Exhibit 99.2

The Rouse Company
Supplemental Materials
Third Quarter 2003

TABLE OF CONTENTS	Page

Retail net operating income
Consolidated and proportionate share NOI, quarter	1
Consolidated and proportionate share NOI, year-to-date	2
Comparable property NOI, quarter	3
Comparable property NOI, year-to-date	4

Office and other net operating income
Consolidated and proportionate share NOI, quarter	5
Consolidated and proportionate share NOI, year-to-date	6
Comparable property NOI, quarter	7
Comparable property NOI, year-to-date	8

Community development net operating income	9

Operating property information
Occupancy	10
Retail sales and occupancy cost	11
Schedule of expiring footage	12
Retail tenant concentrations	13
Capitalized improvements and development costs, quarter	14
Capitalized improvements and development costs, year-to-date	15

Balance sheets
Consolidated and proportionate share, Sept.30, 2003 and Dec.31, 2002	16
Comparative balance sheets, last five quarters	17

Debt and related information
Consolidated and proportionate share debt summary	18
Coverage ratios	19
Schedule of unencumbered NOI	20
Schedule of balloon maturities	21
Schedule of maturities	22

The Rouse Company and Unconsolidated Proportionate Share Ventures
Statement of Net Operating Income
(in thousands)

Retail centers

	For the three months ended September 30,
	2003						2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total		The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	96,990	$	19,691	$	116,681	$	102,845	$	13,236	$	116,081
Percentage rents	1,883		655		2,538		2,728		444		3,172
Specialty retail rents	6,217		690		6,907		6,643		406		7,049
Other rents (note 1)	53,942		9,873		63,815		56,328		7,071		63,399
Other revenues (note 2)	6,731		358		7,089		9,560		700		10,260
	165,763		31,267		197,030		178,104		21,857		199,961
Share of FFO of minority interest ventures (note 3)	1,894		—		1,894		4,875		—		4,875
Total revenues	167,657		31,267		198,924		182,979		21,857		204,836

Operating expenses	69,486		11,473		80,959		73,454		8,328		81,782

Net Operating Income	$	98,171	$	19,794	$	117,965	$	109,525	$	13,529	$	123,054

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 and in Staten Island Mall in August 2003.

The Rouse Company and Unconsolidated Proportionate Share Ventures
Statement of Net Operating Income
(in thousands)

Retail centers

	For the nine months ended September 30,
	2003						2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total		The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	303,307	$	57,217	$	360,524	$	271,912	$	40,386	$	312,298
Percentage rents	6,548		1,307		7,855		7,846		906		8,752
Specialty retail rents	17,461		1,830		19,291		16,420		1,508		17,928
Other rents (note 1)	168,306		30,043		198,349		145,238		20,831		166,069
Other revenues (note 2)	26,208		2,180		28,388		28,432		1,751		30,183
	521,830		92,577		614,407		469,848		65,382		535,230
Share of FFO of minority interest ventures (note 3)	7,695		—		7,695		9,793		—		9,793
Total revenues	529,525		92,577		622,102		479,641		65,382		545,023

Operating expenses	215,730		34,415		250,145		196,855		23,492		220,347

Net Operating Income	$	313,795	$	58,162	$	371,957	$	282,786	$	41,890	$	324,676

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 and in Staten Island Mall in August 2003.

The Rouse Company

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

(in thousands)

Retail centers

	For the three months ended September 30,
	2003						2002
	Comparable properties		Noncomparable properties		Total		Comparable properties		Noncomparable properties		Total
Minimum rents	$	70,665	$	46,016	$	116,681	$	67,787	$	48,294	$	116,081
Percentage rents	1,697		841		2,538		1,908		1,264		3,172
Specialty retail rents	4,653		2,254		6,907		4,408		2,641		7,049
Other rents	38,458		25,357		63,815		36,748		26,651		63,399
Other revenues	4,901		2,188		7,089		5,844		4,416		10,260
	120,374		76,656		197,030		116,695		83,266		199,961
Share of FFO of minority interest ventures	—		1,894		1,894		—		4,875		4,875
Total revenues	120,374		78,550		198,924		116,695		88,141		204,836

