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ROUSE COMPANY ANNOUNCES RESULTS

 COLUMBIA, Md., May 5 /PRNewswire/ -- The Rouse Company (NASDAQ-NMS: ROUS) of Columbia, today released its first quarter interim report to shareholders for the three months ended March 31, 1993. Total earnings before depreciation and deferred taxes were $15,829,000 in 1993's January through March period, up 46 percent from $10,874,000 a year ago. The net loss (after deducting depreciation, amortization and deferred taxes) was $2,501,000 compared to 1992's first quarter net loss of $2,530,000.
 In the company's quarterly report, chairman and chief executive officer, Mathias J. DeVito, and president and chief operating officer, Anthony W. Deering, stated, "It has been a very strong beginning for 1993. Operating properties' results were excellent and prospects are quite good for the balance of the year. Columbia land sales also should grow, and development and corporate overhead expenses are being contained.
 "We are still cautious and concerned over the fragile nature of the economic recovery and the lack of substantial improvement in consumer confidence. However, absent any major negatives in the economy or in retail sales, and even after deducting the new preferred stock dividend, our common shareholders and new preferred stockholders should continue to see strong growth in earnings before depreciation and deferred taxes in 1993 and into the future."
 Consolidated Statements of Earnings Before Depreciation
 And Deferred Taxes from Operations
 (unaudited, in thousands)
 Three months ended March 31 1993 1992
 Revenues
 Operating properties:
 Retail centers $107,306 $99,096
 Office, mixed-use and other 34,554 31,267
 Total 141,860 130,363
 Land sales 9,669 8,288
 Corporate interest income 1,213 903
 Total revenues 152,742 139,554
 Expenses exclusive of depreciation and deferred taxes
 Operating properties:
 Retail centers 89,708 85,943
 Office, mixed-use and other 33,576 32,460
 Total 123,284 117,953
 Land sales 6,089 4,732
 Development 559 560
 Corporate interest and other expenses 6,981 5,435
 Total expenses 136,913 128,680
 Earnings before depreciation and deferred taxes
 from operations by division
 Operating properties:
 Retail centers 17,598 13,603
 Office, mixed-use and other 978 (1,193)
 Total 18,576 12,410
 Land sales 3,580 3,556
 Development (559) (560)
 Corporate (5,768) (4,532)
 Earnings before depreciation and deferred
 taxes from operations 15,829 10,874
 Consolidated Statements of Operations
 (Unaudited, in thousands, except per share)
 Three months ended March 31 1993 1992
 Revenues $152,742 $139,554
 Operating expenses, exclusive of provision
 for bad debts, depreciation and
 amortization 82,671 77,750
 Interest expense 53,042 49,667
 Provision for bad debts 1,107 1,184
 Depreciation and amortization 17,227 15,887
 Gain (loss) on disposition of assets (444) 1,415
 Loss before income taxes and extraordinary
 loss (1,749) (3,519)
 Income tax benefit (provision):
 Current-state (93) (79)
 Deferred 299 1,068
 Total 206 989
 Loss before extraordinary loss (1,543) (2,530)
 Extraordinary loss from extinguishment of debt,
 net of related income tax benefit (958) ---
 Net loss (2,501) (2,530)
 Loss per share of common stock after provision
 for dividends on preferred stock:
 Loss before extraordinary loss $(.07) $(.05)
 Extraordinary loss (.02) ---
 Total (.09) (.05)
 Reconciliation of earnings before depreciation and deferred
 taxes from operations to net loss
 Earnings before depreciation and deferred
 taxes from operations $15,829 $10,874
 Depreciation and amortization (17,227) (15,887)
 Deferred income tax benefit 299 1,068
 Gain (loss) on disposition of assets (444) 1,415
 Extraordinary loss, net of related income
 tax benefit (958) ---
 Net loss (2,501) (2,530)
 -0- 5/5/93
 /CONTACT: David L. Tripp, vice president and director, investor relations of Rouse Company, 410-992-6546/
 (ROUS)


CO: Rouse Company ST: Maryland IN: SU: ERN

SM-KD -- NY089 -- 5087 05/05/93 17:37 EDT
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Date:May 5, 1993
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