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Prime Retail Posts Loss

NEW YORK — 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 company said.

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 threaten default.

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



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