CHICAGO-Locally based General Growth Properties, which emerged from bankruptcy late last year, is working on cleaning up its balance sheet. The REIT has posted a 7.3% same-store sales gain from first quarter 2010 to first quarter 2011, and is working to sell assets and raise capital to pay off debt.

In its first quarter conference call to investors Wednesday, CEO Sandeep Mathrani said he has personally toured 131 of the 169 malls owned by GGP, and has created business plans for each one. “We have an extraordinary portfolio of assets,” Mathrani said during the call. “Our assets are mostly set as the number one or two retail mall in each area. There may be low productivity in some of our portfolio, but that’s better than low performance.”

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