SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
under the Securities Exchange Act of 1934
(Amendment No. 13)
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SIZELER PROPERTY INVESTORS, INC.
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(Name of Issuer)
Common Stock, Par Value $.0001 per share
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(Title of Class of Securities)
830137-10-5
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(CUSIP Number of Class
of Securities)
Carolyn Tiffany David J. Heymann
First Union Real Estate Equity and Post Heymann & Koffler LLP
Mortgage Investments Two Jericho Plaza, Wing A
7 Bulfinch Place Suite 111
Suite 500 Jericho, New York 11753
Boston, Massachusetts 02114 (516) 681-3636
(617) 570-4614
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 16, 2005
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover shall not be deemed to
be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934
("Act") or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).
(continued on next page(s)) Page 1 of 5
CUSIP No. 830137-10-5 13D/A Page 2 of 5
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
First Union Real Estate Equity and Mortgage Investments
I.R.S. I.D. No. 34-6513657
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2. Check the Appropriate Box if a Member of a Group * (a) |_|
(b) |_|
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3. SEC Use Only
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4. Sources of Funds *
WC
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5. Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(e) of 2(f) |_|
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6. Citizenship or Place of Organization
Ohio
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7. Sole Voting Power
1,310,300
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Number of 8. Shared Voting Power
Shares
Beneficially - 0 -
Owned by -----------------------------------------------------------------
Each 9. Sole Dispositive Power
Reporting
Person 1,310,300
With -----------------------------------------------------------------
10. Shared Dispositive Power
- 0 -
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,310,300 Shares
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12. Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
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13. Percent of Class Represented by Amount in Row (11)
8.2%
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14. Type of Reporting Person*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 830137-10-5 13D/A Page 3 of 5
This Amendment No. 13 amends certain information contained in the Schedule
13Dfiled by First Union Real Estate Equity and Mortgage Investments, an Ohio
business trust ("First Union"), with respect to its ownership interest in
Sizeler Property Investors, Inc., as amended by Amendment No. 1 to Schedule 13D
dated November 11, 2004, as further amended by Amendment No. 2 to Schedule 13D
dated November 16, 2004, as further amended by Amendment No. 3 to Schedule 13D
dated December 6, 2004, as further amended by Amendment No. 4 to Schedule 13D
dated December 21, 2004, as further amended by Amendment No. 5 to Schedule 13D
dated January 7, 2005, as further amended by Amendment No. 6 to Schedule 13D
dated January 14, 2005, as further amended by Amendment No. 7 to Schedule 13D
dated January 19, 2005, as further amended by Amendment No. 8 to Schedule 13D
dated January 26, 2005, as further amended by Amendment No. 9 to Schedule 13D
dated January 31, 2005, as further amended by Amendment No. 10 to Schedule 13D
dated February 23, 2005, as further amended by Amendment No. 11 to Schedule 13D
dated March 8, 2005 and as further amended by Amendment No. 12 to Schedule 13D
dated March 15, 2005 (the "13D"). Capitalized terms used but not defined herein
have the meanings ascribed to them in the 13D.
Item 4. Purpose of Transaction.
Item 4 is hereby amended as follows:
On March 16, 2005, First Union sent to Sidney Lassen, the Chief Executive
Officer of the Issuer, a letter responding to certain statements made by the
Issuer in a press release issued on March 15, 2005. In addition, the Issuer and
eight of its directors have commenced an action against First Union (i) alleging
that First Union has failed to make certain required disclosures in prior
filings on Schedule 13D and (ii) seeking a declaratory judgment that the
directors of the Issuer did not breach their fiduciary duty or otherwise act
fraudulently, in bad faith, recklessly, negligently or with corporate waste by
authorizing the sale of 2,649,000 newly issued shares on March 15th at a price
of $10.75 per share. First Union denies all allegations made against it, intends
to vigorously contest the request for a declaratory judgment and is considering
what, if any, claims to assert in the lawsuit. First Union's March 16th letter
also addresses the allegations against it and is incorporated herein by
reference.
On March 16, 2005, First Union also issued a press release responding to a
press release issued by the Issuer on March 16, 2005. A copy of First Union's
March 16, 2005 press release is attached hereto and is incorporated herein by
reference.
In order to protect the interests of all stockholders with respect to the
aforementioned March 15, 2005 stock sale, on March 15, 2005, First Union filed
suit against the Issuer asserting the impropriety of that stock sale and sought
a temporary restraining order requiring the Issuer to halt all steps being taken
to close and consummate the transaction. Relying explicitly on the
representations of the Issuer's counsel that the stock sale and all relevant
steps to effectuate that sale had been already been completed at or about 10
a.m. that day, i.e. very shortly after the sale had been announced by the
Issuer, the Court determined that it was too late to issue the requested relief.
The Court made explicit that it was not denying First Union's requested
temporary restraining order due to any failure to demonstrate a likelihood of
success on the merits. Rather, the Court did not rule on that issue but noted
that First Union had raised "serious" questions about the transaction.
CUSIP No. 830137-10-5 13D/A Page 4 of 5
Item 5. Interest in Securities of the Issuer
Item 5 is hereby amended and restated to read as follows:
(a) First Union directly owns 1,310,300 Shares representing 8.29% of the
total outstanding Shares. The foregoing is based upon 16,045,000 Shares
outstanding which represents the number of shares reported outstanding in the
Issuer's most recently filed report on Form 10-K together with the 2,649,000
additional Shares issued on March 15, 2005.
(b) First Union has the sole power to vote and dispose of 1,310,300 Shares
owned by First Union.
(c) Set forth below is a description of all transactions in Shares that
were effected during the past sixty days by First Union. All such transactions
were purchases effected by First Union on the open market.
Date Number of Shares Price Per Share
January 25, 2005 117,000 $11.60
February 4, 2004 3,600 $11.56
February 14, 2005 10,000 $12.05
February 16, 2005 6,000 $11.98
February 17, 2005 10,000 $12.03
February 18, 2005 5,000 $11.88
February 22, 2005 10,000 $11.80
February 23, 2005 8,900 $11.70
(d) Not applicable
(e) Not applicable
Item 7. Materials to be Filed as Exhibits.
Item 7 is hereby amended as follows:
Exhibit 10. Letter from First Union to Sidney Lassen dated March 16, 2005.
Exhibit 11. Press Release by First Union dated March 16, 2005.
CUSIP No. 830137-10-5 13D/A Page 5 of 5
Signatures
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: March 16, 2005 FIRST UNION REAL ESTATE EQUITY AND
MORTGAGE INVESTMENTS
By: /s/ Peter Braverman
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Peter Braverman
President