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Prime Retail, Inc. Completes First Mortgage Refinancing of Edinburgh Outlet Center

Prime Retail, Inc. Also Announces Annual Meeting of Shareholders To be August 14, 2001 in Baltimore, MD, With Record Date of July 6, 2001

BALTIMORE, July 2 /PRNewswire/ -- Prime Retail, Inc. (NYSE: PRT, PRT.PRA, PRT.PRB) (the "Company") today announced that it has completed a refinancing of a $16.4 million first mortgage loan secured by Prime Outlets at Edinburgh that was scheduled to mature on August 10, 2001. The new $18 million non-recourse first mortgage loan secured by Prime Outlets at Edinburgh is for a term of three years, requires monthly amortization based upon a 15-year schedule and is pre-payable at any time subject to certain prepayment and exit fees. The interest rate is a floating rate based on six-month Libor plus 350 basis points, subject to an 8.0% minimum, and can be adjusted semi-annually with a maximum 1.0% increase or decrease per adjustment. Fremont Investment & Loan provided the financing.

Located 55 miles south of Indianapolis and 70 miles north of Louisville, KY in Edinburgh, Indiana, Prime Outlets at Edinburgh is an outlet center containing 298,000 square feet of gross leasable area ("GLA").

The Company also announced that it will hold its Annual Meeting of Stockholders on Tuesday, August 14, 2001 in Baltimore, MD. The record date for the meeting is
July 6, 2001.

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 located throughout the United States and Puerto Rico. Prime Retail's outlet center portfolio currently consists of 46 outlet centers in 25 states and Puerto Rico totaling approximately 12.9 million square feet of GLA. As of May 31, 2001, Prime Retail's outlet portfolio was 89.5% occupied. The Company also owns two community shopping centers totaling 227,000 square feet of GLA and 154,000 square feet of office space. 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 http://www.primeretail.com.

SOURCE Prime Retail, Inc.
Web Site: http://www.primeretail.com

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