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Summerlin, Fashion Show developer posts a loss

Tuesday, Feb. 18, 2003 | 11:10 a.m.

COLUMBIA, Md. -- Rouse Co., the largest developer in Southern Nevada, today reported a fourth quarter loss of $5.3 million or 10 cents per share vs. a profit in the year-ago quarter of $24.3 million or 30 cents.

Rouse attributed the loss to expenses for a corporate reorganization and impairment charges on two retail centers that the company did not identify.

Funds from operations from recurring activities, or cash flow, were $115.8 million in the fourth quarter, up from $73.3 million in the year-ago quarter.

In Las Vegas, Rouse is developing the Summerlin master planned community, owns the Hughes Center office park and is expanding the Fashion Show Mall on the Strip.

Full-year results were boosted by community development operations in Las Vegas at Summerlin and in Columbia, Md.; the openings of major projects in Coral Gables, Fla., and the Fashion Show expansion first phase; and the May acquisition of interests in eight retail centers and other assets from Rodamco.

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