Operating expenses	46,896		34,063		80,959		46,889		34,893		81,782

Net Operating Income	$	73,478	$	44,487	$	117,965	$	69,806	$	53,248	$	123,054

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, The Jacksonville Landing, 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 and other retail properties in Columbia, Maryland and additional interests acquired in Collin Creek, Perimeter Mall, Ridgedale Center, Southland Center, Staten Island Mall 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 nine months ended September 30,
	2003						2002
	Comparable properties		Noncomparable properties		Total		Comparable properties		Noncomparable properties		Total
Minimum rents	$	208,265	$	152,259	$	360,524	$	202,052	$	110,246	$	312,298
Percentage rents	4,676		3,179		7,855		5,501		3,251		8,752
Specialty retail rents	12,467		6,824		19,291		12,110		5,818		17,928
Other rents	112,310		86,039		198,349		105,051		61,018		166,069
Other revenues	15,111		13,277		28,388		17,685		12,498		30,183
	352,829		261,578		614,407		342,399		192,831		535,230
Share of FFO of minority interest ventures	—		7,695		7,695		226		9,567		9,793
Total revenues	352,829		269,273		622,102		342,625		202,398		545,023

Operating expenses	138,053		112,092		250,145		137,572		82,775		220,347

Net Operating Income	$	214,776	$	157,181	$	371,957	$	205,053	$	119,623	$	324,676

Note -

The Rouse Company and Unconsolidated Proportionate Share Ventures
Statement of Net Operating Income
(in thousands)

Office and other properties

	For the three months ended September 30,
	2003						2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total		The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	36,891	$	1,092	$	37,983	$	37,784	$	925	$	38,709
Other rents (note 1)	5,002		394		5,396		5,802		603		6,405
Other revenues (note 2)	5,169		565		5,734		5,376		346		5,722
	47,062		2,051		49,113		48,962		1,874		50,836
Share of FFO of minority interest ventures (note 3)	625		—		625		—		—		—
Total revenues	47,687		2,051		49,738		48,962		1,874		50,836

Operating expenses	18,976		1,184		20,160		19,826		1,012		20,838

Net Operating Income	$	28,711	$	867	$	29,578	$	29,136	$	862	$	29,998

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 nine months ended September 30,
	2003						2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total		The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	113,406	$	3,218	$	116,624	$	114,934	$	1,530	$	116,464
Other rents (note 1)	13,606		1,134		14,740		16,097		775		16,872
Other revenues (note 2)	16,391		1,684		18,075		17,342		649		17,991
	143,403		6,036		149,439		148,373		2,954		151,327
Share of FFO of minority interest ventures (note 3)	516		—		516		—		—		—
Total revenues	143,919		6,036		149,955		148,373		2,954		151,327

Operating expenses	56,100		3,509		59,609		58,043		1,679		59,722

Net Operating Income	$	87,819	$	2,527	$	90,346	$	90,330	$	1,275	$	91,605

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 September 30,
	2003						2002
	Comparable properties		Noncomparable properties		Total		Comparable properties		Noncomparable properties		Total
Minimum rents	$	36,697	$	1,286	$	37,983	$	35,853	$	2,856	$	38,709
Other rents	5,002		394		5,396		5,448		957		6,405
Other revenues	5,165		569		5,734		5,361		361		5,722
	46,864		2,249		49,113		46,662		4,174		50,836
Share of FFO of minority interest ventures	—		625		625		—		—		—
Total revenues	46,864		2,874		49,738		46,662		4,174		50,836

Operating Expenses	18,840		1,320		20,160		18,994		1,844		20,838

Net Operating Income	$	28,024	$	1,554	$	29,578	$	27,668	$	2,330	$	29,998

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 nine months ended September 30,
	2003						2002
	Comparable properties		Noncomparable properties		Total		Comparable properties		Noncomparable properties		Total
Minimum rents	$	110,343	$	6,281	$	116,624	$	109,295	$	7,169	$	116,464
Other rents	12,994		1,746		14,740		15,160		1,712		16,872
Other revenues	16,366		1,709		18,075		17,241		750		17,991
	139,703		9,736		149,439		141,696		9,631		151,327
Share of FFO of minority interest ventures	—		516		516		—		—		—
Total revenues	139,703		10,252		149,955		141,696		9,631		151,327

