HHC: NOI, Net Income Down in Q3

DALLAS-The damage from Superstorm Sandy on Howard Hughes Corp.’s South Street Seaport continues impacting the company’s earnings. During Q3 2013, HHC reported net income of $11.1 million, compared to Q3 2012′s net income of $17.8 million. Net operating income also decreased year-over-year, dropping from $16.1 million to $10.5 million.Also impacting NOI is redevelopment of The Woodlands Resort and Conference center.

However, other metrics provide more upbeat news. For example, HHC opened the 197,000-square-foot, class A office building One Hughes Landing, which is already 92% leased, prompting groundbreaking on its sister building, Two Hughes Landing. Furthermore, HHC began construction activities pertaining to the Pier 17 redevelopment at South Street Seaport.