General Growth Properties released the earnings results from its first fiscal quarter after closing bell tonight, posting funds from operations of 32 cents per share, a 4.9% increase compared to last year. Analysts had been expecting earnings of 32 cents per share on $631.26 million in revenue. In the same quarter a year ago, General Growth Properties reported earnings of 31 cents per share.

General Growth Properties Inc Meets Earnings Estimates

Key metrics from General Growth Properties’ earnings report

General Growth Properties said its comparable net operating income rose 3.3% to $543 million, compared to $525 million in the same quarter a year ago. Earnings before interest, taxes, depreciation and amortization improved 4.2% year over year, rising from $482 million last year to $502 million this year.

Funds from operations rose 5.8% from $292 million last year to $309 million this year. Net income attributable to shareholders was 66 cents per share or $631 million, compared to 13 cents per share or $124 million in the first quarter of last year.

General Growth Properties reported a 95.8% Same Store leased percentage as of the end of the quarter. Initial rates for leases beginning this year on a suite-to-suite basis rose 8.7% to $5.01 per square foot to $62.64 per square foot compared to the rate for leases that are expiring.

Tenant sales less anchors rose 3.4% to $20.4 billion on a trailing 12-month basis. Tenant sales of less than 10,000 square feet improved 4.3% to $$590 per share foot.

General Growth Properties provides guidance

For the year ending Dec. 31, 2015, General Growth Properties expects to post funds from operations of between $1.40 and $1.46 per share. For the June quarter, the company expects funds from operations of between 31 cents and 33 cents per share. Management projects net income of between $1.460 and $1.46 per share for the full year and 41 cents to 43 cents per share for the June quarter.

General Growth Properties’ board of directors declared a first quarter dividend of 17 cents per share, which will be paid April 30 to shareholders of record on April 15. That’s an increase of 2 cents per share or 13% year over year.