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GGP Improves to $251M, Plans Rouse Removal

CHICAGO-The former bankrupt mall REIT had reported a $231M loss in its third quarter 2010 report. CEO Sandeep Mathrani said the Rouse spinoff should be complete by Dec. 31.

By Robert Carr | Updated on November 09, 2011

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.

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