By Tess Stynes 
 

General Growth Properties Inc. (GGP) said its board authorized the repurchase of an additional $500 million of the mall owner's shares, raising the total under the company's stock buyback program to $600 million.

General Growth, the nation's second-largest mall owner by number of properties, has been slimming operations and accelerating its redevelopment pipeline since exiting bankruptcy in 2010.

The Chicago-based real-estate investment trust this month reported that its funds from operations--an important measure of performance for REITs--increased on higher initial rental rates and tenant sales during the second quarter.

 

Write to Tess Stynes at tess.stynes@wsj.com

 

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

August 26, 2015 08:44 ET (12:44 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more GGP Inc. Charts.
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more GGP Inc. Charts.