Exhibit 99.2

The Rouse Company and Unconsolidated Proportionate Share Ventures

Statement of Net Operating Income

(in thousands)

Retail centers

	For the three months ended June 30,
	2003						2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total		The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	99,744	$	20,063	$	119,807	$	92,478	$	13,397	$	105,875
Percentage rents	2,225		355		2,580		2,368		256		2,624
Specialty retail rents	6,081		644		6,725		5,768		486		6,254
Other rents (note 1)	53,956		10,024		63,980		48,334		7,334		55,668
Other revenues (note 2)	9,991		594		10,585		6,755		257		7,012
	171,997		31,680		203,677		155,703		21,730		177,433
Share of FFO of minority interest ventures (note 3)	3,144		—		3,144		2,743		—		2,743
Total revenues	175,141		31,680		206,821		158,446		21,730		180,176
Operating expenses	71,058		11,580		82,638		67,163		7,824		74,987
Net Operating Income	$	104,083	$	20,100	$	124,183	$	91,283	$	13,906	$	105,189

Notes:

(1)		Other rents are comprised primarily of charges to tenants for operating expenses.
(2)		Other revenues are comprised primarily of parking revenues, management fees, lease termination payments and late charges.
(3)		Minority interest ventures include: Randhurst, Staten Island Mall and certain other assets acquired in the Rodamco transaction (Kravco, Sawmill Place and River Ridge Mall). The Company acquired its partners’ interests in Ridgedale Center and Southland Center in November 2002.

The Rouse Company and Unconsolidated Proportionate Share Ventures

Statement of Net Operating Income

(in thousands)

Retail centers

	For the six months ended June 30,
	2003						2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total		The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	206,317	$	37,526	$	243,843	$	169,067	$	27,150	$	196,217
Percentage rents	4,665		652		5,317		5,118		462		5,580
Specialty retail rents	11,244		1,140		12,384		9,777		1,102		10,879
Other rents (note 1)	114,364		20,170		134,534		88,910		13,760		102,670
Other revenues (note 2)	19,477		1,822		21,299		18,872		1,051		19,923
	356,067		61,310		417,377		291,744		43,525		335,269
Share of FFO of minority interest ventures (note 3)	5,801		—		5,801		4,918		—		4,918
Total revenues	361,868		61,310		423,178		296,662		43,525		340,187
Operating expenses	146,534		22,938		169,472		124,797		15,181		139,978
Net Operating Income	$	215,334	$	38,372	$	253,706	$	171,865	$	28,344	$	200,209

Notes:

(1)		Other rents are comprised primarily of charges to tenants for operating expenses.
(2)		Other revenues are comprised primarily of parking revenues, management fees, lease termination payments and late charges.
(3)		Minority interest ventures include: Randhurst, Staten Island Mall and certain other assets acquired in the Rodamco transaction (Kravco, Sawmill Place and River Ridge Mall). The Company acquired its partners’ interests in Ridgedale Center and Southland Center in November 2002.

The Rouse Company

Statement of Net Operating Income - Comparable and Noncomparable Properties (note)

(in thousands)

Retail centers

	For the three months ended June 30,
	2003						2002
	Comparable properties		Noncomparable properties		Total		Comparable properties		Noncomparable properties		Total
Minimum rents	$	69,580	$	50,227	$	119,807	$	68,239	$	37,636	$	105,875
Percentage rents	1,805		775		2,580		1,771		853		2,624
Specialty retail rents	4,333		2,392		6,725		4,244		2,010		6,254
Other rents	36,625		27,355		63,980		34,557		21,111		55,668
Other revenues	4,950		5,635		10,585		5,090		1,922		7,012
	117,293		86,384		203,677		113,901		63,532		177,433
Share of FFO of minority interest ventures	2,095		1,049		3,144		1,704		1,039		2,743
Total revenues	119,388		87,433		206,821		115,605		64,571		180,176
Operating expenses	45,612		37,026		82,638		46,846		28,141		74,987
Net Operating Income	$	73,776	$	50,407	$	124,183	$	68,759	$	36,430	$	105,189

