<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K/A
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 for the fiscal year ended December 31, 1994 or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 for the transition period from ___________ to ___________
Commission File Number 0-1743
------
A. Full title of the plan and address of the plan:
The Rouse Company Savings Plan
c/o Personnel Division
The Rouse Company Building
10275 Little Patuxent Parkway
Columbia, Maryland 21044
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive offices:
The Rouse Company
The Rouse Company Building
10275 Little Patuxent Parkway
Columbia, Maryland 21044
<PAGE>
THE ROUSE COMPANY SAVINGS PLAN
December 31, 1994 and 1993
Index
<TABLE>
<CAPTION>
Page
----
<S> <C>
Independent Auditors' Report -- 1
Statements of Net Assets Available for Plan Benefits --
December 31, 1994 and 1993 2
Statements of Changes in Net Assets Available for Plan
Benefits -- Years ended December 31, 1994 and 1993 3
Notes to Financial Statements -- December 31, 1994 and 1993 5
Item 27a -- Schedule of Assets Held for Investment Purposes --
December 31, 1994 9
Item 27d -- Schedule of Reportable Transactions -- Year ended
December 31, 1994 10
</TABLE>
* * * * * * *
The other schedules required by Item 27 of Department of Labor Form 5500 are
inapplicable and are therefore omitted.
<PAGE>
Independent Auditors' Report
----------------------------
The Trustee
The Rouse Company Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits of The Rouse Company Savings Plan as of December 31, 1994 and 1993 and
the related statements of changes in net assets available for plan benefits for
the years then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of The Rouse
Company Savings Plan as of December 31, 1994 and 1993, and the changes in net
assets available for plan benefits for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes and reportable transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The fund information in the
statements of net assets available for plan benefits and the statements of
changes in net assets available for plan benefits is presented for purposes of
additional analysis rather than to present the net assets available for plan
benefits and the changes in net assets available for plan benefits of each fund.
The supplemental schedules and fund information have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
KPMG PEAT MARWICK LLP
June 9, 1995
<PAGE>
THE ROUSE COMPANY SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1994 and 1993
<TABLE>
<CAPTION>
The Rouse Company T. Rowe Price
-------------------- -------------------------------------------------------------------------
Convertible New Prime Growth International Equity
Common Preferred Balanced Horizons Reserve and Income Stock Index
Stock Stock Fund Fund Fund Fund Fund Fund
----- ----- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
December 31, 1994
- -----------------
Investments $16,672,992 693,078 276,365 2,850,326 1,848,894 -- 1,425,441 654,656
Contributions receivable from:
The Rouse Company 130,609 27,080 -- -- -- -- -- --
Participants 68,887 16,360 10,308 49,938 16,870 -- 46,380 15,400
----------- ------- ------- --------- --------- --------- --------- -------
199,496 43,440 10,308 49,938 16,870 -- 46,380 15,400
----------- ------- ------- --------- --------- --------- --------- -------
Net assets available
for plan benefits $16,872,488 736,518 286,673 2,900,264 1,865,764 -- 1,471,821 670,056
=========== ======= ======= ========= ========= ========= ========= =======
December 31, 1993
- -----------------
Investments $14,433,302 156,476 7,038 2,253,400 1,491,816 1,059,151 609,335 570,097
Contributions receivable from:
The Rouse Company 96,556 28,392 -- -- -- -- -- --
Participants 71,421 13,716 7,851 47,789 15,363 -- 37,784 16,135
----------- ------- ------- --------- --------- --------- --------- -------
167,977 42,108 7,851 47,789 15,363 -- 37,784 16,135
----------- ------- ------- --------- --------- --------- --------- -------
Net assets available
for plan benefits $14,601,279 198,584 14,889 2,301,189 1,507,179 1,059,151 647,119 586,232
=========== ======= ======= ========= ========= ========= ========= =======
