In its second-quarter report released after the market closed, General Growth Properties Inc. said funds from operations increased 7.1 percent on higher year-over-year net operating income, which was bolstered by proceeds from the sale of a 12.5 percent stake in the Ala Moana Center, Hawaii’s largest mall.

The company said funds from operations climbed to $319 million, or 33 cents a share, from $298 million, or 31 cents, in the same period last year, while net operating income rose 3.6 percent to $543 million from $524 million. Earnings before interest, taxes, depreciation and amortization rose 4.9 percent to $508 million from $485 million. Net income attributable to common stockholders was $418 million, or 44 cents a share, which compares to net income of $170 million, or 18 cents, in the prior year.

In April, the company sold a piece of the Ala Moana Center for net proceeds of $454 million. Management said it received $335 million at the closing of the transaction, and is set to receive the remaining $119 million “in late 2016 after completion of the redevelopment.”

Other investment activities during the quarter include the acquisition of a 50 percent stake in a joint venture with Jeff Sutton for 85 Fifth Avenue in New York City. The price tag was $88 million and the joint venture leveraged $60 million of secured debt. The company said its share of the equity is $14 million.

Additionally, General Growth said it acquired the Crown Building during the quarter. That site is located at 730 Fifth Avenue in New York City and the purchase price was $1.8 billion. In that deal, $1.25 billion of secured debt was used. The company added that Jeff Sutton will “jointly own and will redevelop, lease and manage the retail portion of the property.”

The company said Vladislav Doronin’s Capital Group as well as Michael Shvo will “own, redevelop, lease and manage” the office tower portion of the site, which was $475 million of the total purchase price. General Growth said its share of the retail property portion is $650 million, and its share of equity is $209 million. The company disclosed that as part of the acquisition it provided $204 million worth of loans to its joint venture partners.

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