Note - Noncomparable properties consist of projects which, in 2003 or 2002, were acquired, disposed of, expanded, opened or prepared for disposition. Such properties include the following: Cherry Hill Mall, Christiana Mall, Echelon Mall, Exton Square, Fashion Show, Franklin Park, The Gallery at Market East, Lakeside Mall, Moorestown Mall, North Star, Oakbrook Center, Plymouth Meeting, Randhurst, The Streets at Southpoint, Water Tower Place, Village of Merrick Park, the Village Centers in Columbia, Maryland and additional interests acquired in Collin Creek, Perimeter Mall, Ridgedale Center, Southland Center and Willowbrook. Noncomparable properties also include South Street Seaport due to the ongoing effects of the terrorist attacks of September 11, 2001.

The Rouse Company

Statement of Net Operating Income - Comparable and Noncomparable Properties (note)

(in thousands)

Retail centers

	For the six months ended June 30,
	2003						2002
	Comparable properties		Noncomparable properties		Total		Comparable properties		Noncomparable properties		Total
Minimum rents	$	138,524	$	105,319	$	243,843	$	135,174	$	61,043	$	196,217
Percentage rents	3,016		2,301		5,317		3,661		1,919		5,580
Specialty retail rents	7,844		4,540		12,384		7,746		3,133		10,879
Other rents	74,142		60,392		134,534		68,502		34,168		102,670
Other revenues	10,259		11,040		21,299		11,906		8,017		19,923
	233,785		183,592		417,377		226,989		108,280		335,269
Share of FFO of minority interest ventures	3,781		2,020		5,801		3,279		1,639		4,918
Total revenues	237,566		185,612		423,178		230,268		109,919		340,187
Operating expenses	92,544		76,928		169,472		91,671		48,307		139,978
Net Operating Income	$	145,022	$	108,684	$	253,706	$	138,597	$	61,612	$	200,209

The Rouse Company and Unconsolidated Proportionate Share Ventures

Statement of Net Operating Income

(in thousands)

Office and other properties

	For the three months ended June 30,
	2003						2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total		The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	37,896	$	1,102	$	38,998	$	37,662	$	605	$	38,267
Other rents (note 1)	4,035		329		4,364		5,350		172		5,522
Other revenues (note 2)	5,873		606		6,479		6,165		303		6,468
	47,804		2,037		49,841		49,177		1,080		50,257
Share of FFO of minority interest ventures (note 3)	529		—		529		—		—		—
Total revenues	48,333		2,037		50,370		49,177		1,080		50,257
Operating expenses	18,389		1,104		19,493		18,877		667		19,544
Net Operating Income	$	29,944	$	933	$	30,877	$	30,300	$	413	$	30,713

Notes:

(1)		Other rents are comprised primarily of charges to tenants for operating expenses.
(2)		Other revenues are comprised primarily of parking revenues, management fees, lease termination payments and late charges.
(3)		Minority interest ventures include the Company’s equity in earnings of Westin New York, a hotel in New York City that began operations in October 2002. An interest in the hotel was acquired in the Rodamco transaction.

The Rouse Company and Unconsolidated Proportionate Share Ventures

Statement of Net Operating Income

(in thousands)

Office and other properties

	For the six months ended June 30,
	2003								2002
	The Rouse Company			Unconsolidated Proportionate Share Ventures		Total			The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	76,515		$	2,126	$	78,641		$	77,150	$	605	$	77,755
Other rents (note 1)	8,604			740		9,344			10,295		172		10,467
Other revenues (note 2)	11,222			1,119		12,341			11,966		303		12,269
	96,341			3,985		100,326			99,411		1,080		100,491
Share of FFO of minority interest ventures (note 3)	(109		)	—		(109		)	—		—		—
Total revenues	96,232			3,985		100,217			99,411		1,080		100,491
Operating expenses	37,135			2,325		39,460			38,226		667		38,893
Net Operating Income	$	59,097		$	1,660	$	60,757		$	61,185	$	413	$	61,598

Notes:

(1)		Other rents are comprised primarily of charges to tenants for operating expenses.
(2)		Other revenues are comprised primarily of parking revenues, management fees, lease termination payments and late charges.
(3)		Minority interest ventures include the Company’s equity in earnings of Westin New York, a hotel in New York City that began operations in October 2002. An interest in the hotel was acquired in the Rodamco transaction.

