Exhibit 99.2

THE ROUSE COMPANY

Supplemental Materials / Fourth Quarter 2003

The Rouse Company

Supplemental Materials

Fourth 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, Dec. 31, 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 December 31,
	2003						2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total		The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	104,551	$	20,252	$	124,803	$	110,727	$	17,175	$	127,902
Percentage rents	3,137		1,627		4,764		3,760		1,565		5,325
Specialty retail rents	13,727		1,648		15,375		14,204		1,199		15,403
Other rents (note 1)	56,777		9,757		66,534		60,292		9,391		69,683
Other revenues (note 2)	8,376		518		8,894		8,989		285		9,274
	186,568		33,802		220,370		197,972		29,615		227,587
Share of FFO of minority interest ventures (note 3)	769		—		769		2,903		—		2,903
Total revenues	187,337		33,802		221,139		200,875		29,615		230,490

Operating expenses	72,504		11,687		84,191		75,010		10,329		85,339
Net Operating Income	$	114,833	$	22,115	$	136,948	$	125,865	$	19,286	$	145,151

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, Ridgedale Center, Southland Center 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 Company disposed of its interests in Sawmill Place, River Ridge Mall and Kravco in November 2002, July 2003 and December 2003, respectively.

The Rouse Company and Unconsolidated Proportionate Share Ventures

Statement of Net Operating Income

(in thousands)

Retail Centers

	For the twelve months ended December 31,
	2003						2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total		The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	407,858	$	77,469	$	485,327	$	382,639	$	57,561	$	440,200
Percentage rents	9,685		2,934		12,619		11,606		2,471		14,077
Specialty retail rents	31,188		3,478		34,666		30,624		2,707		33,331
Other rents (note 1)	225,083		39,800		264,883		205,530		30,222		235,752
Other revenues (note 2)	34,584		2,698		37,282		37,031		2,426		39,457
	708,398		126,379		834,777		667,430		95,387		762,817
Share of FFO of minority interest ventures (note 3)	8,464		—		8,464		12,696		—		12,696
Total revenues	716,862		126,379		843,241		680,126		95,387		775,513

Operating expenses	288,234		46,102		334,336		271,865		33,821		305,686
Net Operating Income	$	428,628	$	80,277	$	508,905	$	408,261	$	61,566	$	469,827

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.

The Rouse Company

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

(in thousands)

Retail centers

	For the three months ended December 31,
	2003						2002
	Comparable properties		Noncomparable properties		Total		Comparable properties		Noncomparable properties		Total
Minimum rents	$	72,101	$	52,702	$	124,803	$	71,371	$	56,531	$	127,902
Percentage rents	1,844		2,920		4,764		1,966		3,359		5,325
Specialty retail rents	9,737		5,638		15,375		9,215		6,188		15,403
Other rents	38,547		27,987		66,534		37,397		32,286		69,683
Other revenues	5,604		3,290		8,894		5,893		3,381		9,274
	127,833		92,537		220,370		125,842		101,745		227,587
Share of FFO of minority interest ventures	—		769		769		—		2,903		2,903
Total revenues	127,833		93,306		221,139		125,842		104,648		230,490

Operating expenses	46,066		38,125		84,191		45,759		39,580		85,339
Net Operating Income	$	81,767	$	55,181	$	136,948	$	80,083	$	65,068	$	145,151

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 twelve months ended December 31,
	2003						2002
	Comparable properties		Noncomparable properties		Total		Comparable properties		Noncomparable properties		Total
Minimum rents	$	280,366	$	204,961	$	485,327	$	273,423	$	166,777	$	440,200
Percentage rents	6,520		6,099		12,619		7,467		6,610		14,077
Specialty retail rents	22,204		12,462		34,666		21,325		12,006		33,331
Other rents	150,857		114,026		264,883		142,448		93,304		235,752
Other revenues	20,715		16,567		37,282		23,578		15,879		39,457
	480,662		354,115		834,777		468,241		294,576		762,817
Share of FFO of minority interest ventures	—		8,464		8,464		226		12,470		12,696
Total revenues	480,662		362,579		843,241		468,467		307,046		775,513

