General Growth reports 23 pct rise in 4th-quarter FFO

NEW YORK Mon Feb 4, 2013 4:09pm EST

NEW YORK Feb 4 (Reuters) - General Growth Properties Inc on Monday said a key measure of earnings rose 23.3 percent in the fourth quarter, helped by greater occupancy and sales at its malls.

The company said fourth-quarter funds from operations increased to $312 million, or 31 cents per share, compared with $253 million, or 26 cents per share, in the year-earlier quarter.

Funds from operations is a real estate investment trust performance measure that usually excludes gains or losses from property sales and removes the effect of depreciation on earnings.