Operating Expenses	54,483		5,126		59,609		55,527		4,195		59,722

Net Operating Income	$	85,220	$	5,126	$	90,346	$	86,169	$	5,436	$	91,605

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
Net Operating Income from Community Development
(in thousands)

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

Revenues	$	31,079	$	31,754	$	62,833
Operating costs and expenses	$	10,502	$	18,971	$	29,473

Net Operating Income	$	20,577	$	12,783	$	33,360

For the three months ended September 30, 2002

Revenues	$	17,959	$	54,202	$	72,161
Operating costs and expenses	$	7,105	$	39,217	$	46,322

Net Operating Income	$	10,854	$	14,985	$	25,839

For the nine months ended September 30, 2003

Revenues	$	56,232	$	165,528	$	221,760
Operating costs and expenses	$	19,616	$	109,576	$	129,192

Net Operating Income	$	36,616	$	55,952	$	92,568

For the nine months ended September 30, 2002

Revenues	$	49,029	$	126,281	$	175,310
Operating costs and expenses	$	18,804	$	93,837	$	112,641

Net Operating Income	$	30,225	$	32,444	$	62,669

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 $0.1 million and $2.1 million in the three and nine months ended September 30, 2003, respectively, and $1.3 million and $1.5 million in the three and nine months ended September 30, 2002, respectively.

The Rouse Company
Occupancy Percentages
September 30, 2003

	Occupancy at September 30, 2003	Average Occupancy YTD	Occupancy at September 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	93.4%	92.6%	93.8%	92.8%

Comparable and non-comparable properties combined	93.2%	92.4%	92.6%	90.4%

Office	87.7%	88.0%	89.0%	89.9%

The Rouse Company
Sales Data

Rolling Twelve Months Ended September 30,2003

Volume

As of October 1, 2002, The Rouse Company managed 12,623,681square feet of retail space that continued to be in operation at September 30, 2003. The volume of sales produced in that comparable (same-store) space increased 1.1% in 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.

	Sales PSF
Comparable tenants in comparable properties, excluding tenant
space over 10,000 square feet.	$	404
Comparable tenants in all properties, excluding tenant space over
10,000 square feet. (1)	$	425
Comparable tenants in comparable properties.	$	382
Comparable tenants in all properties.	$	403
Comparable space sales in comparable properties, excluding space over
10,000 square feet.	$	389
Comparable space sales in all properties, excluding space over 10,000 square feet.	$	411
Comparable space sales in comparable properties.	$	370
Comparable space sales in all properties.	$	392

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.

(1) Total rent to sales ratio (occupancy cost) is 15.0%.

The Rouse Company
Schedule of Expiring Footage, Excluding Department Stores and Storage (Note 1)
As of September 30, 2003

	Remaining 2003	2004	2005	2006	2007

Retail centers	453,883	1,607,515	1,508,626	1,386,056	1,425,629

Office and other properties	545,346	1,154,789	937,248	1,265,501	836,294

Note:

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

The Rouse Company

Significant Retail Tenant Concentration

September 30, 2003

		Percentage
	Tenant	of GLA

1	The Limited, Inc.	7.6	%
2	The Gap, Inc.	5.0	%
3	Foot Locker, Inc.	2.7	%
4	Abercrombie & Fitch, Inc.	2.0	%
5	Retail Brand Alliance, Inc.	1.4	%
6	Lerner New York, Inc.	1.4	%
7	Ann Taylor, Inc.	1.3	%
8	Spiegel, Inc.	1.3	%
9	Williams-Sonoma, Inc.	1.3	%
10	Trans World Music Corporation	1.2	%

The Rouse Company and Unconsolidated Proportionate Share Ventures
Additions to Operating Properties and Properties in Development
For the three months ended September 30, 2003
(in thousands)

Retail centers	The Rouse Company		Unconsolidated Proportionate Share Ventures			Total

New Developments	$	4,807	$	10,823		$	15,630

Renovations and Expansions	22,091		1,423			23,514

Tenant Allowances, Improvements and Leasing Commissions	3,954		454			4,408

Building and Other	11,332		337			11,669

Total	$	42,184	$		13,037	$	55,221

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

New Developments	$	3,551	$	—	$	3,551

Renovations and Expansions	—		—		—

Tenant Allowances, Improvements and Leasing Commissions	3,994		26		4,020

Building and Other	2,157		—		2,157

Total	$	9,702	$	26	$	9,728

The Rouse Company and Unconsolidated Proportionate Share Ventures
Additions to Operating Properties and Properties in Development
For the nine months ended September 30, 2003
(in thousands)

