<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2 )*
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Prime Retail, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
741570105
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(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 1 of 9 Pages
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<TABLE>
<CAPTION>
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CUSIP NO. 741570105 13G Page 2 of 9 Pages
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<S> <C> <C>
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
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF -0- shares
-----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 380,862 shares
OWNED BY
-----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0- shares
-----------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
380,862 shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
380,862 shares
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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)
3.96%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IA
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</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 741570105 13G Page 3 of 9 Pages
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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
NUMBER OF -0- shares
-----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 380,862 shares
OWNED BY
-----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0- shares
-----------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
380,862 shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
380,862 shares
- --------------------------------------------------------------------------------
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)
3.96%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 741570105 13G Page 4 of 9 Pages
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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
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0- shares
-----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 380,862 shares
OWNED BY
-----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0- shares
-----------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
380,862 shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
380,862 shares
- --------------------------------------------------------------------------------
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)
3.96%
- --------------------------------------------------------------------------------
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:
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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
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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 5 of 9 Pages
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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)(1)(ii)(G) of the Act.
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H)
of the Act.
Item 4. Ownership.
---------
Not applicable.
Item 5. Ownership of Five Percent or Less of a Class.
--------------------------------------------
If the statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following
[ X ].
Page 6 of 9 Pages
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Item 6. Ownership of More than Five Percent on Behalf of Another Person.
---------------------------------------------------------------
BPAM holds all of the above 380,862 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
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Security Being Reported on by the Parent Holding Company.
--------------------------------------------------------
Not applicable.
Item 8. Identification and Classification of Members of the Group.
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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.
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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.
Page 7 of 9 Pages
<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: July 8, 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
Page 8 of 9 Pages
<PAGE>
Exhibit 1
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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 8th day of July, 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
Page 9 of 9 Pages
