Louisiana
January 26, 2001, except
for Note H, as to which the
date is March 8, 2001

                                       16
<PAGE>

               SIZELER PROPERTY INVESTORS, INC. AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                                 December 31
                                                                                        -----------------------------
                                                                                            2000             1999
                                                                                        ------------     ------------
<S>                                                                                     <C>              <C>
         ASSETS
Real estate investments (Note B):
   Land                                                                                  $ 52,461,000     $ 50,814,000
   Buildings and improvements, net of accumulated depreciation
     of $76,727,000 in 2000 and $66,162,000 in 1999                                       219,571,000      221,413,000
   Investments in real estate partnership (Notes A and F)                                     916,000          917,000
                                                                                         ------------     ------------
                                                                                          272,948,000      273,144,000

Cash and cash equivalents (Note A)                                                          1,896,000        1,337,000
Accounts receivable and accrued revenue, net of allowance for
  doubtful accounts of $331,000 in 2000 and $430,000 in 1999                                2,035,000        2,123,000
Prepaid expenses and other assets                                                           8,538,000        8,339,000
                                                                                         ------------     ------------

            Total Assets                                                                 $285,417,000     $284,943,000
                                                                                         ============     ============

         LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Mortgage notes payable (Notes D and L)                                                   $113,163,000     $ 84,712,000
Notes payable (Note D)                                                                     35,716,000       59,988,000
Accounts payable and accrued expenses                                                       6,701,000        6,585,000
Tenant deposits and advance rents                                                             840,000          827,000
                                                                                         ------------     ------------
                                                                                          156,420,000      152,112,000
Convertible subordinated debentures (Notes D and L)                                        61,878,000       61,878,000
                                                                                         ------------     ------------
            Total Liabilities                                                             218,298,000      213,990,000

SHAREHOLDERS' EQUITY (Notes E and K)
Preferred stock, 6,000,000 shares authorized, none issued                                        ----             ----
Common stock, par value $.01 per share, 30,000,000 shares
 authorized, shares issued and outstanding--9,329,000 in 2000
 and 9,085,000 in 1999                                                                         93,000           91,000
Additional paid-in capital                                                                130,397,000      128,604,000
Cumulative net income                                                                      39,713,000       37,385,000
Cumulative distributions paid (Note G)                                                    (91,907,000)     (84,673,000)
                                                                                         ------------     ------------
                                                                                           78,296,000       81,407,000
Treasury shares, at cost, 1,266,000 shares in 2000 and
 1,176,000 shares in 1999                                                                 (11,177,000)     (10,454,000)
                                                                                         ------------     ------------
            Total Shareholders' Equity                                                     67,119,000       70,953,000
                                                                                         ------------     ------------

            Total Liabilities and Shareholders' Equity                                   $285,417,000     $284,943,000
                                                                                         ============     ============
</TABLE>


                See notes to consolidated financial statements.

                                       17
<PAGE>

               SIZELER PROPERTY INVESTORS, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                                        Year Ended December 31
                                             -------------------------------------------
                                                 2000            1999            1998
                                             -----------      ----------      ----------
<S>                                          <C>             <C>             <C>
OPERATING REVENUE (Notes A and C)
  Rental and other income                    $51,324,000     $49,848,000     $47,680,000
  Equity in income of partnership                117,000         121,000         111,000
                                             -----------     -----------     -----------
                                              51,441,000      49,969,000      47,791,000

OPERATING EXPENSES (Note C)
  Management and leasing fees (Note F)         2,613,000       2,694,000       2,468,000
  Utilities                                    2,246,000       2,050,000       1,999,000
  Real estate taxes                            3,933,000       3,693,000       3,692,000
  Administrative expenses                      2,648,000       2,788,000       2,431,000
  Operations and maintenance (Note F)          7,689,000       7,825,000       7,201,000
  Other operating expenses                     2,961,000       2,709,000       2,545,000
  Depreciation and amortization (Note A)      11,173,000      10,845,000      10,145,000
                                              ----------      ----------      ----------
                                              33,263,000      32,604,000      30,481,000

INCOME FROM OPERATIONS                        18,178,000      17,365,000      17,310,000

  Interest expense (Note D)                   15,850,000      15,018,000      14,554,000
                                             -----------     -----------     -----------

  NET INCOME                                 $ 2,328,000     $ 2,347,000     $ 2,756,000
                                             ===========     ===========     ===========

BASIC AND DILUTED EARNINGS
  PER SHARE (Notes A and E)                  $      0.29     $      0.30     $      0.33
                                             ===========     ===========     ===========

WEIGHTED AVERAGE
  COMMON SHARES OUTSTANDING                    7,950,000       7,888,000       8,331,000
                                             ===========     ===========     ===========
</TABLE>


                See notes to consolidated financial statements.

                                       18
<PAGE>

               SIZELER PROPERTY INVESTORS, INC. AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

<TABLE>
<CAPTION>

                                  Common Stock         Additional
                             -----------------------    Paid-in       Cumulative       Cumulative      Treasury
                               Shares      Amount       Capital       Net Income     Distributions       Stock            Total
                             ----------  -----------  ------------  ---------------  --------------  --------------  ---------------
<S>                          <C>         <C>          <C>           <C>              <C>             <C>             <C>
Balance at January 1, 1998   8,966,119    $ 90,000   $127,602,000     $32,300,000    $(70,319,000)    $ (5,146,000)     $84,527,000

Net income for 1998                                                     2,756,000                                         2,756,000
Cash dividends declared and
    paid ($.88 per share)
    (Notes G and H)                                                                    (7,330,000)                       (7,330,000)
Stock rights redemptions                                                                  (86,000)                          (86,000)
Shares issued pursuant to
    Directors' Stock
    Ownership Plan (Note E)      9,000                     98,000                                                            98,000
Shares issued pursuant to
    Incentive Award Plan         4,687                     50,000                                                            50,000
Unrealized loss on
    securities                                                            (18,000)                                          (18,000)
Purchase of Company's common
    stock, 449,000 shares                                                                               (3,780,000)      (3,780,000)
                             ---------    --------   ------------     -----------    ------------     ------------      -----------
Balance at December 31, 1998 8,979,806    $ 90,000   $127,750,000     $35,038,000    $(77,735,000)    $ (8,926,000)     $76,217,000

Net income for 1999                                                     2,347,000                                         2,347,000
Cash dividends declared and
    paid ($.88 per share)
    (Notes G and H)                                                                    (6,938,000)                       (6,938,000)
Shares issued pursuant to
    Directors' Stock
    Ownership Plan (Note E)      9,000                     75,000                                                            75,000
Shares issued pursuant to
    Incentive Award Plan         5,677                     47,000                                                            47,000
Shares issued pursuant to
    Direct Stock Purchase
    Plan                        90,206       1,000        732,000                                                           733,000
Purchase of Company's common
    stock, 186,100 shares                                                                               (1,528,000)      (1,528,000)
                             ---------    --------   ------------     -----------    ------------     ------------      -----------
Balance at December 31, 1999 9,084,689    $ 91,000   $128,604,000     $37,385,000    $(84,673,000)    $(10,454,000)     $70,953,000

Net income for 2000                                                     2,328,000                                         2,328,000
Cash dividends declared and
    paid ($.91 per share)
    (Notes G and H)                                                                    (7,234,000)                       (7,234,000)
Shares issued pursuant to
    Directors' Stock
    Ownership Plan (Note E)      9,000                     73,000                                                            73,000
Shares issued pursuant to
    Incentive Award Plan         7,362                     59,000                                                            59,000
Shares issued pursuant to
    Direct Stock Purchase
    Plan                       227,530       2,000      1,661,000                                                         1,663,000
Purchase of Company's common
    stock, 90,200 shares                                                                                  (723,000)        (723,000)
                             ---------    --------   ------------     -----------    ------------     ------------      -----------
Balance at December 31, 2000 9,328,581    $ 93,000   $130,397,000     $39,713,000    $(91,907,000)    $(11,177,000)     $67,119,000
                             =========    ========   ============     ===========    ============     ============      ===========
</TABLE>



                See notes to consolidated financial statements.

