"The company is not aware of any material corporate developments which would explain the unusual market activity today in the company's common shares," the REIT said in a statement.
The company adds it has disclosed looming financial issues in filings with the Securities and Exchange Commission, including a $40-million preferred stock debt Security Capital Group can call in on 10 days notice, as well as Prime Group's non-compliance with Dearborn Center construction lenders requiring it to have $20 million in cash on hand.
However, those and other issues were discussed in an earnings conference call last week, when Prime Group also disclosed drops in fourth-quarter and 2001 funds from operations. Nearly 2 million shares, 30 times greater than the average daily volume seen in Prime Group stock, traded hands Tuesday on the New York Stock Exchange.
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