Presentation to Goldman, Sachs & Co. Annual Real Estate / REIT Conference Denver, Colorado

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Presentation to Goldman, Sachs & Co. Annual Real Estate / REIT Conference Denver, Colorado. May 18, 2004. Founded in 1939 Went public in 1956 Began operating as REIT on January 1, 1998 Three lines of business. $201.0. $291.4. $843.2. The Rouse Company Revenue Contribution.
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Presentation toGoldman, Sachs & Co.Annual Real Estate / REIT ConferenceDenver, Colorado May 18, 2004
  • Founded in 1939
  • Went public in 1956
  • Began operating as REIT on January 1, 1998
  • Three lines of business
  • $201.0 $291.4 $843.2 The Rouse CompanyRevenue Contribution Year-end 2003 Office and Other Properties 15% Community Development 22% Retail Centers 63% Premier Properties Rouse presently owns and manages:
  • Retail portfolio of 37 retail centers
  • Six large-scale, mixed-use projects
  • Four community shopping centers
  • The portfolio includes some of the premier retail properties in the United States:
  • Park MeadowsDenver, CO Bridgewater Commons Bridgewater, NJ Fashion ShowLas Vegas, NV Oakbrook CenterOakbrook, IL Perimeter MallAtlanta, GA Water Tower PlaceChicago, IL Retail Centers Net Operating Income 2004 average sales per square foot were $439; 93% average occupancy Rouse Regional CentersKey Performance Measures Regional Centers 1 2004 AverageOccupancy % 2004 NetOperating Income 2004 Sales per Square Foot 2 Center Ranking A+ or A B C $ 489 $ 357 $ 286 94 % 94 % 91 % 73 % 24 % 3 % 1 Excludes urban centers, projects with less than two anchors, and centers open less than two years 2 Comparable tenants, excluding spaces >10,000 s.f. Community DevelopmentGeographic Diversity Columbia Columbia, Maryland Size: 15,300 acres Saleable acres: 1,500 SummerlinLas Vegas, Nevada Size: 22,500 acres Saleable acres: 6,660 WoodlandsHouston, Texas Size: 27,000 acres Saleable acres: 5,100 Bridgelands Houston, Texas Size: 9,000 acres Saleable acres: 6,700 1966Columbia Town CenterLong-term Value Creation Begins 2004Columbia Town CenterLong-term Value Creation Still in Progress Summerlin Woodlands Downtown Development of Planned Communities
  • 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 on the 9,000 acre master-planned community of Bridgelands, Texas.
  • Net Operating Income $123.9 $125 $86.2 $78.0 $69.9 $51.6 $49.2 $48.0 $0 1997 1998 1999 2000 2001 2002 2003 Bridgelands9,000 Acre Master-Planned Community Park Meadows
  • Average in-line sales exceed $500 / sf
  • Average household income of $110,000
  • 18 million visitors per year
  • Portfolio EvaluationRationale and Criteria
  • Total mall sales
  • Mall shop sales per square foot
  • Sales volume of anchor tenants
  • Average income within five miles
  • Quality of in-line tenancy
  • Mall competitive position in market
  • 1993 Rouse Regional Centers Total Regional Centers* Mall Ranking A+ or A C B Number Percent Number Percent Number Percent 1993 Portfolio 51 Centers 5 13 25% 33 10% 65% * Excludes urban centers, projects with less than two anchors, and centers open less than one year. Current Rouse Regional Centers Total Regional Centers* Mall Ranking A+ or A C B Number Percent Number Percent Number Percent 1993 Portfolio 51 Centers 5 13 25% 33 10% 65% Current Portfolio 31 Centers 19 10 32% 2 61% 7% * Excludes urban centers, projects with less than two anchors, and centers open less than one year. 2007 Rouse Regional Centers Total Regional Centers* Mall Ranking A+ or A C B Number Percent Number Percent Number Percent 1993 Portfolio 51 Centers 5 13 25% 33 10% 65% Current Portfolio 31 Centers 19 10 32% 2 61% 7% 2007 Portfolio** 34 Centers 22 12 35% - - 65% * Excludes urban centers, projects with less than two anchors, and centers open less than one year. ** Includes current and recently opened development projects. Williams-Sonoma Restoration Hardware Home to quality, reputation retailers J. Crew Gap Kids Crate & Barrel Abercrombie & Fitch Talbots Fabulous Dining Options Park MeadowsOne of our Most Productive Projects
  • 1998 in-line space generated $412 / sf
  • Sales have grown at compound annual growth rate of better than 5%
  • 98% - 99% average occupancy since 1999
  • Park MeadowsStrong Financial Results
  • NOI has grown at compound annual growth rate of better than 4%
  • More than ½ of inline space at opening continues in operation today. Much of this space will be up for renewal in 2006 or sooner.
  • Excellent Prospects for Higher Incremental Rent at Park Meadows
  • Park Meadows current total rent to sales ratio: 12%.
  • Rouse’s average rent to sales ratio: 14% - 15%
  • Rouse’s higher quality retail assets rent to sales ratio: 16% - 17%.
  • Well Positioned for Future Growth
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