Operating expenses	184,119		150,217		334,336		183,331		122,355		305,686
Net Operating Income	$	296,543	$	212,362	$	508,905	$	285,136	$	184,691	$	469,827

The Rouse Company and Unconsolidated Proportionate Share Ventures

Statement of Net Operating Income

(in thousands)

Office and other properties

	For the three months ended December 31,
	2003						2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total		The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	37,771	$	1,052	$	38,823	$	39,006	$	937	$	39,943
Other rents (note 1)	4,422		455		4,877		5,229		288		5,517
Other revenues (note 2)	6,075		643		6,718		7,645		759		8,404
	48,268		2,150		50,418		51,880		1,984		53,864
Share of FFO of minority interest ventures (note 3)	621		—		621		—		—		—
Total revenues	48,889		2,150		51,039		51,880		1,984		53,864

Operating expenses	17,953		1,248		19,201		19,385		1,088		20,473
Net Operating Income	$	30,936	$	902	$	31,838	$	32,495	$	896	$	33,391

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 twelve months ended December 31,
	2003						2002
	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total		The Rouse Company		Unconsolidated Proportionate Share Ventures		Total
Minimum rents	$	151,177	$	4,270	$	155,447	$	153,940	$	2,467	$	156,407
Other rents (note 1)	18,028		1,589		19,617		21,326		1,063		22,389
Other revenues (note 2)	22,466		2,327		24,793		24,987		1,408		26,395
	191,671		8,186		199,857		200,253		4,938		205,191
Share of FFO of minority interest ventures (note 3)	1,137		—		1,137		—		—		—
Total revenues	192,808		8,186		200,994		200,253		4,938		205,191

Operating expenses	74,053		4,757		78,810		77,428		2,767		80,195
Net Operating Income	$	118,755	$	3,429	$	122,184	$	122,825	$	2,171	$	124,996

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.

The Rouse Company

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

(in thousands)

Office and other properties

	For the three months ended December 31,
	2003						2002
	Comparable properties		Noncomparable properties		Total		Comparable properties		Noncomparable properties		Total
Minimum rents	$	29,295	$	9,528	$	38,823	$	29,057	$	10,886	$	39,943
Other rents	3,432		1,445		4,877		4,048		1,469		5,517
Other revenues	6,013		705		6,718		6,873		1,531		8,404
	38,740		11,678		50,418		39,978		13,886		53,864
Share of FFO of minority interest ventures	—		621		621		—		—		—
Total revenues	38,740		12,299		51,039		39,978		13,886		53,864

Operating Expenses	14,651		4,550		19,201		15,340		5,133		20,473
Net Operating Income	$	24,089	$	7,749	$	31,838	$	24,638	$	8,753	$	33,391

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, Hughes Center (a master-planned business park in Las Vegas, Nevada), 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 twelve months ended December 31,
	2003						2002
	Comparable properties		Noncomparable properties		Total		Comparable properties		Noncomparable properties		Total
Minimum rents	$	115,807	$	39,640	$	155,447	$	115,399	$	41,008	$	156,407
Other rents	13,559		6,058		19,617		16,396		5,993		22,389
Other revenues	22,112		2,681		24,793		23,718		2,677		26,395
	151,478		48,379		199,857		155,513		49,678		205,191
Share of FFO of minority interest ventures	—		1,137		1,137		—		—		—
Total revenues	151,478		49,516		200,994		155,513		49,678		205,191

Operating Expenses	59,508		19,302		78,810		61,062		19,133		80,195
Net Operating Income	$	91,970	$	30,214	$	122,184	$	94,451	$	30,545	$	124,996

The Rouse Company

Net Operating Income from Community Development

(in thousands)

	Columbia Operations		Summerlin Operations		Total Community Development

For the three months ended December 31, 2003
Revenues	$	13,757	$	55,922	$	69,679
Operating costs and expenses	3,181		35,176		38,357

Net Operating Income	$	10,576	$	20,746	$	31,322

For the three months ended December 31, 2002
Revenues	$	16,120	$	49,562	$	65,682
Operating costs and expenses	5,595		36,591		42,186

Net Operating Income	$	10,525	$	12,971	$	23,496

For the twelve months ended December 31, 2003
Revenues	$	69,989	$	221,450	$	291,439
Operating costs and expenses	22,797		144,752		167,549

Net Operating Income	$	47,192	$	76,698	$	123,890

For the twelve months ended December 31, 2002
Revenues	$	65,149	$	175,843	$	240,992
Operating costs and expenses	24,399		130,428		154,827

Net Operating Income	$	40,750	$	45,415	$	86,165

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 $5.8 million and $7.9 million in the three and twelve months ended December 31, 2003, respectively, and $2.1 million and $3.6 million in the three and twelve months ended December 31, 2002, respectively.