<CAPTION>
-------------------------------------------------------
New America Small Spectrum Spectrum
Growth Cap Value Income Growth Insurance Participant
Fund Fund Fund Fund Contracts Loans Total
---- ---- ---- ---- --------- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C>
December 31, 1994
- -----------------
Investments 571,725 425,873 1,072,800 1,462,975 9,464,775 2,099,738 39,519,638
Contributions receivable from:
The Rouse Company -- -- -- -- -- -- 157,689
Participants 22,952 13,612 25,054 36,676 86,522 -- 408,959
------- ------- --------- --------- --------- --------- ----------
22,952 13,612 25,054 36,676 86,522 -- 566,648
------- ------- --------- --------- --------- --------- ----------
Net assets available
for plan benefits 594,677 439,485 1,097,854 1,499,651 9,551,297 2,099,738 40,086,286
======= ======= ========= ========= ========= ========= ==========
December 31, 1993
- -----------------
Investments 33,456 14,452 933,885 883,922 9,859,556 1,245,897 33,551,783
Contributions receivablable from:
The Rouse Company -- -- -- -- -- -- 124,948
Participants 21,276 12,789 28,468 33,542 83,061 -- 389,195
------- ------- --------- --------- --------- --------- ----------
21,276 12,789 28,468 33,542 83,061 -- 514,143
------- ------- --------- --------- --------- --------- ----------
Net assets available
for plan benefits 54,732 27,241 962,353 917,464 9,942,617 1,245,897 34,065,926
======= ======= ========= ========= ========= ========= ==========
</TABLE>
See accompanying notes to financial statements.
2
<PAGE>
THE ROUSE COMPANY SAVINGS PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Years ended December 31, 1994 and 1993
<TABLE>
<CAPTION>
The Rouse Company T. Rowe Price
----------------------- --------------------------------------------------------------------------
Convertible New Prime Growth International Equity
Common Preferred Balanced Horizons Reserve and Income Stock Index
Stock Stock Fund Fund Fund Fund Fund Fund
----- ----- ---- ---- ---- ---- ---- ----
Year ended December 31, 1994
- ----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions from
The Rouse Company $ 1,518,102 338,317 -- -- -- -- -- --
Contributions from
participants 876,422 195,877 118,749 605,741 244,415 147 493,668 181,008
Investment income:
Dividends and interest 578,632 23,202 13,160 251,468 61,364 -- 87,406 23,835
Net appreciation
(depreciation) in fair
values of investments 1,227,654 (54,282) (16,177) (231,657) -- (3,850) (103,265) (16,063)
Interest on
participant loans -- -- -- -- -- -- -- --
---------- --------- ---------- ---------- ---------- --------- ---------- ---------
Total investment
income 1,806,286 (31,080) (3,017) 19,811 61,364 (3,850) (15,859) 7,772
---------- --------- ---------- ---------- ---------- --------- ---------- ---------
Distributions to
participants (1,338,483) (41,035) (3,937) (221,595) (188,775) (9,733) (113,368) (44,390)
Participant loans repaid
as part of termination
distributions -- -- -- -- -- -- -- --
Interprogram transfers, net (591,118) 75,855 159,989 195,118 241,581 (1,045,715) 460,261 (60,566)
---------- --------- ---------- ---------- ---------- --------- ---------- ---------
Increase (decrease) in
net assets available
for plan benefits 2,271,209 537,934 271,784 599,075 358,585 (1,059,151) 824,702 83,824
Net assets available for
plan benefits:
Beginning of year 14,601,279 198,584 14,889 2,301,189 1,507,179 1,059,151 647,119 586,232
---------- --------- ---------- ---------- ---------- --------- ---------- ---------
End of year $16,872,488 736,518 286,673 2,900,264 1,865,764 -- 1,471,821 670,056
========== ========= ========== ========== ========== ========= ========== =========
<CAPTION>
--------------------------------------------------
New America Small Spectrum Spectrum
Growth Cap Value Income Growth Insurance Participant
Fund Fund Fund Fund Contracts Loans Total
---- ---- ---- ---- --------- ----- -----
Year ended December 31, 1994
- ----------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Contributions from
The Rouse Company -- -- -- -- -- -- 1,856,419
Contributions from
participants 268,122 160,421 301,528 428,933 987,342 -- 4,862,373
Investment income:
Dividends and interest 11,675 31,208 74,853 109,401 522,065 -- 1,788,269