                                       19
<PAGE>

               SIZELER PROPERTY INVESTORS, INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                           Year Ended December 31
                                                                 ----------------------------------------
                                                                     2000           1999           1998
                                                                 ------------     --------       --------
<S>                                                              <C>            <C>           <C>
OPERATING ACTIVITIES:
 Net income                                                      $  2,328,000   $ 2,347,000   $  2,756,000
 Adjustments to reconcile net income to net cash provided
  by operating activities:
   Depreciation and amortization                                   11,173,000    10,845,000     10,145,000
   Decrease (increase) in accounts receivable and accrued
    revenue                                                           214,000        72,000        (97,000)
   Decrease (increase) in prepaid expenses and other assets           179,000      (740,000)      (867,000)
   Increase in accounts payable and accrued expenses                  116,000       669,000        519,000
                                                                 ------------   -----------   ------------
    Net Cash Provided by Operating Activities                      14,010,000    13,193,000     12,456,000

INVESTING ACTIVITIES:
  Acquisitions of and improvements to real estate investments     (10,496,000)   (9,925,000)   (16,966,000)
                                                                 ------------   -----------   ------------
    Net Cash Used in Investing Activities                         (10,496,000)   (9,925,000)   (16,966,000)

FINANCING ACTIVITIES:
 Proceeds from mortgage notes payable (Note I)                     30,400,000             -     61,509,000
 Principal payments on mortgage notes payable  (Note I)            (1,949,000)   (6,091,000)   (62,255,000)
 Net (payments) proceeds on notes payable to banks (Note I)       (24,272,000)   10,810,000     16,836,000
 Increase in mortgage escrow deposits and debt issuance costs        (972,000)     (189,000)      (414,000)
 Cash dividends to shareholders (Note G)                           (7,234,000)   (6,938,000)    (7,414,000)
 Proceeds from issuance of shares of common stock pursuant to
  direct stock purchase, stock option, and stock award plans        1,795,000       855,000         50,000
 Purchase of Company's common stock                                  (723,000)   (1,528,000)    (3,780,000)
                                                                 ------------   -----------   ------------
    Net Cash (Used in) Provided by Financing Activities            (2,955,000)   (3,081,000)     4,532,000
                                                                 ------------   -----------   ------------

 Net increase in cash and cash equivalents                            559,000       187,000         22,000
 Cash and cash equivalents at beginning of year                     1,337,000     1,150,000      1,128,000
                                                                 ------------   -----------   ------------

    CASH AND CASH EQUIVALENTS AT END
     OF YEAR                                                     $  1,896,000   $ 1,337,000   $  1,150,000
                                                                 ============   ===========   ============

 Cash interest payments, net of capitalized interest             $ 15,709,000   $14,947,000   $ 14,562,000
                                                                 ============   ===========   ============
</TABLE>



                See notes to consolidated financial statements.

                                       20
<PAGE>

               SIZELER PROPERTY INVESTORS, INC. AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                       December 31, 2000, 1999, and 1998

NOTE A:   SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation. As of December 31, 2000, the Company's real estate
portfolio included interest in sixteen shopping centers and fourteen apartment
communities. The Company holds, directly or indirectly through both wholly-owned
subsidiaries and majority owned entities, a fee interest in twenty-eight of its
properties, and long-term ground leases on the remaining two properties -
Southwood Shopping Center in Gretna, Louisiana and the Westland Shopping Center
in Kenner, Louisiana. Sixteen properties are held through partnerships and
limited partnerships whereby the majority owner is a wholly-owned subsidiary of
Sizeler Property Investors, Inc. The minority interests in these entities are
held by third party corporations who have contributed capital for their
respective interests. The other fourteen properties in the portfolio are held
through wholly owned subsidiary corporations and limited liability companies.
The Company, the wholly-owned subsidiaries and majority owned partnerships and
limited partnerships, are referred to collectively as the "Company".

Principles of Consolidation. The consolidated financial statements include the
accounts of the Company, as defined above. All significant intercompany
transactions and balances have been eliminated in consolidation. The Company's
investment in a real estate partnership at December 31, 2000 and 1999 represents
a 50% interest in a partnership which owns a community shopping center and is
accounted for by the equity method.

Cash and Cash Equivalents. Cash equivalents represent investments that are
highly liquid and have a maturity of three months or less at the time the
investment is made.

Real Estate Investments. Real estate investments are recorded at cost.
Depreciation of buildings and improvements is provided for by the straight-line
method over the estimated useful lives of the assets, ranging from ten to forty
years. Betterments and major replacements are capitalized and the replaced asset
and accumulated depreciation are removed from the accounts. Tenant improvement
costs are depreciated using the straight-line method over the term of the
related leases. Maintenance and repairs are expensed in the period incurred.

In accordance with Statement of Financial Accounting Standards (SFAS) No. 121,
Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
be Disposed Of, the Company is required to review such assets for impairment
whenever any events or circumstances indicate that the carrying value of the
assets may not be recoverable. When indicators of impairment are present, the
Company makes an assessment of its recoverability by estimating the future
undiscounted cash flows expected to result from the use of the property and its
eventual disposition. If the carrying value exceeds the aggregate future cash
flows, the Company would recognize an impairment loss. No such impairment losses
have been recognized for the years ended December 31, 2000, 1999 or 1998. The
Company does not develop or acquire properties for resale. However, the Company
occasionally considers possible dispositions of mature properties since the
Company is continuously engaged in the examination of its various lines of
business and other strategic choices.

Deferred Charges.  Debt issuance costs in connection with issuance of the
Company's 8% Convertible Subordinated Debentures (the "Debentures") and other
financings and refinancings are included in prepaid expense and other assets and
are being amortized over the term of the related obligations.  Unamortized costs
are charged to expense upon prepayment of the obligation.  Unamortized costs
related to the Debentures are offset against shareholders' equity upon
conversion by debenture-holders.  Costs incurred in connection with the
execution of leases are included in prepaid expenses and other assets, and are
amortized over the term of the respective leases.  Unamortized costs are charged
to expense upon cancellation of leases prior to the expiration of lease terms.

Rental Income. Rental income includes rents from shopping center and apartment
properties. Minimum rents from shopping center leases are accounted for ratably
over the term of the lease. Percentage rents are recognized based upon tenant
sales that exceed specific levels. Tenant reimbursements are recognized ratably
over the year based upon estimated operating expenses.

On May 21, 1998, the Emerging Issues Task Force (EITF) of the Financial
Accounting Standards Board reached a consensus decision on Issue No. 98-9,
Accounting for Contingent Rent in Interim Financial Periods, which provides

                                       21
<PAGE>

that recognition of contingent (percentage) rental income in interim periods
must be deferred until the specified target (breakpoint) that triggers the
percentage rental income is achieved. The SEC subsequently Issued Staff
Accounting Bulletin No. 101 on December 3, 1999, which affirmed Issue No. 98-9.
The Company adopted Issue No. 98-9 in 1999 and has deferred the recognition of
percentage rental income until the date that the tenants' sales exceed the
breakpoint set forth in the lease agreements.

Federal Income Taxes. The Company has elected to be taxed as a real estate
investment trust (REIT) under the Internal Revenue Code and intends to maintain
its qualification as a REIT in the future. As a REIT, the Company is allowed to
reduce taxable income by all or a portion of its distribution to shareholders.
As distributions have exceeded taxable income, no provision for federal or state
income taxes has been recorded.

A real estate investment trust (REIT) is required to distribute to shareholders
at least 95% of its ordinary taxable income and meet certain income source and
investment restriction requirements. Effective January 1, 2001, as a result of
the Tax Relief Extension Act of 1999, a REIT will now only be required to
distribute to shareholders at least 90% of its ordinary taxable income. Taxable
income differs from net income for financial reporting purposes principally
because of differences in the amount and timing of depreciation of the
properties. At December 31, 2000, the income tax basis, net of accumulated tax
depreciation, of the Company's real estate properties was approximately $281
million.

Earnings Per Share. SFAS No. 128, Earnings Per Share, requires disclosure of
both basic and fully diluted earnings per share (EPS). Basic EPS is computed by
dividing income available to common stockholders by the weighted average number
of common shares outstanding for the period. Diluted EPS reflects the potential
dilution that could occur if securities or other contracts to issue common stock
were exercised or converted into common stock or resulted in the issuance of
common stock that then shared in the earnings of the Company.