The Rouse Company

Occupancy Percentages

December 31, 2003

	Occupancy at December 31, 2003		Average Occupancy YTD		Occupancy at December 31, 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	95.0	%	93.0	%	95.3	%	93.2	%

Comparable and non-comparable properties combined	94.8	%	93.0	%	94.8	%	91.3	%

Office	88.1	%	87.9	%	88.9	%	89.6	%

The Rouse Company

Sales Data

Rolling Twelve Months Ended December 31, 2003

Volume

As of January 1, 2003, The Rouse Company managed 13,102,380 square feet of retail space that continued to be in operation at December 31, 2003. The volume of sales produced in that comparable (same-store) space increased 1.2% 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.	$	406

Comparable tenants in all properties, excluding tenant space over 10,000 square feet. (1)	$	426

Comparable tenants in comparable properties.	$	379

Comparable tenants in all properties.	$	402

Comparable space sales in comparable properties, excluding space over 10,000 square feet.	$	392

Comparable space sales in all properties, excluding space over 10,000 square feet.	$	412

Comparable space sales in comparable properties.	$	369

Comparable space sales in all properties.	$	394

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.

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

(1) Total rent to sales ratio (occupancy cost) is 14.8%.

The Rouse Company

Schedule of Expiring Footage, Excluding Department Stores and Storage (Note 1)

As of December 31, 2003

	2004	2005	2006	2007	2008

Retail centers	1,807,266	1,628,360	1,493,922	1,458,308	1,537,089

Office and other properties	1,313,001	868,387	1,210,932	897,390	1,054,701

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

December 31, 2003

Tenant		Percentage of GLA

1	The Limited, Inc.	7.6	%
2	The Gap, Inc.	4.9	%
3	Foot Locker, Inc.	2.6	%
4	Abercrombie & Fitch, Inc.	2.0	%
5	Retail Brand Alliance, Inc.	1.4	%
6	Ann Taylor, Inc.	1.3	%
7	Spiegel, Inc.	1.3	%
8	Lerner New York, Inc.	1.3	%
9	Williams-Sonoma, Inc.	1.3	%
10	Trans World Entertainment Corporation	1.2	%

The Rouse Company and Unconsolidated Proportionate Share Ventures

Additions to Operating Properties and Properties in Development

For the three months ended December 31, 2003

(in thousands)

Retail centers	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total

New Developments	$	8,477	$	11	$	8,488

Renovations and Expansions	25,175		256		25,431

Tenant Allowances, Improvements and Leasing Commissions	10,435		1,180		11,615

Building and Other	8,552		715		9,267

Total	$	52,639	$	2,162	$	54,801


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

New Developments	$	949	$	—	$	949

Renovations and Expansions	—		—		—

Tenant Allowances, Improvements and Leasing Commissions	2,999		8		3,007

Building and Other	324		—		324

Total	$	4,272	$	8	$	4,280

The Rouse Company and Unconsolidated Proportionate Share Ventures

Additions to Operating Properties and Properties in Development

For the twelve months ended December 31, 2003

(in thousands)

Retail centers	The Rouse Company		Unconsolidated Proportionate Share Ventures		Total

New Developments	$	42,526	$	28,438	$	70,964

Renovations and Expansions	94,857		4,083		98,940

Tenant Allowances, Improvements and Leasing Commissions	19,785		2,343		22,128

Building and Other	31,093		1,674		32,767

Total	$	188,261	$	36,538	$	224,799

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

New Developments	$	9,399	$	—	$	9,399

Renovations and Expansions	—		—		—

Tenant Allowances, Improvements and Leasing Commissions	14,022		34		14,056

Building and Other	5,596		—		5,596

Total	$	29,017	$	34	$	29,051

The Rouse Company and Unconsolidated Proportionate Share Ventures

Combined Balance Sheets (in thousands)

