The Rouse Company Announces Major Common StockPurchase Program; Board Approves 1999 Fourth...

COLUMBIA, Md.--(BUSINESS WIRE)--Sept. 23, 1999--

Officials at The Rouse Company announced today that its Board of Directors has authorized the purchase of up to $250 million of the Company's common stock.

Chairman and Chief Executive Officer, Anthony W. Deering, noted, "Like

the prices of many real estate and smaller capitalization companies, our stock price has not reflected either our outstanding results or the underlying value of our assets. We concluded that at these levels, buying our own stock is among the best investments we can make. We've had good experience in the past in purchasing our shares." (In 1992, the Company joined with six institutional investors to purchase a block of 9.5 million shares of common stock from a foreign investor at a price of $12 per share.)

The Company also announced plans to sell some operating properties, primarily non-strategic office and industrial projects, to raise a portion of the capital for the purchase program, to fund new development projects and to pay down debt to maintain the current strength of the Company's balance sheet.

The Rouse Company's Board of Directors today also approved payment of regular quarterly cash dividends on both the common stock and on the Series B Convertible Preferred Stock. The common stock dividend will be $.30 per share, payable on December 21, 1999, with a record date of December 15, 1999. The Series B Convertible Preferred Stock dividend will be $.75 per share, payable on January 3, 2000, with a record date of December 15, 1999.

The Rouse Company - a public company for 40 years (NYSE:RSE) and a real estate investment trust as of January 1, 1998 - was founded more than 59 years ago and, through numerous affiliates, operates more than 250 properties encompassing retail, office, research and development, and industrial space in 24 states. The Company, through those affiliates, is also the developer of the cities of Columbia, Md. and Summerlin, Nev.