Retail centers	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total

New Developments	$	34,049	$	28,427	$	62,476

Renovations and Expansions	69,682		6,134		75,816

Tenant Allowances, Improvements and Leasing Commissions	9,350		1,163		10,513

Building and Other	22,541		959		23,500

Total	$	135,622	$	36,683	$	172,305

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

New Developments	$	8,450	$	—	$	8,450

Renovations and Expansions	—		—		—

Tenant Allowances, Improvements and Leasing Commissions	11,023		26		11,049

Building and Other	5,272		—		5,272

Total	$	24,745	$	26	$	24,771

The Rouse Company and Unconsolidated Proportionate Share Ventures
Combined Balance Sheets (in thousands)

	September 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	$	4,662,619	$	944,260		$	5,606,879	$	4,931,228	$	862,148		$	5,793,376
Properties in development	235,510		32,697			268,207		176,214		14,502			190,716
Land held for development and sale	404,600		251			404,851		321,744		251			321,995
Investments in and advances to other unconsolidated real estate ventures	505,497		(382,034		)	123,463		442,405		(345,978		)	96,427
Prepaid expenses, receivables under finance leases and other assets	469,447		19,011			488,458		383,914		23,901			407,815
Accounts and notes receivable	57,942		5,657			63,599		56,927		6,118			63,045
Cash, cash equivalents and marketable securities	80,396		17,143			97,539		73,736		16,452			90,188

Total	$	6,416,011	$	636,985		$	7,052,996	$	6,386,168	$	577,394		$	6,963,562

Liabilities and shareholders equity:
Mortgages payable and other long term debt	$	4,285,928	$	627,750		$	4,913,678	$	4,441,477	$	566,414		$	5,007,891
Other liabilities	766,327		9,235			775,562		696,267		10,980			707,247
Company-obligated preferred securities	104,284		—			104,284		136,340		—			136,340
Shareholders’ equity	1,259,472		—			1,259,472		1,112,084		—			1,112,084

Total	$	6,416,011	$	636,985		$	7,052,996	$	6,386,168	$	577,394		$	6,963,562

The Rouse Company and Unconsolidated Proportionate Share Ventures
Comparative Balance Sheets (in thousands)

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

Assets:
Operating properties, net	$	5,606,879	$	5,395,519	$	5,454,477	$	5,793,376	$	5,449,363
Properties in development	268,207		246,329		209,968		190,716		357,241
Properties held for sale	—		—		342,483		—		—
Land held for development and sale	404,851		383,877		322,105		321,995		310,157
Investments in and advances to other unconsolidated real estate ventures	123,463		101,680		97,543		96,427		126,888
Prepaid expenses, receivables under finance leases and other assets	488,458		375,914		389,824		407,815		369,087
Accounts and notes receivable	63,599		55,233		66,449		63,045		71,572
Cash, cash equivalents and marketable securities	97,539		97,800		102,386		90,188		210,648

Total	$	7,052,996	$	6,656,352	$	6,985,235	$	6,963,562	$	6,894,956

Liabilities and shareholders equity:
Mortgages payable and other long term debt	$	4,913,678	$	4,570,557	$	4,780,518	$	5,007,891	$	4,971,064
Debt related to properties held for sale	—		—		296,299		—		—
Other liabilities	775,562		728,805		657,089		707,247		634,800
Company-obligated preferred securities	104,284		126,590		136,340		136,340		136,340
Shareholders’ equity	1,259,472		1,230,400		1,114,989		1,112,084		1,152,752

Total	$	7,052,996	$	6,656,352	$	6,985,235	$	6,963,562	$	6,894,956

The Rouse Company and Unconsolidated Proportionate Share Ventures
Debt Summary
(in thousands)
September 30, 2003

	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	$	335,214	2.0	%	2.6	$	2,727	3.0	%	0.1	$	337,941	2.0	%	2.6
Variable rate debt swapped to fixed	320,032		3.8	%	2.4	68,000		3.4	%	0.1	388,032		3.7	%	2.0
Fixed rate	815,460		7.3	%	6.5	—		—		—	815,460		7.3	%	6.5

