<PAGE>

Exhibit 21.  Subsidiaries of the Registrant.

   The Registrant had no parent at December 31, 1997.

   As of December 31, 1997, 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
   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 1)                        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 2)                      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 3)                      Pennsylvania
   PT Funding, Inc.                                          Maryland
<PAGE>

   Rouse-Brandywood, Inc.                                    Maryland
   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

                                       2
<PAGE>

   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-Consulting, Inc.                                    Maryland
   Rouse Credit Corporation                                  Maryland
   Rouse Development Company of California, Inc., The        Maryland
   Rouse Event Marketing, Inc.                               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 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,        Maryland
     Inc.
   Rouse Management Services Corporation of Louisiana,       Maryland
    Inc.
   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, 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

                                       3
<PAGE>

   Rouse-Wates, Incorporated (Note 29)                       Delaware
   RREF Holding, Inc. (Note 30)                              Texas
   Salem Mall, Incorporated                                  Maryland
   Santa Monica Place, Inc.                                  Maryland
   Saratoga Equipment Corporation, The                       Maryland
   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 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
<PAGE>

Notes:
-----

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

2. 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.
          Regency-Huntington, Inc.

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-Irvine, Inc.
          Rouse-Oakland, 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 the following Maryland corporations:

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


                                       5
<PAGE>

9. 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-Jacksonville, Inc., a Maryland corporation
          Rouse Kendall Management Corporation, a Maryland corporation
          Rouse-Marina, Inc., 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 Retail Management - Bayside, 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 Columbus Square Management Corporation
          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.

                                       6
<PAGE>

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

          Riverwalk Operating Company, Inc.
          Rouse-New Orleans, Inc.

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

          Eastfield Mall, Incorporated
          Faneuil Hall Marketplace, Inc.
          Marketplace Grasshopper, Inc.

14. 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.

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

16. The Rouse Company of Nevada, Inc. owns all of the outstanding capital stock
    of each of the following entities:

          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 Fashion Show, Inc., a Nevada corporation
          Rouse-Moorestown, Inc., a Maryland corporation
          Rouse-Moorestown II, Inc., a Maryland corporation
          Rouse-Wincopin, Inc., a Maryland corporation
          Two Willow Corporation, a Delaware corporation
          The Village of Cross Keys, Incorporated, a Maryland
            corporation
          White Marsh Mall, Inc., a Maryland corporation
          Woodbridge Center, Inc., a Maryland corporation

                                      7
<PAGE>

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

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

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-Atlantic Gateway, Inc.
          Rouse-Burlington, Inc.
          Rouse-Echelon, 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:

          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

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

                                       8
<PAGE>

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

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, 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
          AM Management Corporation, a Texas 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
          DK Management Corporation, a Texas corporation
          DK Shopping Center, Inc., a Texas corporation
          Greengate Mall, Inc., a Pennsylvania corporation
          NC Shopping Center, Inc., a Maryland corporation
          North Star Mall, Inc., a Texas corporation
          Northwest Mall, Inc., a Maryland corporation
          NS Management Corporation, a Texas corporation
          NW 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

                                       9
<PAGE>

          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-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 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.

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

    Wilmington Homes, Inc. owns all of the outstanding capital stock of Echo
    Farms Golf and Country Club, 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.

                                      10
<PAGE>

    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 each
    of the following corporations:

          Norbury Construction Company, a Delaware corporation
          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.

    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