DALLAS-Howard Hughes Corp.'s Q2 2013 earnings offered a somewhat mixed bag. Though net operating income fell $5.4 million to $14.2 million (compared to $19.6 million) due to the impact from Superstorm Sandy, the company continues to be busy – and successful – in The Woodlands, north of Houston.

Upon completion of 3 Waterway Square, the company refinanced its $43.3 million construction loan with a $52 million, 15-year, non-recourse first mortgage at 3.94%. Furthermore, the 197,000-square-foot One Hughes Landing, which is currently under construction, is 87% preleased. To that end, the company began construction on Two Hughes Landing. Plans are also underway to build a 391-unit, class A multifamily project within the development, with construction scheduled for Q3 2013.

Other financial highlights include:

• Net loss attributable to common stockholders of $76.6 million, or $1.94 per diluted common share, compared with net income attributable to common stockholders of $34.3 million, or $0.27 per diluted common share for the three months ended June 30, 2012.
• A record delivery of $47.8 million in operating income.
• An increase in land sales in the company's master planned communities segment of $25.4 million, or 60%, to $67.7 million.