PREIT acquired the 193,000-sf Gallery at Market East I fromColumbia, MD-based Rouse Co. in April 2003 as part of asix-property retail portfolio. In-line occupancy of the Market EastII section of the complex is 78.3%, and in-line sales volume as ofDec. 31, 2003 was $393 per sf.

According to PREIT's first-quarter report, that makes thisproperty's occupancy lower than the 86.6% average occupancy amongall 40 of its enclosed malls as of March 31, 2004, and its in-linesales volume the fifth highest in the enclosed mall portion of theportfolio. Average sales at the Market East I section are $346 persf, according to PREIT first-quarter data.

Rental rate per sf at Market East II is undisclosed. Accordingto the PREIT report, the average base rent at the adjacent MarketEast I is $33.21 per sf and additional charges are $9.73 per sf. Inthe enclosed mall portion of PREIT's portfolio, this rental rate isexceeded only by the rate at Exton Square Mall in Exton, PA.