Exhibit 21

Subsidiaries of the Registrant

The
Registrant had no parent at December 31, 2002.

As
of December 31, 2002, The Rouse Company owned 100% of the voting securities of the following domestic and foreign corporations included in the consolidated financial statements:

|Subsidiary                                                                                      |                                          | State of
Incorporation
|----------------------------------------------------------------------------------------------- | ---------------------------------------- | ----------------------
|Directly owned subsidiaries of the Company. All shares are Common Stock unless otherwise noted.
|                                                                                                | Hermes, Incorporated                     |                       
|                                                                                                | Howard Hughes Properties, Inc. (Note 1)  |                       
|                                                                                                | HRD Properties, Inc. (Note 2)            |                       
|                                                                                                | HRD Remainder, Inc. (Note 3)             |                       
|                                                                                                | Hughes Corporation, The (Note 4)         |                       
|                                                                                                | Rouse Capital (Note 5)                   |                       
|                                                                                                | The Rouse Company Business Trust         |                       
|                                                                                                | Rouse Property Management, Inc. (Note 6) |                       
|                                                                                                | TRC Property Holdings, Inc. (Note 9)     |                       
|                                                                                                | TRCGP, Inc.                              |                       

As
of December 31, 2002, TRCGP, Inc. owned all of the outstanding units of membership interest of Terrapin Acquisition, LLC, a Maryland limited liability company, and is the sole general
partner of The Rouse Company LP, a Delaware limited partnership. As of December 31, 2002, The Rouse Company LP owned 61% of Exton Square Property LLC, Gallery at Market East LLC and Plymouth
Meeting Property LLC, Delaware limited liability companies, and 100% of the voting securities or member interests of the following domestic corporations and limited liability companies included in the
consolidated financial statements:

|Subsidiary |                                         | State of
Incorporation
|---------- | --------------------------------------- | ----------------------
|           | American City Company, LLC, The         |                       
|           | Baltimore Center, LLC                   |                       
|           | Beachwood Property Holdings, LLC        |                       
|           | Charlottetown, LLC                      |                       
|           | Charlottetown North, LLC                |                       
|           | Chesapeake Investors, LLC (Note 10)     |                       
|           | Community Research and Development, LLC |                       
|           | Cuyahoga Land Company, LLC              |                       
|           | Exton Shopping, LLC                     |                       
|           | Four Owings Mills Corporate Center, LLC |                       
|           | Franklin Park Mall Company, LLC         |                       
|           | Gallery Maintenance, LLC (Note 11)      |                       
|           | Gallery II Trustee, LLC                 |                       
|           | Harborplace Management Company, LLC     |                       
|           | Hermes, LLC                             |                       
|           | Huntington Properties, LLC              |                       
|           | Louisville Shopping Center, LLC         |                       
|           | Mondawmin Company, LLC                  |                       
|           | O. M. Guaranty, LLC                     |                       
|           | O. M. Land Development, LLC             |                       
|           | One Owings Mills Corporate Center, LLC  |                       
|           | Owings Mills Finance Company, LLC       |                       

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| | Plymouth Meeting Food Court, LLC                    |  | Maryland    
| | --------------------------------------------------- |  | ------------
| | PT Funding, LLC                                     |  | Maryland    
| | Rouse-Camden Warehouse, LLC                         |  | Maryland    
| | Rouse-Columbus, LLC                                 |  | Maryland    
| | Rouse Company at Owings Mills, LLC, The             |  | Maryland    
| | Rouse Company Financial Services, LLC, The          |  | Maryland    
| | Rouse Company of Alabama, LLC, The (Note 12)        |  | Alabama     
| | Rouse Company of Alaska, LLC, The                   |  | Maryland    
| | Rouse Company of Arkansas, LLC, The                 |  | Maryland    
| | Rouse Company of California, LLC, The (Note 13)     |  | Maryland    
| | Rouse Company of Colorado, LLC, The                 |  | Maryland    
| | Rouse Company of Connecticut, LLC, The              |  | Delaware    
| | Rouse Company of Florida, LLC, The (Note 14)        |  | Florida     
| | Rouse Company of Georgia, LLC, The (Note 15)        |  | Georgia     
| | Rouse Company of Idaho, LLC, The                    |  | Maryland    
| | Rouse Company of Illinois, LLC, The                 |  | Maryland    
| | Rouse Company of Iowa, LLC, The                     |  | Maryland    
| | Rouse Company of Kentucky, LLC, The                 |  | Maryland    
| | Rouse Company of Louisiana, LLC, The (Note 16)      |  | Maryland    
| | Rouse Company of Maine, LLC, The                    |  | Maryland    
| | Rouse Company of Massachusetts, LLC, The (Note 17)  |  | Maryland    
| | Rouse Company of Michigan, LLC, The (Note 18)       |  | Maryland    
| | Rouse Company of Minnesota, LLC, The (Note 19)      |  | Maryland    
| | Rouse Company of Mississippi, LLC, The              |  | Maryland    
| | Rouse Company of Montana, LLC, The                  |  | Maryland    
| | Rouse Company of Nevada, LLC, The (Note 20)         |  | Nevada      
| | Rouse Company of New Hampshire, LLC, The            |  | Maryland    
| | Rouse Company of New Jersey, LLC, The (Note 21)     |  | New Jersey  
| | Rouse Company of New Mexico, LLC, The               |  | Maryland    
| | Rouse Company of New York, LLC, The (Note 22)       |  | New York    
| | Rouse Company of North Carolina, LLC, The (Note 23) |  | Maryland    
| | Rouse Company of North Dakota, LLC, The             |  | Maryland    
| | Rouse Company of Ohio, LLC, The (Note 24)           |  | Ohio        
| | Rouse Company of Oklahoma, LLC, The                 |  | Maryland    
| | Rouse Company of Oregon, LLC, The (Note 25)         |  | Maryland    
| | Rouse Company of Pennsylvania, LLC, The (Note 26)   |  | Pennsylvania
| | Rouse Company of Rhode Island, LLC, The             |  | Maryland    
| | Rouse Company of South Carolina, LLC, The           |  | Maryland    
| | Rouse Company of South Dakota, LLC, The             |  | Maryland    
| | Rouse Company of Tennessee, LLC, The (Note 27)      |  | Maryland    
| | Rouse Company of Texas, LLC, The (Note 28)          |  | Texas       
| | Rouse Company of the District of Columbia, LLC, The |  | Maryland    
| | Rouse Company of Utah, LLC, The                     |  | Maryland    
| | Rouse Company of Vermont, LLC, The                  |  | Maryland    
| | Rouse Company of Virginia, LLC, The (Note 29)       |  | Maryland    
| | Rouse Company of Washington, LLC, The (Note 30)     |  | Maryland    
| | Rouse Company of West Virginia, LLC, The            |  | Maryland    
| | Rouse Company of Wisconsin, LLC, The                |  | Maryland    
| | Rouse Company of Wyoming, LLC, The                  |  | Maryland    
| | Rouse Company Protective Trust, Inc., The           |  | Delaware    
| | Rouse-Coral Gables Development, LLC                 |  | Maryland    
| | Rouse-Coral Gables Property, LLC                    |  | Maryland    

