<PAGE>
 
                                                                      EXHIBIT 21


Exhibit 21.  Subsidiaries of the Registrant.

   The Registrant had no parent at December 31, 1998.

   As of December 31, 1998, The Rouse Company owned 100% of the voting
   securities of the following domestic and foreign corporations included in the
   consolidated financial statements:


<TABLE>
<CAPTION>
                                                                    State of  
   Subsidiary                                                     Incorporation
   ----------                                                     -------------

Directly owned subsidiaries of the Company.  All
shares are Common Stock unless otherwise noted.
<S>                                                               <C> 
   American City Corporation, The                                   Maryland    
   Baltimore Center, Inc.                                           Maryland    
   Beachwood Property Holdings, Inc.                                Maryland    
   Charlottetown, Inc.                                              Maryland    
   Charlottetown North, Inc.                                        Maryland    
   Chesapeake Investors, Inc. (Note 1)                              Delaware    
   Community Research and Development, Inc.                         Maryland    
   Cuyahoga Land Company, Inc.                                      Maryland    
   Exton Acquisition, Inc.                                          Pennsylvania
   Exton Shopping, Inc.                                             Maryland    
   Exton Square, Inc.                                               Pennsylvania
   Four Owings Mills Corporate Center, Inc.                         Maryland    
   Gallery Maintenance, Inc. (Note 2)                               Maryland    
   Gallery II Trustee, Inc.                                         Maryland    
   Harbor Overlook Investments, Inc.                                Maryland    
   Harborplace Management Corporation                               Maryland    
   Harundale Mall, Inc.                                             Maryland    
   Hermes Incorporated                                              Maryland    
   Huntington Properties, Inc. (Note 3)                             Maryland    
   It's Showtime of Maryland, Inc.                                  Maryland    
   Kalimba Marketplace, Inc.                                        Maryland    
   Louisville Shopping Center, Inc.                                 Kentucky    
   Mondawmin Corporation                                            Maryland    
   O. M. Guaranty, Inc.                                             Maryland    
   O. M. Land Development, Inc.                                     Maryland    
   O. M. Mall Corporation                                           Maryland    
   O. M. Management Company, Inc.                                   Maryland    
   One Owings Mills Corporate Center, Inc.                          Maryland    
   Owings Mills Finance Corporation                                 Maryland    
   Plymouth Meeting Food Court, Inc.                                Maryland    
   Plymouth Meeting Mall, Inc. (Note 4)                             Pennsylvania
   PT Funding, Inc.                                                 Maryland    
</TABLE> 
<PAGE>
 
<TABLE>
   <S>                                                              <C> 
   Rouse-Brandywood, Inc.                                           Maryland    
   Rouse-Camden Warehouse, Inc.                                     Maryland    
   Rouse Capital (Note 5)                                           Delaware    
   Rouse-Columbus, Inc.                                             Maryland    
   Rouse-Commerce, Inc.                                             Maryland    
   Rouse Company at Owings Mills, The                               Maryland    
   Rouse Company Financial Services, Inc., The                      Maryland    
   Rouse Company of Alabama, Inc., The (Note 6)                     Alabama     
   Rouse Company of Alaska, Inc., The                               Maryland    
   Rouse Company of Arkansas, Inc., The                             Maryland    
   Rouse Company of California, Inc., The (Note 7)                  Maryland    
   Rouse Company of Colorado, Inc., The (Note 8)                    Maryland    
   Rouse Company of Connecticut, Inc., The (Note 9)                 Connecticut 
   Rouse Company of Florida, Inc., The (Note 10)                    Florida     
   Rouse Company of Georgia, Inc., The (Note 11)                    Georgia     
   Rouse Company of Idaho, Inc., The                                Maryland    
   Rouse Company of Illinois, Inc., The                             Maryland    
   Rouse Company of Iowa, Inc., The (Note 12)                       Maryland    
   Rouse Company of Louisiana, The (Note 13)                        Maryland    
   Rouse Company of Maine, Inc., The                                Maryland    
   Rouse Company of Massachusetts, Inc., The (Note 14)              Maryland    
   Rouse Company of Michigan, Inc., The (Note 15)                   Maryland    
   Rouse Company of Minnesota, Inc., The (Note 16)                  Maryland    
   Rouse Company of Mississippi, Inc., The                          Maryland    
   Rouse Company of Montana, Inc., The                              Maryland    
   Rouse Company of Nevada, Inc., The (Note 17)                     Nevada      
   Rouse Company of New Hampshire, Inc., The                        Maryland    
   Rouse Company of New Jersey, Inc., The (Note 18)                 New Jersey  
   Rouse Company of New Mexico, Inc., The                           Maryland    
   Rouse Company of New York, Inc., The (Note 19)                   New York    
   Rouse Company of North Carolina, Inc., The (Note 20)             Maryland    
   Rouse Company of North Dakota, Inc., The                         Maryland    
   Rouse Company of Ohio, Inc., The (Note 21)                       Ohio        
   Rouse Company of Oklahoma, Inc., The                             Maryland    
   Rouse Company of Oregon, Inc., The (Note 22)                     Maryland    
   Rouse Company of Pennsylvania, Inc., The (Note 23)               Pennsylvania
   Rouse Company of Rhode Island, Inc., The                         Maryland    
   Rouse Company of South Carolina, Inc., The                       Maryland    
   Rouse Company of South Dakota, Inc., The                         Maryland    
   Rouse Company of Tennessee, Inc., The                            Maryland    
   Rouse Company of Texas, Inc., The (Note 24)                      Texas       
   Rouse Company of the District of Columbia, The                   Maryland    
   Rouse Company of Utah, Inc., The                                 Maryland    
   Rouse Company of Vermont, Inc., The                              Maryland    
   Rouse Company of Virginia, Inc., The (Note 25)                   Maryland    
</TABLE> 
                                                                                