	1,470,706		5.3	%	4.7	70,727		3.4	%	0.1	1,541,433		5.2	%	4.5

Property debt not carrying a Parent Company guarantee of repayment

Variable rate	60,897		2.9	%	2.9	—		—		—	60,897		2.9	%	2.9
Variable rate debt swapped to fixed	613,545		3.9	%	2.4	—		—		—	613,545		3.9	%	2.4
Fixed rate	2,140,780		7.4	%	5.6	557,023		5.7	%	7.4	2,697,803		7.0	%	6.0

	2,815,222		6.5	%	4.8	557,023		5.7	%	7.4	3,372,245		6.4	%	5.3

Total debt	$	4,285,928	6.1	%	4.8	$	627,750	5.4	%	6.6	$	4,913,678	6.0	%	5.0

The Rouse Company

Coverage Ratios (Note)

September 30, 2003

	9/30/2003		9/30/2002
Interest Coverage

1) Net earnings	$	202,724	$	145,151
2) Funds from operations (FFO)	268,005		191,941
3) Interest expense	205,210		196,145
4) Quips expense	8,999		9,630

Calculations:

Net earnings (1+3+4)/3	2.0		1.8
FFO (2+3+4)/3	2.3		2.0

Interest and Preferred Coverage

1) Net earnings	$	202,724	$	145,151
2) Funds from operations (FFO)	268,005		191,941
3) Interest expense	205,210		196,145
4) Quips expense	8,999		9,630
5) Preferred distributions	10,287		10,061

Calculations:

Net earnings (1+3+4)/(3+4+5)	1.9		1.6
FFO (2+3+4)/(3+4+5)	2.1		1.8

Note - The above calculations are an illustrative presentation of the Company’s ability to cover its interest and preferred distribution obligations. 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 October 28, 2003 for a reconciliation of FFO to net earnings.

The Rouse Company and Unconsolidated Proportionate Share Ventures
Schedule of Unencumbered Net Operating Income (1)

(in thousands)

For the three months ended September 30, 2003:

NOI generated by unencumbered retail assets(2)	$	15,834

NOI generated by unencumbered office and other assets(3)	1,050

Community development NOI, pre-tax	33,360

Total	$	50,244


For the nine months ended September 30, 2003:

NOI generated by unencumbered retail assets(2)	$	46,487

NOI generated by unencumbered office and other assets(3)	3,009

Community development NOI, pre-tax	92,568

Total	$	142,064

Notes:
(1)	Unencumbered NOI is pursuant to the terms of our unsecured corporate credit facility. Projects included in this schedule are those in which the Company has a continuing interest.
(2)	Retail assets that are unencumbered consist of four regional malls.
(3)	Office and other assets that are unencumbered consist of 14 office buildings located in Baltimore, Maryland.

The Rouse Company and Unconsolidated Proportionate Share Ventures
Schedule of Balloon Payments Due
(in thousands)
September 30, 2003

	2003		2004		2005		2006		2007

The Rouse Company	$	33,615	$	433,021	$	406,057	$	798,935	$	448,053

Unconsolidated Proportionate Share Ventures	—		2,700		—		—		45,926

Total	$	33,615	$	435,721	$	406,057	$	798,935	$	493,979

The Rouse Company and Unconsolidated Proportionate Share Ventures
Debt Maturities
September 30, 2003
($ in millions)

	Remaining 2003			2004		2005		2006		2007		Thereafter		Total

Consolidated debt:

Fixed rate debt	$	48		285		176		343		242		1,862		$	2,956
Average interest rate	7.3		%	7.3	%	7.3	%	7.2	%	7.1	%	7.1	%	7.1		%

Variable rate debt	$	3		230		310		519		260		8		$	1,330
Average interest rate	2.5		%	2.4	%	2.1	%	2.3	%	3.3	%	3.3	%	2.5		%

Unconsolidated Proportionate Share Venture debt:

Fixed rate debt	$	2		10		9		10		56		470		$	557
Average interest rate	5.7		%	5.7	%	5.7	%	5.7	%	5.6	%	5.6	%	5.6		%

Variable rate debt	$	71		—		—		—		—		—		$	71
Average interest rate	—			—		—		—		—		—		—