UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Prime Retail, Inc.
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
____741570105____
(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
*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 the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page 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).
<PAGE>
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CUSIP NO. 741570105 13G Page 2 of 10 Pages
-------- --------
- --------------------- --------------------------------------------------
- ------------ -------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Boston Partners Asset Management, L.P.
- ------------ -------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
Not applicable
- ------------ -------------------------------------------------------------------
3 SEC USE ONLY
- ------------ -------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------ -------------------------------------------------------------------
5 SOLE VOTING POWER
-0- shares
NUMBER OF ----------- ------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 403,760 shares upon conversion of 145,652
OWNED BY shares of 8.5% Series B Cumulative
EACH Participating Convertible Preferred Stock.
REPORTING ----------- ------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
-0- shares
----------- ------------------------------------------
8 SHARED DISPOSITIVE POWER
403,760 shares upon conversion
of 145,652 shares of 8.5%
Series B Cumulative
Participating Convertible
Preferred Stock.
- ------------------------------------ ----------- -------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
403,760 shares upon conversion of 145,652 shares of 8.5% Series B
Cumulative Participating Convertible Preferred Stock.
- ------------ -------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN |_|
SHARES*
Not applicable
- ------------ -------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.0%
- ------------ -------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IA
- ------------ -------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 741570105 13G Page 3 of 10 Pages
-------- --------
- --------------------- --------------------------------------------------
- ------------ -------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Boston Partners, Inc.
- ------------ -------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
Not applicable
- ------------ -------------------------------------------------------------------
3 SEC USE ONLY
- ------------ -------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------ -------------------------------------------------------------------
5 SOLE VOTING POWER
-0- shares
NUMBER OF ----------- ------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 403,760 shares upon conversion of 145,652
OWNED BY shares of 8.5% Series B Cumulative
EACH Participating Convertible Preferred Stock.
REPORTING ----------- ------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
-0- shares
----------- ------------------------------------------
8 SHARED DISPOSITIVE POWER
403,760 shares upon conversion
of 145,652 shares of 8.5%
Series B Cumulative
Participating Convertible
Preferred Stock.
- ------------------------------------ ----------- -------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
403,760 shares upon conversion of 145,652 shares of 8.5% Series B
Cumulative Participating Convertible Preferred Stock.
- ------------ -------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN |_|
SHARES*
Not applicable
- ------------ -------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.0%
- ------------ -------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
CO
- ------------ -------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 741570105 13G Page 4 of 10 Pages
-------- --------
- --------------------- --------------------------------------------------
- ------------ -------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Desmond John Heathwood
- ------------ -------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
Not applicable
- ------------ -------------------------------------------------------------------
3 SEC USE ONLY
- ------------ -------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------------ -------------------------------------------------------------------
5 SOLE VOTING POWER
-0- shares
NUMBER OF ----------- ------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 403,760 shares upon conversion of 145,652
OWNED BY shares of 8.5% Series B Cumulative
EACH Participating Convertible Preferred Stock.
REPORTING ----------- ------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
-0- shares
----------- ------------------------------------------
8 SHARED DISPOSITIVE POWER
403,760 shares upon conversion
of 145,652 shares of 8.5%
Series B Cumulative
Participating Convertible
Preferred Stock.
- ------------------------------------ ----------- -------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
403,760 shares upon conversion of 145,652 shares of 8.5% Series B
Cumulative Participating Convertible Preferred Stock.
- ------------ -------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN |_|
SHARES*
Not applicable
- ------------ -------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.0%
- ------------ -------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- ------------ -------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Item 1(a). Name of Issuer: Prime Retail, Inc. (the "Issuer").
Item 1(b). Address of Issuer's Principal Executive Offices: 100 East
Pratt Street, 19th Floor, Baltimore, MD 21202
Item 2(a). Names of Persons Filing: Boston Partners Asset Management,
L.P. ("BPAM"), Boston Partners, Inc. ("Boston Partners"), and
Desmond John Heathwood. BPAM, Boston Partners, and Mr. Heathwood are
sometimes referred to collectively herein as the "Reporting
Persons."
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the principal business office of BPAM, Boston
Partners, and Mr. Heathwood is One Financial Center, 43rd Floor,
Boston, MA 02111.
Item 2(c). Citizenship: BPAM is a Delaware limited partnership. Boston
Partners is a Delaware corporation. Mr. Heathwood is a United States
citizen.
