"This was an excellent beginning to the new year," says Anthony Deering, chairman and CEO of The Rouse Company. "Notwithstanding the spate of negative stories about the economy in general and retailing in particular, our centers maintained their high occupancy levels, comparable space sales of merchants increased and re-leasing of existing space produced significantly higher new rents. In addition, land sales in our two major community development projects, Columbia, MD and Summerlin, NV, produced record results."

On a per-share basis, first-quarter FFO was 93 cents, compared to 82 cents in first-quarter 2000. Net earnings were $31.2 million, or 40 cents a share, compared to $31.37 million, or 40 cents a share for the same period a year ago.

Broken down by division, net operating income for the company's retail centers was $85.4 million, compared to $81.8 million a year ago; office and other properties net operating income totaled $31.6 million compared to $33.3 million for first-quarter 2000; and community development land sales produced net operating income of $26.6 million, compared to $19.9 million a year ago.