For the years ended December 31, 2000, 1999, and 1998, options to purchase
641,750, 482,631, and 316,940 shares of common stock, respectively, were
outstanding but excluded in the computation of diluted EPS because the options'
exercise prices were greater than the average market prices of common shares.
The Company's outstanding debentures are also excluded from the computation for
2000, 1999, and 1998 due to their antidilutive effect. Accordingly, there is no
effect on net income in the calculation of diluted EPS for the years ended
December 31, 2000, 1999 or 1998.

Common Stock and Preferred Stock. In March 1998, the Board of Directors approved
an increase in the Company's authorized Preferred Stock, from 3 million shares
to 6 million shares, and its authorized Common Stock, from 15 million to 30
million shares, pursuant to shareholder approval given at the Company's 1994
Annual Meeting of Shareholders. The Company has one class of Common Stock, and
the additional authorized shares have the same voting rights and other
attributes as the existing outstanding shares of Common Stock. The Board of
Directors is authorized to provide for the issuance of the Preferred Stock, and
to fix the designations, powers, preferences and rights of the shares of each
series, and the qualifications, limitations, or restrictions thereof. The
Company does not have any outstanding shares of Preferred Stock as of December
31, 2000.

Stock Option Plans. The Company applies the intrinsic value-based method of
accounting prescribed by Accounting Principles Board ("APB") Opinion No. 25,
"Accounting for Stock Issued to Employees," and related interpretations, in
accounting for its fixed plan stock options. As such, compensation expense would
be recorded on the date of grant only if the current market price of the
underlying stock exceeded the exercise price. SFAS No. 123, "Accounting for
Stock-Based Compensation," established accounting and disclosure requirements
using a fair value-based method of accounting for stock-based employee
compensation plans. As allowed by SFAS No. 123, the Company has elected to
continue to apply the intrinsic value-based method of accounting described
above, and has adopted the disclosure requirements of SFAS No. 123 (See Note E).

Use of Estimates. The preparation of the financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual amounts could materially differ from these estimates.

Reclassifications. Certain reclassifications have been made in the 1999 and 1998
Consolidated Financial Statements to conform with the 2000 financial statement
presentation.

                                       22
<PAGE>

NOTE B:   REAL ESTATE INVESTMENTS

Certain real estate with a book value of $137,209,000 at December 31, 2000 is
pledged as collateral for notes payable described in Note D. In addition,
certain notes are secured by collateral assignments of rents and leases on such
real estate. Certain real estate is located on land subject to long-term leases
expiring at dates through 2046.

In August 2000, the Company completed construction of a new Publix supermarket
store at its Town & Country Power Shopping Center in Florida at a total cost of
$6 million. The Company incurred $4.5 million of the project's total cost during
2000. In addition, this project included the construction of an additional 9,000
s.f. of new store space. The Company also made various improvements to its
existing portfolio totalling approximately $4.2 million. The Company acquired
two parcels of land at a cost of approximately $510,000 and incurred an
additional $1.1 million in improvements associated with its pre-existing
parcels.

In 1999, the Company incurred development costs of $1.4 million on the
development of a new freestanding Walgreens store at the Camelot Plaza Shopping
Center. The store was completed and opened for business on August 30, 1999. Also
in 1999, the Company acquired land adjacent to an apartment property, at a total
cost of approximately $464,000.


NOTE C:   REAL ESTATE OPERATIONS

The Company's principal business is investing in shopping centers and apartment
communities, located in the southern United States. Tenants in the Company's
shopping centers include national, regional, and local retailers. Most of the
Company's shopping center leases provide for the payment of fixed monthly
rentals (minimum rents), reimbursement of common area maintenance, utilities,
taxes and insurance expenses, and many of the Company's retail leases also
provide for payment of additional rents based upon a percentage of retail sales
in excess of stated minimums. The non-cancelable portions of such lease terms
range from one to forty years. The Company's apartment leases are written for
short terms, generally six to twelve months, and are adjusted according to
changing market conditions.

Financial instruments that potentially subject the Company to concentrations of
credit risk consist primarily of cash and cash equivalents with high credit-
quality financial institutions. With respect to accounts receivable and accrued
revenue, the Company believes that such items do not represent significant
concentrations of credit risk due to diversity in the Company's tenant base and
its geographical dispersion throughout the southern United States.

The Company's shopping centers are leased to tenants under operating leases. The
future minimum rents on non-cancelable operating leases at December 31, 2000 are
as follows:

                    Year                        Amount
                    ----                    -------------
                    2001                    $  18,535,000
                    2002                       17,116,000
                    2003                       15,303,000
                    2004                       13,878,000
                    2005                       11,693,000
                    Thereafter                 50,418,000
                                            -------------
                                            $ 126,943,000
                                            =============

The above amounts do not include rental income that is based on tenants' sales
or reimbursed expenses.

Reportable Operating Segments. SFAS No. 131, Disclosure About Segments of an
Enterprise and Related Information, establishes standards for the way that
public business enterprises report information about operating segments in
financial statements. It also establishes standards for related disclosures
about products and services, geographic areas, and major customers.

The Company is engaged in two operating segments, the ownership and rental of
retail shopping center properties and apartment properties. These reportable
segments offer different products or services and are managed separately because
each requires different operating strategies and management expertise. There are
no intersegment sales or

                                       23
<PAGE>

transfers. The accounting policies of the segments are the same as those
described in Note A, Significant Accounting Policies.

The Company assesses and measures segment operating results based on a
performance measure referred to as Net Operating Income and is based on the
operating revenues and operating expenses directly associated with the
operations of the real estate properties (excluding depreciation and interest
expense). Net Operating Income is not a measure of operating results or cash
flows from operating activities as measured by accounting principles generally
accepted in the United States of America, and is not necessarily indicative of
cash available to fund cash needs and should not be considered an alternative to
cash flows as a measure of liquidity.

The operating revenues, operating expenses, net operating income, and real
estate investments for each of the reportable segments are summarized below for
the years ended December 31, 2000, 1999, and 1998.

<TABLE>
<CAPTION>
          Retail:                                              2000                1999               1998
                                                           -------------       -------------      -------------
          <S>                                              <C>                 <C>                <C>
               Operating Revenue                           $  28,487,000       $  28,022,000      $  27,438,000
               Operating Expenses                            (11,334,000)        (11,339,000)       (10,931,000)
                                                           --------------      --------------     --------------
          Net Operating Income - Retail                    $  17,153,000       $  16,683,000      $  16,507,000

          Apartments:
               Operating Revenue                           $  22,954,000       $  21,947,000      $  20,353,000
               Operating Expenses                            (10,756,000)        (10,420,000)        (9,405,000)
                                                           --------------      --------------     --------------
          Net Operating Income -  Apartment                $  12,198,000       $  11,527,000      $  10,948,000

          Net Operating Income - Total                     $  29,351,000       $  28,210,000      $  27,455,000

               Depreciation                                  (11,173,000)        (10,845,000)       (10,145,000)
                                                           --------------      --------------     --------------
          Income From Operations                           $  18,178,000       $  17,365,000      $  17,310,000

               Interest Expense                              (15,850,000)        (15,018,000)       (14,554,000)
                                                           --------------      --------------     --------------

          Net Income                                       $   2,328,000       $   2,347,000      $   2,756,000
                                                           ==============      ==============     ==============

          Gross Real Estate Investments:/(1)/
               Retail                                      $ 212,805,000       $ 205,214,000      $ 199,880,000
               Apartments                                    136,870,000         134,092,000        129,510,000
                                                           --------------      --------------     --------------
                                                           $ 349,675,000       $ 339,306,000      $ 329,390,000
                                                           ==============      ==============     ==============
</TABLE>

          (1)  Includes investments in land which the Company can use for future
               development, and an investment in a real estate partnership,
               which is accounted for by the equity method.

