Exhibit 99.4

Schedule III

THE ROUSE COMPANY AND SUBSIDIARIES

Real Estate and Accumulated Depreciation (note 1)

December 31, 2003

(in thousands)

			Initial cost to Company				Costs capitalized subsequent to acquisition				Gross amount at which carried at close of period										Life on which
Description	Encumbrances		Land		Buildings and improvements		Improvements		Carrying costs (note 2)		Land		Buildings and improvements		Total		Accumulated depreciation and amortization		Date of completion of construction	Date acquired	depreciation in latest income statement is computed

Operating Properties:

Fashion Show Retail Center Las Vegas, NV	$	272,406	$	86,499	$	120,347	$	360,781	$	—	$	86,499	$	481,128	$	567,627	$	42,726	03/81	06/96	Note 6

Staten Island Mall Retail Center Staten Island, NY	172,009		37,867		197,274		1,913		—		37,867		199,187		237,054		2,060		08/73	08/03	Note 6

North Star Retail Center San Antonio, TX	—		54,000		173,343		3,606		—		54,000		176,949		230,949		12,083		09/60	05/02	Note 6

Lakeside Mall Retail Center Sterling Heights, MI	—		51,300		175,161		3,209		—		51,300		178,370		229,670		10,213		03/76	05/02	Note 6

The Mall in Columbia Retail Center Columbia, MD	163,210		6,788		—		196,822		—		6,788		196,822		203,610		40,829		08/71	N/A	Note 6

Pioneer Place Mixed-Use Project Portland, OR	129,225		2,813		—		178,137		—		2,813		178,137		180,950		39,681		03/90	N/A	Note 6

Willowbrook Retail Center Wayne, NJ	174,722		56,654		114,629		7,938		—		56,654		122,567		179,221		7,417		09/69	05/02	Note 6

The Streets at South Point Retail Center Durham, NC	134,592		18,266		143,474		—		—		18,266		143,474		161,740		8,549		03/02	05/02	Note 6

Woodbridge Center Retail Center Woodbridge, NJ	121,899		26,301		—		134,330		—		26,301		134,330		160,631		47,787		03/71	N/A	Note 6

South Street Seaport Retail Center New York, NY	21,050		—		—		159,780		—		—		159,780		159,780		44,790		07/83	N/A	Note 6

			Initial cost to Company				Costs capitalized subsequent to acquisition				Gross amount at which carried at close of period										Life on which
Description	Encumbrances		Land		Buildings and improvements		Improvements		Carrying costs (note 2)		Land		Buildings and improvements		Total		Accumulated depreciation and amortization		Date of completion of construction	Date acquired	depreciation in latest income statement is computed

Ridgedale Center Retail Center Minneapolis, MN	$	105,000	$	20,216	$	129,171	$	1,306	$	—	$	20,216	$	130,477	$	150,693	$	6,505	01/74	11/02	Note 6

Arizona Center Mixed-Use Project Phoenix, AZ	45,302		96		—		149,041		—		96		149,041		149,137		44,803		11/90	N/A	Note 6

Paramus Park Retail Center Paramus, NJ	99,178		13,476		—		130,742		—		13,476		130,742		144,218		27,626		03/74	N/A	Note 6

Fashion Place Retail Center Salt Lake City, UT	67,484		19,379		119,715		3,330		—		19,379		123,045		142,424		11,098		03/72	10/98	Note 6

Owings Mills Retail Center Baltimore, MD	—		21,639		—		119,036		—		21,639		119,036		140,675		23,089		07/86	N/A	Note 6

Beachwood Place Retail Center Cleveland, OH	110,869		10,673		—		128,707		—		10,673		128,707		139,380		23,580		08/78	N/A	Note 6

Oviedo Marketplace Retail Center Orlando, FL	54,703		9,594		—		122,730		—		9,594		122,730		132,324		12,857		03/98	N/A	Note 6

Collin Creek Retail Center Plano, TX	74,013		26,419		102,037		1,298		—		26,419		103,335		129,754		5,890		07/81	05/02	Note 6

Westlake Center Mixed-Use Project Seattle, WA	69,329		10,582		—		102,916		—		10,582		102,916		113,498		35,406		10/88	N/A	Note 6

The Gallery at Harborplace Mixed-Use Project Baltimore, MD	90,886		6,648		—		106,065		—		6,648		106,065		112,713		35,736		09/87	N/A	Note 6

Bayside Marketplace Retail Center Miami, FL	69,477		—		—		106,924		—		—		106,924		106,924		28,789		04/87	N/A	Note 6