Net appreciation
(depreciation) in fair
values of investments (39,576) (37,196) (92,109) (91,206) -- -- 542,273
Interest on
participant loans -- -- -- -- -- 93,564 93,564
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total investment
income (27,901) (5,988) (17,256) 18,195 522,065 93,564 2,424,106
---------- ---------- ---------- ---------- ---------- ---------- ----------
Distributions to
participants (26,628) (5,712) (117,500) (72,899) (812,655) -- (2,996,710)
Participant loans repaid
as part of termination
distributions -- -- -- -- -- (125,828) (125,828)
Interprogram transfers, net 326,352 263,523 (31,271) 207,958 (1,088,072) 886,105 --
---------- ---------- ---------- ---------- ---------- ---------- ----------
Increase (decrease) in
net assets available
for plan benefits 539,945 412,244 135,501 582,187 (391,320) 853,841 6,020,360
Net assets available for
plan benefits:
Beginning of year 54,732 27,241 962,353 917,464 9,942,617 1,245,897 34,065,926
---------- ---------- ---------- ---------- ---------- ---------- ----------
End of year 594,677 439,485 1,097,854 1,499,651 9,551,297 2,099,738 40,086,286
========== ========== ========== ========== ========== ========== ==========
</TABLE>
(Continued)
3
<PAGE>
THE ROUSE COMPANY SAVINGS PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Years ended December 31, 1994 and 1993
<TABLE>
<CAPTION>
The Rouse Company T. Rowe Price
----------------------- -------------------------------------------------------------------
Convertible New Prime Growth International
Common Preferred Balanced Horizons Reserve and Income Stock
Stock Stock Fund Fund Fund Fund Fund
----- ----- ---- ---- ---- ---- ----
Year ended December 31, 1993
- ---------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Contributions from
The Rouse Company $ 1,173,260 96,675 -- -- -- -- --
Contributions from
participants 891,316 30,562 7,851 422,929 282,078 -- 241,760
Investment income:
Dividends and interest 491,097 -- -- 314,424 36,903 59,510 13,619
Net appreciation
(depreciation) in fair
values of investments (238,493) (10,935) (18) 80,123 -- 69,608 108,075
Interest on participant loans -- -- -- -- -- -- --
----------- ------- -------- --------- --------- --------- -------
Total investment income 252,604 (10,935) (18) 394,547 36,903 129,118 121,694
----------- ------- -------- --------- --------- --------- -------
Distributions to participants (1,208,114) -- -- (110,853) (143,566) (67,968) (23,101)
Participant loans repaid
as part of termination
distributions -- -- -- -- -- -- --
Interprogram transfers, net (265,338) 82,282 7,056 57,261 (62,751) (206,851) 133,800
----------- ------- -------- --------- --------- --------- -------
Increase (decrease) in
net assets available
for plan benefits 843,728 198,584 14,889 763,884 112,664 (145,701) 474,153
Net assets available for
plan benefits:
Beginning of year 13,757,551 -- -- 1,537,305 1,394,515 1,204,852 172,966
----------- ------- -------- --------- --------- --------- -------
End of year $14,601,279 198,584 14,889 2,301,189 1,507,179 1,059,151 647,119
=========== ======= ======== ========= ========= ========= =======
<CAPTION>
--------------------------------------------------------
Equity New America Small Spectrum Spectrum
Index Growth Cap Value Income Growth Insurance Participant
Fund Fund Fund Fund Fund Contracts Loans Total
---- ---- ---- ---- ---- --------- ----- -----
Year ended December 31, 1993
- ---------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions from
The Rouse Company -- -- -- -- -- -- -- 1,269,935
Contributions from
participants 199,540 21,276 12,789 346,414 314,170 1,135,000 -- 3,905,685
Investment income:
Dividends and interest 10,080 -- -- 57,842 61,001 659,974 -- 1,704,450
Net appreciation
(depreciation) in fair
values of investments 23,546 418 217 15,535 66,032 -- -- 114,108
Interest on participant loans -- -- -- -- -- -- 77,619 77,619
------- -------- ------ ------- ------- --------- --------- -----------
Total investment income 33,626 418 217 73,377 127,033 659,974 77,619 1,896,177
------- ------- ------ ------- ------- --------- --------- ----------
Distributions to participants (20,015) -- -- (39,499) (19,663) (583,162) -- (2,215,941)
