The Chicago-based real estate investment trust, with three shopping complexes in Hawai'i, said improved tourism and a stronger yen helped boost the financial performance of its single-biggest asset, Ala Moana Center. General Growth also owns the Big Island's largest mall, Prince Kuhio Plaza in Hilo, and bought the Kaka'ako retail complex Victoria Ward Centers in May for $250 million.

Company executives said in a conference call with analysts today that both the regular and luxury retail business segments at Ala Moana improved, and that the company has great expectations for Victoria Ward, which is providing the company an 8.5 percent return on its investment.

In a statement, General Growth Chief Executive Officer John Bucksbaum said: "I am pleased with the opportunities available to the company for future growth and look forward to the contributions from the JP Realty and Victoria Ward acquisitions to our portfolio during the second half of 2002."

Bucksbaum said the company is still formulating its future development vision for Victoria Ward.

For the quarter, total funds from operations (a measure equivalent to net income for real estate investment trusts) rose to $100.6 million, up 23 percent from $81.8 million.