CHICAGO—Last week, General Growth Propertiesreleased its first quarter results and analysts seem pleased withthe Chicago-based real estate investment trust's performance andits overall outlook. The trust reported that its funds fromoperations per share increased 21.4% to $0.31 per dilutedshare from $0.25 per diluted share in last year's first quarter,and funds from operations increased 15.8% to $292million from $253 million in last year's first quarter. And itsEBITDA increased 4.1% to $501 million from $481million in last year's first quarter.

Furthermore, net income for the trust, which has a portfolio of120 regional malls with about 125-million-square-feet, went upsharply compared to last year's first quarter, from a net loss of$12 million to a net income of $128 million. “The increase isimpacted primarily by lower depreciation expense and a gain onextinguishment of debt,” according to a company statement.

“Tenant sales increased 1.2% to $565-per-square-foot on atrailing 12-month basis,” the statement continued, its leasedpercentage was 96.2%, an increase of 40 bps from March 31, 2013,and its initial rents for leases beginning this year increased10.8% to $67.75-per-square-foot when compared to the rents forexpiring leases.