CHICAGO-Though locally based General Growth Properties reported a net loss of $367.8 million in the fourth quarter, the mall company reported an increase in core funds from operations and comparable tenant sales. In a Thursday conference call, GGP officials said leasing is going strong, with 22 big box stores comprising about 800,000 square feet will open at its centers this year.

For Q4, GGP core funds from operations was at $279.8 million, compared to $230.1 million reported in fourth quarter 2010. Comparable tenant sales were $505 per square foot as of year-end 2011, a 7.9% increase over year-end 2010. Comp sales have increased every quarter for two straight years, according to firm officials, in a retail comeback since the company declared bankruptcy just more than one year ago.

The company also discharged 30 underperforming malls into the New York City-based public company Rouse Properties, strengthening the GGP balance sheet to 136 malls, said CEO Sandeep Mathrani. “We believe our portfolio positions GGP well as retailers continue their flight to quality,” Mathrani said during the earnings call. “In addition, there is virtually no new space coming to market. Consumers seem to have recaptured a level of comfort and confidence not felt for a few years.”

The growth strategy for last year and this year is in big box development, said Michael Berman, CFO, during the call. The company opened 20 big box stores at more than 900,000 square feet in 2011, and plans to open the 22 new stores this year, including tenants such as Crate & Barrel, Nordstrom Rack, Bed Bath & Beyond, and Cabela’s.

Berman said GGP has been proactive in managing store closings, and has shown it can actually benefit from replacing tenants. Of the 20 Borders that closed at the company’s malls, 13 were leased to tenants Sports Authority, Fresh Markets, Total Wine and Forever 21 at rents that far exceed the rent received on the entire portfolio, Berman said.

He said the store is monitoring about 29 Gap stores and 87 Sears stores, and is prepared to act if those retailers make closure decisions. “We feel pretty good about recapturing the value, and in fact increasing the value,” Berman said.