Participant loans repaid
as part of termination
distributions -- -- -- -- -- -- (66,699) (66,699)
Interprogram transfers, net 139,997 33,038 14,235 168,378 186,375 (473,893) 186,411 --
-------- -------- ------ ------- ------- --------- --------- ----------
Increase (decrease) in
net assets available
for plan benefits 353,148 54,732 27,241 548,670 607,915 737,919 197,331 4,789,157
Net assets available for
plan benefits:
Beginning of year 233,084 -- -- 413,683 309,549 9,204,698 1,048,566 29,276,769
------- ------- ------ ------- ------- --------- --------- ----------
End of year 586,232 54,732 27,241 962,353 917,464 9,942,617 1,245,897 34,065,926
======= ======= ====== ======== ======= ========= ========= ==========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
THE ROUSE COMPANY SAVINGS PLAN
Notes to Financial Statements
December 31, 1994 and 1993
(1) Summary of Significant Accounting Policies
------------------------------------------
(a) Basis of presentation
---------------------
The financial statements of The Rouse Company Savings Plan (the Plan)
have been prepared on the accrual basis and present the net assets
available for benefits and the changes in those net assets.
(b) Investments
-----------
Investments in the common stock and convertible preferred stock of The
Rouse Company and the T. Rowe Price mutual funds are carried at fair
values determined by quoted market prices. Investments in the
insurance contracts are carried at contract value, representing
contributions made plus interest credited less distributions. Loans to
participants are carried at cost, which approximates fair value.
Security transactions are recognized on a trade date basis. Unrealized
appreciation and depreciation in the fair values of investments are
recognized in the periods in which the changes occur.
The Plan will adopt Statement of Position 94-4 (SOP 94-4) "Reporting
on Investment Contracts Held by Health and Welfare Benefit Plans and
Defined Contribution Pension Plans" in 1995. The insurance contracts
held by the Plan are "fully benefit responsive," as defined in SOP
94-4, and, accordingly, the investments in insurance contracts will
continue to be carried at contract value after adoption of SOP 94-4.
(c) Administrative expenses
-----------------------
The Rouse Company pays all administrative expenses incurred on behalf
of the Plan. Terminated participants who have left their account
balances in the Plan are required to reimburse the Company for
administrative expenses relating to their accounts. Participants
requesting loans from the Plan are required to pay an administrative
fee to the Company for the processing of such loans.
(2) General Description of the Plan
-------------------------------
The following brief description of the Plan summarizes the principal
provisions of the Plan and is provided for general information purposes
only. Participants should refer to the Plan agreement for more complete
information.
The Plan was established effective June 1, 1983 to provide employees of The
Rouse Company and certain of its subsidiaries and affiliates (the Company)
an incentive to save for retirement and for financial emergencies.
Generally, employees who are not covered under a collective bargaining
agreement, who are at least 21 years of age and who have completed 1,000
hours of service in one year are eligible to participate in the Plan.
5
<PAGE>
THE ROUSE COMPANY SAVINGS PLAN
Notes to Financial Statements
(2) General Description of the Plan, Continued
------------------------------------------
Basic contributions to the Plan are made pursuant to salary reduction
agreements between the Company and participants. Participants may elect to
reduce their compensation, as defined in the Plan, by amounts ranging from
1% to 15% (10% prior to 1993) of such compensation, subject to an annual
limitation. Employees may also make supplemental contributions to the Plan
in amounts up to 9% of compensation, as defined. The supplemental
contributions are not pursuant to salary reduction agreements. Participants
are able to defer payment of income taxes on their basic contributions to
the Plan, related contributions by the Company and all income realized on
accounts maintained under the Plan.
