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ROUSE COMPANY REPORTS EARNINGS

 ROUSE COMPANY REPORTS EARNINGS
 COLUMBIA, Md., Feb. 26 /PRNewswire/ -- The Rouse Company


(NASDAQ-NMS: ROUS) of Columbia, Md. today announced financial results for 1991. Earnings before depreciation and deferred taxes were $46,820,000, a decline of 7 percent from $50,290,000 in 1990 -- in line with the company's previously announced expectations. The company's retail centers recorded a 3 percent increase in earnings before depreciation and deferred taxes, to a record level of $64,097,000, and earnings from the sale of land in Columbia were up by 30 percent, to $8,634,000. These increases were offset by declines from the office, mixed-use sector and lower levels of interest income on invested capital. Net earnings were $15,797,000, compared to a net loss of $1,816,000 for 1990. The net earnings in 1991 included $13,463,000 resulting from the cumulative effect of a change in accounting for deferred income taxes.
 Current Value Shareholders' Equity, derived through appraisal of the market value of the company's assets, was $1.27 billion, or $26.60 per share (after the assumed conversion of all outstanding convertible subordinated debentures). These figures compare with 1990's Current Value Shareholders' Equity of $1.47 billion, or $30.10 per share. The decline in Current Value Shareholders' Equity was caused by assumptions of lower retail sales growth and occupancy rates in future years, and by investors' requirements for higher yields on certain types of real estate projects -- e.g., land.
 The board of directors, at its meeting today, approved a $.15 per share quarterly cash dividend, the same rate as was in effect during 1991. The dividend will be payable on March 31, 1992 to shareholders of record as of March 16, 1992.
 Mathias J. DeVito, chairman of the board, president and chief executive officer of the Rouse Company, stated, "The company's principal businesses are fundamentally sound, and we are poised to benefit from an upturn in the economy. The company's financial position continues to be strong, with sufficient liquidity for all anticipated needs. We remain optimistic about the company's future potential, and we are confident that shareholders will be well rewarded over time."
 The Rouse Company is one of the nation's leading real estate development and management organizations. Its portfolio includes 80 retail projects in the United States and Canada totalling over 47 million sq. ft. of space, and more than 100 office projects totalling over ten million sq. ft. The company is also the developer of the new city of Columbia, Md.
 THE ROUSE COMPANY
 Selected Financial Data
 Year ended Dec. 31 1991 1990
 Revenues $573,498,000 $529,570,000
 Earnings before depreciation and
 deferred taxes from operations
 by division
 Operating properties:
 Retail centers 64,097,000 61,999,000
 Office, mixed-use and other (1,591,000) 4,051,000
 Total 62,506,000 66,050,000
 Land sales 8,634,000 6,644,000
 Development (5,801,000) (7,270,000)
 Corporate (18,519,000) (15,134,000)
 Total 46,820,000 50,290,000
 Net earnings (loss) before
 extraordinary loss and cumulative
 effect of change in accounting
 for income taxes 2,424,000 (1,165,000)
 Extraordinary loss from early
 extinguishment of debt, net of
 related tax benefit (90,000) (651,000)
 Cumulative effect at Jan. 1, 1991
 of change in accounting for
 income taxes 13,463,000 --
 Net earnings (loss) $ 15,797,000 $ (1,816,000)
 Earnings (loss) per share $.33 $(0.08)
 Current value shareholders' equity $1,274,070,000 $1,470,088,000
 Current value shareholders' equity
 per share (A) $26.60 $30.10
 Weighted average shares outstanding
 for the year 48,157,000 48,019,000
 Actual shares outstanding at year end 48,193,000 48,130,000
 (A) -- Assuming conversion of convertible subordinated debentures.
 -0- 2/26/92
 /CONTACT: David L. Tripp, vice president and director-investor relations of Rouse Company, 301-992-6546/
 (ROUS) CO: Rouse Company ST: Maryland IN: FIN SU: ERN


SH-OS -- NY054 -- 2862 02/26/92 14:04 EST
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Date:Feb 26, 1992
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