			Initial cost to Company				Costs capitalized subsequent to acquisition				Gross amount at which carried at close of period										Life on which
Description	Encumbrances		Land		Buildings and improvements		Improvements		Carrying costs (note 2)		Land		Buildings and improvements		Total		Accumulated depreciation and amortization		Date of completion of construction	Date acquired	depreciation in latest income statement is computed

Mall St. Matthews Retail Center Louisville, KY	$	66,951	$	—	$	—	$	106,165	$	—	$	—	$	106,165	$	106,165	$	29,848	03/62	N/A	Note 6

Faneuil Hall Marketplace Retail Center Boston, MA	55,000		—		—		99,983		—		—		99,983		99,983		22,244		08/76	N/A	Note 6

White Marsh Retail Center Baltimore, MD	75,324		10,783		—		86,685		—		10,783		86,685		97,468		27,848		08/81	N/A	Note 6

Governor’s Square Retail Center Tallahassee, FL	65,648		—		—		86,380		—		—		86,380		86,380		23,643		08/79	N/A	Note 6

Oakwood Center Retail Center Gretna, LA	50,437		15,938		—		67,267		—		15,938		67,267		83,205		19,935		10/66	10/82	Note 6

Augusta Mall Retail Center Augusta, GA	52,323		4,697		—		76,100		—		4,697		76,100		80,797		11,771		08/78	N/A	Note 6

Hulen Mall Retail Center Ft. Worth, TX	—		7,575		—		67,068		—		7,575		67,068		74,643		18,089		08/77	N/A	Note 6

Riverwalk Retail Center New Orleans, LA	12,095		—		—		74,462		—		—		74,462		74,462		19,189		08/86	N/A	Note 6

Southland Center Retail Center Taylor, MI	56,500		6,581		62,362		173		—		6,581		62,535		69,116		3,473		07/70	11/02	Note 6

Harborplace Retail Center Baltimore, MD	31,815		—		—		62,325		—		—		62,325		62,325		15,418		07/80	N/A	Note 6

Blue Cross & Blue Shield Building I Office Building Baltimore, MD	19,401		1,000		—		43,842		—		1,000		43,842		44,842		15,300		07/89	N/A	Note 6

			Initial cost to Company				Costs capitalized subsequent to acquisition				Gross amount at which carried at close of period										Life on which
Description	Encumbrances		Land		Buildings and improvements		Improvements		Carrying costs (note 2)		Land		Buildings and improvements		Total		Accumulated depreciation and amortization		Date of completion of construction	Date acquired	depreciation in latest income statement is computed

Village of Cross Keys Mixed-Use Project Baltimore, MD	$	13,264	$	925	$	—	$	36,965	$	—	$	925	$	36,965	$	37,890	$	13,624	09/65	N/A	Note 6

Aon Building II Office Building Baltimore, MD	15,555		1,000		—		25,960		—		1,000		25,960		26,960		10,324		09/87	N/A	Note 6

Hunt Valley 75 Office Building Hunt Valley, MD	15,073		8,136		14,187		4,206		—		8,136		18,393		26,529		3,051		07/84	12/98	Note 6

Mondawmin Mall Retail Center Baltimore, MD	17,001		2,251		—		23,553		—		2,251		23,553		25,804		11,664		10/56	12/79	Note 6

Seventy Columbia Corp Ctr Office Building Columbia, MD	20,586		857		—		23,610		—		857		23,610		24,467		8,030		06/92	N/A	Note 6

Westdale Mall Retail Center Cedar Rapids, IA	20,182		655		21,891		—		—		655		21,891		22,546		1,097		07/79	10/98	Note 6

Senate Plaza Office Building Camp Hill, PA	12,937		2,284		13,319		3,844		—		2,284		17,163		19,447		5,855		07/72	12/98	Note 6

Blue Cross & Blue Shield Building II Office Building Baltimore, MD	7,052		1,000		—		16,197		—		1,000		16,197		17,197		5,292		08/90	N/A	Note 6

Forty Columbia Corp Ctr Office Building Columbia, MD	10,738		636		—		15,863		—		636		15,863		16,499		7,671		06/87	N/A	Note 6

Fifty Columbia Corp Ctr Office Building Columbia, MD	11,174		463		—		15,463		—		463		15,463		15,926		6,295		11/89	N/A	Note 6

			Initial cost to Company				Costs capitalized subsequent to acquisition				Gross amount at which carried at close of period										Life on which
Description	Encumbrances		Land		Buildings and improvements		Improvements		Carrying costs (note 2)		Land		Buildings and improvements		Total		Accumulated depreciation and amortization		Date of completion of construction	Date acquired	depreciation in latest income statement is computed

