The Rouse Co.

BY THE NUMBERS

November 13, 1991

The Rouse Co. released figures showing that its third-quarter earnings before depreciation and deferred taxes from operations were down 24.7 percent from the same period a year before, although revenues were up 7.5 percent.

For the first three quarters of the year, the real estate development company's earnings before depreciation and deferred taxes were $28,732,000, down 8.2 percent from the $31,307,000 figure recorded in the first three quarters of 1990.

The net loss for the first nine months of 1991 was $12,579,000, compared with a net loss of $3,258,000 for the first nine months of last year. The company had net earnings of $707,000 for the third quarter of 1990.

David Tripp, vice president and director of investor relations, attributed the loss to depreciation associated with the opening of several projects, including the latest office building for Blue Cross and Blue Shield of Maryland in Owings Mills.

In an interim report to shareholders, Rouse officials noted that sales of tenants in the company's retail centers remained flat.

"The current environment is difficult," Rouse Chairman Mathias J. DeVito said in the report. But he said that prospects are good that we will produce operating results in 1991 close to 1990's."

Three months ended 9/30/91

.... Revenues.... .... .... Net*.... ...... Share

'91... 141,623,000 .... ..... 8,971,000.... (0.09)

'90... 131,714,000 .... .... 11,919,000.... 0.00

% change...... +7.5 .... .... .....- 24.7...... --

Nine months ended 9/30/91

....Revenues.... .... .... Net*..... ..... Share

'91....415,324,000 .... .... 28,732,000.... (0.26)

'90....372,545,000 .... .... 31,307,000.... (0.10)

% change..... +11.5 .... .... ......- 8.2.... - 160.0

* Figures reflect earnings before depreciation and deferred taxes from operations

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