                                       2
<PAGE>
 
<TABLE>
   <S>                                                              <C> 
   Rouse Company of Washington, Inc., The (Note 26)                 Maryland    
   Rouse Company of West Virginia, Inc., The                        Maryland    
   Rouse Company of Wisconsin, Inc., The                            Maryland    
   Rouse Company of Wyoming, Inc., The                              Maryland    
   Rouse-Consulting, Inc.                                           Maryland    
   Rouse Development Company of California, Inc., The               Maryland    
   Rouse-Fairwood Development Corporation                           Maryland    
   Rouse Fashion Show Management, Inc.                              Maryland    
   Rouse Gallery II Management, Inc.                                Maryland    
   Rouse-Hagerstown, Inc.                                           Maryland    
   Rouse-Harford County, Inc.                                       Maryland    
   Rouse Holding Company, The                                       Maryland    
   Rouse Holding Company of Arizona, Inc., The (Note 27)            Maryland    
   Rouse-Inglewood, Inc.                                            Maryland    
   Rouse Investing Company (Note 28)                                Maryland    
   Rouse Management, Inc.                                           Maryland    
   Rouse Management Services Corporation                            Maryland    
   Rouse Management Services Corporation of Arkansas, Inc.          Maryland    
   Rouse Management Services Corporation of Louisiana, Inc.         Maryland    
   Rouse Metro Plaza, Inc.                                          Maryland    
   Rouse-Metro Shopping Center, Inc.                                Maryland    
   Rouse-Milwaukee, Inc.                                            Maryland    
   Rouse-Milwaukee Garage Maintenance, Inc.                         Maryland    
   Rouse Missouri Holding Company (Note 29)                         Maryland    
   Rouse-Oakwood Two, Inc.                                          Maryland    
   Rouse Office Management, Inc.                                    Maryland    
   Rouse Office Management of Pennsylvania, Inc.                    Maryland    
   Rouse-Owings Mills, Inc.                                         Maryland    
   Rouse Owings Mills Management Corporation                        Maryland    
   Rouse Philadelphia, Inc.                                         Maryland    
   Rouse Philadelphia Three, Inc.                                   Maryland    
   Rouse-Phoenix Cinema, Inc.                                       Maryland    
   Rouse-Randhurst Shopping Center, Inc.                            Maryland    
   Rouse-Santa Monica, Inc.                                         Delaware    
   Rouse Service Company, The                                       Maryland    
   Rouse SI Shopping Center, Inc.                                   Maryland    
   Rouse Transportation, Inc.                                       Maryland    
   Rouse Tristate Venture, Inc.                                     Texas       
   Rouse Venture Capital, Inc.                                      Maryland    
   Rouse-Wates, Incorporated (Note 30)                              Delaware    
   RREF Holding, Inc. (Note 31)                                     Texas       
   Salem Mall, Incorporated                                         Maryland    
   Santa Monica Place, Inc.                                         Maryland    
</TABLE> 