                                       24
<PAGE>

NOTE D:   NOTES PAYABLE AND OTHER LONG TERM LIABILITIES

The weighted average interest rate on mortgage debt at December 31, 2000 was
7.43%. The Company's mortgage notes payable at December 31, 2000 and 1999, are
as follows:

<TABLE>
<CAPTION>

                                            Secured by Land,
                                             Buildings, and                   Balance
                                              Improvements,                Outstanding at
                            Interest       with Book Value on               December 31,
                                                                  --------------------------------
Principal maturity            Rate          December 31, 2000         2000                1999
------------------          ---------      ------------------     ------------        ------------
________
<S>                         <C>            <C>                    <C>                 <C>
May 1, 2008                  6.95%            $ 24,861,000       $ 16,938,000          $15,872,000
June 1, 2008                 7.07%               9,663,000          9,762,000            8,455,000
May 1, 2008                  7.31%               3,677,000          4,407,000            2,976,000
May 1, 2008                  7.37%               4,644,000          5,652,000            3,571,000
May 1, 2008                  7.17%               4,317,000          4,125,000            3,224,000
May 1, 2008                  7.19%               4,856,000          4,196,000            3,194,000
May 1, 2008                  7.19%               4,772,000          4,291,000            3,289,000
May 1, 2008                  7.17%              17,945,000         15,605,000           12,102,000
May 1, 2008                  7.21%              12,065,000         10,327,000            7,737,000
September 30, 2001           8.63%               3,989,000          2,854,000            3,009,000
May 1, 2010                  7.94%              13,583,000         10,690,000                    -
January 1, 2011              7.17%               2,292,000          4,000,000                    -
January 1, 2013              8.05%              30,545,000         20,316,000           21,283,000
                                              ------------       ------------          -----------
                                              $137,209,000       $113,163,000          $84,712,000
                                              ============       ============          ===========
</TABLE>

Future principal payments on the Company's mortgage notes payable at December
31, 2000, are as follows:


                    Year                  Amount
                    ----              -----------
                    2001              $ 4,892,000
                    2002                2,213,000
                    2003                2,386,000
                    2004                2,571,000
                    2005                2,776,000
                                      -----------
                                      $14,838,000
                                      ===========

During the year of 2000, the Company completed $30 million of additional long-
term, fixed rate, non-recourse financing, involving several of its multi-family
properties. These proceeds were used to reduce floating rate bank debt, which
decreased from $60.0 million in 1999 to $35.7 million at year-end 2000.

In May 1993, the Company completed an offering of $65 million (less $2.6 million
of underwriting costs) of 8% Convertible Subordinated Debentures, due 2003. The
debentures are convertible into common stock of the Company, based on $13.00 per
share, at any time prior to maturity, unless previously redeemed. No debentures
were converted in 2000, 1999, or 1998. The Company re-purchased $1 million of
its debentures during 1999.

The Company has commitments for lines of credit from commercial banks totalling
$55 million, of which $19 million were available at December 31, 2000. The
weighted average interest rate was 7.9% and 6.8% for the years ended December
31, 2000 and 1999, respectively. The terms of the agreements for the bank lines
of credit are renewable on an annualized basis, and generally provide for the
right of the banks to terminate such commitments and to accelerate all
outstanding advances upon the occurrence of any material adverse change in the
financial condition or operation of the Company. In addition, the bank credit
agreements also contain restrictive covenants that impose maximum borrowing
levels by the Company through the maintenance of prescribed financial ratios.
The Company was in compliance with the bank debt covenant agreements at December
31, 2000.

                                       25
<PAGE>

NOTE E:   STOCK OPTION AND OWNERSHIP PLANS

On February 1, 1996, the Company adopted the 1996 Stock Option Plan (the "1996
Plan"). Under the 1996 Plan, "10-year" options may be granted to key employees,
and are annually granted to directors at the average of the high and low sales
price for a share of the Company's common stock on the New York Stock Exchange
on the date of grant. A total of 600,000 shares of common stock of the Company
are available for grant, of which a maximum of 125,000 shares may be issued to
non-employee directors upon the exercise of non-qualified stock options granted.
Options granted under the 1996 Plan vest, for key employees, 50% after one year,
and the remaining 50% after two years, from the grant date; for directors, 100%
vests six months from the grant date. No options will be granted under the 1996
Plan after February 1, 2006. A total of 279,000 options were exercisable under
the 1996 Plan at December 31, 2000.

The Company had a 1986 Stock Option Plan (the "1986 Plan") which terminated in
October 1996. Under the 1986 Plan, 10-year options were granted to key employees
and were annually granted to directors at the average of the high and low sales
price for a share of the Company's common stock on the New York Stock Exchange
on the date of grant. At December 31, 2000, there were a total of 230,250 shares
of common stock reserved for issuance upon exercise of options granted under the
1986 Plan. Options granted under the 1986 Plan vest, for key employees, 50%
after one year, and the remaining 50% after two years, from the grant date; for
directors, 100% vests six months from the grant date.

The Company applies APB Opinion No. 25 in accounting for its 1986 and 1996 Stock
Option Plans, and accordingly, no compensation cost has been recognized for its
stock options in the financial statements. Had the Company determined
compensation cost based on the fair value at the grant date for its stock
options under SFAS No. 123, the Company's net income would have been reduced to
the pro forma amounts indicated below:

<TABLE>
<CAPTION>
                                            As Reported                                    Pro Forma Results
                              ---------------------------------------          -----------------------------------------
                                 2000          1999           1998               2000             1999            1998
                              -----------   -----------    ----------          ----------      ----------     ----------
<S>                           <C>           <C>            <C>                 <C>            <C>             <C>
Net income                     $2,328,000    $2,347,000    $2,756,000          $2,266,000      $2,238,000     $2,671,000

Net income per share           $     0.29    $     0.30    $     0.33          $     0.29      $     0.28     $     0.32

</TABLE>

For grants in 2000, 1999 and 1998, the fair value of each option grant is
estimated on the date of grant using an option-pricing model based on the
following assumptions:

                                          2000        1999       1998
                                        ---------   --------   --------
          Risk free interest rate         6.8%       5.5%       5.8%
          Expected life                  10 years   10 years   10 years
          Expected volatility            29.1%      20.8%      23.7%
          Expected dividend              11.5%      10.2%       8.0%

                                       26
<PAGE>

The following summary is on the Company's 1996 and 1986 Plans combined for the
years ended December 31, 2000, 1999, and 1998:

<TABLE>
<CAPTION>


                                            2000                 1999                     1998
                                    -----------------      ------------------       ------------------
                                             Weighted                Weighted                 Weighted
                                             Average                 Average                   Average
                                             Exercise                Exercise                 Exercise
                                    Shares    Price        Shares     Price          Shares     Price
                                    -------   ------      --------   --------       --------  ---------
<S>                                 <C>       <C>         <C>        <C>            <C>       <C>
Outstanding at beginning of year    565,443   $10.34       451,443     $10.83        369,443     $11.18
Granted                             130,000     8.00       118,000       8.61        107,000      11.00
Exercised                                 -        -        (1,000)      8.50              -          -
Expired                             (53,000)   12.22        (3,000)     14.94        (25,000)     16.75
                                    -------   ------       -------     ------        -------     ------
Outstanding at end of year          642,443   $ 9.71       565,443     $10.34        451,443     $10.83
                                    =======   ======       =======     ======        =======     ======

Options exercisable                 509,943   $10.13       447,943     $10.58        326,443     $10.83
                                    =======   ======       =======     ======        =======     ======
</TABLE>

The weighted-average fair value of options on the date of grant, which were
granted in 2000, 1999, and 1998, was $0.54, $0.35, and $1.08, respectively.

The following table summarizes information about the Company's stock option
plans outstanding at December 31, 2000:

<TABLE>
<CAPTION>
                                 Options Outstanding                                               Options Exercisable
-------------------------------------------------------------------------------------      -------------------------------------
                                 Number          Weighted-Average                                Number
Range of                     Outstanding at          Remaining      Weighted-Average         Exercisable at   Weighted  Average
Exercise Prices             December 31, 2000    Contractual Life    Exercise Price         December 31, 2000   Exercise Price
-------------------------------------------------------------------------------------      -------------------------------------
<S>                         <C>                 <C>                  <C>                    <C>                <C>
$   8.00 - 8.56                       207,693         8.6 yrs.            $   8.13                   75,193             $   8.21
$   8.57-10.25                        249,250         5.5 yrs.                9.31                  249,250                 9.31
$  10.26-13.56                        185,500         5.1 yrs.               12.01                  185,500                12.01
                                      -------       ----------            --------                 --------             --------
                                      642,443         6.4 yrs.            $   9.71                  509,943             $  10.13
                                      =======       ==========            ========                 ========             ========
</TABLE>

The 1994 Directors' Stock Ownership Plan, effective in January 1994, provides
that directors of the Company, who are not salaried officers of the Company, are
entitled to receive an annual director's fee of 750 shares. The number of shares
entitled was amended to 1,000 shares, effective January 1, 1996, and amended to
1,500 shares, effective January 1, 1997. Alternatively, a director may elect to
be paid a cash substitute, equal to 90% of the value of the shares for which the
director elects the cash substitute, in lieu of all or part of the annual stock
award. Under this Plan, there were 9,000 shares issued each year in 2000, 1999,
and 1998.