The Rouse Company

Statement of Net Operating Income - Comparable and Noncomparable Properties (note)

(in thousands)

Office and other properties

	For the three months ended June 30,
	2003						2002
	Comparable properties		Noncomparable properties		Total		Comparable properties		Noncomparable properties		Total
Minimum rents	$	36,808	$	2,190	$	38,998	$	35,971	$	2,296	$	38,267
Other rents	3,884		480		4,364		5,100		422		5,522
Other revenues	5,857		622		6,479		6,149		319		6,468
	46,549		3,292		49,841		47,220		3,037		50,257
Share of FFO of minority interest ventures	—		529		529		—		—		—
Total revenues	46,549		3,821		50,370		47,220		3,037		50,257
Operating Expenses	17,795		1,698		19,493		18,152		1,392		19,544
Net Operating Income	$	28,754	$	2,123	$	30,877	$	29,068	$	1,645	$	30,713

Note - Noncomparable properties consist of projects which, in 2003 or 2002, were acquired, disposed of or prepared for disposition. Such properties include the following: the office components of Oakbrook Center and Water Tower Place, an interest in Westin New York, an office building in Columbia, Maryland, an office building in Hunt Valley, Maryland and seven office buildings in Prince George’s County, Maryland.

The Rouse Company

Statement of Net Operating Income - Comparable and Noncomparable Properties (note)

(in thousands)

Office and other properties

	For the six months ended June 30,
	2003								2002
	Comparable properties		Noncomparable properties			Total			Comparable properties		Noncomparable properties		Total
Minimum rents	$	73,646	$	4,995		$	78,641		$	73,442	$	4,313	$	77,755
Other rents	7,992		1,352			9,344			9,712		755		10,467
Other revenues	11,201		1,140			12,341			11,880		389		12,269
	92,839		7,487			100,326			95,034		5,457		100,491
Share of FFO of minority interest ventures	—		(109		)	(109		)	—		—		—
Total revenues	92,839		7,378			100,217			95,034		5,457		100,491
Operating Expenses	35,654		3,806			39,460			36,542		2,351		38,893
Net Operating Income	$	57,185	$	3,572		$	60,757		$	58,492	$	3,106	$	61,598

The Rouse Company

Net Operating Income from Community Development

(in thousands)

For the three months ended June 30, 2003					Total
	Columbia Operations		Summerlin Operations		Community Development

Revenues	$	3,012	$	85,440	$	88,452
Operating costs and expenses	1,770		59,516		61,286
Net Operating Income	$	1,242	$	25,924	$	27,166

For the three months ended June 30, 2002					Total
	Columbia Operations		Summerlin Operations		Community Development

Revenues	$	9,984	$	36,948	$	46,932
Operating costs and expenses	1,359		30,010		31,369
Net Operating Income	$	8,625	$	6,938	$	15,563

For the six months ended June 30, 2003					Total
	Columbia Operations		Summerlin Operations		Community Development

Revenues	$	25,153	$	133,774	$	158,927
Operating costs and expenses	9,606		93,568		103,174
Net Operating Income	$	15,547	$	40,206	$	55,753

For the six months ended June 30, 2002					Total
	Columbia Operations		Summerlin Operations		Community Development

Revenues	$	31,070	$	72,079	$	103,149
Operating costs and expenses	11,402		56,475		67,877
Net Operating Income	$	19,668	$	15,604	$	35,272

Note- Revenues of Columbia Operations includes the Company’s equity in the earnings of the joint venture that is developing the community of Fairwood. The Company’s equity in the earnings of that joint venture was $0.2 million and $2.0 million in the three and six months ended June 30, 2003, respectively, and $0.2 million in the three and six months ended June 30, 2002.

