Operating Assets SummaryNOI from the combined retail, office and resort and conference center and multi-family properties was $11.5 million for the three months ended December 31, 2012, compared to NOI of $15.2 million for the three months ended December 31, 2011. This includes our share of NOI of our non-consolidated ventures of $0.3 million for the three months ended December 31, 2012, and $2.1 million for the three months ended December 31, 2011. The $3.8 million decrease in NOI in the fourth quarter 2012 compared to the fourth quarter 2011 is primarily attributable to the negative impact of Superstorm Sandy at South Street Seaport. The Uplands portion of the property suffered damage due to flooding, but the Pier 17 structure was not damaged. Remediation efforts are ongoing, and the property is only partially operating. We believe that our insurance will cover substantially all of the cost of repairing the property and will also compensate us for any income that has been lost as a result of the storm.
The Howard Hughes Corporation Reports Fourth Quarter And Full Year 2012 Results
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