The Company adopted an Incentive Award Plan, effective January 1, 1994. The
purpose of the Plan is to reward eligible officers of the Company on the basis
of their contribution to the Company, and in particular on the basis of their
contribution to the Company's achievement of planned growth in funds from
operations per share. The Plan is administered by the Compensation Committee of
the Board of Directors of the Company. An award under this Plan is payable by
the Company one-half in cash and one-half in shares of common stock of the
Company. The Company recognized compensation costs totalling $121,000 in 2000,
$119,000 in 1999, and $101,000 in 1998, which includes the issuance of 8,065,
7,362, and 5,677 shares, respectively.

NOTE F:   RELATED PARTY TRANSACTIONS

Subsidiaries of the Company have contracts ("Management Agreements") with
Sizeler Real Estate Management Co., Inc. (the "Management Company") to manage
the Company's real estate properties. A beneficial minority interest is directly
owned in Sizeler Realty Co., Inc. ("Sizeler Realty"), the parent of the
Management Company, by an officer and director of the Company, and the balance
is owned by members of the family of the officer's wife and residual entities of
the estates of her mother and father. The Management Agreements are renewable
annually, subject to the approval of a majority of the unaffiliated directors of
the Company, and subject to the termination rights of the parties. The
Management Agreements may be terminated for any reason by either party upon 180
days written notice.

                                       27
<PAGE>

The management fee is based on the Company's gross investment in real estate,
adjusted for year-to-year increases (or decreases) in funds from operations per
share. The annual management fee, which is calculated based upon 0.65% of the
Company's gross investment in real estate at the beginning of each year, is paid
ratably on a monthly basis, adjusted for acquisitions or dispositions of
property during a year. At the end of each year, the management fee for that
year will be adjusted (either upward or downward) by the percentage increase or
decrease in the Company's funds from operations per share, compared to the
previous year. Accordingly, the adjusted management fee paid to the Management
Company for 2000 was based on 0.658% of the Company's gross investment in real
estate while 1999 was based on 0.707% and 1998 was based upon 0.697% of the
Company's gross investment in real estate due to an increase in funds from
operations per share year over year for each year. The Management Company also
receives a leasing fee equal to 3% of the total fixed minimum rent payable for
retail properties during the term of a new lease (2.5% on renewal leases). In
addition to management and leasing fees, the Management Company is reimbursed
for certain administrative expenses.

Under the Management Agreements, the subsidiaries of the Company made the
following payments:

<TABLE>
<CAPTION>


                                                  2000       1999        1998
                                                  ----      -----        -----
<S>                                          <C>           <C>          <C>
Management fees                               $2,261,460   $2,241,323   $2,298,830
Leasing commissions                              359,555      338,227      273,360
Reimbursed legal and administrative costs        353,118      402,779      199,910
                                              ----------   ----------   ----------
                                              $2,974,133   $2,982,329   $2,772,100
                                              ==========   ==========   ==========
</TABLE>

The Company also paid $14,000, $12,500, and $17,500 in 2000, 1999, and 1998,
respectively, to a majority owned subsidiary of Sizeler Realty for engineering
consulting fees.

The Company leases approximately 14,000 s.f. at the Westland Shopping Center to
Sizeler Realty. Under this lease, Sizeler Realty paid annual rent, including
expense reimbursements, of $103,000 in 2000, $104,000 in 1999, and $101,000 in
1998. The primary term of the lease expires January 31, 2002 and the lease
provides for two five-year renewal options.

The Company holds its interest in the Westland Shopping Center pursuant to a
long term ground lease with Westland Shopping Center LLC (the "LLC"), expiring
on December 31, 2046. The LLC is owned by an entity of which an officer and
director and his wife and her brother and her brother`s wife own interests. The
Company was charged ground rent of $55,000 in 2000, $56,000 in 1999, and $45,000
in 1998.

In March 1991, the Company purchased a 50% interest in the Southwood Shopping
Center ("Southwood") from Sizeler Realty (LaPalco), Inc. ("LaPalco"), a wholly-
owned subsidiary of Sizeler Realty, for $900,000. Southwood is subject to a
long-term ground lease from an entity in which an officer and director and his
wife and her brother and her brother's wife own interests, expiring on March 31,
2031. The rent under the ground lease is 50% of cash flow (after debt service
and certain other adjustments) up to a maximum of $225,000, and in the event the
rental payment shall reach $225,000 in any year, it shall remain fixed at
$225,000 for each year thereafter. Ground rent in the amount of $22,000 was
payable under the lease agreement in 2000, while $24,000 was payable in 1999. No
ground rent was payable in 1998. LaPalco is the primary obligor on a mortgage
note payable, guaranteed by Sizeler Realty, which LaPalco is solely obligated to
pay out of its partnership distributions or other sources. At December 31, 2000,
the balance of the mortgage note payable was $1,086,000. Although the Company is
not an obligor on the mortgage note payable, the partnership's interest in
Southwood is subordinated to the mortgage encumbering the property.

An officer and director of the company is a director of Hibernia National Bank
("Hibernia"). At December 31, 2000, $15,000,000 of the Company's $55,000,000
bank lines of credit was provided by Hibernia. The Company had borrowings under
this line totalling $9,498,000 at December 31, 2000. At December 31, 1999,
$20,000,000 of the Company's $85,000,000 bank lines of credit was provided by
Hibernia. The company had borrowings under this line totaling $16,740,000 at
December 31, 1999.

                                       28
<PAGE>

NOTE G:  DIVIDEND DISTRIBUTION

The dividends paid in 2000, 1999, and 1998 for federal income tax purposes were
as follows:

<TABLE>
<CAPTION>
                            2000                1999                   1998
                     ------------------   -----------------    --------------------
                                  Per                  Per                     Per
                        Total    Share       Total    Share       Total       Share
                     ----------  -----    ----------  -----    -----------    -----
<S>                  <C>         <C>      <C>         <C>      <C>            <C>
Ordinary income      $4,293,000  $0.54    $4,257,000  $0.54    $5,165,000     $0.62
Return of capital     2,941,000   0.37     2,681,000   0.34     2,249,000      0.27 (a)
                     ----------  -----    ----------  -----    ----------     -----
                     $7,234,000  $0.91    $6,938,000  $0.88    $7,414,000     $0.89
                     ==========  =====    ==========  =====    ==========     =====
</TABLE>

(a) Includes a $0.01 per share distribution for the redemption of stock purchase
rights in connection with the Company's adoption of a replacement shareholder
rights plan.


NOTE H:  SUBSEQUENT EVENTS

In February, 2001 the Company purchased a parcel of land adjacent to its
Westward Power Shopping Center, in West Palm Beach, Florida for $255,000 and the
property is subject to a ground lease with a national tenant.

On March 8, 2001, the Company paid a $.23 per share quarterly dividend to
shareholders of record as of March 1, 2001.


NOTE I:  CASH FLOWS

During the year of 2000, the Company completed  $30 million of additional long-
term, fixed rate, non-recourse financing, involving its multi-family properties.
These proceeds were used to reduce floating rate bank debt, which decreased from
$60.0 million in 1999 to $35.7 million at year-end 2000.

During 1998, the Company completed long-term, fixed-rate, non-recourse mortgage
refinancing involving ten of the Company's apartment properties.  Mortgage debt
totalling $59.1 million was refinanced resulting in new mortgage debt totalling
$61.5 million, of which net proceeds totalling $2.4 million were used to pay
down short-term variable-rate debt.  The Company was able to achieve a reduction
in the average interest rate paid on the mortgages refinanced by approximately
100 basis points, from an average rate of approximately 7.8% down to an average
rate of approximately 6.8%.  During 1998, the Company also repaid mortgage debt
totalling $1.7 million bearing a fixed rate of interest of 9.0% on a retail
community center.


NOTE J:  COMMITMENTS AND CONTINGENCIES

The Company's officers defer a portion of their current compensation. Total
charges to earnings associated with such deferred compensation were $126,000,
$121,000, and $111,000 in 2000, 1999, and 1998, respectively.