                                       3
<PAGE>
 
<TABLE>
<S>                                                                 <C> 
   Six Owings Mills Corporate Center, Inc.                          Maryland    
   SMPL Management, Inc.                                            Maryland    
   Stansfield-Laurel, Inc.                                          Maryland    
   Three Owings Mills Corporate Center, Inc.                        Maryland    
   TRC Central, Inc.                                                Maryland    
   TRCD, Inc. (Note 32)                                             Delaware    
   TRC Holding Company of Washington, D.C. (Note 33)                Maryland    
   TRC Property Management, Inc.                                    Maryland    
   TRC Purchasing, Inc.                                             Maryland    
   Two Owings Mills Corporate Center, Inc.                          Maryland    
   White Marsh Equities Corporation                                 Maryland    
                                                                                
Foreign subsidiaries:                                                           
--------------------                                                            
                                                                                
   Rouse Service (Canada) Limited                                   Canada 
</TABLE> 

                                       4
<PAGE>
 
Notes:
----- 

1. Chesapeake Investors, Inc. owns all of the outstanding capital stock of Rouse
   Commercial Properties, Inc., a Maryland corporation:

   Rouse Commercial Properties, Inc. owns all of the outstanding capital stock
   of the following Maryland entities:

          HRD Commercial Properties, Inc.
          Hunt Valley Title Holding Corporation
          Rouse Acquisition Finance, Inc.

   Hunt Valley Title Holding Corporation owns 5% of the outstanding stock of
   Rouse-Teachers Holding Company (a Nevada corporation).

2. Gallery Maintenance, Inc. owns all of the outstanding capital stock of Rouse
   Gallery Management, Inc., a Maryland corporation.

3. Huntington Properties, Inc. owns all of the outstanding capital stock of
   Huntington Realty Interests, Ltd., a Maryland corporation.

   Huntington Realty Interests, Ltd. owns all of the outstanding capital stock
   of the following Maryland corporations:

          HRIL, Inc.
          Huntington Capital Investors, Ltd.

4. Plymouth Meeting Mall, Inc. owns all of the outstanding common stock of 1150
   Plymouth Associates, Inc., a Maryland corporation.

5. Rouse Capital is a statutory business trust formed under Delaware law.  All
   of the Common Securities of Rouse Capital are owned by the Company.  The
   Preferred Securities of Rouse Capital were sold in a public registered
   offering in 1995.

6. The Rouse Company of Alabama, Inc. owns all of the outstanding capital stock
   of Rouse-Liberty Park, Inc., a Maryland Corporation.

7. The Rouse Company of California, Inc. owns all of the outstanding capital
   stock of each of the following Maryland corporations:

          Rouse-Canyon Springs, Inc.
          Rouse-Palm Springs II, Inc.
          Rouse-Sacramento, Inc.

8. The Rouse Company of Colorado, Inc. owns all of the outstanding capital stock
   of Rouse Management Services Corporation of Colorado, Inc., a Maryland
   corporation.

                                       5
<PAGE>
 
9.  The Rouse Company of Connecticut, Inc. owns all of the outstanding capital
    stock of each of the following Maryland corporations:

          Rouse Chapel Square Finance, Inc.
          Rouse New Haven Parking Management, Inc.

