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

The company posted second-quarter net income of $418 million, or 47 cents a diluted share, up from $169.7 million, or 20 cents a share, in the year-earlier period. In its earnings release, GGP attributes the increase in net income to depreciation expenses and gains on investment, among other factors. 

Company earnings before interest, taxes, depreciation, and amortization increased 4.9 percent, to $508 million in the second quarter from $485 million in the prior-year period.

In its earnings release, GGP says it had a same-store leased 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 10.4 percent compared with rates on expiring leases. 

For the six months ending June 30, the company posted net income of $1.05 billion, or $1.10 a share, up from $294 million, or 31 cents a share, in the year-earlier period. 

The company earnings before interest, taxes, depreciation and amortization increased 4.6 percent to $1 billion during the first six months of the year, from $960 million in the prior-year period.

GGP, a Fortune 500 company, had $2.1 billion in development and redevelopment activities at its properties during the quarter.