Aon Building I Office Building Baltimore, MD	$	8,424	$	650	$	—	$	15,227	$	—	$	650	$	15,227	$	15,877	$	6,498	11/88	N/A	Note 6

Centerpointe Office Building Baltimore, MD	6,117		3,855		11,302		414		—		3,855		11,716		15,571		1,911		07/87	12/98	Note 6

Sixty Columbia Corp Ctr Office Building Columbia, MD	13,790		1,050		—		14,090		—		1,050		14,090		15,140		1,832		02/99	N/A	Note 6

Canyon Center Office Building Las Vegas, NV	11,177		2,081		7,161		5,516		—		2,081		12,677		14,758		3,010		03/98	N/A	Note 6

Schilling Plaza North Office Building Baltimore, MD	5,417		4,470		8,059		2,240		—		4,470		10,299		14,769		1,806		07/80	12/98	Note 6

Canyon Center C&D Office Building/Industrial Las Vegas, NV	108		1,722		—		12,036		—		1,722		12,036		13,758		2,789		06/98	N/A	Note 6

Thirty Columbia Corp Ctr Office Building Columbia, MD	8,053		1,160		—		12,370		—		1,160		12,370		13,530		5,917		04/86	N/A	Note 6

Schilling Plaza South Office Building Baltimore, MD	—		5,000		7,402		979		—		5,000		8,381		13,381		2,154		07/87	12/98	Note 6

Crossing Business Center Phase III Office Building Las Vegas, NV	7,592		2,842		1,416		8,033		—		2,842		9,449		12,291		2,179		09/96	N/A	Note 6

American City Building Office Building Columbia, MD	—		—		—		11,295		—		—		11,295		11,295		9,781		03/69	N/A	Note 6

			Initial cost to Company				Costs capitalized subsequent to acquisition				Gross amount at which carried at close of period												Life on which
Description	Encumbrances		Land		Buildings and improvements		Improvements		Carrying costs (note 2)		Land			Buildings and improvements		Total			Accumulated depreciation and amortization		Date of completion of construction	Date acquired	depreciation in latest income statement is computed

Twenty Columbia Corp Ctr Office Building Columbia, MD	$	3,590	$	927	$	—	$	10,024	$	—	$		927	$	10,024	$		10,951	$	5,571	06/81	N/A	Note 6

10000 W. Charleston Arbors Office Building Summerlin, NV	23,515		695		—		9,719		—		695			9,719		10,414			2,663		05/99	N/A	Note 6

201 International Circle Office Building Baltimore, MD	3,546		5,464		3,763		822		—		5,464			4,585		10,049			1,049		07/82	12/98	Note 6

Metro Plaza Retail Center Baltimore, MD	—		205		—		9,600		—		205			9,600		9,805			5,482		10/56	12/82	Note 6

Crossing Business Center Phase I Office Building Las Vegas, NV	6,763		1,326		7,951		503		—		1,326			8,454		9,780			1,901		12/94	06/96	Note 6

Riverspark/Building 2 Office Building/Industrial Columbia, MD	1,313		2,783		6,594		286		—		2,783			6,880		9,663			1,027		07/87	12/98	Note 6

Ten Columbia Corp Ctr Office Building Columbia, MD	—		733		—		8,276		—		733			8,276		9,009			4,469		09/81	N/A	Note 6

10190 Covington Cross Office Building Las Vegas, NV	6,366		1,257		398		7,044		—		1,257			7,442		8,699			1,372		12/97	N/A	Note 6

Riverspark Building B Industrial Building Columbia, MD	—		2,117		2,545		3,366		—		2,117			5,911		8,028			821		07/85	12/98	Note 6

USA Group Office Building/Industrial Las Vegas, NV	6,255		1,197		4,880		1,557		—		1,197			6,437		7,634			1,057		11/98	N/A	Note 6

Other properties and related investments	119,129		53,888		105,735		72,100		—		53,888			177,835		231,723			42,813

Total Operating Properties	$	2,835,565	$	637,413	$	1,554,116	$	3,160,219	$	—	$	637,413		$	4,714,335	$	5,351,748		$	897,277

			Initial cost to Company				Costs capitalized subsequent to acquisition				Gross amount at which carried at close of period									Life on which
Description	Encumbrances		Land		Buildings and improvements		Improvements		Carrying costs (note 2)		Land		Buildings and improvements		Total		Accumulated depreciation and amortization	Date of completion of construction	Date acquired	depreciation in latest income statement is computed

Properties in Development:

