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

The company posted second-quarter net income attributable to GGP of $182 million, or 19 cents a diluted share, down sharply from $421.9 million, or 44 cents a share, in the second quarter of 2015. 

Overall company earnings before interest, taxes, depreciation, and amortization increased 6.4 percent, to $534 million in the second quarter, from $502 million in the prior year period. 

In its earnings release, GGP says it had a same-store lease percentage of 96 percent at the quarter’s end. Also, it said that initial rental rates for signed leases that have been inked in the past 12 months increased nearly 14 percent compared with rates on expiring leases.

Same-property net operating income for the three months ended June 30 increased 4 percent to $555 million, up from $533 million in the year-earlier period. 

For the six months ending June 30, the company posted net income of $378 million, or 39 cents a share, down from $1.1 billion in the prior-year period. The company said net income for the second half of 2015 was bolstered by the sale of certain properties. 

In the second quarter, GGP sold its interest in an urban retail property and an office building, receiving proceeds of about $150 million and generating a gain of about $58 million. Subsequent to the quarter’s end, the company also sold two Class B malls, garnering proceeds of $15 million. 

During the first half of the year, the company earnings before interest, taxes, depreciation and amortization increased 13 percent to $1.1 billion from $991 million in the prior-year period.  

Company same-property net operating income for the six months ended June 30 increased 4.6 percent to $1.11 billion, up from $1.06 billion in the year earlier period.

GGP, a Fortune 500 company, said its development and redevelopment activities total $1.1 billion, with about $500 million of that work under construction and the rest of it in the pipeline.  

The company also declared a third-quarter common stock dividend of 19 cents per share, an increase of 11 percent over the prior year.