Burdines Coming to Oviedo Marketplace

Business Wire, May 25, 2000

Business Editors

COLUMBIA, Md.--(BUSINESS WIRE)--May 25, 2000

Officials of The Rouse Company (NYSE:RSE), owner and manager of Oviedo Marketplace, and Burdines, a division of Federated Department Stores, Inc. (NYSE:FD) today jointly announced an agreement that will add a Burdines department store to the retail center, which is located in the city of Oviedo in Seminole County, northeast of Orlando, Fla.

The new Burdines will occupy the 180,000 square feet of space that is currently a Parisian department store. Burdines will take possession of the building within the next two months and, following extensive renovations, will open the new store this fall.

"We are pleased to be able to add such a quality department store to Oviedo's current retail mix," said Jerome D. Smalley, executive vice president and director of development for The Rouse Company. "This is a huge step toward keeping our commitment to offer the Oviedo community the best in retail that is available."

"Since our first central Florida store opened 30 years ago, Burdines has been committed to providing high quality merchandise and exceptional personal service to our customers," said Susan Kronick, Burdines chairman. "Oviedo Marketplace will be our third new area store opening in the last twelve months, joining Florida Mall and Altamonte Furniture Gallery. In addition, we are renovating our Altamonte Springs store. Our commitment to central Florida has never been stronger."

Burdines, a division of Federated Department Stores, Inc., operates 52 department stores in Florida. Annual 1999 sales were $1.385 billion.

An affiliate of The Rouse Company, Oviedo Marketplace opened in 1998 and is anchored by a Dillard's department store, a Regal Cinema Complex and contains 75 specialty shops and eateries. A new Sears department store is under construction and will open in the fall of 2000.

Headquartered in Columbia Md., The Rouse Company is one of the nation's premier real estate management and development companies. Through its numerous affiliates, the Company operates more than 250 properties encompassing office, retail, research and development and industrial space in 22 states.

Some of the other properties in Florida operated by The Rouse Company include Bayside Marketplace in Miami; Jacksonville Landing in Jacksonville; and Governor's Square in Tallahassee. Currently in development is The Village of Merrick Park in Coral Gables, a mixed-use project anchored by Neiman Marcus and Nordstrom, which is expected to open in the fall of 2002.

The Company is also the developer of the cities of Columbia, Md., and Summerlin, Nev.

This release includes forward-looking statements which reflect The Rouse 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 99.2 of The Rouse Company's Form 10-K for the fiscal year ended December 31, 1999.