Kendall Town Center New Retail Center Dade County, FL	$	22,750	$	31,860	$	—	$	23,443	$	—	$	31,860	$	23,443	$	55,303	N/A	N/A	N/A	N/A

The Shops at La Cantera New Retail Center San Antonio, TX	4,461		17,371		—		27,184		—		17,371		27,184		44,555		N/A	N/A	N/A	N/A

Summerlin Center New Retail Center Summerlin, NV	6,284		14,970		—		5,879		—		14,970		5,879		20,849		N/A	N/A	N/A	N/A

Arizona Center Developed/Developable Land Under Master Lease Phoenix, AZ	—		13,893		—		—		—		13,893		—		13,893		N/A	N/A	N/A	N/A

Fashion Show Expansion Las Vegas, NV	—		—		—		7,725		—		—		7,725		7,725		N/A	N/A	N/A	N/A

Fashion Place Expansion of Retail Center Salt Lake City, UT	—		—		—		7,528		—		—		7,528		7,528		N/A	N/A	N/A	N/A

Coral Gables Developable Land Coral Gables, FL	—		7,469		—		—		—		7,469		—		7,469		N/A	N/A	N/A	N/A

Other Projects	—		1,020		—		8,731		—		1,020		8,731		9,751		N/A

Total Properties in Development	$	33,495	$	86,583	$	—	$	80,490	$	—	$	86,583	$	80,490	$	167,073	N/A

			Initial cost to Company				Costs capitalized subsequent to acquisition				Gross amount at which carried at close of period										Life on which
Description	Encumbrances		Land		Buildings and improvements		Improvements		Carrying costs (note 2)		Land		Buildings and improvements		Total		Accumulated depreciation and amortization		Date of completion of construction	Date acquired	depreciation in latest income statement is computed

Properties Held for Sale

3800 Howard Hughes Pky Office Building/Industrial Las Vegas, NV	$	35,318	$	3,569	$	38,438	$	3,061	$	—	$	3,569	$	41,499	$	45,068	$	11,806	11/86	06/96	Note 6

3993 Howard Hughes Pky Office Building Las Vegas, NV	24,456		1,526		—		29,085		—		1,526		29,085		30,611		5,364		01/00	N/A	Note 6

3773 Howard Hughes Pky Office Building Las Vegas, NV	20,364		1,739		22,625		2,987		—		1,739		25,612		27,351		5,224		11/95	06/96	Note 6

3960 Howard Hughes Pky Office Building Las Vegas, NV	22,410		800		—		24,034		—		800		24,034		24,834		7,448		4/98	N/A	Note 6

3930 Howard Hughes Pky Office Building Las Vegas, NV	3,600		3,108		11,279		1,043		—		3,108		12,322		15,430		4,411		12/94	06/96	Note 6

3770 Howard Hughes Pky Office Building Las Vegas, NV	4,786		691		8,010		2,805		—		691		10,815		11,506		4,692		10/90	06/96	Note 6

Other properties and related investments	1		6,197		—		12,690		—		6,197		12,690		18,887		2,235

Total Properties Held for Sale	$	110,935	$	17,630	$	80,352	$	75,705	$	—	$	17,630	$	156,057	$	173,687	$	41,180

			Initial cost to Company				Costs capitalized subsequent to acquisition				Gross amount at which carried at close of period										Life on which
Description	Encumbrances		Land		Buildings and improvements		Improvements		Carrying costs (note 2)		Land		Buildings and improvements		Total		Accumulated depreciation and amortization		Date of completion of construction	Date acquired	depreciation in latest income statement is computed

Investment Land and Land Held for Development and Sale:

Summerlin Land in Various Stages of Development Summerlin, NV	$	21,006	$	74,029	$	—	$	133,468	$	—	$	207,497	$	—	$	207,497	N/A		N/A	06/96	N/A

Columbia and Emerson Land in Various Stages of Development Howard County, MD	—		53,000		—		43,564		—		96,564		—		96,564		N/A		N/A	09/85	N/A

West Houston Land in Various Stages of Development Houston, TX	57,372		86,502		—		—		—		86,502		—		86,502		N/A		N/A	05/03	N/A

Canyon Springs Land Held for Development Riverside County, CA	—		12,872		—		11,029		—		23,901		—		23,901		N/A		N/A	07/89	N/A

Other	—		—		—		202		—		202		—		202		N/A

Total Investment Land and Land Held for Development and Sale	78,378		226,403		—		188,263		—		414,666		—		414,666		N/A

Total	$	3,058,373	$	968,029	$	1,634,468	$	3,504,677	$	—	$	1,156,292	$	4,950,882	$	6,107,174	$	938,457