JUNE 2004
The Rouse Company
 Headquartered in Columbia, Maryland, The Rouse Company is a premier real estate development
and management company (book value of assets totals $7.9 billion) that, through its subsidiaries and
affiliates, operates approximately 150 properties encompassing retail, office, and other commercial
space in 23 states.
 Rouse focuses its business activities on 3 segments:
Retail Centers
Community Development
Office and Other Properties
 Rouse is the developer of the premier master-planned communities of Columbia and Fairwood in
Maryland; Summerlin, Nevada, just outside of Las Vegas; The Woodlands in Houston, Texas; and a
new project, Bridgelands, on the western side of Houston.
1
The Rouse Company
2003 Revenue Contribution
(in Millions)
Office and Other Properties
15%
Community Development
22%
$201.0
$291.4
$843.2
Retail Centers
63%
2
Retail Centers
 Rouse presently owns and manages a retail portfolio
of 37 retail centers, 4 community shopping centers,
and 6 mixed-use projects, totaling approximately 40
million square feet. The portfolio includes some of the
premier retail properties in the United States:
Bridgewater Commons
Faneuil Hall Marketplace
Fashion Show
Oakbrook Center
Perimeter Mall
Water Tower Place
Net Operating Income
Millions
$575
$508.9
Bridgewater, NJ
Boston, MA
Las Vegas, NV
Oakbrook, IL
Atlanta, GA
Chicago, IL
$469.8
$375.7
$365.3 $368.3
$327.2
$280.0
 Sales per square foot were $439 for the rolling 12
months ended March 31, 2004. Average occupancy
was 93% during the first quarter of 2004. Effective rent
(minimum plus percentage rent) to sales ratio of 9%.
Total rent to sales ratio of 14%.
 For the rolling 12 months ended March 31, 2004, base
rent gains (cash basis) of $47.33 against base rent
losses (cash basis) of $40.45. (1)
(1)
$545-$555
$100
1997 1998 1999 2000 2001 2002 2003 2004
Est.
Excludes leasing at development projects, space >10,000 square feet and terms of two years or less.
3
Retail Center Geographic Diversity
Seattle
Portland
Boston
Minneapolis
Detroit - 2
Providence
New York City - 2
New Jersey - 4
Chicago - 2
Salt Lake City
Cleveland
Wilmington
Baltimore / Columbia - 8
Denver
Louisville
Las Vegas - 4
Durham
Atlanta
Phoenix
Augusta
Fort Worth - 2
Austin
San Antonio
New Orleans - 2
Tallahassee
Orlando
Palm Beach
Miami - 2
4
Retail Centers
Properties Owned & Managed for more than 25 Years
Highland Mall
Perimeter Mall
Mall St. Matthews
Willowbrook
Paramus Park
Woodbridge Center
1977
2003
Square Footage
5.8 Million
7.4 Million
Department Stores
16
23
Net Operating Income
$15.9 Million
$108.8 Million
Compound Annual Growth Rate of NOI
7.7 %
5
Net Operating Income
Retail Centers Owned and Operated for 25 Years
$108.8
2003
Millions
$115
$108.8
$97.6
$99.4
$92.3
$87.0
Compound Annual Growth Rate: 7.7%
$83.2
$78.1
$75.4
$76.5
$92.3
2000
$70.6
$67.0
$59.6
$61.8
$75.4
1995
$56.9
$52.2
$45.6
$42.2
$56.9
1990
$39.6
$34.3
$36.4
$508.9
$20.8
$15.8
$22.9
$24.8
$26.6
$36.4
1985
$17.5
$22.9
1980
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
$0
6
U.S. Retail Centers
Mall Rankings (1)
Rating 2
(1)
(2)
Number of
Centers
Percent of
Total
A+
50
8%
A
94
15 %
B
210
35 %
C
254
42 %
Total
608
100 %
Includes malls owned by the seven largest REITs plus 98 independently owned centers
Rouse’s internal rating system based on sales volume, productivity, anchor performance, regional demographics,
quality of tenancy and competitive position in local market.
7
Rouse Regional Centers
Mall Ranking
Total Regional
Centers (1)
A+ or A
Number
Percent
C
B
Number
Percent
Number
Percent
1993 Portfolio
51 Centers
5
10%
13
25%
33
65%
Current Portfolio
31 Centers
19
61%
10
32%
2
7%
2007 Portfolio (2)
34 Centers
22
65%
12
35%
-
-
(1)
Excludes urban centers, projects with less than two anchors, and centers open less than one year.
(2) Includes current and recently opened development projects.
8
Rouse Regional Center Rankings
As of 12/31/03
A+ or A
B
C
19 Centers
61% of Total
10 Centers