Participants' contributions to the Plan are allocated among the various
investment programs based on their instructions, subject to certain
limitations defined in the Plan. Participants may change their allocation
instructions and transfer accumulated savings between funds on a monthly
basis, subject to certain limitations defined in the Plan.
Matching contributions are made by the Company to each participant's
account in an amount equal to $1.00 for every $2.00 of a participant's
basic contribution up to 6% of such participant's base salary (4% prior to
1994). The Company's matching contributions are invested in the Company's
common stock or convertible preferred stock based on participants'
instructions. In addition, the Company may make additional contributions to
the Plan under certain circumstances. Such additional contributions are
distributed to accounts of participants pursuant to guidelines set forth in
the Plan. Participants who joined the Plan prior to January 1, 1989
obtained an immediate and fully vested interest in all contributions made
by the Company. Participants who joined the Plan on or after January 1,
1989 are required to complete two years of service (five years prior to
1993), as defined in the Plan, to become fully vested in the Company's
contributions. Forfeitures of nonvested Company contributions may be used
by the Company to satisfy future matching contribution requirements.
Participants or their beneficiaries are eligible for distributions upon
retirement, disability, termination of employment or death of the
participant. In addition, participants may make withdrawals from their
accounts upon attainment of age 59-1/2. Participants may also make
withdrawals of their basic contributions by reason of financial hardship,
under specific guidelines set forth in the Plan. Subject to certain
limitations, supplemental contributions may be withdrawn by participants
for any reason.
Generally, participants may borrow from the Plan up to the lesser of
$50,000 or 50% of their vested account balances. Interest on such
borrowings and repayment schedules are determined pursuant to guidelines in
the Plan. Generally, borrowings bear interest at the prime rate of a
designated commercial bank at the time of the loan application and must be
repaid to the Plan over a period not to exceed five years.
6
<PAGE>
THE ROUSE COMPANY SAVINGS PLAN
Notes to Financial statements
(2) General Description of the Plan, Continued
------------------------------------------
While the Company has not expressed any intent to terminate the Plan, it is
free to do so at any time. In the event of termination of the Plan, the
Plan's assets would be distributed to the participants in accordance with
the Plan agreement.
(3) Investments
-----------
Information relating to investments, including individual investments which
represent 5% or more of net assets available for plan benefits, is
summarized as follows at December 31:
<TABLE>
<CAPTION>
1994 1993
---------------------- ----------------------
Contract Contract
Number of or fair Number of or fair
shares value shares value
------ ----- ------ -----
<S> <C> <C> <C> <C>
The Rouse Company
common stock 866,129 $16,672,992 813,144 $14,433,302
The Rouse Company
convertible preferred
stock 14,290 693,078 2,911 156,476
T.Rowe Price Mutual Funds:
New Horizons Fund 193,112 2,850,326 139,433 2,253,400
======= =======
Others 7,738,729 5,603,152
---------- ---------
10,589,055 7,856,552
---------- ---------
Insurance contracts:
New York Life Insurance
Company, 7%, matures
December 31, 1996 2,514,029 3,014,697
Principal Mutual Life
Insurance Company,
5.50%, matures
December 31, 1997 2,015,631 2,171,702
Hartford Life Insurance
Company, 5.07%, matures
December 31, 1998 1,892,510 2,000,000
Others 3,042,605 2,673,157
---------- ----------
9,464,775 9,859,556
---------- ----------
Participant loans 2,099,738 1,245,897
---------- ----------
$39,519,638 $33,551,783
========== ==========
</TABLE>
The investments in insurance contracts consist of guaranteed income
contracts offered by various insurance companies. The contracts in effect
at December 31, 1994, provide for interest at rates ranging from 4.9% to
7.4% and mature at various dates to 1998.
7
<PAGE>
THE ROUSE COMPANY SAVINGS PLAN
Notes to Financial Statements
(4) Federal Income Tax Status
-------------------------
The Plan has qualified under the applicable provisions of the Internal
Revenue Code and, accordingly, the related trust is exempt from Federal
income taxes.