The Rouse Company
Occupancy Percentages
June 30, 2003

	Occupancy at June 30, 2003	Average Occupancy YTD	Occupancy at June 30, 2002	Average Occupancy YTD

Retail:

The percentages noted below are exclusive of community centers, and projects in disposition. For a definition of comparable properties, please see the retail statement of net operating income.

Comparable properties	92.2%	92.2%	92.6%	92.1%

Comparable and non-comparable properties combined	92.2%	92.0%	92.7%	92.2%

Office	87.8%	88.0%	88.9%	90.5%

The Rouse Company

Sales Data

Rolling Twelve Months Ended

June 30, 2003

Volume

As of July 1, 2002, The Rouse Company managed 12,605,865 square feet of retail space that continued to be in operation at June 30, 2003. The volume of sales produced in that comparable (same-store) space remained flat during 2003 over 2002. For detailed information concerning growth by merchant category and region please see the Rouse Retail Barometer.

Productivity

There are numerous ways to compute and analyze sales per square foot for portfolios of properties. Listed below are some of the most meaningful. Data below is exclusive of community centers, and projects in disposition.

Comparable tenants in comparable properties, excluding tenant space over 10,000 square feet.	$	405

Comparable tenants in all properties, excluding tenant space over 10,000 square feet.	$	422

Comparable tenants in comparable properties.	$	383

Comparable tenants in all properties.	$	399

Comparable space sales in comparable properties, excluding space over 10,000 square feet.	$	390

Comparable space sales in all properties, excluding space over 10,000 square feet.	$	407

Comparable space sales in comparable properties.	$	372

Comparable space sales in all properties.	$	388

Definitions:

Comparable tenant sales:		Same tenant, same space with no new additions.

Comparable space sales:		Same space in both years, no acquisitions or new development.

Non-comparable properties:		Properties which, in 2003 or 2002, were acquired, expanded, opened or prepared for disposition, for a listing of non-comparable projects please see the retail statements of net operating income.

The Rouse Company

Schedule of Expiring Footage, excluding department stores and storage (note 1)

As of June 30, 2003

	Remaining 2003	2004	2005	2006	2007

Retail centers	694,425	1,574,387	1,525,088	1,368,706	1,459,870

Office and other properties	941,108	1,192,207	1,103,455	1,248,638	887,106

Note:

(1) Footage amounts represent gross leasable area expiring during the year. Re-leaasing assumptions are not included.

The Rouse Company

Significant Retail Tenant Concentration

June 30, 2003

Tenant		Percentage of GLA

1	The Gap, Inc.	6.7	%
2	The Limited, Inc.	6.5	%
3	Venator Group	2.5	%
4	Abercrombie & Fitch, Inc.	1.8	%
5	Spiegel, Inc.	1.8	%
6	Williams-Sonoma, Inc.	1.6	%
7	Ann Taylor, Inc.	1.2	%
8	Lerner New York, Inc.	1.2	%
9	AE Stores Company	1.2	%
10	Trans World Music Corporation	1.1	%

The Rouse Company and unconsolidated proportionate share ventures
Additions to Operating Properties and Properties in Development
For the three months ended June 30, 2003

(in thousands)

Retail centers	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total

New Developments	$	6,215	$	10,214	$	16,429

Renovations and Expansions	21,547		4,665		26,212

Tenant Allowances, Improvements and Leasing Commissions	3,451		444		3,895

Building and Other	4,909		162		5,071
Total	$	36,122	$	15,485	$	51,607

Office and other properties	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total

