Prime Retail is a self-administered, self-managed real estate investment trust engaged in the ownership, development, construction, acquisition, leasing, marketing and management of outlet centers throughout the United States and Puerto Rico. Prime Retail's outlet center portfolio currently consists of 51 operating outlet centers in 26 states, which totals approximately 14.9 million square feet of GLA. In addition, Prime Outlets at Puerto Rico, which will consist of 175,000 square feet of GLA, is expected to formally open during July, though tenants have opened this month. The Company also owns three community shopping centers totaling 424,000 square feet of GLA and 154,000 square feet of office space as part of Prime Outlets at Warehouse Row located in downtown Chattanooga, TN. As of May 31, 2000, Prime Retail's outlet center portfolio was 91% occupied. Prime Retail has been an owner, operator and a developer of outlet centers since 1988. For additional information, visit Prime Retail's web site at www.primeretail.com or www.primeoutlets.com.
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