(5) Reconciliation to Form 5500
---------------------------
Amounts due to terminated participants for benefits payable of $45,040 at
December 31, 1994 and $34,909 at December 31, 1993 are reported as
liabilities in the Plan's Annual Report on Department of Labor Form 5500,
but are included in net assets available for plan benefits in the financial
statements.
8
<PAGE>
THE ROUSE COMPANY SAVINGS PLAN
Item 27a -- Schedule of Assets Held for Investment Purposes
December 31, 1994
<TABLE>
<CAPTION>
Par value or
number of Current
Name of issuer and title of issue shares Cost (note) value
- --------------------------------- ------ ----------- -----
<S> <C> <C> <C>
The Rouse Company Common Stock 866,129 $15,896,094 16,672,992
The Rouse Company Convertible
Preferred Stock 14,290 750,371 693,078
T.Rowe Price Funds:
Balanced Fund 24,808 292,841 276,365
New Horizons Fund 193,112 2,882,939 2,850,326
Prime Reserve Fund 1,848,894 1,848,894 1,848,894
International Stock Fund 125,922 1,456,534 1,425,441
Equity Index Fund 50,012 645,893 654,656
New America Growth Fund 22,491 608,159 571,725
Small Cap Value Fund 31,782 462,896 425,873
Spectrum Income Fund 106,111 1,149,976 1,072,800
Spectrum Growth Fund 131,444 1,500,374 1,462,975
=========
Insurance Contracts:
Principal Mutual Life Insurance Company 2,015,631 2,015,631
Metropolitan Life Insurance Company 1,105,005 1,105,005
John Hancock Mutual Life Insurance Company 1,937,600 1,937,600
Hartford Life Insurance Company 1,892,510 1,892,510
New York Life Insurance Company 2,514,029 2,514,029
Participant loans 2,099,738 2,099,738
---------- ----------
Total investments $39,059,484 39,519,638
========== ==========
</TABLE>
Note -- Cost of the common stock and convertible preferred stock of The Rouse
Company and the T. Rowe Price funds includes reinvested dividends or
interest credited, as applicable. Cost of the insurance contracts is
equal to contract value, representing contributions made plus interest
credited less distributions.
9
<PAGE>
THE ROUSE COMPANY SAVINGS PLAN
Item 27d -- Schedule of Reportable Transactions (Note 1)
Year ended December 31, 1994
<TABLE>
<CAPTION>
Current
value of
Purchase Redemption asset on
price or selling price Cost of transaction Net gain
Description of asset (note 2) (note 2) asset date(s) (loss)
-------------------- -------- -------- ----- ------- ------
<S> <C> <C> <C> <C> <C>
The Rouse Company
Common Stock $3,314,385 (53) -- -- 3,314,385 --
The Rouse Company
Common Stock -- 2,302,349 (66) 2,256,312 2,302,349 46,037
</TABLE>
Notes:
(1) Reportable transactions are presented in accordance with Department of
Labor regulations relating to requirements for employee benefit plan
annual reports filed under the Employee Retirement Income Security Act
of 1974.
(2) Where amounts represent a series of transactions, the number of
individual transactions is indicated parenthetically.
10
<PAGE>
Consent of Independent Certified Public Accountants
---------------------------------------------------
The Board of Directors
The Rouse Company:
We consent to the incorporation by reference in the Registration Statement
(No. 2-83612) on Form S-8 of The Rouse Company of our report dated June 9, 1995,
relating to the statement of net assets available for plan benefits of The Rouse
Company Savings Plan as of December 31, 1994 and 1993, the related statements of
changes in net assets available for plan benefits for the years then ended and
the related schedules for the year ended December 31, 1994, which report appears
elsewhere in this Form 11-K/A.
KPMG PEAT MARWICK LLP
Baltimore, Maryland
June 30, 1995
<PAGE>
Signatures
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this
amendment to be signed on its behalf by the undersigned, thereunto duly
authorized.
THE ROUSE COMPANY SAVINGS PLAN
Date: June 30, 1995 By /s/ WILLIAM D. BODEN
--------------------
William D. Boden
Administrator
and
Date: June 30, 1995 By /s/ GEORGE L. YUNGMANN
----------------------
George L. Yungmann
Trustee
