CHICAGO-General Growth Properties Inc., based here, has reported net income for third quarter 2011 of $252.1 million, far better than its net loss of $231.2 million in Q3 2010, when the company was going through bankruptcy. Sandeep Mathrani, CEO, also said during a conference call Wednesday that a spinoff of lower-performing malls should be finished by Dec. 31.

For the past year, the trust, which owns and/or manages 167 malls throughout the country, has mostly focused on recovering from its massive bankruptcy, finalized in November 2010. To date in 2011, the trust has sold 14 assets totaling $662 million, Mathrani said. The trust has also refinanced 20 malls totaling $4.2 billion.

Mathrani said that the trust has met its annual objectives, and will continue this push into 2012. Further goals for next year, he said, include driving occupancy and lease spreads to maximize long-term cash flows, taking advantage of the low interest environment, further strengthening the balance sheet and executing on high-return development projects in the existing portfolio.