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

Assets:
Operating properties:
Property	$	5,351,748	$	1,142,842		$	6,494,590	$	5,710,945	$	888,752		$	6,599,697
Less accumulated depreciation	897,277		67,004			964,281		896,963		39,703			936,666
	4,454,471		1,075,838			5,530,309		4,813,982		849,049			5,663,031
Deferred costs	238,122		30,336			268,458		201,959		14,908			216,867
Less accumulated amortization	94,424		5,439			99,863		84,713		1,809			86,522
	143,698		24,897			168,595		117,246		13,099			130,345
Operating properties, net	4,598,169		1,100,735			5,698,904		4,931,228		862,148			5,793,376
Properties in development	167,073		26,952			194,025		176,214		14,502			190,716
Properties held for sale	138,823		—			138,823		—		—			—
Land held for development and sale	414,666		239,590			654,256		321,744		251			321,995
Investments in and advances to other unconsolidated real estate ventures	647,867		(591,072		)	56,795		442,405		(345,978		)	96,427
Prepaid expenses, receivables under finance leases and other assets	479,409		33,429			512,838		391,897		23,901			415,798
Accounts and notes receivable	53,694		35,555			89,249		56,927		6,118			63,045
Cash, cash equivalents and marketable securities	139,543		28,068			167,611		73,736		16,452			90,188

Total	$	6,639,244	$	873,257		$	7,512,501	$	6,394,151	$	577,394		$	6,971,545

Liabilities and shareholders equity:
Mortgages payable and other long term debt	$	4,333,557	$	808,581		$	5,142,138	$	4,441,477	$	566,414		$	5,007,891
Debt related to properties held for sale	110,935		—			110,935		—		—			—
Accounts payable, accrued expenses and other liabilities	790,572		64,676			855,248		704,250		10,980			715,230
Company-obligated preferred securities	79,216		—			79,216		136,340		—			136,340
Shareholders’ equity	1,324,964		—			1,324,964		1,112,084		—			1,112,084

Total	$	6,639,244	$	873,257		$	7,512,501	$	6,394,151	$	577,394		$	6,971,545

The Rouse Company and Unconsolidated Proportionate Share Ventures

Comparative Balance Sheets (in thousands)

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

Assets:
Operating properties:
Property	$	6,494,590	$	6,401,829	$	6,158,507	$	6,243,803	$	6,599,697
Less accumulated depreciation	964,281		960,320		920,160		906,799		$	936,666
	5,530,309		5,441,509		5,238,347		5,337,004		5,663,031
Deferred costs	268,458		263,927		249,638		205,223		216,867
Less accumulated amortization	99,863		98,557		92,466		87,750		86,522
	168,595		165,370		157,172		117,473		130,345
Operating properties, net	5,698,904		5,606,879		5,395,519		5,454,477		5,793,376
Properties in development	194,025		268,207		246,329		209,968		190,716
Properties held for sale	138,823		—		—		342,483		—
Land held for development and sale	654,256		404,851		383,877		322,105		321,995
Investments in and advances to other unconsolidated real estate ventures	56,795		123,463		101,680		97,543		96,427
Prepaid expenses, receivables under finance leases and other assets	512,838		497,780		387,660		401,405		415,798
Accounts and notes receivable	89,249		63,599		55,233		66,449		63,045
Cash, cash equivalents and marketable securities	167,611		97,539		97,800		102,386		90,188

Total	$	7,512,501	$	7,062,318	$	6,668,098	$	6,996,816	$	6,971,545

Liabilities and shareholders equity:
Mortgages payable and other long term debt	$	5,142,138	$	4,913,678	$	4,570,557	$	4,780,518	$	5,007,891
Debt related to properties held for sale	110,935		—		—		296,299		—
Accounts payable, accrued expenses and other liabilities	855,248		784,884		740,551		668,670		715,230
Company-obligated preferred securities	79,216		104,284		126,590		136,340		136,340
Shareholders’ equity	1,324,964		1,259,472		1,230,400		1,114,989		1,112,084

