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THE ROUSE COMPANY ANNOUNCES RESULTS, NEW PRESIDENT

 COLUMBIA, Md., Feb. 25 /PRNewswire/ -- The Rouse Company (NASDAQ-NMS: ROUS) of Columbia, Md., today announced that Anthony W. Deering has been named president and chief operating officer of the company and has also been elected to its board of directors. Mathias J. DeVito, who remains as the company's chairman and chief executive officer, said, "During his 20 years with the Rouse Company, Tony Deering has compiled a distinguished record of achievement. He is the perfect choice for this important position in the company."
 Commenting on his promotion, MrD?eering stated, "I look forward to continuing to work with the talented and experienced team that has successfully led the company for over two decades. I don't foresee any substantial organizational changes or changes in our direction. Matt DeVito is still running the company, and I look forward to working together with him, building long-term value for our shareholders."
 The company also released financial results for 1992. The company's retail centers had very strong performance in 1992, with earnings before depreciation and deferred taxes reaching a record $71.0 million, an 11 percent increase over 1991. Total earnings before depreciation and deferred taxes were $52.3 million, an increase of 12 percent over 1991. After deducting $68.2 million of depreciation and amortization, and other non-operating credits and charges, the company reported a net loss of $16.2 million compared to net earnings of $15.8 million last year. Net earnings in 1991 included two significant non-recurring items, -- $23.7 million in gains on dispositions of assets and $13.5 million in earning related to a one-time change in accounting for income taxes. Excluding the effects of these non-recurring items and a net loss on dispositions of assets of $3.5 million (net of related taxes) in 1992, the 1992 loss of $12.7 million was slightly lower than 1991's loss of $13.3 million.
 Current value shareholders' equity, derived through appraisal of the market value of the company's assets, was $1.19 billion, or $25.50 per share (after the assumed conversion of all outstanding convertible subordinated debentures). These figures compare with 1991's current value shareholders' equity of $1.27 million or $26.60 per share.
 The board of directors, at its meeting today, approved a $.15 per share quarterly cash dividend, the same rate as was in effect during 1992. The dividend will be payable on March 31, 1993 to shareholders of record as of March 15, 1993.
 THE ROUSE COMPANY
 Selected Financial Data
 Year ended Dec. 31 1992 1991
 Revenues $597,105,000 $573,498,000
 Earnings before depreciation
 and deferred taxes from
 operations by division
 operating properties:
 Retail Centers 70,966,000 64,097,000
 Office, mixed-use and other (2,127,000) (1,591,000)
 Total 68,839,000 62,506,000
 Land sales 9,847,000 8,634,000
 Development (4,916,000) (5,801,000)
 Corporate (21,488,000) (18,519,000)
 Total 52,282,000 46,820,000
 Net earnings (loss) before
 extraordinary loss and
 cumulative effect of change
 in acct. for income taxes (15,849,000) 2,424,000
 Extraordinary loss from
 extinguishment of debt,
 net of related tax benefit (348,000) (90,000)
 Cumulative effect at Jan. 1,
 1991 of change in accounting
 for income taxes -- 13,463,000
 Net earnings (loss) (16,197,000) 15,797,000
 Earnings (loss) per share (.34) .33(A)
 Current value shareholders'
 equity 1,188,896,000 1,274,070,000
 Current value shareholders'
 equity per share (B) 25.50 26.60
 Weighted average shares
 outstanding for the year 47,994,000 48,157,000
 Actual shares outstanding at
 year end 47,292,000 48,193,000
 (A) -- Includes $.28 from the cumulative effect at Jan. 1, 1991 of the change in accounting for income taxes.
 (B) -- Assuming conversion of convertible subordinated debentures.
 -0- 2/25/93
 /CONTACT: David L. Tripp, vice president and director - investor relations of The Rouse Company, 410-992-6546/
 (ROUS)


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

WB-AH -- NY050 -- 0439 02/25/93 13:45 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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