General Growth Properties Profit Surges as Revenue Beats Expectations

by Erin McCarthy

General Growth Properties Inc. ( GGP ) said its fourth-quarter profit surged as it reported a higher mall-leased percentage and a bigger-than-expected increase in revenue. General Growth, which owns and manages retail properties in shopping malls across the U.S., has sold and spun off assets in an effort to improve its business since exiting bankruptcy in 2010. The company is also accelerating its redevelopment pipeline, which General Growth says will help generate growth in future years. It jointed the S&P 500 index last month. Late last year, Brookfield Property Partners LP (BPY) agreed to invest an additional $1.4 billion in General Growth Properties, boosting its ownership stake in the mall owner to 32%.

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