Total	$	7,512,501	$	7,062,318	$	6,668,098	$	6,996,816	$	6,971,545

The Rouse Company and Unconsolidated Proportionate Share Ventures

Debt Summary

(in thousands)

December 31, 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)

Secured Debt

Variable rate	$	274,673	2.9	%	2.5	$	135,538	4.0	%	2.0	$	410,211	3.3	%	2.3
Variable rate debt swapped to fixed	561,442		3.5	%	1.7	120,500		4.0	%	2.4	681,942		3.6	%	1.8
Fixed rate	2,222,139		7.3	%	5.5	552,543		5.7	%	7.2	2,774,682		7.0	%	5.8

	3,058,254		6.2	%	4.5	808,581		5.2	%	5.6	3,866,835		6.0	%	4.8

Unsecured Debt

Variable rate	271,292		1.9	%	2.5	—		—		—	271,292		1.9	%	2.5
Variable rate debt swapped to fixed	408		3.1	%	2.6	—		—		—	408		3.1	%	2.6
Fixed rate	1,114,538		6.8	%	7.6	—		—		—	1,114,538		6.8	%	7.6

	1,386,238		5.8	%	6.6	—		—		—	1,386,238		5.8	%	6.6

Total debt	$	4,444,492	6.1	%	5.2	$	808,581	5.2	%	5.6	$	5,253,073	5.9	%	5.2

The Rouse Company

Coverage Ratios (Note)

December 31, 2003

	12/31/2003		12/31/2002
Interest Coverage

1) Net earnings	$	260,589	$	139,851
2) Funds from operations (FFO)	369,823		242,871
3) Interest expense	276,441		273,316
4) Quips expense	11,096		12,858

Calculations:

Net earnings (1+3+4)/3	2.0		1.6
FFO (2+3+4)/3	2.4		1.9

Interest and Preferred Coverage

1) Net earnings	$	260,589	$	139,851
2) Funds from operations (FFO)	369,823		242,871
3) Interest expense	276,441		273,316
4) Quips expense	11,096		12,858
5) Preferred distributions	13,718		13,595

Calculations:

Net earnings (1+3+4)/(3+4+5)	1.8		1.4
FFO (2+3+4)/(3+4+5)	2.2		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 February 26, 2004 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 December 31, 2003:
NOI generated by unencumbered retail assets (2)	$	17,882
NOI generated by unencumbered office and other assets (3)	1,655
Community development NOI, pre-tax	31,322

Total	$	50,859

For the twelve months ended December 31, 2003:
NOI generated by unencumbered retail assets (2)	$	64,369
NOI generated by unencumbered office and other assets (3)	6,210
Community development NOI, pre-tax	123,890

Total	$	194,469

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 and two office buildings in Columbia, Maryland.

The Rouse Company and Unconsolidated Proportionate Share Ventures

Schedule of Balloon Payments Due

(in thousands)

December 31, 2003

	2004		2005		2006		2007		2008

The Rouse Company	$	442,905	$	416,046	$	566,914	$	448,053	$	456,908

Unconsolidated Proportionate Share Ventures	4,611		167,432		77,600		47,940		49,051

Total	$	447,516	$	583,478	$	644,514	$	495,993	$	505,959

The Rouse Company and Unconsolidated Proportionate Share Ventures

Debt Maturities

December 31, 2003

($ in millions)

	2004					2005		2006		2007		2008		Thereafter		Total

Consolidated debt:

Fixed rate debt	$		286			176		342		233		492		1,807		$	3,336
Average interest rate	7.1				%	7.0	%	6.9	%	6.8	%	6.8	%	6.8	%	6.8		%

Variable rate debt	$		231			324		285		260		2		6		$	1,108
Average interest rate		2.8			%	2.4	%	2.6	%	3.3	%	3.6	%	3.6	%	2.8		%

Unconsolidated Proportionate Share Venture debt:

Fixed rate debt	$			8		9		10		56		54		416		$	553
Average interest rate		5.7			%	5.7	%	5.7	%	5.6	%	5.5	%	5.5	%	5.5		%

Variable rate debt	$			5		167		78		2		4		—		$	256
Average interest rate		3.0			%	3.5	%	6.2	%	6.2	%	6.2	%	—		4.4		%