WASHINGTON (dpa-AFX) - The Howard Hughes Corp. (HHC) reported second-quarter income attributable to common stockholders of $66.0 million or $0.22 per share, compared to a net loss of $28.0 million or $0.74 per share in the prior-year period.
Net income attributable to common stockholders for the recent second-quarter includes a $56.9 million non-cash gain relating to the decrease in estimated value of outstanding warrants.
Excluding the non-cash warrant gain, net income attributable to common stockholders is $9.1 million, or $0.22 per share for the quarter.
Total revenues for the quarter increased to $50.82 million from $30.63 million in the comparable quarter last year.
Also, on July 1, 2011, Howard Hughes acquired its partner's 57.5% legal interest in The Woodlands for $117.5 million, consisting of $20.0 million cash paid at closing and a $97.5 million non-interest bearing note due December 1, 2011.
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