Rouse Properties, Inc. Completes Acquisition of Mall at Turtle Creek

  Rouse Properties, Inc. Completes Acquisition of Mall at Turtle Creek

Business Wire

NEW YORK -- January 2, 2013

Rouse Properties, Inc. (NYSE:RSE) announced it closed on the acquisition of
the Mall at Turtle Creek and an adjacent shopping center, Turtle Creek
Crossing, from a private partnership led by David Hocker, for a total purchase
price of approximately $96.3 million, excluding transaction costs.

“We are extremely pleased to complete the acquisition of the Mall at Turtle
Creek, further demonstrating our ability to identify and acquire market
dominant and protected malls across the U.S.,” said Andrew Silberfein,
president and chief executive officer of Rouse Properties. “The Mall at Turtle
Creek is well-located, with a track record of strong operating performance. As
one of the last enclosed malls constructed prior to the recession, this newer
vintage property presents a solid opportunity for Rouse to utilize its
national platform to capture the inherent upside potential of the property.
This asset further enhances the overall quality of our portfolio and continues
to expand our retailer relationships. We intend to build upon the success of
Mr. Hocker, and improve the operating metrics of this first-class enclosed
mall.”

The Mall at Turtle Creek and Turtle Creek Crossing totals approximately
731,000 square feet and is located in Jonesboro, Arkansas. The single-level,
enclosed mall, constructed in 2006, is anchored by Dillard's, JCPenney, and
Target and is 91% leased. Rouse assumed an existing approximate $79.5 million
non-recourse loan, which matures in June, 2016.

The Mall at Turtle Creek conforms to the Company’s stated principal strategy
of acquiring market dominant and protected malls. With the nearest enclosed
mall located over 75 miles away, the property serves as a regional shopping
destination for Northeastern Arkansas, offering the most comprehensive retail
selection in its expansive trade area, with such key retailers as Victoria’s
Secret, Buckle, Chico’s, American Eagle, Francesca’s, Aeropostale and Bath and
Body Works.

Jonesboro is the largest city between Little Rock, St. Louis and Memphis and
serves as a regional center for manufacturing, agriculture, medicine,
education, and trade. Home to Riceland Foods, Frito-Lay, ConAgra Foods, Kraft
Foods/Post Division, and Nestle, the region is an agricultural center for
processing rice, cotton, and soybeans, and a regional hub for food processing.
In addition, Arkansas State University is located less than two miles away
from the mall.

Savills represented Turtle Creek Partners LLC, a private partnership composed
of David and Talmage Hocker, Marty Belz and Bruce Burrow, the seller on the
transaction.

Forward Looking Statement

Certain matters within this press release are discussed using forward-looking
language as specified in the Private Securities Litigation Reform Act of 1995,
and, as such, may involve known and unknown risks, uncertainties and other
factors that may cause the actual results or performance to differ from those
projected in the forward-looking statement. These forward-looking statements
may include statements related to the Company's ability to outperform the
ongoing recovery of the Retail and REIT industry and the markets in which the
Company's mall properties are located, the Company's ability to generate
internal and external growth, the Company's ability to identify and complete
the acquisition of properties in new markets, the Company's ability to
complete redevelopment projects, the Company's ability to increase margins,
including Net Operating Income and the Company's operating expectations for
the full 2012 calendar year. For a description of factors that may cause the
Company's actual results or performance to differ from its forward-looking
statements, please review the information under the heading “Risk Factors”
included in the Company's Annual Report on Form 10-K for the year ended
December 31, 2011 and other documents filed by the Company with the Securities
and Exchange Commission.

About Rouse Properties, Inc.

Rouse Properties is a publicly traded real estate investment trust
headquartered in New York City and founded on a legacy of innovation and
creativity. Among the country's largest publicly traded regional mall owners,
the Company's geographically diverse portfolio spans the United States from
coast to coast, and includes 32 malls in 20 states encompassing approximately
22.5 million square feet of gross leasable area. For more information, visit
rouseproperties.com.

Contact:

Rouse Properties, Inc.
Investor Relations, 212-608-5108
IR@rouseproperties.com
 
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