New Developments	$	2,808	$	—	$	2,808

Renovations and Expansions	—		—		—

Tenant Allowances, Improvements and Leasing Commissions	3,754		—		3,754

Building and Other	1,935		—		1,935
Total	$	8,497	$	—	$	8,497

The Rouse Company and unconsolidated proportionate share ventures
Additions to Operating Properties and Properties in Development
For the six months ended June 30, 2003

(in thousands)

Retail centers	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total

New Developments	$	29,242	$	17,604	$	46,846

Renovations and Expansions	47,591		4,711		52,302

Tenant Allowances, Improvements and Leasing Commissions	5,396		709		6,105

Building and Other	11,209		622		11,831

Total	$	93,438	$	23,646	$	117,084

Office and other properties	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total

New Developments	$	4,899	$	—	$	4,899

Renovations and Expansions	—		—		—

Tenant Allowances, Improvements and Leasing Commissions	7,029		—		7,029

Building and Other	3,115		—		3,115

Total	$	15,043	$	—	$	15,043

The Rouse Company and unconsolidated proportionate share ventures
Combined Balance Sheets (in thousands)

	June 30, 2003							December 31, 2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures			Total		The Rouse Company		Unconsolidated Proportionate Share Ventures			Total

Assets:
Operating properties, net	$	4,453,747	$	941,772		$	5,395,519	$	4,931,228	$	862,148		$	5,793,376
Properties in development	217,952		28,377			246,329		176,214		14,502			190,716
Land held for development and sale	383,626		251			383,877		321,744		251			321,995
Investments in and advances to other unconsolidated real estate ventures	475,289		(373,609		)	101,680		442,405		(345,978		)	96,427
Prepaid expenses, receivables under finance leases and other assets	353,664		22,250			375,914		383,914		23,901			407,815
Accounts and notes receivable	49,852		5,381			55,233		56,927		6,118			63,045
Cash, cash equivalents and marketable securities	87,214		10,586			97,800		73,736		16,452			90,188
Total	$	6,021,344	$	635,008		$	6,656,352	$	6,386,168	$	577,394		$	6,963,562

Liabilities and shareholders equity:
Mortgages payable and other long term debt	$	3,944,096	$	626,461		$	4,570,557	$	4,441,477	$	566,414		$	5,007,891
Other liabilities	720,258		8,547			728,805		696,267		10,980			707,247
Minority interest in majority financial interest ventures	—		—			—		—		—			—
Company-obligated preferred securities	126,590		—			126,590		136,340		—			136,340
Shareholders’ equity	1,230,400		—			1,230,400		1,112,084		—			1,112,084
Total	$	6,021,344	$	635,008		$	6,656,352	$	6,386,168	$	577,394		$	6,963,562

The Rouse Company and unconsolidated proportionate share ventures
Comparative Balance Sheets (in thousands)

	June 30 2003		March 31 2003		December 31 2002		September 30 2002		June 30 2002

Assets:
Operating properties, net	$	5,395,519	$	5,454,477	$	5,793,376	$	5,449,363	$	5,344,702
Properties in development	246,329		209,968		190,716		357,241		411,309
Properties held for sale	—		342,483		—		—		12,684
Land held for development and sale	383,877		322,105		321,995		310,157		308,249
Investments in and advances to other unconsolidated real estate ventures	101,680		97,543		96,427		126,888		122,458
Prepaid expenses, receivables under finance leases and other assets	375,914		389,824		407,815		369,087		368,493
Accounts and notes receivable	55,233		66,449		63,045		71,572		76,331
Cash, cash equivalents and marketable securities	97,800		102,386		90,188		210,648		71,293
Total	$	6,656,352	$	6,985,235	$	6,963,562	$	6,894,956	$	6,715,519
Liabilities and shareholders equity:
Mortgages payable and other long term debt	$	4,570,557	$	4,780,518	$	5,007,891	$	4,971,064	$	4,804,354
Debt related to properties held for sale	—		296,299		—		—		—
Other liabilities	728,805		657,089		707,247		634,800		615,682
Company-obligated preferred securities	126,590		136,340		136,340		136,340		136,965
Shareholders’ equity	1,230,400		1,114,989		1,112,084		1,152,752		1,158,518
Total	$	6,656,352	$	6,985,235	$	6,963,562	$	6,894,956	$	6,715,519

