2003 ROUSE RETAIL BAROMETER

What is the Rouse Retail Barometer? The Rouse Company realizes that the key elements to success in the ownership and management of retail centers are the rate of growth and level of sales of the centers' merchants. Understanding these sales trends, particularly in children's apparel, and their implications requires timely and accurate information - which the company has developed and which is summarized below in the Rouse Retail Barometer.

For the 2002 Rouse Retail Barometer, Click Here.

	Square Footage	February 02 to 03	YTD 02 to 03
Northeast Region	152,535	-22.9	-17.0
Southeast Region	101,402	-15.2	-13.9
Midwest Region	103,317	-12.3	-11.5
Southwest and West Regions	89,144	-12.8	-11.4
Total	446,398	-17.4	-14.2

Source: The Rouse Company

February Outlook for All Sales Categories at Rouse Centers: As expected, sales of merchants in the Company's retail centers were down in February by 3.9% versus the comparable space a year ago. The devastating winter storm that hit the East Coast on Valentine's Day weekend was a major reason, as the Northeast region was down 7.7% and the Southeast region down 3.1%.

Most merchandise categories showed declines, led by women's and children's apparel. Interestingly, men's apparel and women's specialty apparel and accessories were both up. Also on the plus side for February was the non-comparable category, reflecting successful re-leasing to more productive merchants.

Expectations are that March sales will also be soft, partly due to a continuation of severe weather and partly due to the late Easter date (April 20, 2003) which traditionally begins the Spring sales season.

Rouse Malls By Region Used For Retail Barometer Calculations:

Midwest Region: Beachwood Place, Cleveland, Ohio; Franklin Park, Toledo, Ohio; The Grand Avenue, Milwaukee, Wisconsin; Randhurst Center, Mt. Prospect, Illinois;Ridgedale Center, Minnetonka, Minnesota; Southland Center, Taylor, Michigan; The Mall in St. Matthews, St. Matthews, Kentucky.

Southwest and West Region: The Shops at Arizona Center, Phoenix, Arizona; Collin Creek, Plano, Texas; Fashion Place Mall, Salt Lake City, Utah; The Fashion Show, Las Vegas, Nevada; Highland Mall, Austin, Texas; Hulen Mall, Fort Worth, Texas; North Star, San Antonio, Texas; Oakwood Center, New Orleans, Louisiana; Park Meadows, Denver, Colorado; Pioneer Place, Portland, Oregon; Riverwalk, New Orleans, Louisiana; Westlake Center, Seattle, Washington.

Northeast Region: Bridgewater Commons, Bridgewater, New Jersey; Cherry Hill, Cherry Hill, New Jersey; Echelon Mall, Voorhees, New Jersey; Exton Square, Exton, Pennsylvania; Faneuil Hall Marketplace, Boston, Massachusetts; The Gallery at Market East, Philadelphia, Pennsylvania; Moorestown Mall, Burlington County, New Jersey; Paramus Park, Paramus, New Jersey; Plymouth Meeting, Montgomery County, Pennsylvania; South Street Seaport, New York, New York; Staten Island Mall, Staten Island, New York; Willowbrook, Wayne, New Jersey; Woodbridge Center, Woodbridge, New Jersey.

Southeast Region: Augusta Mall, Augusta, Georgia; Bayside, Miami, Florida; The Mall in Columbia, Columbia, Maryland; The Gallery at Harborplace, Baltimore, Maryland; Governor's Square, Tallahassee, Florida; Harborplace, Baltimore, Maryland; Jacksonville Landing, Jacksonville, Florida; Mondawmin, Baltimore, Maryland; Oviedo Marketplace, Orlando, Florida; Owings Mills, Baltimore County, Maryland Perimeter Mall, Atlanta, Georgia; Town and Country Center, Miami, Florida; Towson Town Center, Baltimore, Maryland; Village of Cross Keys, Baltimore, Maryland; White Marsh, Baltimore County, Maryland.