32% of Total
2 Centers
7% of Total
Beachwood Place
Bridgewater Commons
Christiana Mall
Fashion Place
Fashion Show
Augusta Mall
Collin Creek
Governor's Square
Highland Mall
Hulen Mall
Mall St. Matthews
Oviedo Marketplace
Owings Mills
Lakeside Mall
North Star
Oakbrook Center
Park Meadows
Perimeter Mall
Providence Place
Ridgedale Center
Staten Island Mall
The Streets at Southpoint
The Mall in Columbia
Towson Town Center
Water Tower Place
Willowbrook Mall
Woodbridge Center
Oakwood Center
Paramus Park
Southland
White Marsh
9
Rouse Regional Centers
Key Performance Measures
Regional Centers (1)
2004 Sales per
Square Foot (2)
2004 Average
Occupancy (3)
% 2004 Net
Operating Income
A+ or A
$ 489
94 %
73 %
B
$ 357
94 %
24 %
C
$ 286
91 %
3%
Center Ranking
(1)
Excludes urban centers, projects with less than two anchors, and centers open less than one year
(2) Comparable tenants, excluding spaces >10,000 s.f., for the rolling 12 months ended March 31, 2004.
(3) For the first quarter of 2004.
10
11
12
Development of Planned Communities
 Rouse has developed two of the most successful
master-planned communities in the United States.
 Columbia, Maryland: Columbia now has a
population of 96,000, residing in 34,100
apartments, condominiums and single-family
homes.
 Summerlin, Nevada: Summerlin has been
the best selling master-planned community in
the United States for 10 of the last 11 years.
 From 1997 - 2003
 Land sales have generated almost $500
million of net operating income.
 Current value of land assets has more than
doubled.
 Rouse recently began development of the 9,000
acre master-planned community of Bridgelands,
Texas
 Rouse acquired a 52.5% economic interest in The
Woodlands in December 2003.
 The available land within each community is fully
entitled.
 NOI from community development was $41.3
million for the first quarter of 2004, up 38% from
2003’s first quarter. NOI for 2004 should exceed
2003’s contribution of $123.9 million.
Net Operating Income
Millions
$123.9
$125
$86.2
$78.0
$69.9
$49.2 $48.0 $51.6
$0
1997
1998
1999
2000
2001
2002
2003
13
Community Development at Rouse
Turning Raw Dirt into Valuable Land
Rouse sells high-margin finished land
Use credibility to participate
in broader political process
Achieve critical mass and milestones
Develop amenities
Rouse sells land when appropriate
Manage land sales and development program
Build infrastructure
Rouse
acquires
raw and/or
entitled land
Obtain subdivision approvals
Achieve necessary entitlements
Create and gain approval for master plan
Purchase or otherwise control land
Rouse invests to build community and its infrastructure
TIME 14
Rouse Master-Planned Communities
Size (acres)
Saleable acres
Current residents
Residents at completion
Current employment
Columbia (1)
Summerlin
Woodlands
Bridgelands
15,300
22,500
27,000
9,000
1,500
6,700
5,100
6,700
96,500
66,700
72,000
--
105,500
170,000
125,000
50,000
91,000
14,400
30,000
--
2002 employment (10 mile ring demographics)
Number of firms
16,844
24,671
8,690
8,412
Total employees
234,427
384,809
78,310
78,375
64%
55%
61%
58%
% white collar
(1) Includes
Fairwood in Prince George’s County, MD.
15
Houston Community Development
THE WOODLANDS
BRIDGELANDS
16
Houston Economy
 Large, steadily growing population center
 Fourth largest U.S. city, seventh largest MSA
 Houston MSA has 4.7 million residents
 25% increase 1990 - 2000
 Houston’s strong economic growth is expected to continue.
 Annual job growth of 60,000 since 1995
 2003-2007 population growth is projected to be in excess of 7%.
 Employment growth over this period is projected to be 9.3%.
 Per capita income remains high
 26% higher than the state of Texas
 18% higher than the United States
 Certain key employers are continuing to hire
Wal-Mart, Inc.
ExxonMobil Corp.
Halliburton Company
The Kroger Company
McDonalds Corporation
University of Texas Anderson Cancer Center
Hewlett-Packard
Baylor College of Medicine
17
The Woodlands
 Thirty year track record

