Rouse Plans Malls In South Florida; Performance Set Records Last Year
Rouse Co. of Columbia told investors yesterday that its portfolio of upscale shopping centers and offices remains strong despite the turbulent retail market, and that the company will open several new malls starting next year in South Florida.</br></br>The developer and owner of commercial properties nationwide said at its annual shareholders meeting that it expects to profit this year from the recent renovations of its malls, including the Mall in Columbia, and future retail construction. More than 600 investors, employees and analysts attended the meeting in a crowded meeting room at the company's headquarters.</br></br>The company said each of its three operating lines -- retail, office and land sales -- had record performances last year. For the year, Rouse's funds from operations rose 13 percent, to $252.6 million, up from $223.4 million in 1999. Funds from operations is the standard performance measure of real estate companies. The company leased 97 percent of the space in its shopping centers, said chief executive Anthony W. Deering.</br></br>Rouse announced last week that funds from operations in this year's first quarter rose 12 percent, to $70.5 million, beating analysts' estimates by 9 cents per share, according to a survey by First Call/Thomson Financial. Shares of Rouse closed at $26.61, up 11 cents, on the New York Stock Exchange.</br></br>"The excellent results from last year and this year's first quarter should continue, producing strong growth for 2001," Deering said.