Prime Retail Inc. (PRT.N), a real
estate investment trust (REIT) with operations in 26 states,
said on Monday posted a loss of for its second-quarter and said
it expects results for fiscal 2000 will be significantly lower
than Wall Street analysts' expectations.
The Baltimore, Md.-based REIT said it now expects funds
from operations (FFO) for 2000 will be in the range of 45 cents
to 55 cents a diluted share, down from its previous estimate of
98 cents to $1.08 a share and well below analysts consensus
estimate of 98 cents a share.
The Baltimore, Md.-based Prime Retail also reported a loss
in funds from operations of $2.6 million, or 6 cents a diluted
common share, compared with a profit of $20.9 million, or 39
cents a diluted common share, from the same quarter last year.
Results for the current quarter were dampened by reduced
occupancy and increased expenses, among other factors, the
The company also said in light of its second-quarter
shortfall, it is not in compliance with financial covenants in
certain debt facilities, prompting some of its lenders to
The company in a statement said it is in discussions with
the affected lenders about either paying off the loans in their
entirety or modifying the terms and financial covenants so that