70,000 residents primarily in single-family homes

900 businesses employing 30,000
 The Woodlands has consistently outsold the other 15 leading master-planned communities in Houston.

Average housing starts over the last 10 years have been over 1,200 per year.

The next closest community has been just under 600 per year.
 Average new-home price in 2003 is $293,000.
 Attractive amenities

One of the highest ranking school
districts in the Houston area

Provides homeowners with investment
protection in a market with no zoning
 Projected build-out of eight to ten years
18
Bridgelands Overview
 25 miles northwest of downtown Houston, off US 290
 Current major access projects will enhance site access
 Beautiful natural landscape
 8,060 acres originally purchased
 950 acres subsequently added
 Over 17,000 single family units projected
 Over 900 acres of commercial use
 First land sales in late 2005
19
Office and Other Properties
 Rouse owns and manages a portfolio of
office, industrial and other commercial
properties totaling approximately 9
million square feet, primarily in the
Baltimore / Washington and Las Vegas /
Summerlin markets.
Net Operating Income
Millions
$150
$138.7
$130.8
 Total portfolio occupancy is relatively
stable, 85% at March 31,2004.
$94.7
$98.3
$127.9 $125.0
$122.2
$90-$95
 The decline in 2001 was due to the
Company’s transfer of 37 office /
industrial properties in Las Vegas in late
2000. Subsequent declines, related to a
nationwide office slump, reduced
demand with an oversupply of space
and additional dispositions.
$0
1997 1998 1999 2000 2001 2002 2003 2004
Est.
20
Strategic Asset Management
Rouse optimizes its real estate portfolio through the acquisition, development, expansion and disposition of
assets over time.
Major transactions over last ten years
Acquisitions
June 1996 $520 million acquisition of The Hughes Corporation and its assets, including the 22,500 acre
master-planned community of Summerlin, NV, Fashion Show Mall, and other land parcels and commercial
buildings in Las Vegas.
December 1998 $1 billion acquisition of TrizecHahn’s interests in four regional centers.
In 1997 sales averaged $405/SF at these projects. In 2003 sales averaged $502/SF.
May 2002 $1.5 billion acquisition of Rodamco North America’s interests in eight regional centers. In 2003
sales averaged $473/SF at these projects.
2002 - 2003 More than $500 million of individual asset acquisitions.
June 2003 Acquired 8,000 acres in West Houston for the development of the community of Bridgelands.
December 2003 $400 million acquisition of CEI’s 52.5% economic interest in The Woodlands.
March 2004 Acquired Providence Place.
Dispositions
Since 1993 Rouse has disposed of interests in more than 45 retail projects and more than 40 office/industrial
buildings.
March 2002 $100 million sale of interests in Columbia’s 12 village centers.
May 2003 $548 million sale of six Philadelphia area projects.
December 2003 - February 2004 $233 million disposition of interests in Hughes Center in Las Vegas.
21
Total Net Operating Income
Millions
$750
$722.2
$651.7
$559.8
$561.6
2000
2001
$537.0
$451.4
$411.0
$300
1997
1998
1999
2002
2003
22
Reduction in Leverage
Debt (1) /Gross Asset Value
70%
66.0%
61.0%
57.6%
54.8%
54.9%
52.6%
50%
1998
(1)
(2)
1999
2000
Includes JV debt
Includes the effect of the Hughes Center disposition
2001
2002
(2)
2003
23
Common Stock Dividend
$2.00
$1.88 (1)
$1.68
$1.56
$1.42
$1.32
$1.12
$0.88
$0.52
$0.60
$0.60
90
92
$0.68
$0.40
$0.31
$0.16
$0.07
$0.00
1978
(1)
80
82
84
86
88
94
96
98
2000
2002
2004 dividend represents the annual rate of the dividend approved by the Company’s Board of Directors for the first half of 2004.
2004
24
Corporate Governance
Rouse’s History and Established Practices
 The Rouse Culture
 Business Conduct and Ethics Policy
 The Rouse Board of Directors
 Board Committees
 The Audit Committee
 Internal Audit
 Quarterly Business Reviews
25
Investment Highlights
 One of the highest-quality diversified real estate portfolios in the public arena
 Professional, experienced management team, free from conflicts of interest
 A long history of emphasizing long term value creation for shareholders (publicly-owned since 1956)
 An increasing common stock cash dividend since 1978
 Low dividend payout ratio, allowing for significant reinvestment in operating business
 Investment grade credit since the mid-1980’s (reaffirmed by S&P and Moody’s, March 2004)
 Opportunity for future growth through development, management, ownership, acquisition and
disposition of high-quality real estate
26