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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 29, 1997
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Prime Retail, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 0-23616 52-1836258
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(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
100 East Pratt Street
Nineteenth Floor, Baltimore, Maryland 21202
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (410) 234-0782
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No Change
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(Former name or former address, if changed since last report)
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PRIME RETAIL, INC.
ITEM 2: Acquisition or Disposition of Assets
Reference is made to the Press Release dated October 29, 1997 attached
hereto as Exhibit 10.1 and incorporated by reference herein.
ITEM 5: Other Events
Reference is made to the Press Release dated October 29, 1997 attached
hereto as Exhibit 10.1 and incorporated by reference herein.
ITEM 7: Financial Statements and Exhibits
A. Financial Statements of Businesses Acquired:
Pursuant to Item 7(1)(4) of the Form 8-K, the Company
states that it is impracticable to file the required
audited financial statements covering the most recent
fiscal year and the unaudited interim financial
information for the real estate properties acquired
at the time this report is filed. Such financial
information is expected to be filed on or before
December 31, 1997.
B. Pro Forma Financial Information:
Pursuant to Item 7(b)(2) of the Form 8-K, the Company
states that it is impracticable to file the required
pro forma financial information at the time this
report is filed. Such pro forma financial information
is expected to be filed on or before December 31,
1997.
C. Exhibits:
Description Exhibit
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Press Release dated October 29, 1997 10 .1
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PRIME RETAIL, INC.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PRIME RETAIL, INC.
(Registrant)
Dated: October 30, 1997
By: /s/ Robert P. Mulreaney
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Name: Robert P. Mulreaney
Title: Executive Vice President,
Chief Financial Officer
and Treasurer
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EXHIBIT INDEX
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Exhibit
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Press Release dated October 29, 1997 10.1
EXHIBIT 10.1
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FOR IMMEDIATE RELEASE FOR MORE INFORMATION
October 29, 1997 Contact: Robert P. Mulreaney
Chief Financial Officer
Brian J. Lewbart
Director of Public Relations
(410) 234-0782
PRIME RETAIL ACQUIRES OUTLET CENTERS IN KITTERY, MAINE AND LATHAM, N.Y.
Acquisitions Continue Developer's Aggressive Growth Strategy
BALTIMORE -- Prime Retail, Inc. ("Prime Retail" or the "Company") (NYSE:
PRT, PRT.PRB) has acquired Tidewater Outlet Mall, Manufacturer's Outlet Mall,
Kittery Outlet Village (the "Kittery Properties"), and Latham Factory Outlet
Center (the "Latham Property") from an unrelated third party for $26.0 million.
The Company financed the purchase with proceeds from its recently completed
$161.0 million common stock offering.
Abraham Rosenthal, chief executive officer of the Company, stated, "The
addition of these centers is another important component of the Company's
aggressive growth strategy and we are pleased to add them to our factory outlet
portfolio. These acquisitions are expected to be accretive to our earnings and
are a great addition to our outlet center portfolio in terms of tenant mix and
quality of real estate. With sales in excess of $400 per square foot, the
Kittery Properties will strengthen our portfolio and become one of our top
performing centers nationwide. The centers also give Prime Retail its first
presence in the Northeast region of the United States."
The Kittery Properties are located in Kittery, Maine and serve the Boston,
Mass. and Portland, Maine markets. The Kittery Properties contain approximately
121,000 square feet of gross leasable area ("GLA") and were 100.0% occupied as
of October 28, 1997. Lead merchants at the Kittery Properties include Bose,
Corning-Revere, Crate & Barrel, J. Crew, Hickey Freeman, Jones New York, Old
Navy, Polo Ralph Lauren, and Reebok.
"Kittery's growth into one of the leading outlet shopping destinations in
the country, as well as the popularity of Maine's seacoast region as a tourist
destination, make the area particularly appealing," Rosenthal said.
The Latham Property is located in Latham, N.Y., north of Albany, N.Y. and
south of Saratoga Springs, N.Y. The Latham Property contains approximately
43,000 square feet of GLA and was 100.0% occupied as of October 28, 1997. Lead
merchants at the Latham Property include Dansk, Jones New York, and Lenox.
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PRIME RETAIL ACQUIRES CENTERS page 2
"The population base in the tri-city area of Albany, Troy and Schenectady,
combined with its location on the way to and from the Saratoga Springs and Lake
George tourist areas, make Latham an attractive outlet location," Rosenthal
said.
William H. Carpenter, Jr., president and chief operating officer of the
Company, stated, "Both projects have a strong tenant mix and we believe that our
leasing, marketing, and operations teams will enhance the shopping experience at
these centers."
Prime Retail is a self-administered, self-managed real estate investment
trust engaged in the ownership, development, and management of factory outlet
centers. With these most recent acquisitions, Prime Retail's outlet center
portfolio now includes 26 outlet centers in 20 states, which total approximately
6.5 million square feet of GLA. Prime Retail has been a developer of factory
outlet centers since 1988. For additional information, visit Prime Retail's web
site at: www.primeretail.com.
Some of the information contained herein includes forward looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 which reflect management's current views with respect to future events and
financial performance and, accordingly, such statements are subject to various
risks and uncertainties.
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