The Company, from time to time, may be subject to litigation arising from the
ordinary course of its business.  Management, based on advice of external
counsel, does not believe that any existing litigation involving the Company
will materially affect its financial condition or future results of operations.


NOTE K:  SHAREHOLDER RIGHTS PLAN

On August 6, 1998, the Company's Board of Directors adopted a replacement
shareholder rights plan ("Plan") to supersede a shareholder rights plan which
had been in effect since 1989.  Simultaneously, the board declared a dividend
distribution of one purchase right ("Right") for each share of the Company's
Common Stock outstanding at the close of business August 27, 1998, or
subsequently issued.  Each Right entitles the holder to purchase 1/1,000 of a
share of a new Series A Preferred Stock of the Company ("Preferred Stock").

The Rights become exercisable upon the earlier of (i) the date of the Company's
public announcement that a person or affiliated group has acquired, or obtained
the right to, beneficial ownership of 15% or more of the Company's

                                       29
<PAGE>

Common Stock; (ii) ten business days following the commencement of a tender
offer that would result in a person or affiliated group owning 30% or more of
the Company's Common Stock; or (iii) ten business days after the Company's Board
of Directors determines that a person or affiliated group has become the
beneficial owner of at least 10% of the Company's Common Stock and that
ownership (a) is intended to cause pressure on the Company to take action or
enter into a transaction or transactions intended to provide such persons with
short-term financial gain under circumstances where the best long-term interests
of the Company and its shareholders would not be served, or (b) is causing or is
reasonably likely to cause a material adverse impact on the business or
prospects of the Company (including but not limited to jeopardizing the
Company's status as a real estate investment trust, impairing relationships with
the Company's tenants, customers, lenders, providers of financial and other
services, or regulators or impairing the Company's ability to maintain its
competitive position).

The exercise price of a Right has been established at $40, subject to adjustment
as provided in the Plan.  Once exercisable, each Right would entitle the holder
to purchase Preferred Stock having a value equal to two times the value of the
Right.  The Rights expire on August 27, 2008.


NOTE L:  DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS

The following disclosure of the estimated fair value of financial instruments is
made in accordance with the requirements of SFAS No. 107, Disclosure about Fair
Value of Financial Instruments.  The estimated fair value amounts have been
determined by the Company using available market information and appropriate
valuation methodologies and are described in the following paragraphs.

Fair value estimates are subject to certain inherent limitations.  Estimates of
fair value are made at a specific point in time, based on relevant market
information and information about the financial instrument.  The estimated fair
values of financial instruments presented below are not necessarily indicative
of amounts the Company might realize in actual market transactions.  Estimates
of fair value are subjective in nature and involve uncertainties and matters of
significant judgement and, therefore, cannot be determined with precision.
Changes in assumptions could significantly affect the estimates.

The carrying amounts of cash and cash equivalents, accounts receivable and
accrued revenue, accounts payable, accrued expenses and deposits approximate
fair value because of the short maturity of these items.  The carrying amounts
of notes payable outstanding under the Company's lines of credit with commercial
banks approximate fair value because the interest rates on these instruments
change with market interest rates.

The carrying values and respective fair market values of the Company's mortgage
notes payable and 8% convertible subordinated debentures are presented below.
The estimated fair values of the mortgage notes were calculated as the net
present value of the total payments through the loan term discounted using rates
available to the Company for issuance of similar debt with similar terms at
year-end 2000.  The estimated fair values of the convertible subordinated
debentures were calculated using year-end market quotes obtained from the New
York Stock Exchange.

<TABLE>
<CAPTION>
                                         Carrying           Estimated
                                           Value        Fair Market Value
                                       -------------    -----------------
<S>                                    <C>              <C>
Mortgage notes payable
                2000                   $ 113,163,000       $ 103,526,000
                1999                      84,712,000          80,439,000
Convertible subordinated debentures
                2000                   $  61,878,000       $  55,226,000
                1999                      61,878,000          57,856,000
</TABLE>

                                       30
<PAGE>

NOTE M:  QUARTERLY FINANCIAL DATA (UNAUDITED)

Summarized (unaudited) quarterly financial data for the years ended 2000 and
1999 are as follows (in thousands, except per share data):

<TABLE>
<CAPTION>
                                      Three months ended in 2000
                              ---------------------------------------------
                              March 31  June 30   September 30  December 31
                              --------  --------  ------------  -----------
<S>                           <C>       <C>       <C>           <C>
Revenues                       $12,665   $12,532       $13,084      $13,160
Income from operations         $ 4,557   $ 4,366       $ 4,551      $ 4,704
Net income                     $   626   $   491       $   520      $   691
Net income per share           $  0.08   $  0.06       $  0.07      $  0.08

<CAPTION>
                                      Three months ended in 1999
                              ---------------------------------------------
                              March 31  June 30   September 30  December 31
                              --------  --------  ------------  -----------
<S>                           <C>       <C>       <C>           <C>
Revenues                       $12,427   $12,214       $12,353      $12,975
Income from operations         $ 4,436   $ 4,361       $ 4,327      $ 4,241
Net income                     $   614   $   599       $   568      $   566
Net income per share           $  0.08   $  0.08       $  0.07      $  0.07
</TABLE>

                                       31
<PAGE>

                                                                     SCHEDULE II


               SIZELER PROPERTY INVESTORS, INC. AND SUBSIDIARIES
                       VALUATION AND QUALIFYING ACCOUNTS
                 Years Ended December 31, 2000, 1999, and 1998


<TABLE>
<CAPTION>
               COLUMN A                    COLUMN B      COLUMN C     COLUMN D      COLUMN E
              ---------                   ----------    ----------   ----------    ----------
                                          Balance at    Additions                    Balance
                                          Beginning     Charged to                   at End
                                          of Period     Operations   Deductions     of Period
                                          ---------     ----------   ----------     ---------
<S>                                       <C>           <C>          <C>            <C>
Year ended December 31, 2000
   Allowance for doubtful accounts        $430,000       $141,000    $240,000        $331,000

Year ended December 31, 1999
   Allowance for doubtful accounts        $423,000       $ 95,000    $ 88,000        $430,000

Year ended December 31, 1998
   Allowance for doubtful accounts        $281,000       $248,000    $106,000        $423,000
</TABLE>

                                       32
<PAGE>

                                                                    SCHEDULE III
               SIZELER PROPERTY INVESTORS, INC. AND SUBSIDIARIES
                   REAL ESTATE AND ACCUMULATED DEPRECIATION
                               December 31, 2000
<TABLE>
<CAPTION>
       COLUMN A                COLUMN B              COLUMN C               COLUMN D                       COLUMN E
-----------------------      -----------   ----------------------------   --------------   ---------------------------------------
                                                                             Costs
                                                                           Capitalized
                                                                          Subsequent to             Gross Amount at Which
                                             Initial Cost to Company       Acquisition            Carried at Close of Period
                                           ----------------------------   --------------   ---------------------------------------
                                                           Buildings &         Net                      Buildings &
Description                   Encumbrance      Land       Improvements     Improvements       Land     Improvements     Total
-----------                  ------------  ------------   -------------   --------------   ----------- ------------  -------------
<S>                          <C>           <C>            <C>             <C>              <C>         <C>           <C>
Regional enclosed malls:
 Hammond Square              $        ---  $ 2,574,000    $ 23,664,000     $ 3,355,000     $3,081,000  $ 26,512,000  $ 29,593,000
 North Shore Square            20,316,000    4,000,000      30,150,000       4,178,000      4,105,000    34,223,000    38,328,000
 Southland                            ---    2,408,000      28,289,000      13,039,000      2,485,000    41,251,000    43,736,000
                             ------------  -----------    ------------     -----------     ----------  ------------  ------------
                               20,316,000    8,982,000      82,103,000      20,572,000      9,671,000   101,986,000   111,657,000
                             ------------  -----------    ------------     -----------     ----------  ------------  ------------

Power shopping centers:
 Lantana Plaza                        ---    6,000,000      14,107,000       2,826,000      6,046,000    16,887,000    22,933,000
 Town and Country                     ---      860,000       3,194,000       6,860,000      1,498,000     9,416,000    10,914,000
 Westward Plaza                       ---    5,676,000      13,506,000       3,686,000      5,801,000    17,067,000    22,868,000
                             ------------  -----------    ------------     -----------    -----------  ------------  ------------
                                      ---   12,536,000      30,807,000      13,372,000     13,345,000    43,370,000    56,715,000
                             ------------  -----------    ------------     -----------    -----------  ------------  ------------

