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                                    Exhibit 21.  Subsidiaries of the Registrant.

   The Registrant had no parent at December 31, 1999.

   As of December 31, 1999, The Rouse Company owned 100% of the voting
   securities of the following domestic and foreign corporations included in the
   consolidated financial statements:


                                                             State of
   Subsidiary                                             Incorporation
   ----------                                             -------------

Directly owned subsidiaries of the Company.  All
shares are Common Stock unless otherwise noted.

   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 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.                               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
   One Owings Mills Corporate Center, Inc.                   Maryland
   Owings Mills Finance Corporation                          Maryland
   Plymouth Meeting Food Court, Inc.                         Maryland
   Plymouth Meeting Mall, Inc. (Note 3)                      Pennsylvania
   PT Funding, Inc.                                          Maryland

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   Rouse-Camden Warehouse, Inc.                              Maryland
   Rouse Capital (Note 4)                                    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 5)              Alabama
   Rouse Company of Alaska, Inc., The                        Maryland
   Rouse Company of Arkansas, Inc., The                      Maryland
   Rouse Company of California, Inc., The (Note 6)           Maryland
   Rouse Company of Colorado, Inc., The (Note 7)             Maryland
   Rouse Company of Connecticut, Inc., The (Note 8)          Connecticut
   Rouse Company of Florida, Inc., The (Note 9)              Florida
   Rouse Company of Georgia, Inc., The (Note 10)             Georgia
   Rouse Company of Idaho, Inc., The                         Maryland
   Rouse Company of Illinois, Inc., The                      Maryland
   Rouse Company of Iowa, Inc., The (Note 11)                Maryland
   Rouse Company of Louisiana, The (Note 12)                 Maryland
   Rouse Company of Maine, Inc., The                         Maryland
   Rouse Company of Massachusetts, Inc., The (Note 13)       Maryland
   Rouse Company of Michigan, Inc., The (Note 14)            Maryland
   Rouse Company of Minnesota, Inc., The (Note 15)           Maryland
   Rouse Company of Mississippi, Inc., The                   Maryland
   Rouse Company of Montana, Inc., The                       Maryland
   Rouse Company of Nevada, Inc., The (Note 16)              Nevada
   Rouse Company of New Hampshire, Inc., The                 Maryland
   Rouse Company of New Jersey, Inc., The (Note 17)          New Jersey
   Rouse Company of New Mexico, Inc., The                    Maryland
   Rouse Company of New York, Inc., The (Note 18)            New York
   Rouse Company of North Carolina, Inc., The (Note 19)      Maryland
   Rouse Company of North Dakota, Inc., The                  Maryland
   Rouse Company of Ohio, Inc., The (Note 20)                Ohio
   Rouse Company of Oklahoma, Inc., The                      Maryland
   Rouse Company of Oregon, Inc., The (Note 21)              Maryland
   Rouse Company of Pennsylvania, Inc., The (Note 22)        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 23)               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 24)            Maryland

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   Rouse Company of Washington, Inc., The (Note 25)          Maryland
   Rouse Company of West Virginia, Inc., The                 Maryland
   Rouse Company of Wisconsin, Inc., The                     Maryland
   Rouse Company of Wyoming, Inc., The                       Maryland
   Rouse Development Company of California, Inc., The        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 26)     Maryland
   Rouse-Inglewood, Inc.                                     Maryland
   Rouse Investing Company (Note 27)                         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 28)                  Maryland
   Rouse-Oakwood Two, Inc.                                   Maryland
   Rouse Office Management, Inc.                             Maryland
   Rouse Office Management of Pennsylvania, Inc.             Maryland
   Rouse Owings Mills Management Corporation                 Maryland
   Rouse Philadelphia, 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 29)                       Delaware
   RREF Holding, Inc. (Note 30)                              Texas
   Salem Mall, Incorporated                                  Maryland
   Santa Monica Place, Inc.                                  Maryland

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   Six Owings Mills Corporate Center, Inc.                   Maryland
   SMPL Management, Inc.                                     Maryland
   Three Owings Mills Corporate Center, Inc.                 Maryland
   TRC Central, Inc.                                         Maryland
   TRCD, Inc. (Note 31)                                      Delaware
   TRC Holding Company of Washington, D.C. (Note 32)         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

                                       4
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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:

          Hunt Valley Title Holding Corporation
          Rouse Acquisition Finance, Inc.
          Rouse Commercial 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  Plymouth Meeting Mall, Inc. owns all of the outstanding common stock of 1150
   Plymouth Associates, Inc., a Maryland corporation.

4. 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.

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

6. 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.

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

8. The Rouse Company of Connecticut, Inc. owns all of the outstanding capital
   stock of each of Rouse Chapel Square Finance, Inc., a Maryland corporation.

9. The Rouse Company of Florida, Inc. owns all of the outstanding common stock
   or units of ownership interest of each of the following entities:

          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

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          Rouse-Coral Gables, Inc., a Maryland corporation
          Rouse-Fort Myers, Inc., a Maryland corporation
          Rouse-Governor's Square, Inc., a Maryland corporation
          Rouse-East Jacksonville, LLC, a Maryland limited liability company
          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

10. 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 Development Management Company, Inc.
          Rouse South DeKalb, Inc.
          South DeKalb Mall Management Corporation

11. 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.

12. The Rouse Company of Louisiana owns all of the outstanding capital stock of
    Rouse-New Orleans, Inc., a Maryland corporation

13. 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.

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

          Rouse-Ann Arbor, Inc.
          Rouse Southland, Inc.
          Rouse Southland Management Corporation

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          Southland Security, Inc.
          Southland Shopping Center, Inc.

15. 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
          Rouse-St. Elmo, Inc.

16. 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
          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.

                                       7
<PAGE>

    Rouse-Bridgewater Commons, LLC owns all of the outstanding units of
    ownership interest of Bridgewater Commons Mall, LLC, a Maryland limited
    liability company.

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

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

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

    TTC Member, Inc. owns .1% of the outstanding units of ownership interest of
    TTC SPE, LLC and .5% of the outstanding units of Towson Town Center, LLC.

17. 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-Burlington, Inc.
          The Willowbrook Corporation
          Willmall Holdings, Inc.
          Willowbrook Management Corporation

18. The Rouse Company of New York, Inc. owns all of the outstanding capital
    stock of each of the following Maryland corporations:

          Rouse SI Shopping Management, Inc.
          Seaport Marketplace, Inc.
          Seaport Marketplace Theatre, Inc.
          Seaport Theatre Management Corporation

19. 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 Office Management of North Carolina, Inc.

20. 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

                                       8
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          Rouse-Brentwood, Inc., a Maryland corporation

21.  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 Management Corporation

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

23.  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
          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-Almeda, 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

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

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

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

26.  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.

                                       9
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          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.

27.  Rouse Investing Company owns all of the outstanding capital stock of each
     of the following corporations:

          Deerfield Homes, Inc., a Florida corporation
          Wilmington Homes, Inc., a North Carolina corporation

28.  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.

29.  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

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

31.  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.

                                       10
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     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.

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

                                       11