The Rouse Company and unconsolidated proportionate share ventures
Debt Summary
(in thousands)
June 30, 2003

						Unconsolidated Proportionate Share Ventures
	The Rouse Company					Unconsolidated Proportionate Share Ventures					Total
	Amount		Weighted- average Interest Rate		Weighted- average Maturity (years)	Amount		Weighted- average Interest Rate		Weighted- average Maturity (years)	Amount		Weighted- average Interest Rate		Weighted- average Maturity (years)

Parent Company debt and property debt carrying a parent company guarantee of repayment

Variable rate	$	24,450	3.3	%	1.1	$	2,072	3.2	%	0.3	$	26,522	3.3	%	1.0
Variable rate debt swapped to fixed	252,013		3.3	%	1.2	68,000		3.2	%	0.3	320,013		3.3	%	1.0
Fixed rate	793,822		7.4	%	7.0	—		—		—	793,822		7.4	%	7.0

	1,070,285		6.3	%	5.5	70,072		3.2	%	0.3	1,140,357		6.1	%	5.2

Property debt not carrying a Parent Company guarantee of repayment

Variable rate	122,306		2.8	%	0.7	101,750		2.1	%	0.3	224,056		2.5	%	0.5
Variable rate debt swapped to fixed	683,439		3.9	%	2.4	—		—		—	683,439		3.9	%	2.4
Fixed rate	2,068,066		7.4	%	5.8	454,639		5.9	%	7.8	2,522,705		7.1	%	6.2

	2,873,811		6.4	%	4.8	556,389		5.2	%	6.4	3,430,200		6.2	%	5.0
Total debt	$	3,944,096	6.4	%	5.0	$	626,461	5.0	%	5.7	$	4,570,557	6.2	%	5.1

The Rouse Company
Coverage Ratios (Note)
June 30, 2003

Interest Coverage	6/30/2003		6/30/2002

1) Net earnings	$	162,232	$	112,852
2) Funds from operations (FFO)	176,310		115,574
3) FFO from recurring activities	199,988		144,608
4) Interest expense	140,659		126,873
5) Quips expense	6,355		6,436

Calculations:

Net earnings (1+4+5)/4	2.2		1.9
FFO (2+4+5)/4	2.3		2.0
FFO from recurring activities (3+4+5)/4	2.5		2.2

Interest and Preferred Coverage

1) Net earnings	$	162,232	$	112,852
2) Funds from operations (FFO)	176,310		115,574
3) FFO from recurring activities	199,988		144,608
4) Interest expense	140,659		126,873
5) Quips expense	6,355		6,436
6) Preferred stock dividends	6,074		6,074

Calculations:

Net earnings (1+4+5)/(4+5+6)	2.0		1.8
FFO (2+4+5)/(4+5+6)	2.1		1.8
FFO from recurring activities (3+4+5)/(4+5+6)	2.3		2.0

Note - The above calculations are an illustrative presentation of the Company’s ability to cover its interest and preferred distribution obligations. The Company has prepared these calculations using FFO and FFO from recurring activities in order to assist investors and analysts in understanding prior periods. These calculations are not prepared in accordance with the terms of various loans which, among other things require the Company to maintain specified minimum levels of debt service coverage. See the Financial Highlights attached to the Company’s press release dated July 29, 2003 for a reconciliation of FFO from recurring activities to net earnings.

The Rouse Company and unconsolidated proportionate share ventures

Schedule of balloon payments due

(in thousands)

June 30, 2003

	2003		2004		2005		2006		2007

The Rouse Company	$	293,406	$	433,021	$	384,623	$	293,300	$	448,053

Unconsolidated Proportionate Share Ventures	171,822		2,700		—		—		45,926
Total	$	465,228	$	435,721	$	384,623	$	293,300	$	493,979