Community shopping centers:
 Airline Park                         ---      977,000       1,037,000         255,000        977,000     1,292,000     2,269,000
 Azalea Gardens                       ---      574,000         806,000         512,000        574,000     1,318,000     1,892,000
 Camelot Plaza                        ---      993,000       2,281,000       2,445,000      1,312,000     4,407,000     5,719,000
 Colonial                             ---      554,000         555,000         757,000        559,000     1,307,000     1,866,000
 Gonzales Plaza                       ---      713,000       4,381,000         202,000        713,000     4,583,000     5,296,000
 Rainbow Square                 2,854,000      970,000       4,443,000         204,000        984,000     4,633,000     5,617,000
 Weeki Wachee                         ---    2,185,000       4,179,000         246,000      2,149,000     4,461,000     6,610,000
 Westgate                             ---    1,809,000       2,162,000       1,280,000      1,774,000     3,477,000     5,251,000
 Westland (e)                         ---          ---       3,068,000       2,249,000            ---     5,317,000     5,317,000
                             ------------  -----------    ------------     -----------    -----------  ------------  ------------
                                2,854,000    8,775,000      22,912,000       8,150,000      9,042,000    30,795,000    39,837,000
                             ------------  -----------    ------------     -----------    -----------  ------------  ------------

Apartments:
 Bel Air                        4,125,000      500,000       3,674,000       1,469,000        500,000     5,143,000     5,643,000
 Bryn Mawr                      9,762,000    1,575,000       9,020,000       1,219,000      1,575,000    10,239,000    11,814,000
 Colonial Manor                       ---      212,000         771,000         468,000        212,000     1,239,000     1,451,000
 Garden Lane                    5,652,000      500,000       3,117,000       2,457,000        500,000     5,574,000     6,074,000
 Georgian                             ---      839,000       2,420,000       1,776,000        839,000     4,196,000     5,035,000
 Governors Gate                10,690,000      499,000             ---      14,176,000        499,000    14,176,000    14,675,000
 Hampton Park                   7,229,000    1,305,000       6,616,000       3,361,000      1,156,000    10,126,000    11,282,000
 Jamestown                      4,196,000      712,000       4,035,000       1,172,000        712,000     5,207,000     5,919,000
 Lafayette Square              15,605,000    2,632,000      14,282,000       7,172,000      2,458,000    21,628,000    24,086,000
 Lakeview Club                 16,938,000    4,400,000      23,200,000       2,074,000      4,400,000    25,274,000    29,674,000
 Magnolia Place                 4,000,000      175,000       2,050,000         926,000        175,000     2,976,000     3,151,000
 Pine Bend                      3,098,000      450,000       3,029,000       1,233,000        450,000     4,262,000     4,712,000
 Steeplechase                   4,407,000      594,000       3,328,000       1,286,000        594,000     4,614,000     5,208,000
 Woodcliff                      4,291,000      695,000       4,047,000       1,409,000        695,000     5,456,000     6,151,000
                             ------------  -----------    ------------     -----------    -----------  ------------  ------------
                               89,993,000   15,088,000      79,589,000      40,198,000     14,765,000   120,110,000   134,875,000

Undeveloped Land                      ---    4,967,000             ---         708,000      5,675,000           ---     5,675,000
                             ------------  -----------    ------------     -----------    -----------  ------------  ------------

 TOTAL                       $113,163,000  $50,348,000    $215,411,000     $83,000,000    $52,498,000  $296,261,000  $348,759,000
                             ============  ===========    ============     ===========    ===========  ============  ============

<CAPTION>
                               COLUMN F         COLUMN G        COLUMN H         COLUMN I
                             ------------     -------------   ------------     ------------
                                                                                  Life on
                                                                                  which
                                                                               Depreciation
                                                                                 in Latest
                                                                                  Income
                             Accumulated         Date of          Date         Statement is
Description                  Depreciation     Construction      Acquired         Computed
-----------                  ------------     -------------   ------------     ------------
<S>                          <C>           <C>                <C>              <C>
Regional enclosed malls:
 Hammond Square              $ 9,859,000               1978         1987         10-40 yrs
 North Shore Square            7,784,000               1986         1994         10-40 yrs
 Southland                    14,187,000   1970, 1981, 1994         1986         10-40 yrs
                            ------------
                              31,830,000
                            ------------

Power shopping centers:
 Lantana Plaza                 3,115,000               1992         1993         10-40 yrs
 Town and Country                648,000               1989         1993         10-40 yrs
 Westward Plaza                4,206,000   1961, 1990, 1995         1992         10-40 yrs
                            ------------
                               7,969,000
                            ------------

Community shopping centers:
 Airline Park                    481,000               1973         1987         10-40 yrs
 Azalea Gardens                  511,000               1950         1987         10-40 yrs
 Camelot Plaza                   661,000               1981         1992         10-40 yrs
 Colonial                        424,000               1967         1987         10-40 yrs
 Gonzales Plaza                1,303,000               1989         1991         10-40 yrs
 Rainbow Square                1,628,000               1986         1988         10-40 yrs
 Weeki Wachee                  1,567,000               1987         1988         10-40 yrs
 Westgate                      1,320,000               1964         1987         10-40 yrs
 Westland (e)                  1,970,000               1966         1987         10-40 yrs
                            ------------
                               9,865,000
                            ------------

Apartments:
 Bel Air                       1,326,000         1968, 1974         1992         10-40 yrs
 Bryn Mawr                     2,151,000               1991         1993         10-40 yrs
 Colonial Manor                  478,000               1967         1987         10-40 yrs
 Garden Lane                   1,430,000         1966, 1971         1992         10-40 yrs
 Georgian                      1,183,000         1951, 1980         1992         10-40 yrs
 Governors Gate                1,092,000               1998         1998         10-40 yrs
 Hampton Park                  2,886,000               1977         1993         10-40 yrs
 Jamestown                     1,063,000        1971 - 1972         1995         10-40 yrs
 Lafayette Square              6,140,000        1969 - 1972         1993         10-40 yrs
 Lakeview Club                 4,814,000               1992         1994         10-40 yrs
 Magnolia Place                  858,000               1984         1991         10-40 yrs
 Pine Bend                     1,043,000               1979         1992         10-40 yrs
 Steeplechase                  1,220,000               1982         1992         10-40 yrs
 Woodcliff                     1,379,000               1977         1993         10-40 yrs
                            ------------
                              27,063,000

Undeveloped Land                     ---
                            ------------

 TOTAL                      $ 76,727,000
                            ============
</TABLE>

Note:  This schedule does not include the Company's 50% interest in a real
estate partnership.

                                       33
<PAGE>

    SCHEDULE III -- REAL ESTATE AND ACCUMULATED DEPRECIATION --(Continued)


Note (a)  Changes in real estate owned were as follows:

<TABLE>
<CAPTION>
                                              2000           1999           1998
                                          ------------   ------------   ------------
<S>                                       <C>             <C>            <C>
          Balance at beginning of year     $338,389,000   $328,477,000   $310,312,000
          Additions during period:
               Investments in land            1,647,000      1,000,000        611,000
               Improvements                   8,723,000      8,912,000     17,554,000
                                           ------------   ------------   ------------
          Balance at end of year           $348,759,000   $338,389,000   $328,477,000
                                           ============   ============   ============
</TABLE>

Note (b)  Changes in accumulated depreciation of real estate assets owned were
          as follows:

<TABLE>
<CAPTION>
                                                        2000           1999           1998
                                                     -----------    -----------    -----------
<S>                                                  <C>            <C>            <C>
          Balance at beginning of year               $66,162,000    $55,964,000    $46,454,000
          Additions during period:
              Depreciation on real estate assets      10,565,000     10,198,000      9,510,000
                                                     -----------    -----------    -----------
          Balance at end of year                     $76,727,000    $66,162,000    $55,964,000
                                                     ===========    ===========    ===========
</TABLE>

Note (c)  The income tax basis of real estate, net of accumulated tax
          depreciation, was approximately $281,469,000 at December 31, 2000.


