GGP Reports Profit Slide

General Growth Properties, a Chicago-based real estate investment trust, has reported net income of $13.1 million ($0.06 per share) for the first quarter, compared with $59.1 million ($0.27 per share) for the first quarter of 2004.John Bucksbaum, GGP's chief executive officer, said the first quarter was the first full quarter of combined operations for The Rouse Co. and GGP, which GGP acquired last fall. "Although we have already captured some efficiencies, there are still significant benefits we expect to obtain throughout the remainder of this year and next," he said. The retail REIT's funds from operations for the first quarter were $0.72 per share, a 20% increase from $0.60 per share for the first quarter of 2004. GGP can be found online at http://www.generalgrowth.com.