10. The Rouse Company of Florida, Inc. owns all of the outstanding common stock
    of each of the following corporations:

          Bayside Entertainment Company, a Maryland corporation
          Governor's Square, Inc., a Florida corporation
          Howard Retail Investment Corporation, a Maryland corporation
          New River Center, Inc., a Florida corporation
          Rouse-Bayside, Inc., a Maryland corporation
          Rouse-Coral Gables, Inc., a Maryland corporation
          Rouse-Fort Myers, Inc., a Maryland corporation
          Rouse-Governor's Square, Inc., a Maryland corporation
          Rouse-Jacksonville, Inc., a Maryland corporation
          Rouse Kendall Management Corporation, a Maryland corporation
          Rouse-Miami, Inc., a Maryland corporation
          Rouse Office Management of Florida, Inc., a Maryland corporation
          Rouse-Orlando, Inc., a Maryland corporation
          Rouse-Osceola, Inc., a Maryland corporation
          Rouse-Sunrise, Inc., a Maryland corporation
          Rouse-Tampa, Inc., a Florida corporation

11. The Rouse Company of Georgia, Inc. owns all of the outstanding capital stock
    of each of the following Maryland corporations:

          Augusta Mall, Inc.
          Outlet Square of Atlanta, Inc.
          Perimeter Center, Inc.
          Perimeter Mall, Inc.
          Perimeter Mall Management Corporation
          Rouse-Atlanta, Inc.
          Rouse Columbus Square, Inc.
          Rouse Columbus Square Management Corporation
          Rouse Development Management Company, Inc.
          Rouse South DeKalb, Inc.
          South DeKalb Mall Management Corporation

12. The Rouse Company of Iowa, Inc. owns all of the outstanding capital stock of
    each of the following Maryland corporations:

          Rouse Management Services Corporation of Iowa, Inc.
          Rouse Management Services Corporation Two of Iowa, Inc.

                                       6
<PAGE>
 
13. The Rouse Company of Louisiana owns all of the outstanding capital stock of
    Rouse-New Orleans, Inc., a Maryland corporation

14. The Rouse Company of Massachusetts, Inc. owns all of the outstanding capital
    stock of each of the following Maryland corporations:

          Faneuil Hall Marketplace, Inc.
          Marketplace Grasshopper, Inc.
          Rouse-Eastfield, Inc.

15. The Rouse Company of Michigan, Inc. owns all of the outstanding capital
    stock of each of the following Maryland corporations:

          Rouse Southland, Inc.
          Rouse Southland Management Corporation
          Southland Security, Inc.
          Southland Shopping Center, Inc.

16. The Rouse Company of Minnesota, Inc. owns all of the outstanding capital
    stock of each of the following Maryland corporations:

          Ridgedale Shopping Center, Inc.
          Rouse-Maple Grove, Inc.
          Rouse Ridgedale, Inc.
          Rouse Ridgedale Management Corporation

17. The Rouse Company of Nevada, Inc. owns all of the outstanding capital stock
    or units of ownership interest of each of the following entities:

          250 Pilot Road, LLC, a Nevada limited liability company
          585 Pilot Road, LLC, a Nevada limited liability company
          625 Pilot Road, LLC, a Nevada limited liability company
          10000 West Charleston Boulevard, LLC, a Nevada limited liability
            company
          10450 West Charleston Boulevard, LLC, a Nevada limited liability
            company
          Cherry Hill Center, Inc., a Maryland corporation
          Echelon Holding Company, Inc., a Delaware corporation
          Echelon Mall, Inc., a Maryland corporation
          Harborplace, Inc., a Maryland corporation
          One Willow Corporation, a Delaware corporation
          Paramus Equities, Inc., a Texas corporation
          Paramus Park, Inc., a Maryland corporation
          Rouse-Bridgewater Commons, LLC, a Maryland limited liability company
          Rouse F.S., LLC, a Maryland limited liability company
          Rouse-Fashion Outlet, LLC, a Maryland limited liability company
          Rouse-Fashion Place, LLC, a Maryland limited liability company
          Rouse Fashion Show, Inc., a Nevada corporation
 

                                       7
<PAGE>
 
          Rouse-Las Vegas, LLC, a Nevada limited liability company
          Rouse-Moorestown, Inc., a Maryland corporation
          Rouse-Moorestown II, Inc., a Maryland corporation
          Rouse-Park Meadows Holding, LLC, a Maryland limited liability company
          Rouse-Towson Town Center, LLC, A Maryland limited liability company
          Rouse-Valley Fair, LLC, a Maryland limited liability company
          Rouse-Westdale, LLC, a Maryland limited liability company
          Rouse-Wincopin, Inc., a Maryland corporation
          Two Willow Corporation, a Delaware corporation
          The Village of Cross Keys, Incorporated, a Maryland corporation
          TTC Member, Inc., a Maryland corporation
          White Marsh Mall, Inc., a Maryland corporation
          Woodbridge Center, Inc., a Maryland corporation

    One Willow Corporation owns all of the outstanding capital stock of Three
    Willow Corporation, a Delaware corporation.

