Texas-based property development firm Howard Hughes Corp. had some big financial gains and drains last year from its Honolulu real estate holdings.

The company filed its annual earnings report with the U.S. Securities and Exchange Commission this week, and indicated that condominium tower development in Honolulu produced some major profits while a tax issue with its Ward Village property created a hefty liability.

Hughes Corp. reported a $20 million profit last year from its half stake in the ONE Ala Moana condominium tower atop the Nordstrom parking garage at Ala Moana Center.

ONE Ala Moana, which was completed in November, had sold 203 of its 206 units as of Feb. 1 for an average of $1.6 million, the company said in the report.

Hughes Corp. recognizes revenue and profit from condo tower projects before they are completed using buyer deposits. So last year’s profit from ONE Ala Moana followed a $10 million profit from the project in 2013.

At the ultra luxury Waiea condo tower at Ward Village in Kakaako, Hughes Corp. reported earning $27 million last year.

Waiea, which fronts Ala Moana Boulevard at Kamakee Street, is 14 percent complete. Hughes Corp. said it had spent $60 million on the project through Dec. 31 and collected $102 million in deposits as of Feb. 1 from buyers who have snapped up 150 of 171 units. The 150 pending sales represent $551 million in total sales revenue when the tower is completed next year at an estimated cost of $403 million.

Hughes Corp.’s third tower rising out of the ground on Oahu is Anaha, also at Ward Village. The company began construction on Anaha in November and isn’t far enough into development to claim earnings, though 243 of 311 units have been sold to give the developer $53 million in mostly nonrefundable deposits through Feb. 1.

The Ward Village property owned through subsidiary Victoria Ward Ltd. produced one drag on Hughes Corp. finances. That was a $47 million deferred tax liability because the development firm opted to no longer operate the subsidiary as a real estate investment trust, or REIT, that shifts a major tax burden from the company to shareholders. Without the REIT structure, Victoria Ward owes corporate taxes. It made the change because REITs are not ideal for development companies that own and sell real estate.

Hughes Corp. was created in 2010 through the bankruptcy reorganization of giant shopping center owner General Growth Properties Inc., which transferred numerous nonmall assets in 18 states to Hughes Corp. Those assets included master-planned communities such as Summerlin in Las Vegas and The Woodlands in Houston as well as retail development projects such as South Street Seaport in Manhattan and Riverwalk Marketplace in New Orleans. Ward Centers, now known as Ward Village, was among the assets acquired along with the right to develop a tower at Ala Moana Center.

Overall, Hughes Corp. reported a $24 million net loss last year, down from a $74 million loss the year before. The loss last year was due in part to a $61 million noncash loss tied to the value of rights to buy company stock and a $74 million noncash loss relating to a tax liability assumed from General Growth. Excluding those two noncash losses, Hughes Corp. said it would have had net income of $110 million.