Rouse net losses nearly double

The Rouse Company today announced that its net losses nearly doubled in the first half of this year compared with 1990, although overall earnings before depreciation and deferred taxes increased 2 percent for the same period.

The Columbia-based development firm's earnings increased from $19.4 million in the first six months of 1990 to $19.8 million this year. Meanwhile, losses -- which reflect depreciation charges the company is required to account for -- also increased from $3.9 million in 1990 to $8.4 million this year.

Second-quarter earnings increased six percent from $8.5 million to $9.0 million last year. Losses in the second quarter went from $3.4 million in the second quarter of 1990 to $5 million this year.

The company attributed its increased losses to depreciation charges on several major projects undertaken last year, including an office and retail center in Phoenix, a similar building in Portland, Ore. and an office building in Owings Mills for Blue Cross and Blue Shield of Maryland.

Officials also noted that while tenants in Rouse-owned retail centers have reported generally flat sales for the first half of this year, they also showed some improvement between February and June.