    Rouse-Park Meadows Holding, LLC owns all of the outstanding units of Rouse-
    Park Meadows, LLC, a Maryland limited liability company.

    Rouse-Towson Town Center, LLC owns 99.5% of the outstanding units of Towson
    Town Center, LLC, a Maryland limited liability company.

          Towson Town Center, LLC owns all of the outstanding units of Route-TTC
          Funding, LLC, a Maryland limited liability company

    TTC Member, Inc. owns all of the outstanding units of TTC SPE, LLC and .5%
    of the outstanding units of Towson Town Center, LLC.

    The Village of Cross Keys, Incorporated owns all of the outstanding capital
    stock of The Roost, Inc., a Maryland corporation.

18. The Rouse Company of New Jersey, Inc. owns all of the outstanding Series A
    Preferred Stock of Rouse Woodbridge Funding, Inc., a Delaware corporation,
    and all of the outstanding common stock of each of the following Maryland
    corporations:

          Echelon Urban Center, Inc.
          Paramus Equities II, Inc.
          Paramus Mall Management Company, Inc.
          Rouse-Atlantic Gateway, Inc.
          Rouse-Burlington, Inc.
          The Willowbrook Corporation
          Willmall Holdings, Inc.
          Willowbrook Management Corporation

                                       8
<PAGE>
 
19. The Rouse Company of New York, Inc. owns all of the outstanding capital
    stock of each of the following Maryland corporations:

          DM Shopping Center, Inc.
          Rouse-Seaport Retail Venture, Inc.
          Rouse SI Shopping Management, Inc.
          Seaport Marketplace, Inc.
          Seaport Marketplace Theatre, Inc.
          Seaport Theatre Management Corporation

20. The Rouse Company of North Carolina, Inc. owns all of the outstanding
    capital stock of each of the following Maryland corporations:

          Rouse-Charlotte, Inc.
          Rouse-Durham, Inc.
          Rouse Office Management of North Carolina, Inc.

21. The Rouse Company of Ohio, Inc. owns all of the outstanding common stock of
    each of the following corporations:

          Beachwood Place, Inc., a Maryland corporation
          Cuyahoga Development Corporation, a Maryland corporation
          Franklin Park Mall, Inc., a Maryland corporation
          Franklin Park Mall Management Corporation, a Maryland corporation
          Plaza Holding Corporation, an Ohio corporation

22. The Rouse Company of Oregon, Inc. owns all of the outstanding capital stock
    of each of the following Maryland corporations:

          Rouse Office Management of Oregon, Inc.
          Rouse-Portland, Inc.
          Rouse Salem Centre, Inc.
          Rouse Salem Centre Management Corporation

23. The Rouse Company of Pennsylvania, Inc. owns all of the outstanding capital
    stock of Whiteland I, Inc. and Whiteland II, Inc., both Maryland
    corporations.

24. The Rouse Company of Texas, Inc. owns all of the outstanding capital stock
    of each of the following corporations:

          Almeda Mall, Inc., a Maryland corporation
          AU Management Corporation, a Texas corporation
          Austin Mall, Inc., a Maryland corporation
          Collin Creek, Inc., a Maryland corporation
          Collin Creek Mall Management Company, Inc., a Maryland corporation

                                       9
<PAGE>
 
          DK Management Corporation, a Texas corporation
          DK Shopping Center, Inc., a Texas corporation
          Greengate Mall, Inc., a Pennsylvania corporation
          North Star Mall, Inc., a Texas corporation
          Northwest Mall, Inc., a Maryland corporation
          NS Management Corporation, a Texas corporation
          Rouse-Air Cargo, Inc., a Maryland corporation
          Rouse-Air Cargo (DFW), Inc., a Maryland corporation
          Rouse-Almeda, Inc., a Maryland corporation
          Rouse-Carillon Management Company, Inc., a Maryland corporation
          Rouse-Carillon Shopping Center, Inc., a Maryland corporation
          Rouse Central Park Shopping Center, Inc., a Maryland corporation
          Rouse Fort Worth, Inc., a Maryland corporation
          Rouse Holding Company of Texas, Inc., a Texas corporation
          Rouse Management Services Corporation of Texas, Inc., a Maryland
            corporation
          Rouse-Northwest, Inc., a Maryland corporation
          Rouse-San Antonio, Inc., a Maryland corporation
          Rouse-Southlake, Inc., a Maryland corporation
          Rouse-Tarrant, Inc., a Maryland corporation
          SDK Mall, Inc., a Texas corporation
          South DeKalb Mall, Inc., a Texas corporation

