A bankruptcy court on Friday agreed to allow GGP to partner with Toronto-based Brookfield Asset Management on an $8.5 billion plan to emerge from its financial troubles. Simon Property Group, based in Indianapolis, pulled its competing bid after the court decision.

The trust's net operating income and revenue decreased over the past few quarters primarily due to the bankruptcy and the 2009 economic recession, said company officials in a statement. However, Adam Metz, CEO, said trends in the retail market are heralding better times ahead.

"Our retailer tenants are largely more profitable than a year ago, with higher margins, improved balance sheets and rising same-store sales results," Metz said in the statement. "Improvement in comparable tenant sales accelerated over the course of the quarter, including a 10% year-over-year increase in March.

He also said activity grew 21% year-over-year, and that occupancy rates have stabilized. "Unfortunately, we will not see the full impact of this recovery and improved performance in our operating results for three or four more quarters, the time it takes for signed leases to be reflected in revenue flow," Metz said.

Other positives for the trust include a continued partnership with Brazilian joint venture Aliansce, providing access to the massively growing Brazil market, as well as the signing or commencing construction on 11 new big box locations totaling 1.2 million square feet. The new stores include new Nordstrom's, Kohl's and Target stores in St. Louis, Delaware, New Mexico and California.

The company currently has ownership interest in, or management responsibility for, more than 200 regional shopping malls in 43 states. John Bucksbaum is chairman of the trust.

Instant Insights /

GGP Posts Positive Jump After Q1 Turmoil

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