The Rouse Company to Redeem Another $2.8 Million of 9.25% Junior Subordinated Debentures Due in 2025

COLUMBIA, Md.--(BUSINESS WIRE)--July 23, 2003--The Rouse Company today announced that it has elected to redeem, at par, approximately $2.8 million of the Company's outstanding 9.25% Junior Subordinated Debentures due in 2025. This partial redemption of the debentures would result in the redemption on August 27, 2003 of approximately $2.7 million of the 9.25% Cumulative Quarterly Income Preferred Securities ("QUIPS") (NYSE:RSE_pz) issued by Rouse Capital, an affiliate of The Rouse Company. As previously announced, the Company's Board of Directors has authorized management to redeem at par up to all of the debentures and, thus, the QUIPS. This partial redemption is being made under that authorization. The trustee for the QUIPS holders is Bank One Trust Company, N.A., 153 West 51st Street, New York, New York, 10019.

Headquartered in Columbia, Md., The Rouse Company was founded in 1939 and became a public company in 1956. A premier real estate development and management company, The Rouse Company, through its numerous affiliates, operates more than 150 properties encompassing retail, office, research and development and industrial space in 22 states. The Company is also the developer of the planned communities of Columbia, Md., and Summerlin, along the western edge of Las Vegas, Nev.

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This release includes forward-looking statements, which reflect the Company's current view with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical or anticipated results. The words "believe," "expect," "anticipate" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Rouse Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For a discussion of certain factors that could cause actual results to differ materially from historical or anticipated results, including real estate investment risks, development risks and changes in the economic climate, see Exhibit 99.1 of The Rouse Company's Form 10-K for the year ended December 31, 2002.