Item 2(d). Title of Class of Securities: Common Stock, $.01 par value
("Common Stock").
Item 2(e). CUSIP Number: 741570105
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<PAGE>
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a:
(a) [ ] Broker or Dealer registered under Section 15 of the
Securities Exchange Act of 1934 (the "Act").
(b) [ ] Bank as defined in Section 3(a)(6) of the Act.
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the
Act.
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940.
(e) [X] Investment Adviser registered under Section 203 of
the Investment Advisers Act of 1940.
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income Security
Act of 1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F)
of the Act.
(g) [ ] Parent Holding Company, in accordance with Rule 13d-
1(b)(ii)(G) of the Act.
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H) of
the Act.
Item 4. Ownership.
(a) Amount Beneficially Owned: Each of the Reporting Persons
may be deemed to own beneficially 403,760 shares of Common
Stock at May 31, 1996.
BPAM owns of record 170,720 shares of Common Stock. BPAM
owns of record 145,652 shares of 8.50% Series B Cumulative
Participating Preferred Stock (the
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<PAGE>
"Preferred Stock") of the Issuer. Because each share of
Preferred Stock is convertible into 1.60 shares of Common
Stock from April 1, 1996 through June 24, 1996, BPAM may be
deemed to own beneficially 403,760 shares of Common Stock
related thereto. As sole general partner of BPAM, Boston
Partners may be deemed to own beneficially all of the shares
of Common Stock that BPAM may be deemed to own beneficially.
As principal stockholder of Boston Partners, Mr. Heathwood
may be deemed to own beneficially all of the Common Stock
that Boston Partners may be deemed to own beneficially.
Therefore, each of the Reporting Persons may be deemed to
own beneficially 403,760 shares of Common Stock of the
Issuer.
(b) Percent of Class: 13.0% for all Reporting Persons. The
foregoing percentage is calculated based on the 2,875,000
shares of Common Stock reported to be outstanding in the
Form 10K/A-1 for the year ended December 31, 1995, as filed
with the Commission on May 3, 1996.
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 0 shares for
all Reporting Persons.
(ii) shared power to vote or to direct the vote: 403,760
shares for all Reporting Persons.
(iii) sole power to dispose or to direct the disposition of:
0 shares for all Reporting Persons.
(iv) shared power to dispose or to direct the disposition
of: 403,760 shares for all Reporting Persons.
Pursuant to Rule 13d-4, each of Boston Partners and Mr.
Heathwood expressly disclaims beneficial ownership of any
shares of Common Stock of the Issuer.
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
-7-
<PAGE>
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
BPAM holds all of the above 403,760 shares under management for its
clients, who have the right to direct the receipt of dividends, to
receive dividends from such shares and to receive the proceeds from
the sale of such shares. None of these clients holds more than five
percent of the Common Stock of the Issuer.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable. BPAM, Boston Partners and Mr. Heathwood expressly
disclaim membership in a "group" as defined in Rule 13d-5(b)(i).
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
By signing below we certify that, to the best of our knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose of
and do not have the effect of changing or influencing the control of
the issuer of such securities and were not acquired in connection
with or as a participant in any transaction having such purpose or
effect.
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<PAGE>
SIGNATURE
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct. We also hereby agree to file this statement jointly
pursuant to the agreement set forth as Exhibit 1 hereto.
Dated: June 12, 1996
BOSTON PARTNERS ASSET MANAGEMENT, L.P.
By: Boston Partners, Inc.,
its general partner
By: /s/ Desmond John Heathwood
Desmond John Heathwood
President
BOSTON PARTNERS, INC.
By: /s/ Desmond John Heathwood
Desmond John Heathwood
President
/s/ Desmond John Heathwood
Desmond John Heathwood
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Exhibit 1
AGREEMENT
Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of
1934, the undersigned hereby agree that only one statement containing the
information required by Schedule 13G need be filed with respect to the ownership
by each of the undersigned of shares of Common Stock of Prime Retail, Inc.
This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original.
EXECUTED this 12th day of June, 1996.
BOSTON PARTNERS ASSET MANAGEMENT, L.P.
By: Boston Partners, Inc.,
its general partner
By: /s/ Desmond John Heathwood
Desmond John Heathwood
President
BOSTON PARTNERS, INC.
By: /s/ Desmond John Heathwood
Desmond John Heathwood
President
/s/ Desmond John Heathwood
Desmond John Heathwood
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