NEW YORK, April 29 (Reuters) - Mall and land owner General Growth Properties Inc GGP.N said on Tuesday that funds from operations, a performance measure of real estate investment trust, fell 54.6 percent compared with a year earlier when the company recorded a large tax benefit.

The company reported first-quarter funds from operations of $223.2 million, or 75 cents per share, compared with $491.7 million or $1.66 per share in the prior year, when the company recognized a tax benefit of $298.2 million, or $1 per share.

(Reporting by Ilaina Jonas)