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Rouse's 1991 income rose in 'good year'

THE BALTIMORE SUN

The Rouse Co. of Columbia said its operating earnings before depreciation and deferred taxes fell during 1991 but that overall income jumped because of a change in the way the company accounts for likely future tax liabilities.

"In a vacuum, it was a little disappointing," said David L. Tripp, a company spokesman. "We had hoped the recession would end in the second half, and it didn't. . . . But if you look at the real world, at other real estate developers and other retail operations, we had a hell of a good year."

Robert Frank, an analyst at Alex. Brown Inc. in Baltimore who follows Rouse, said the results for the year were slightly better than Alex. Brown had forecast.

Mr. Frank and Mr. Tripp agreed that land sales in the Columbia planned community were much better than expected, and Mr. Frank said Rouse's retail occupancy and rents were up from 1990 levels.

"The thing that kind of dragged the operating properties down [was] the mixed-use component, which is the office component," Mr. Frank said. Mixed-use complexes in Seattle and Portland, Ore., "were the big bleeders," he said.

Three months ending 12/31/91

.. .. .. .. ..Revenue.. .. .. .. ..Net.. .. ..Share

'91.. .. $158,174,000.. .. $28,376,000.. .. ..$0.59

'90.. .. $157,025,000.. .. .$1,442,000.. .. ..$0.03

% change.. .. .. +0.7.. .. .. +1,867.8.. ..+1,866.7

12 months ending 12/31/91

.. .. .. .. ..Revenue.. .. .. .. ..Net.. .. ..Share

'91.. .. $573,498,000.. .. $15,797,000.. .. ..$0.33

'90.. ...$529,570,000.. ..$(1,816,000).. .. $(0.08)

% change .. .. ..+8.3 .. .. .. ..-- .. .. .. .. .--

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