DOW JONES NEWSWIRES General Growth Properties Inc. (GGP) posted a narrower fourth-quarter loss as the shopping-mall owner benefited from slightly higher occupancy and fewer one-time charges. General Growth continues to prune its portfolio to boost its core earnings, which have generally improved despite pressure from weak economic conditions in many markets. The mall landlord said in November it was on track to complete its spinoff of a portfolio of 30 lower-quality malls into Rouse Properties Inc. by the end of the year. It also expected to name a chief executive for the new real-estate investment trust soon. The results follow a year-earlier result swayed by charges as the company transferred many of its properties to creditors, ending a 19-month stint in bankruptcy court. The company, which has ownership and management interest in 136 shopping malls across the U.S., emerged from bankruptcy in 2010 via a $7 billion recapitalization led by Brookfield Asset Management Inc. (BAM). General Growth posted a fourth-quarter loss of $367.8 million, or 39 cents a share, compared with a year-earlier loss of $1.14 billion. Core funds from operations, a key profitability metric for real-estate investment trusts, reached 29 cents, compared with 23 cents a year ago. Revenue edged up 0.9% to $719.6 million. Analysts polled by Thomson Reuters expected FFO at 28 cents with $683 million in revenue. The regional mall leasing rate reached 94.6%, up from 93.5% a year earlier. Shares of General Growth were up 2 cents at $16.69 in light after-hours trading. The stock was up 12% over the past year through Wednesday's close. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com
