Prime Retail Inc. .. .. .... .. .. .. ..Ticker...

EARNINGS

May 07, 1994

Prime Retail Inc

. .. .. .... .. .. .. ..Ticker.. .. .. .. .. .. .. Yesterday's

. .. .. .. .. .. .. .. .Symbol.. .. .. .. .. .. .. Cls.. .. .. ..Chg.

. .. .. .. .. .. .. .. .PRIME .. .. .. .. .. .. .. 19 1/4 .. .. .. ..unch

Period ended

3/31/94. .. .. .. .. .. 1st qtr.. .. .. .. ..Year ago.. .. .. .. Chg.

Revenue. .. .. .. .. ..$12,429 .. .. .. .. ..$5,994 .. .. .. ..+107.4%

Net Income. .. .. .. ..$(767)**.. .. .. .. ..$(1,061)**.. .. .. .. --

Primary EPS. .. .. .. .$(0.31)** .. .. .. .. $(0.42)** .. .. .. .. --

*Prime Retail commenced operations as a self-administered real estate investment trust (REIT) on March 15. Its results for the first quarter are presented on a pro forma basis as if the company had been public since Jan. 1.

** Includes depreciation and amortization expenses. Funds from operations after allocations of income to preferred shareholders and minority interests was $38,000, or 2 cents a share, compared to a loss of $610,000, or 24 cents a share, for the previous first quarter.

Figures in thousands (except per share data.)

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