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| | Rouse Fashion Show Management, LLC                    |  | Maryland
| | ----------------------------------------------------- |  | --------
| | Rouse Gallery II Management, LLC                      |  | Maryland
| | Rouse Holding Company, LLC, The                       |  | Maryland
| | Rouse Holding Company of Arizona, LLC, The (Note 31)  |  | Maryland
| | Rouse-Inglewood, LLC                                  |  | Maryland
| | Rouse Investing Company, LLC (Note 32)                |  | Maryland
| | Rouse Management, LLC                                 |  | Maryland
| | Rouse Management Services Company, LLC                |  | Maryland
| | Rouse Metro Plaza, LLC                                |  | Maryland
| | Rouse-Metro Shopping Center, LLC                      |  | Maryland
| | Rouse-Milwaukee, LLC                                  |  | Maryland
| | Rouse-Milwaukee Garage Maintenance, LLC               |  | Maryland
| | Rouse Missouri Holding Company, LLC (Note 33)         |  | Maryland
| | Rouse Oakbrook, LLC (Note 33-1)                       |  | Delaware
| | Rouse-Oakwood Shopping Center, LLC                    |  | Maryland
| | Rouse-Oakwood Two, LLC                                |  | Maryland
| | Rouse Office Management, LLC                          |  | Maryland
| | Rouse Office Management of Pennsylvania, LLC          |  | Maryland
| | Rouse Owings Mills Management Company, LLC            |  | Maryland
| | Rouse-Phoenix Cinema, LLC                             |  | Maryland
| | Rouse-Randhurst Shopping Center, LLC                  |  | Maryland
| | Rouse Service Company, LLC, The                       |  | Maryland
| | Rouse SI Shopping Center, LLC                         |  | Maryland
| | Rouse Tri-Party Miscellaneous, LLC                    |  | Maryland
| | Rouse Tristate Venture, LLC                           |  | Texas   
| | Rouse-Urban Acquisition, LLC                          |  | Maryland
| | Rouse-Urban, LLC                                      |  | Maryland
| | Rouse-Wates, LLC (Note 34)                            |  | Delaware
| | RREF Holding, LLC (Note 35)                           |  | Texas   
| | RSE Preferred Acquisitions, LLC                       |  | Maryland
| | Salem Mall, LLC                                       |  | Maryland
| | Six Owings Mills Corporate Center, LLC                |  | Maryland
| | SMPL Management, LLC                                  |  | Maryland
| | Terrapin Acquisition, LLC                             |  | Maryland
| | The Rouse Company Protective Trust, Inc.              |  | Delaware
| | Three Owings Mills Corporate Center, LLC              |  | Maryland
| | TRC Central, LLC                                      |  | Maryland
| | TRCD, LLC (Note 36)                                   |  | Delaware
| | TRC Exton Plymouth 1 through 39, LLC (Note 7)         |  | Delaware
| | TRC Gallery at Market East 1 through 39, LLC (Note 8) |  | Delaware
| | TRC Holding Company of Washington, D.C., LLC          |  | Maryland
| | TRC Property Management, LLC                          |  | Maryland
| | TRC Purchasing, LLC                                   |  | Maryland
| | Two Owings Mills Corporate Center, LLC                |  | Maryland
| | White Marsh Equities Company, LLC                     |  | Maryland

Notes:



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33-1.    Rouse
Oakbrook, LLC owns 50% of the outstanding units of membership interest of UC Oakbrook GenPar, LLC, a
            Delaware limited liability company.



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