Note (d)  Depreciation is provided by the straight-line method over the
          estimated useful lives, which are as follows:

          Buildings and improvements              10 - 40 years
          Parking lots                            20 years
          Tenant improvements                     Lease term


Note (e)  The Company holds its interest in the Westland Shopping Center under a
          long-term ground lease.

                                       34
<PAGE>

                                 FORM 10-K EXHIBITS
<TABLE>
<CAPTION>
<S>                                                                          <C>
3.1A     Restated Certificate of Incorporation, as amended                   Incorporated by Reference (1)
3.1B     Amendment No. 1 to Restated Certificate of Incorporation,           Incorporated by Reference (6)
           as amended
3.1C     Amendment No. 2 to Restated Certificate of Incorporation,           Incorporated by Reference (11)
           as amended
3.2      Restated By-Laws as amended through March 1, 1999                   Incorporated by Reference (17)
3.3      Restated By-Laws as amended                                         Filed herewith
4.0A     Form of Certificate for Common Stock, $.01 par value                Incorporated by Reference (3)
4.1A     Indenture for the Registrant's 8% Convertible                       Incorporated by Reference (12)
           Subordinated Debentures, due 2003
4.2A     Debenture for the Registrant's 8% Convertible                       Incorporated by Reference (12)
           Subordinated Debentures, due 2003
10.1A    Management Agreement                                                Incorporated by Reference (1)
10.1B    Amendment No. 1 to Management Agreement                             Incorporated by Reference (3)
10.1C    Amendment No. 2 to Management Agreement                             Incorporated by Reference (4)
10.1D    Amendment No. 3 to Management Agreement                             Incorporated by Reference (9)
10.1E    Amendment No. 5 to Management Agreement                             Incorporated by Reference (11)
10.1F    Amendment No. 4 to Management Agreement                             Incorporated by Reference (15)
10.1G    Amendment No. 6 to Management Agreement                             Incorporated by Reference (15)
10.1H    Amendment No. 7 to Management Agreement                             Incorporated by Reference (15)
10.2     Form of Indemnification Agreement (which the Company                Incorporated by Reference (1)
           has entered into with each officer and director)
10.3     Form of Right of First Refusal which has been entered               Incorporated by Reference (2)
           into by the Company and each of Sidney W. Lassen
           and Sizeler Realty Co., Inc.
10.4     The Company's 1986 Stock Option Plan, as amended                    Incorporated by Reference (9)
           through January 25, 1991*
10.5     Form of Deferred Compensation Agreement (the                        Incorporated by Reference (10)
           Company has such an agreement with Sidney W.
           Lassen)*
10.6     The Company's 1989 Directors Stock Option Plan                      Incorporated by Reference (5)
10.7     Sizeler Property Investors, Inc. Incentive Award Plan*              Incorporated by Reference (13)
10.8     First Amendment to the Sizeler Property Investors, Inc.             Incorporated by Reference (13)
           Incentive Award Plan*
10.9     Sizeler Property Investors, Inc. 1994 Directors' Stock              Incorporated by Reference (16)
           Ownership Plan, as amended*
10.10    Agreement between the Company and Sidney W. Lassen*                 Incorporated by Reference (13)
10.11    Agreement between the Company and Thomas A.
           Masilla, Jr.* (The Company also has Compensation
           Plan Agreements with Robert A. Whelan and
           James W. Brodie, which are identical to
           Mr. Masilla's Agreement)                                          Incorporated by Reference (14)
10.12    Non-Elective Deferred Compensation Agreement                        Incorporated by Reference (14)
           between Company and Thomas A. Masilla, Jr.
           (The Company also has Non-Elective Deferred
           Compensation Agreements with Sidney W. Lassen
           and Robert A. Whelan and James W. Brodie, which
           are identical to Mr. Masilla's Agreement).*
10.13    The Company's 1996 Stock Option Plan, as amended                    Incorporated by Reference (16)
19.1     Shareholder Rights Agreement dated as of                            Incorporated by Reference (7)
           August 6, 1998
19.2     Amendment No. 1 to Shareholder Rights Agreement                     Incorporated by Reference (7)
21       List of Subsidiaries                                                Filed herewith
23.1     Consent of KPMG LLP                                                 Filed herewith
</TABLE>
______________________

                                       35
<PAGE>

(1)  Incorporated by reference to the exhibits filed on November 5, 1986, with
     the Company's original registration statement on Form S-11 (No. 33-9973).
(2)  Incorporated by reference to the exhibits filed on November 24, 1986, with
     Amendment No. 1 to the Company's registration statement on Form S-11.
(3)  Incorporated by reference to the exhibits filed on January 14, 1987, with
     Amendment No. 3 to the Company's registration statement on Form S-11.
(4)  Incorporated by reference to the exhibits filed on February 6, 1987, with
     Post-Effective Amendment No. 1 to the Company's registration statement on
     Form S-11.
(5)  Incorporated by reference to the Exhibit A to the Company's Proxy
     Statement, dated March 23, 1989.
(6)  Incorporated by reference to the exhibits to the Company's Form 10-K for
     the year ended                December 31, 1988.
(7)  Incorporated by reference to the exhibit to the Company's Form 8-A, filed
     on August 26, 1998.
(8)  Incorporated by reference to the Exhibit A to the Company's Proxy
     Statement, dated April 5, 1991.
(9)  Incorporated by reference to the exhibits filed with the Company's Form 10-
     K for the year ended    December 31, 1990.
(10) Incorporated by reference to the exhibits filed with the Company's Form 10-
     K for the year ended    December 31, 1991.
(11) Incorporated by reference to the exhibits filed with the Company's Form 10-
     K for the year ended    December 31, 1992.
(12) Incorporated by reference to the exhibits filed with the Company's Form 8-
     K, dated May 26, 1993.
(13) Incorporated by reference to the exhibits filed on March 7, 1994, with the
     Company's registration statement on Form S-3 (No. 33-76134).
(14) Incorporated by reference to the exhibits filed with the Company's
     Quarterly Report on Form 10-Q for the quarter ended June 30, 1995.
(15) Incorporated by reference to the Exhibits filed with the Company's Annual
     Report on Form 10-K for the year ended December 31, 1995.
(16) Incorporated by reference to the exhibits to the Company's definitive proxy
     material for its 1997 Annual Meeting of Stockholders.
(17) Incorporated by reference to the exhibits filed with the Company's Annual
     Report on Form 10-K for the year ended December 31, 1998.

*    Management compensation plan agreements.

                                       36
<PAGE>

                                  SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf of the undersigned, thereunto duly authorized.

                                  SIZELER PROPERTY INVESTORS, INC.


                                  By:  /s/ SIDNEY W. LASSEN
                                       -------------------------
                                            Sidney W. Lassen
                                          Chairman of the Board
                                        (Chief Executive Officer)

Date:  March 28, 2001


Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.


<TABLE>
<CAPTION>
          Signature                        Title                           Date
--------------------------------     ---------------------          --------------------
<S>                                  <C>                            <C>
By:   /s/  SIDNEY W. LASSEN          Chairman of the Board             March 28, 2001
     ---------------------------     (Chief Executive Officer)
           Sidney W. Lassen

By:   /s/ THOMAS A. MASILLA          Vice-Chairman of the Board        March 28, 2001
     ---------------------------     and President (Principal
          Thomas A. Masilla, Jr.     Operating Officer)


By:   /s/ ROBERT A. WHELAN           Chief Financial Officer           March 28, 2001
     ---------------------------     (Principal Financial Officer)
          Robert A. Whelan

By:   /s/ J. TERRELL BROWN           Director                          March 28, 2001
     ---------------------------
          J. Terrell Brown

By:   /s/ FRANCIS L. FRAENKEL        Director                          March 28, 2001
      --------------------------
          Francis L. Fraenkel

By:   /s/ HAROLD B. JUDELL           Director                          March 28, 2001
      --------------------------
          Harold B. Judell

By:   /s/ JAMES W. MCFARLAND         Director                          March 28, 2001
      --------------------------
          James W. McFarland

By:  /s/ RICHARD L. PEARLSTONE       Director                          March 28, 2001
     ---------------------------
         Richard L. Pearlstone

By:  /s/ THEODORE H. STRAUSS         Director                          March 28, 2001
     ---------------------------
         Theodore H. Strauss
</TABLE>

                                       37