General Growth Properties Inc., the Chicago-based company that owns and operates both the NorthTown Mall and Spokane Valley Mall here, has reported an increase in fourth-quarter earnings compared with the year-earlier period. 

The company posted fourth-quarter net income of $232 million, or 24 cents a diluted share, up from $190 million, or 20 cents a share, in the prior-year period. 

For all of 2016, though, the company posted net income of $1.27 billion, or $1.34 per diluted share, down from $1.36 billion, or $1.43 a share, in 2015.

GGP’s full-year earnings before interest, taxes, depreciation, and amortization increased 6.8 percent to $603 million from $564 million in 2015.

Same-property net operating income for the fourth quarter increased 5.1 percent to $614 million, up from $584 million in the year-earlier period. Same-property net operating income for all of last year increased 4.4 percent to $2.24 billion, up from $ 2.14 billion in the year-earlier period.

GGP says initial rental rates for signed leases that have been inked in the previous 12 months increased about 10 percent, compared with rates on expiring leases. 

During the fourth quarter, the company bought back 1.89 million of its common shares at a weighted average price of $24.47 per share, or approximately $46 million total.