25. The Rouse Company of Virginia, Inc. owns all of the outstanding capital
    stock of each of the following Maryland corporations:

          Rouse Airport Retail, Inc.
          Rouse-Military Circle, Inc.
          Rouse-Richmond, Inc.

    Rouse-Military Circle, Inc. owns all of the outstanding capital stock of
    Rouse Hotel Management of Virginia, Inc., a Maryland corporation.

26. The Rouse Company of Washington, Inc. owns all of the outstanding capital
    stock of Rouse-Seattle, Inc., a Maryland corporation.

27. The Rouse Holding Company of Arizona, Inc. owns all of the outstanding
    capital stock of each of the following Maryland corporations:

          Rouse-Arizona Center, Inc.
          Rouse Office Management of Arizona, Inc.
          Rouse-Phoenix Development Corporation
          Rouse-Phoenix Parking, Inc.
          Rouse-Phoenix Parking Two, Inc.
          Rouse-Phoenix Two Corporate Center, Inc.

                                       10
<PAGE>
 
28. Rouse Investing Company owns all of the outstanding capital stock of each of
    the following corporations:

          Deerfield Homes, Inc., a Florida corporation
          306 Corporation, a Texas corporation
          Wilmington Homes, Inc., a North Carolina corporation

29. Rouse Missouri Holding Company owns all of the outstanding capital stock of
    each of the following Maryland corporations:

          The Rouse Company of Missouri, Inc.
          Rouse Missouri Management Corporation
          St. Louis Union Station Beergarten, Inc.

    The Rouse Company of Missouri, Inc. owns all of the outstanding capital
    stock of The Rouse Company of St. Louis, Inc., a Maryland corporation.

30. Rouse-Wates, Incorporated ("Rouse-Wates") and its consolidated subsidiaries
    are accounted for as a discontinued operation in the consolidated financial
    statements.  Rouse-Wates owns all of the outstanding capital stock of Owen
    Brown B Development Company, a Maryland corporation

31. RREF Holding, Inc. owns all of the outstanding capital stock of RII Holding,
    Inc., a Texas corporation.

32. TRCD, Inc. owns all of the outstanding common stock of the following
    Delaware corporations:

          Austin Mall Corporation
          Collin Creek Property, Inc.
          The Franklin Park Corporation
          Mall St. Matthews Corporation
          North Star Mall Corporation
          One Franklin Park Corporation
          One Gallery Corporation
          Rouse Funding Corporation
          Rouse Funding Two, Inc.
          Rouse-MTN, Inc.
          TRCDE, Inc.
          TRCDE Two, Inc.
          TRCDF, Inc.
          Two Franklin Park Corporation
          Two Gallery Corporation
          Willowbrook Mall, Inc.

                                       11
<PAGE>
 
    The Franklin Park Corporation owns 90 shares of the outstanding capital
    stock of Franklin Park Finance, Inc., a Delaware corporation, and Rodamco
    U.S.A., Inc. owns the remaining 910 shares. Franklin Park Finance, Inc. has
    3,000 shares of capital stock authorized, of which 1000 shares are issued
    and outstanding as described above.

    Willowbrook Mall, Inc. owns 90 shares of the outstanding capital stock of
    Willowbrook Finance Corporation, a Delaware corporation, and Rodamco U.S.A.,
    Inc. owns the remaining 910 shares. Willowbrook Finance Corporation has
    3,000 shares of capital stock authorized, of which 1000 shares are issued
    and outstanding as described above.

33. TRC Holding Company of Washington, D.C. owns all of the outstanding capital
    stock of Rouse-National Press Management, Inc., a Maryland corporation

                                       12